Walmart Inc. has reported impressive fourth-quarter results, demonstrating solid revenue and operating income growth. The company saw a revenue increase of 4.1%, or 5.3% in constant currency, reaching $180.6 billion. Operating income rose by 8.3%, or 9.4% on an adjusted basis, driven by higher gross margins, membership income growth, and improvements in e-commerce.
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'Our team finished the year with another quarter of strong results. We have momentum driven by our low prices, a growing assortment, and an e-commerce business driven by faster delivery times,' said Doug McMillon, President and CEO of Walmart. 'We're gaining market share, our top line is healthy, and we're in great shape with inventory. We'll stay focused on growth, improving operating margins, and strengthening ROI as we invest to serve our customers and members even better.'
Walmart's global eCommerce sales grew 16%, led by store-fulfilled pickup & delivery and the U.S. marketplace. Meanwhile, its global advertising business grew by 29%, with a 24% increase in Walmart Connect in the U.S. Adjusted earnings per share (EPS) for Q4 came in at $0.66, excluding the net loss from equity investments and proceeds from an opioid-related legal settlement.
For the full year, Walmart achieved $681.0 billion in revenue, up 5.1%, or 5.6% in constant currency. Its global advertising business reached $4.4 billion, growing by 27%. Operating income grew by $2.3 billion, or 8.6%, with a 9.7% increase in constant currency.
In the U.S., Walmart experienced strong sales momentum, particularly in general merchandise, food, and health & wellness. The company's e-commerce sales in the U.S. were up 20%, reflecting the success of store-fulfilled pickup & delivery and its expanding marketplace. Walmart Connect advertising sales rose by 24%, aided by a 50% increase in marketplace seller advertiser counts.
Looking ahead, Walmart issued its outlook for fiscal year 2026, forecasting net sales growth of 3% to 4% and adjusted operating income in constant currency expected to grow by 3.5% to 5.5%. The company also anticipates a 3.0% to 4.0% increase in first-quarter net sales, with adjusted EPS between $0.57 and $0.58.
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