Walmart continues to invest in omni-channel capabilities, including eCommerce, technology, supply chain automation, and store remodels. The company is also expanding its ecosystem through offerings such as advertising, marketplace, and financial services, indicating a strategic shift beyond traditional retail.

Walmart International has taken strategic actions, including the buyout of Massmart and the sale of its investment in JD.com, to strengthen its portfolio for long-term, sustainable, and profitable growth. This demonstrates a proactive approach to optimizing its international operations.

Walmart U.S. completed the acquisition of VIZIO Holding Corp. for $1.9 billion, signaling a strategic move to expand its ecosystem and potentially leverage VIZIO's technology and customer base. This acquisition could enhance Walmart's advertising and data capabilities.

Management emphasizes productivity improvements and expense management to improve operating income margin. This indicates a commitment to operational efficiency and cost control, which are critical for sustaining profitability.

Kathryn McLay was appointed as the Executive Vice President, President and Chief Executive Officer, Walmart International, effective August 2023 and Christopher Nicholas was appointed as Executive Vice President, President and Chief Executive Officer, Sam's Club U.S. effective September 2023. This indicates the company is actively managing its leadership team.

The company acknowledges that failure to adequately predict customer demand and consumer spending patterns could result in excess or insufficient inventory, service interruptions, and increased costs. This highlights the ongoing complexity of managing a vast and diverse supply chain.

The company acknowledges the increasing sophistication and frequency of cyberattacks, emphasizing the potential for data breaches and disruptions to its systems. This highlights the critical importance of cybersecurity and data protection measures.

The company identifies a range of macroeconomic and geopolitical risks, including inflation, higher interest rates, trade restrictions, and political instability, that could adversely affect consumer demand and the company's financial performance. These factors highlight the sensitivity of Walmart's business to external economic conditions.

The company faces numerous legal and regulatory risks, including those related to tax laws, labor laws, data privacy, and environmental regulations. These risks highlight the complexity of operating in a global environment and the potential for increased compliance costs.

The company acknowledges strong competition from other retailers, wholesale club operators, omni-channel retailers, and other businesses which could materially adversely affect our financial performance. This highlights the importance of innovation and adaptation to maintain market share.

The company emphasizes its commitment to Everyday Low Prices (EDLP) and Everyday Low Costs (EDLC) as key strategies to maintain competitive pricing. This indicates a focus on value proposition and cost efficiency to attract and retain customers.

The company is expanding its ecosystem and the products and services we offer in areas such as digital advertising, marketplace and fulfillment services, health and wellness, and financial services to provide our customers a broader set of offerings to meet expanding needs. This indicates a focus on value proposition and cost efficiency to attract and retain customers.

The company continues to invest in supply chain automation and utilize a total of 164 distribution facilities which are located strategically throughout the U.S. This indicates a focus on improving operational efficiency and reducing costs.

The company is expanding omni-channel offerings such as pickup and delivery, all of which enhance convenience and seek to serve customers in the ways they want to be served. This indicates a focus on improving operational efficiency and customer satisfaction.

The company is expanding our ecosystem and the products and services we offer in areas such as digital advertising, marketplace and fulfillment services, health and wellness, and financial services to provide our customers a broader set of offerings to meet expanding needs. This indicates a focus on improving operational efficiency and customer satisfaction.

The company's strategy includes investments in eCommerce, technology, including the use of artificial intelligence ("AI") and generative Al technologies (which continues to grow and evolve within our Company). This indicates a focus on innovation and technology to improve efficiency and customer experience.

To deliver a seamless customer and associate experience, we continue to invest in consumer-grade digital tools designed to improve associate productivity, efficiency, engagement, and performance. This indicates a focus on innovation and technology to improve efficiency and customer experience.

We are enhancing our omni-channel capabilities through a combination of stores, eCommerce websites and service offerings, as well as our supply chain, combined with approximately 2.1 million associates as of January 31, 2025, to better serve our customers. This indicates a focus on innovation and technology to improve efficiency and customer experience.

For the fiscal year ending January 31, 2026 ("fiscal 2026"), we project capital expenditures will be approximately $21 billion to $25 billion, with a focus on technology, supply chain and customer-facing initiatives. This indicates a focus on investing in the business for future growth.

Our total dividend payments were $6.7 billion, $6.1 billion and $6.1 billion for fiscal 2025, 2024 and 2023, respectively. From time to time, the Company repurchases shares of its common stock under share repurchase programs authorized by the Company's Board of Directors. This indicates a commitment to returning capital to shareholders.

Our strategy includes allocating the majority of our capital to higher-return areas focused on automation such as eCommerce, supply chain and store and club investments. This indicates a focus on improving return on capital.

We prioritize issues that offer the greatest potential for Walmart to create long-term shared value: Issues that rank high in relevance to our business, importance to building and maintaining stakeholder trust and in which Walmart has the ability to be an effective actor. This indicates a commitment to ESG initiatives.

Belonging - Focus on creating a workplace where all associates feel seen, supported and connected through a culture of belonging. We publish our workforce representation and hold ourselves accountable to providing recurring belonging updates to senior leadership - including our President and CEO - and members of the Board of Directors. This indicates a commitment to ESG initiatives.

Well-being - Prioritize the emotional, physical and financial well-being of associates. We invest in our associates by offering competitive wages, as well as a broad range of benefits to meet the diverse needs of our global associate population and their eligible dependents. This indicates a commitment to ESG initiatives.

We, along with other retail companies, are influenced by a number of factors including, but not limited to: catastrophic events, weather and other risks related to climate change, global health epidemics and pandemics, competitive pressures, consumer disposable income, consumer debt levels and buying patterns, consumer credit availability, disruptions in supply chain, inventory management, cost and availability of goods, currency exchange rate fluctuations, customer preferences, inflation, deflation, fuel and energy prices, general economic. This indicates a sensitivity to market conditions.

Our international operations subject us to legislative, judicial, accounting, legal, regulatory, tax, political and economic risks and conditions specific to the countries or regions in which we operate, which could materially adversely affect our business or financial performance. This indicates a sensitivity to market conditions.

We are subject to income taxes, other taxes and tax collection and reporting obligations in both the U.S. and the foreign jurisdictions in which we currently operate or have historically operated. This indicates a sensitivity to market conditions.