Walmart (NYSE:WMT) Q4 2026 Earnings call February 19, 2026 08:00 AM ET Company ParticipantsChris Nicholas - EVP and COODavid Guggina - EVP and Chief eCommerce OfficerJoe Feldman - Senior Managing Director, Assistant Director of Research, and Founding MemberJohn David Rainey - CFOJohn Furner - CEOLatriece Watkins - EVP and Chief Merchandising OfficerSteph Wissink - SVP of Investor RelationsConference Call ParticipantsChristopher Horvers - Managing Director and Senior Equity Research AnalystChuck Grom - Manag ...

本文源自：金融界AI电报 沃尔玛盘前涨幅扩大至1%，收复此前3.7%的跌幅。 ...

Financial Data and Key Metrics Changes - Revenue for the fourth quarter increased by 4.9% in constant currency, with e-commerce growth at 24% [4][14] - Adjusted operating income grew by 10.5%, outpacing sales growth [4][14] - For the full year, total revenue exceeded $700 billion for the first time, with a 5% increase in constant currency [14] - Adjusted operating income for the full year grew by 5.4%, despite a 300 basis point headwind from increased claims expenses [14][23] Business Line Data and Key Metrics Changes - Walmart U.S. comp sales rose by 4.6%, with e-commerce sales growing by 27% [14][15] - International segment operating income increased by over 26%, driven by improved e-commerce economics [15] - Advertising income globally increased by 37%, with Walmart Connect in the U.S. up by 41% [16][35] - Membership income grew by over 15%, reflecting strength in Sam's Club in China and the U.S. [16] Market Data and Key Metrics Changes - E-commerce sales in China grew by 28%, representing more than 50% of the sales mix in that market [15] - Fast delivery services in the U.S. saw a growth of over 60% year-over-year [9][15] - The majority of share gains in the U.S. came from households earning over $100,000, while lower-income households are managing spending carefully [5][6] Company Strategy and Development Direction - The company is focused on an omnichannel strategy, leveraging technology and automation to enhance customer experience and delivery speed [4][9] - Investments in AI and technology are aimed at improving inventory management and customer engagement through tools like Sparky [10][11] - The strategy includes capital allocation based on return on investment, with a focus on maintaining a strong value proposition for customers [7][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's momentum and the ability to navigate complex operating conditions [13][41] - The outlook for the upcoming fiscal year includes sales growth expectations of 3.5% to 4.5% and operating income growth of 6% to 8% [21][22] - Management remains cautious about potential economic headwinds but is optimistic about the company's ability to outperform guidance [41][42] Other Important Information - The company authorized a $30 billion share repurchase program, its largest to date, reflecting confidence in cash flow generation [23] - Capital expenditure levels for FY 2027 are expected to be approximately 3.5% of sales, with a focus on supply chain automation and store remodels [24] Q&A Session Summary Question: On agentic commerce and its impact on customer traffic and advertising - Management highlighted that agentic commerce is part of the omnichannel strategy, enhancing customer intent understanding and driving higher average order values [28][29][32] Question: Regarding unexpected costs and outlook for the year - Management noted a measured approach to guidance, considering potential economic indicators while maintaining flexibility [37][41] Question: On disinflation and its impact on pricing - Management indicated that inflation trends are expected to remain stable, with some pressures from legislation affecting drug prices [44][45] Question: About e-commerce profitability and competition - Management emphasized the importance of maintaining share momentum through effective inventory management and leveraging technology [84]

不过，从营收结构来看，亚马逊登顶更多得益于其在云计算领域的主导地位——这是一个沃尔玛并未涉 足的领域。若不计入AWS的收入，亚马逊2025年的营收将为5880亿美元。因此，其登顶在很大程度上 有赖于数据中心作为人工智能(AI)时代关键基础设施的重要性。 美国圣克拉拉大学零售管理研究所执行董事Kirthi Kalyanam评价称："这是一场名不副实的胜利。亚马 逊并非在零售赛道击败沃尔玛，只是凭借沃尔玛没有布局的新业务，在营收上实现了超越。" 成为全球营收最高的企业，主要象征着庞大的规模和广泛的消费者触达面，但这并非投资者看重的唯一 指标。在沃尔玛之前，埃克森美孚(XOM.US)和通用汽车(GM.US)也曾获此殊荣，但这一头衔也往往伴 随着更严苛的监管审查和更高的消费者预期。目前，全球市值最高的公司是英伟达(NVDA.US)，其市 值高达4.5万亿美元，是亚马逊的两倍多，更是沃尔玛的四倍以上。 智通财经APP获悉，亚马逊(AMZN.US)正式超越沃尔玛(WMT.US)，成为全球营收最高的企业。这一里 程碑式的成就，彰显了这家电商与云计算巨头自1994年创立以来所取得的巨大发展——彼时，它还只是 杰夫·贝索斯在西 ...

沃尔玛盘前涨超1%。 来源：滚动播报 ...

亚马逊公司已正式取代沃尔玛，成为全球营收最高的公司。这一里程碑证明了这家电商与云计算巨头在 规模上取得的巨大成就。在1994年刚刚起步时，亚马逊还只是杰夫·贝佐斯在其西雅图的车库里经营的 一家线上书店。 沃尔玛曾连续十多年蝉联营收最高的公司，该公司在周四公布，截至1月31日的12个月销售额为7132亿 美元。亚马逊的财年截至12月份，本月早些时候该公司公布2025财年销售额为7170亿美元。 贝佐斯曾仔细研究沃尔玛创始人山姆·沃尔顿，吸收了他的许多商业策略来打造自己的公司。过去10年 里，亚马逊营收增长速度几乎是沃尔玛的10倍，推动因素包括消费者支出从实体门店转向网站，以及其 快速增长的云计算业务Amazon Web Services（简称：AWS）。 亚马逊与沃尔玛在争夺消费者方面正面交锋。亚马逊是最大的线上零售商，其网站和移动应用每月吸引 27亿次访问。沃尔玛是全球最大的实体零售商，在全球拥有超过一万家门店和购物会员店。两家公司大 部分营收都来自美国。 尽管亚马逊在2017年收购了全食超市，但沃尔玛在发展电商业务方面取得的成功，超过了亚马逊在打造 实体门店业务上的进展。 然而营收增长的真正原因在于亚马逊在 ...

格隆汇2月19日｜沃尔玛首席执行官：正利用人工智能打造客户解决方案，减少摩擦并简化决策。使用 人工智能购物助手的沃尔玛顾客平均订单金额比不使用该助手的顾客高出35%。 ...

沃尔玛首席执行官：预计门店和会员店的销售额将实现"温和"增长。在 自动化和门店改造方面的支出 正达到"峰值"。 ...

本文源自：金融界AI电报 沃尔玛(WMT.N)首席执行官：我们已竭力缓解食品杂货通胀，因为关税相关成本推高了多个类别的价 格。 ...

智通财经APP获悉，在全球贸易政策不确定性加剧及劳动力市场波动的影响下，全球零售巨头沃尔玛(WMT.US)发布了较为保守的 全年业绩指引，营收和利润预测均低于市场预期。 沃尔玛最新发布的财报显示，预计本财年调整后每股收益为2.75至2.85美元，而分析师此前的平均预期为2.97美元。公司预计2027 财年合并净销售额增长率在3.5%至4.5%之间，同样低于市场约5%的增长预期。这一谨慎展望使得沃尔玛股价在周四美股盘前下跌 约2%。 沃尔玛首席财务官John David Rainey表示，考虑到当前充满变数的宏观环境，包括招聘放缓和贸易局势的不确定性，采取适度保守 的展望是审慎之举。 由于其庞大的规模和广泛的覆盖范围，沃尔玛经常被视作整体消费经济的晴雨表。美国总统特朗普广泛且时断时续的关税政策扰 乱了许多行业的运营，沃尔玛和其他零售商对成本上升和价格上涨持谨慎态度。凭借其庞大的供应链和规模，沃尔玛在很大程度 上成功减轻了关税的影响，但也警告称压力正在加剧。 未来几周，竞争对手塔吉特(TGT.US)、好市多(COST.US)等将陆续发布季报。目前多数消费品企业态度谨慎，食品制造商普遍反映 需求趋弱，消费者对价格敏 ...