Walmart’s decade of change with Doug McMillon

Core Insights - Walmart has experienced significant growth in customer reach and financial performance under Doug McMillon's leadership, with net sales increasing by approximately 43% and net income by 21% from fiscal year 2014 to 2025 [2] Group 1: Customer and Employee Metrics - In fiscal year 2025, Walmart reported approximately 270 million weekly customers and 2.1 million associates, with a slight decrease in store units to 10,771 compared to 2014 [1] - In 2014, Walmart served 250 million customers weekly with about 2.2 million associates and 10,942 stores [1] Group 2: Financial Performance - Walmart's net sales for fiscal year 2014 were about $473 billion, with a net income of $16.7 billion [2] - By fiscal year 2025, these metrics had grown significantly, reflecting the company's strategic initiatives and investments [2] Group 3: Leadership and Strategic Changes - Doug McMillon emphasized the importance of technology and e-commerce during his tenure, leading to a cultural shift within Walmart [7][20] - McMillon's leadership was characterized by a commitment to change and innovation, particularly in the face of evolving retail dynamics [3][5] Group 4: Technology and E-commerce Investments - Walmart's capital expenditures on technology and e-commerce increased from approximately $2.5 billion in 2014 to about $14.6 billion in 2025, representing around 60% of total expenditures [12] - E-commerce sales surged from over $10 billion in 2014 to $121 billion in 2025, marking a 1,110% increase [10] Group 5: Acquisitions and Experimentation - Notable acquisitions under McMillon included the investment in Flipkart in 2018 and the $3 billion acquisition of Jet.com in 2016, which were aimed at enhancing Walmart's e-commerce capabilities [15][17] - While some acquisitions did not yield clear benefits, they provided valuable insights and talent that contributed to Walmart's transformation [19]