沃尔玛（WMT）：FY25Q4业绩点评：全球电商业务持续发力，业绩和盈利能力维持稳中有升

Investment Rating - The investment rating for the company is "Neutral" [5] Core Insights - Walmart's performance shows steady growth, with global e-commerce continuing to gain momentum. In FY25 Q4, the company's revenue increased by 4.1% year-on-year to $180.6 billion, with a gross margin improvement of 53 basis points to 23.9$674.54 billion, with net profit increasing to $19.44 billion [7] - The growth in e-commerce revenue was 16$123.5 billion, with e-commerce growing by 20% and advertising revenue up by 24% [7] - International revenue slightly declined by 0.7% to $32.2 billion due to currency fluctuations, but e-commerce sales grew by 20$23.1 billion, with e-commerce growth of 24% [7] - For FY2026, the company expects revenue growth of approximately 3.0%-4.0% [7] - Earnings per share (EPS) for FY2026 is projected to be around $2.50-$2.60, with capital expenditures expected to be 3.0%-3.5% of revenue [7] Financial Projections - Revenue projections for FY2026, FY2027, and FY2028 are $708,224 million,$742,857 million, and $783,862 million, respectively, with year-on-year growth rates of 4.00$21,039 million, $23,275 million, and$25,958 million, with growth rates of 8.25%, 10.63%, and 11.53% [7][8] - The price-to-earnings (P/E) ratios for FY2026, FY2027, and FY2028 are expected to be 36.19, 32.71, and 29.33, respectively [7][8]