Investment Rating - The investment rating for the company is "Neutral" [5][7]. Core Insights - The company has demonstrated steady growth in performance, with global e-commerce continuing to gain momentum. For FY25 Q4, revenue increased by 4.1% year-on-year to $180.6 billion, with a gross margin improvement of 53 basis points to 23.9% [7]. - The company's revenue for FY2025 is projected to grow by 4.96% to $674.54 billion, with net profit increasing to $19.44 billion [7]. - The growth in e-commerce revenue was significant, rising by 16% to $117.3 billion, accounting for 17.4% of total revenue [7]. - The U.S. segment saw a revenue increase of 5.0% to $123.5 billion, with e-commerce growing by 20% and advertising revenue up by 24% [7]. - International revenue was slightly impacted by currency fluctuations, with a year-on-year decline of 0.7% to $32.2 billion, although e-commerce sales grew by 20% in the second half of the year [7]. - The company expects revenue growth of approximately 3.0%-4.0% for FY2026 and Q1 FY26, with adjusted EPS projected at $0.57-$0.58 [7]. Financial Summary - For FY2025, the company forecasts total revenue of $680,985 million, with a growth rate of 5.07% [5]. - The projected net profit for FY2025 is $19,436 million, reflecting a year-on-year growth of 19.05% [5]. - The company anticipates continued growth in net profit for FY2026 and beyond, with estimates of $21,039 million for FY2026 and $23,275 million for FY2027 [5][8]. - Key financial metrics include a projected P/E ratio of 39.17 for FY2025, decreasing to 29.33 by FY2028 [8].

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% [7] - The company's revenue for FY2025 is projected to grow by 4.96% to $674.54 billion, with net profit increasing to $19.44 billion [7] - The growth in e-commerce revenue was 16%, contributing to 17.4% of total revenue, up from 15.6% in FY24 [7] - Walmart's U.S. operations saw a revenue increase of 5.0% to $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% in the second half of the year [7] - Sam's Club U.S. operations reported a revenue increase of 5.7% to $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%, 4.89%, and 5.52% [7][8] - Net profit projections for the same years are $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]