On Thursday February 19th Walmart reported Q4 results that largely met expectations, with total consolidated revenue of $190.7B up 4.9%, and U.S. comps +4.6% consistent with earlier 2025 results. As is typical entering a new fiscal year, management issued conservative guidance that is still impressive compared to retail peers.
This was the first earnings call under new CEO John Furner, alongside several newly appointed leaders who emphasized recent structural changes are intended to scale proven capabilities across the enterprise, in areas including systems, technology, and the management of alternative revenue streams.
Despite macro noise and tariff pressure, merchandise mix remains healthy, digital represented a record high 23% of sales in Q4, and eCommerce is both the primary growth driver of the business and increasingly profitable leading to a favorable outlook for FY27.
Download Harvest Group’s full earnings recap with unique takeaways for suppliers here: