Walmart reported strong fourth-quarter and full-year 2024 financial results, with continued revenue growth and expanding profitability. Fourth-quarter revenue increased 4.1% year-over-year to $180.6 billion, or 5.3% in constant currency. Operating income grew 8.3%, with adjusted operating income rising 9.4% in constant currency. Global eCommerce sales surged 16%, driven by store-fulfilled pickup and delivery as well as growth in Walmart U.S. marketplace. Walmart U.S. comparable sales grew 4.6%, supported by strong performance in general merchandise.

For the full year, Walmart generated $681.0 billion in revenue, reflecting a 5.1% increase, or 5.6% in constant currency. Operating income rose 8.6%, or 9.7% on an adjusted constant currency basis, outpacing revenue growth. The company’s global advertising business expanded 27% to reach $4.4 billion. Walmart also improved return on assets (ROA) to 7.9% and return on investment (ROI) to 15.5%, up 50 basis points. Inventory increased by 2.8%, maintaining healthy in-stock levels.

CEO Doug McMillon emphasized Walmart’s momentum, citing strong customer engagement, competitive pricing, and improving eCommerce delivery times. The company continues to gain market share and focus on operational efficiency.

Walmart ended the year with $9.0 billion in cash and cash equivalents and total debt of $45.8 billion. Operating cash flow for fiscal year 2025 reached $36.4 billion, a $0.7 billion increase, while free cash flow totaled $12.7 billion. The company repurchased 61.9 million shares for $4.5 billion and increased its dividend by 13% to $0.94 per share, marking its largest increase in over a decade.

Looking ahead, Walmart expects net sales growth of 3% to 4% for fiscal year 2026 and adjusted operating income growth of 3.5% to 5.5% in constant currency, despite a 150-basis-point headwind from the acquisition of VIZIO and the impact of the leap year comparison.