Walmart, Inc. reported its fourth quarter and full-year 2023 results, pointing out that its omnichannel model continues to resonate with consumers and deliver strong growth, including comp sales of 4.0 percent for Walmart U.S. and overall revenue growth of 5.7 percent in the fourth quarter.

Walmart also announced that it will purchase Vizio Holding Corp. to accelerate the Walmart Connect business in the U.S.

Consolidated revenue was $173.4 billion for the fourth quarter, up 5.7 percent, or 4.9 percent in constant-currency terms (CC), topping Wall Street estimates.

  • Global e-commerce sales grew 23 percent for the period.
  • Global advertising business grew approximately 33 percent, including 22 percent for Walmart Connect in the U.S.
  • U.S. same-store sales were up 4 percent, ahead of Wall Street’s 3.2 percent forecast.
  • Consolidated gross margin rate improved 39 basis points due to improvement at Walmart U.S.
  • Consolidated operating income was $1.7 billion, or 30.4 percent of net sales in the quarter.
    • Adjusted operating income was up 13.2 percent, positively affected by currency and LIFO of 2.3 percent and 1.0 percent, respectively.
  • Adjusted EPS came in at $1.80 per share, excluding the effect, net of tax, from a net gain of 23 cents on equity and other investments. Analysts were looking for $1.65 a share.

Full Year Highlights

  • Consolidated revenue totaled $648.1 billion, up 6.0 percent or 5.5 percent (CC).
    • Global advertising business grew approximately 28 percent to reach $3.4 billion.
  • Consolidated operating income was up $6.6 billion, or 32.2 percent, for the year.
    • Adjusted operating income up 10.2 percent, growing faster than sales.
  • ROA at 6.6 percent; ROI at 15.0 percent, up 230 basis points.
  • GAAP EPS came in at $5.74 a share for the year. Adjusted EPS was $6.65 per share.


The company issued guidance for FY25, including growth of 3 percent to 4 percent in net sales in constant-currency terms and operating income of 4 percent to 6 percent. Walmart, Inc. sees earnings in the range of $6.70 to $7.12 per share for the year.

Image courtesy Walmart U.S.