Global e-commerce grew by 27%, while advertising increased by 53%, including 33% growth in Walmart Connect[i] in the US. The company raised its full-year sales growth forecast to 4.8-5.1%, up from an earlier 3.75-4.75%.

Share values have increased by almost 18% so far this year. In the last three months, values are up 8.9%. Today's price corresponds to a total market value of about 830 billion US dollars, many times the values of competitors such as Carrefour, Tesco or Sainsbury's. This also applies in terms of revenue. Walmart is far larger than these three combined.

Several factors explain the strength of the results:

• Omnichannel strategy: Walmart has combined physical stores with digital platforms. Customers can shop both in-store and online, with fast delivery and pickup.
• E-commerce and marketplace: The strong 27% growth in e-commerce is due to both an expanded marketplace and efficient logistics. Walmart has invested heavily in technology that allows it to deliver quickly and compete directly with Amazon.
• Advertising revenue: Walmart Connect has become a key driver. With 33% growth in the US and 53% globally.
• Cost control: Despite inflation and tariff challenges, Walmart has managed to keep margins stable.

However, no matter how skilled the management is, there is little doubt that size itself gives Walmart great advantages, not least on the purchasing side. Skills matter, but size decides.

John Furner takes over

A key aspect of this year’s results is that they mark the end of an era. Doug McMillon, who has been CEO since 2014, has led Walmart through a transformation from physical store dominance to strong digital growth.

From February 1, 2026, John Furner, current head of Walmart U.S., will take over as CEO. Furner has been central to driving growth in the US market, especially in e-commerce.

The results and the leadership change point to three strategic directions:

1. Further digitization: Walmart will continue to invest in technology, especially in AI, logistics and personalization of the customer experience.

2. Diversification of revenues: Advertising will become increasingly important for margins. Walmart makes money from advertising by selling visibility and targeted advertising opportunities to suppliers and third-party sellers, both digitally and physically. It has become a strategic engine for growth and a key factor for increased income on the company's enormous customer base and data.

3. Global expansion: With a strengthened position in the US, Furner will have to focus on lifting international markets, where growth has been more uneven.

Criticism grows

Behind the numbers, criticism of the company's practices is growing. Labor conditions are a key issue.

Employees have long complained about low wages, limited benefits and a lack of opportunity to organize. Several reports show that many Walmart workers must supplement their income with government subsidies, which has sparked debate about the company's social responsibility.

At the same time, Walmart is accused of putting pressure on suppliers to lower prices, which can lead to poor working conditions in low-cost countries and weaken small players in the United States.

Critics also point to the environmental impact of the company's vast logistics apparatus, and how Walmart can contribute to impoverishing local communities by out-competing smaller stores.

The criticism doesn't seem to be hitting Walmart hard. The world's largest retailer continues to operate with profitability and growth as its main motivator.

Sources: Walmart, Nordnet, SA, Tesco, Carrefour, Sainsbury, FT, NHH.



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