Walmart Inc (NYSE:WMT, XETRA:WMT) shares fell more than 3% in premarket trading on Thursday after the world's largest retailer issued a cautious annual outlook that disappointed Wall Street, despite posting solid fourth-quarter results in new chief executive John Furner's first earnings report.
Revenue for the final three months of 2025 rose 5.6% year on year to $190.7 billion, while operating income grew 10.8%, outpacing sales growth, and global e-commerce jumped 24% to reach a record share of US sales.
US comparable sales, excluding fuel, increased 4.6%, reflecting continued consumer demand for value and convenience despite broader economic uncertainty.
For its 2026 financial year, Walmart forecast net sales growth of 3.5% to 4.5%, with operating income rising 6% to 8%, but analysts had expected a more bullish outlook, sending shares lower.
Furner, who succeeded longtime chief executive Doug McMillon on 1 February, faces a high bar from investors assessing whether the company's growth trajectory can sustain its trillion-dollar valuation.
Walmart is closely watched as a barometer of US consumer health, and the results suggest shoppers are continuing to prioritize price and convenience despite economic pressures.