The numbers
$713.2 billion: Walmart’s total revenue during 2025, up 5.1% when adjusted for inflation. Q4 revenue was $190.7 billion, up 4.9% when adjusted for inflation.
$6.4 billion: How much Walmart made on its global ad business during 2025, including Vizio, an increase of 46% year-over-year. Walmart Connect in the U.S. grew by 41% in the fourth quarter alone.
24%: Ecommerce net sales growth during Q4. That represents 23% of total net sales.
10.5%: Growth in operating income during Q4, adjusted for inflation.
60%: Year-over-year growth for “fast delivery,” meaning anything under three hours.
The watercooler talk
Walmart’s advertising growth slowed in Q4 to 37%, down from 53% in Q3.
“You get to the law of large numbers, where it gets more challenging to enjoy those same growth rates. But in terms of overall progress that we’re making with advertising, I really don’t see that slowing down,” John David Rainey, evp and chief financial officer at Walmart, told investors.
The company has expanded advertising in its third-party marketplace, he said, noting that growth is higher there than with first-party brands.
Rainey also highlighted Walmart’s Vizio acquisition, where it’s reportedly selling ads at a $200,000 minimum.
“We saw triple-digit growth in advertising with our Vizio business in the quarter,” Rainey said. “It gives us yet another channel to to market to our customers, and I feel like that’s really just getting started.”
The key quote
Executives repeatedly pointed to early indicators of success for its AI chatbot, Sparky, noting that seems to be leading customers to buy more each time they shop. The company announced that it was beginning to test ads within the chatbot earlier this year.
“Roughly half of our app users have used Sparky, and when they use Sparky, it drives them to build bigger baskets,” said Dave Guggina, president and CEO of Walmart U.S.
Shoppers who use Sparky are spending 35% more per order than those who aren’t using the chatbot.
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