Walmart has once again demonstrated its enduring strength as a retail leader, revealing in its 2025 Annual Report and Proxy Statement a year marked by impressive financial growth, strategic adaptability, and continued investment in people and innovation.
Doug McMillon, Walmart’s President and CEO, used his annual letter to reflect on a transformative year in which the company recorded a 5.1% rise in revenues, reaching a formidable $681 billion, and an 8.6% increase in operating income. “I wouldn’t trade hands with anyone,” McMillon wrote, praising the dedication of the 2.1 million Walmart associates who made these results possible. His message positioned Walmart not merely as a retail giant, but as a business led by purpose, powered by technology, and driven by its people.
McMillon’s message was rich in both numbers and vision. Over half of all U.S. store managers earned bonuses exceeding $100,000. Notably, more than 1.1 million associates are now saving for retirement through Walmart’s 401(k) programme, with 81% of those enrolled in the Associate Stock Purchase Plan being hourly workers—evidence of the company’s ongoing commitment to upward mobility and financial empowerment for frontline staff.
He went on to highlight Walmart’s growing ability to combine scale with agility. “We’re an ‘and’ company,” McMillon said, describing Walmart as “people and technology, stores and eCommerce, innovation and execution.” His remarks reflect the firm’s dual approach—blending traditional strengths with new models of retail that are increasingly digital and data-driven.
Meanwhile, Greg Penner, Chairman of the Board, reinforced the company’s robust performance and direction in the 2025 Proxy Statement. “Our business is growing,” he affirmed, citing the 20.8% global eCommerce growth and the company’s 52nd consecutive dividend increase—up 13% to $0.94 per share. Penner underscored that Walmart is “well-positioned” to continue leading as retail undergoes rapid shifts, staying focused on its founding promise: helping customers save money and live better.
The statement also included important updates on Walmart’s governance. After six years as lead independent director, Tom Horton announced he will step down from that role while remaining active on the Board. If re-elected, Randall Stephenson is set to assume the position on 5 June 2025. Horton praised Stephenson’s contributions since joining in 2021 and expressed confidence in his ability to guide the Board through what he called “an exciting time” for the business.
Shareholders are being asked to vote on 12 director nominees, three company-led proposals, and seven shareholder proposals. In a nod to modern engagement and accessibility, the 2025 Annual Shareholders’ Meeting will be held virtually on 5 June 2025 at 8:30 a.m. CDT. Shareholders of record as of 11 April 2025 can cast their votes online, by phone, by mail, or through a QR code-enabled mobile option.
With a steady hand at the helm, deep investment in its people, and a clear vision for a blended future of physical and digital retail, Walmart is not just riding the wave of transformation—it’s steering the course. As McMillon aptly stated, “We’re proving we can change and innovate, and we know how to execute.”
Walmart’s 2025 outlook is not just about numbers—it’s a story of evolution, resilience, and readiness for what lies ahead.