Walmart Inc. — Call Transcript 2026

Hello, and welcome to the 2026 Annual Shareholders Meeting of Walmart Inc. Please note that the meeting is being recorded. A general Q&A session will be conducted following the adjournment of the formal meeting. You may submit a question at any time by clicking on the Submit Question button on your screen. Walmart would like to remind you that some of the comments today may contain forward-looking statements. Additional information about this is included among the meeting materials available on your screen. It is now my pleasure to turn the meeting over to Greg Penner, Chairman of the Board of Directors of Walmart. Thank you. Good morning, everyone. It's my honor as Chair of the Walmart Board of Directors to welcome you to our 56th annual shareholders meeting. We appreciate you joining us today. The results from the past year reflect the strength of our omnichannel business model and the dedication of our 2.1 million associates around the world to execute our strategy. I'm proud of the way the team navigated a dynamic environment to serve customers and members. I'm also really pleased with the seamless transition we've had for John Furner and the broader management team. Their experience, integrity, and long-term orientation continue to guide Walmart forward. They're ready to lead in an era of retail that's defined by AI and innovation. At the same time, I want to thank Doug McMillon for his exceptional leadership and lasting contributions to Walmart. Doug led our company with purpose and conviction. He guided Walmart through periods of significant change while staying grounded in our values and culture. Thank you, Doug. Throughout Walmart's history, change has been constant, but every transformation has been in service of the company's purpose, helping people save money and live better. That purpose guides our decisions and anchors us through change, and it will continue to do so as we build a stronger, more innovative, and more resilient Walmart for the future. All of the nominees standing for election to our board of directors have joined our virtual meeting. Also joining online are representatives from Ernst & Young, Walmart's independent accountants. The Inspectors of Election today are from Broadridge Financial Solutions. Based on their report, a majority of the shareholders entitled to participate in the meeting are represented online. We have a quorum and may proceed with the business portion of the meeting. Therefore, our meeting is officially called to order. At this time, the polls are open and will close after the presentation of the last shareholder proposal. Only shareholders who held shares as of April 10th, 2026, the record date for this meeting, are entitled to vote shares. If you have already voted your shares, there is no need to vote again unless you wish to change your vote. If you would like to vote your shares or change your vote, you may do so while the polls are open by following the instructions on your screen. Now, I would like to acknowledge the director nominees, including myself, who are up for re-election this year: Cesar Conde, Sarah Friar, John Furner, Carla Harris, Tom Horton, Marissa Mayer, Shishir Mehrotra, Bob Moritz, Randall Stephenson, and Steuart Walton. Thank you all for your willingness to continue to serve our company. Walmart President and CEO, John Furner, will share an update on the company. Erin Nealy Cox, our Corporate Secretary, will take us through the formal business of the meeting. John. Thank you, Greg. Good morning, everyone, and thank you for your interest in our company. It's an honor to be with you today. This marks my 33rd year with Walmart, but it's the first time I'm speaking with you in this meeting. It's an honor to serve you in this role. My history with Walmart has been an incredible journey, and it's been exciting to see how Walmart has evolved from a regional retailer to a people-led, tech-powered global leader. We're proud of how our associates are executing our strategy and building momentum. Last fiscal year, we delivered another strong set of results. Revenue grew by 5.1% in constant currency to $715.9 billion. This performance was driven by outsized growth in e-commerce, which grew 24% globally to over $150 billion. Operating cash flow reached $41.6 billion, and we returned $15.6 billion to shareholders through dividends and share repurchases. We're seeing broad-based growth across all of our segments. Walmart U.S., Sam's Club U.S., and Walmart International are all contributing to top-line expansion. We're also growing profits even faster than sales on an adjusted constant currency basis. Our business mix has also changed. Last year, advertising grew 46% globally to nearly $6.4 billion, and membership fee revenue was more than $4.3 billion. These results reflect strong execution, a stronger business model, and the momentum we're building as a people-led, tech-powered, omnichannel retailer dedicated to helping people save money and live better. Let's start with being people-led. We have 2.1 million associates around the world united by a common purpose. We're proud of our associates and the investments we've made to support their growth. When our people grow, our business grows. We continue to invest in wages, benefits, and opportunity. In the U.S., the average hourly wage at Walmart is more than $18 an hour. Our highest performing Walmart U.S. store managers earned more than $500,000 last year, and more than half of all store managers earned bonuses of $100,000 or more. More than 1.1 million people have retirement savings in our 401(k), and more than 475,000 associates participate in our Associate Stock Purchase Plan, and over 80% of those participants are hourly associates. We're also excited about the progress our teams are making to provide our associates with the technology and the information they need to better serve our customers and members. Our associates, powered by AI, are delivering faster and more accurately than ever all around the world. We serve customers and members 280 million times per week at the counter, with curbside pickup, or by delivering to their homes. Our stores, clubs, supply chain, and digital capabilities work seamlessly to serve customers and members wherever or whenever they want to shop. Last year, our team in the U.S. delivered nearly 9 billion units the same or next day. Our marketplace and advertising business helps customers find the most relevant items they want while improving the returns we generate for shareholders. We're expanding the capability of those platforms across North America, and I look forward to expanding our reach to even more customers as we do that. Our business model, it's strong, and it's getting stronger. Our associates continue to come up with great ideas. We have a strong culture and a timeless set of values. The consistency of our results reflects strong execution in our core business, digital innovation, and reimagining how we accelerate delivery speed in our business mix. We are well-positioned for what comes next. With strong teams across the company and a leadership team with a wide range of backgrounds, experiences, and expertise, we are ready to help lead Walmart into the next era of retail. Walmart is a special company. The business has changed a lot since Sam Walton opened the first Walmart, and it's changed a lot since I started in the Garden Center. What hasn't changed is that it's our people who make the difference. As I close, I want to thank our associates around the world. You're serving customers and members, strengthening this company, and helping us build what comes next. I want to thank our board for its trust and Doug for his leadership and his mentorship. I want to thank our shareholders for your continued support. We have momentum, we have a strong plan, and we have a team that knows how to execute. I'm proud to be a Walmart associate, and I've never been more optimistic about what we can accomplish together. Thank you again for your interest in our company. Now I'll turn it over to Erin Nealy Cox, our Corporate Secretary, to take us through proposals. Thank you, John. We will now move to the meeting's formal business and conduct a Q&A session after the meeting adjourns. Eight items will be presented for a vote today. The first four items are the company proposals. They appear in the proxy statement as proposals one through four. The first proposal is the election of 11 Directors. Information about each Director nominee can be found in the proxy statement. The second proposal is to ratify the appointment of Ernst & Young as the company's independent accountants for the fiscal year ending January 31st, 2027. The third proposal is a non-binding advisory vote to approve the compensation of Walmart's named executive officers. The vote on this proposal is advisory, but the board will consider the results in evaluating our executive compensation program. The fourth proposal is to approve an amendment to Walmart's restated certificate of incorporation to limit the liabilities of certain officers as permitted by Delaware law. The remaining items are shareholder proposals. This year, four shareholder proposals were included in our proxy statement. We have carefully reviewed each proposal, engaged proponents, and shared our fuller responses in the proxy statement. With that context, we will now turn to the proposals. The first is proposal number five in the proxy statement. It was submitted by the National Legal and Policy Center. Paul Chesser is presenting on behalf of the proponent. He pre-recorded his presentation, which we will now play. I'm Paul Chesser of National Legal and Policy Center to ask Shareholders to vote for proposal number five, which would establish cumulative voting at Walmart. This proposal is about a simple question. When Walmart elects its directors, whose votes actually decide the outcome? Right now, the answer is the founding family. Members of the Walton family control more than 40% of Walmart's voting shares. Combined with the large index fund managers, who almost always vote with management, the result of nearly every board election is settled before independent shareholders are heard. That is not a small structural quirk. It means that for more than 50 years, every director on this board has served with the family's approval, and no director has ever been elected without it. This concern is not tied to where Walmart sits in any business cycle. The same problem existed during the share price stagnation of the 2000s. It exists during Walmart's strong results today. It will exist during the next downturn. Shareholders have noticed, and they have pushed back. Time and again, substantial coalitions, sometimes approaching a quarter of the votes cast, have supported reforms on governance, compensation, and accountability. None of it has changed the makeup of this board because, under the current rules, it cannot. A quarter of the shareholders can vote together and still elect no one. Cumulative voting changes that math. It would let shareholders concentrate their votes and elect a single independent director, one voice accountable to the shareholders at large rather than to the family. That is a modest ask. It does not remove a single current director. It does not take control away from the family, which would still decide the rest of the board. It requires no change to Walmart's strategy or operations. It simply ends the arrangement in which the shares held by the investing public count for almost nothing when directors are chosen. cumulative voting is not a radical idea. Leading proxy advisors support proposals like this one. It is a long-recognized shareholder protection. It exists precisely for companies like this one, where a single block holds the boardroom and everyone else is left on the outside. Walmart asks the public to invest in this company. Those investors deserve more than a symbolic vote. They deserve the ability to put at least one independent director in the room. We urge you to vote for proposal number five. Thank you. Thank you, Mr. Chesser. The board recommends a vote against this proposal for the reasons explained in the proxy statement. The next proposal is number six in the proxy statement. It was submitted by Oxfam America Inc. Timnit Ghermay is presenting on behalf of the proponent. She pre-recorded her presentation, which we will now play. Good morning. My name is Timnit Ghermay; I'm the Director of Northwest Coalition for Responsible Investment. I'm here today as a co-filer to present ballot proposal number six, which calls on Walmart's board to report on the governance measures it has implemented to monitor and manage workplace health and safety risks. We recommend the report include how the board oversees policies affecting Walmart's worker injury rate, the provision of paid sick leave, and overall health and safety, as well as whether executive compensation arrangements incentivize responsiveness to these health and safety concerns. Board oversight into human capital management plays a vital role in fostering long-term organizational health. As a recent article in The Harvard Law School Forum on Corporate Governance explains, boards of directors are increasingly prioritizing their role in the governance of human capital with a particular focus on retention and employee well-being as a way to minimize risk and create competitive advantage. The Catholic Sisters at the Northwest Coalition have worked alongside other investors to engage Walmart on worker health and safety for over 20 years. Despite this long-time engagement, the company has seemingly failed to take meaningful steps to adequately address and mitigate the risks to worker health. For example, Walmart reported the second highest instance of severe workplace injuries among U.S. employers between 2015 and 2022 and was listed on the National Council for Occupational Safety and Health's Dirty Dozen Unsafe Companies for 2024. We understand that Walmart has corporate policies that purport to address many of these concerns. Yet we continue to hear from workers that store managers fail to implement these corporate policies for fear they will face professional repercussions if they alert management to hazardous conditions at their store. These critical health and safety concerns generate reputational, legal, and operational risks. Media reports indicate that there's significant negative public perception of the company in light of allegations of poor working conditions, from repeated OSHA fines for health and safety violations to allegations of denied pregnancy accommodation. Walmart's poor working conditions continue to capture the attention of media, government authorities, and workers, highlighting the insufficiency of Walmart's existing corporate governance measures. Leadership from a company's highest level is critical to taking employee well-being seriously. If they continue to fail to address these hazards, long-term investors will pay the price. Thank you. Thank you, Ms. Ghermay. The board recommends a vote against this proposal for the reasons explained in the proxy statement. The next proposal is number seven in the proxy statement. It was submitted by SOC Investment Group. Alexandra Sittner and Caroline Boden are presenting on behalf of the proponent. They pre-recorded their presentation, which we will now play. Fellow share owners and members of the board, my name is Caroline Boden, and I'm a Director of Shareholder Advocacy with Mercy Investment Services. On behalf of SOC Investment Group, Mercy Investment Services, and the Daughters of Charity Province of St. Louise, I hereby move proposal number seven, requesting a report on how U.S. immigration policy and enforcement may impact Walmart's operations. The rapid and expansive changes to U.S. immigration policy and enforcement pose potentially significant risks to companies, investors, workers, and consumers and raise questions about workforce stability, customer trust, supply chain resiliency, and Walmart's ability to maintain long-term value creation. It is estimated that immigrant labor likely accounted for nearly 20% of real GDP growth between 2019 and 2024, and mass deportation could reduce U.S. GDP by more than 7% in the next three years. Economists warn that the administration's immigration policies are shrinking the labor force, and it is estimated that nearly 6 million jobs could be lost, affecting both immigrant and U.S.-born workers. The cancellation of humanitarian parole visas by the administration resulted in job losses and staffing shortages across the country, including at Walmart Supercenter in Florida and Texas, where hundreds of workers had work permits abruptly revoked. Changes in visa policies also impact companies' ability to recruit and retain talent. The increase in the fee for H-1B visas from $215-$100,000 will have a significant impact on companies' ability to stay cutting-edge. As of April 2026, Walmart is the number 10 national sponsor of H-1B visas, and the change in fees could affect the growth of Walmart's web platform and infrastructure. Thank you, Caroline. My name is Alexandra Sittner, and I'm an analyst with the SOC Investment Group. Changes to U.S. immigration policy also affect Walmart's supply chain. Walmart's transportation infrastructure includes over 16,000 commercial drivers as well as partnerships with private companies. In August 2025, the State Department paused visa grants to foreign-born commercial truckers, who make up almost 20% of U.S. drivers. In the face of a growing driver shortage, this could lead to increased costs. Walmart also relies on American farms for groceries. The majority of Walmart's U.S. sales in 2025 were groceries, and around 70% of produce was sold in the U.S. Walmart stores have grown domestically. Undocumented farm workers account for 42% of hired farm workers in the U.S. Agricultural employment dropped 6.5% between March and July 2025, contributing to increased costs. Current immigration enforcement practices could also lead to reputational damage. Peers Target and Home Depot have suffered from decreased sales after ICE activity at stores and have been the target of consumer boycotts. Walmart could face similar backlash. Walmart's board has stated that immigration policy is not a significant source of operational or supply chain risk. The breadth of Walmart's operations exposes it to many risks related to immigration policy and enforcement. Walmart's reluctance to provide more robust disclosure reflects a concerning tolerance for regulatory risk and underscores the need for transparency. Thank you, and please consider supporting Proposal seven. Thank you, Ms. Sittner and Ms. Boden. The board recommends a vote against this proposal for the reasons explained in the proxy statement. The next proposal is number eight in the proxy statement. It was submitted by United for Respect. Ava Williams is presenting on behalf of the proponent. She pre-recorded her presentation, which we will now play. Hello, Shareholders. My name is Ava Williams. I'm an overnight Mod team Associate at the Walmart in North Spokane, Washington. I'm speaking on behalf of United for Respect Education Fund to urge you to vote yes on Proposal 8. Shareholders request Walmart prepare a report on the principles by which the company seeks to address the measure of social implications on its workforce of growing adoption of advanced technologies, including artificial intelligence and automation. Every report prepared at reasonable cost and omitting confidential and proprietary information should be made available to investors. I present this proposal as an associate who has repeatedly tried to sound the alarm about Walmart's rushed rollout of AI tools and the harmful impacts we are experiencing as a result. The overnight shift is the heart of every store. We make sure the store is ready for customers. We used to take pride in that work because our team operated as a cohesive unit. Coaches and leads understood our strengths and assigned work based on what each person did best. Those days are over. Everything is assigned through advanced technology, like our modular planning tool. Resets are mapped out down to the second; these digital blueprints are often disconnected from the reality of the physical store. We're expected to meet impossible timelines; when we can't, workers are left dealing with the consequences. Rushing to meet these demands leads to injuries, burnout, and high turnover. It also puts customers at risk when associates are forced to skip critical steps like sanitizing shelves, checking for expired products, or ensuring items are placed correctly. When I ask management how these plans are created, I get no answers. There is zero accountability for the tools that now impact our safety, our well-being, and our ability to do our jobs well. We are not asking Walmart to stop using technology. We are asking for technology that works for us, not against us. Please vote yes on Proposal 8. Thank you. Thank you, Ms. Williams. As a people-led, tech-powered company, we are committed to using technology to improve the customer and associate experience and to empower our associates to do more meaningful work. We've invested in tools and training for our associates and are committed to providing opportunities for continued development through training, skill building, and new career pathways. We value feedback from our associates on their workplace experience and have multiple channels for associates to discuss their ideas and concerns, which we take seriously. Therefore, the board recommends a vote against this proposal. This concludes all the matters to be presented for shareholder consideration at the meeting. At this time, the polls are closed. Based on the initial report from the inspectors of the election, the preliminary voting results are as follows. Each director nominee has been elected by a majority of the votes cast. Each of the other company proposals has passed, and each of the shareholder proposals failed to receive a majority of the votes cast and therefore did not pass. The preliminary voting results will be announced in a press release later today, and the official results will be disclosed in a filing with the SEC. The 2026 Annual Shareholders Meeting is now formally adjourned. We will now pause briefly before moving into a Q&A session moderated by Steph Wissink, Senior Vice President and Head of Investor Relations. Thank you, Erin. We will now respond to questions submitted through the virtual meeting platform. Senior leadership of the company is also available to respond to questions, and we will answer as many questions as we can during the time we have allotted for this meeting. Similar questions will be grouped together and responded to collectively. The first question is that we receive several questions on the topic of U.S. immigration related to our approach to engaging policymakers, the impact on our workforce and our supply chain, the metrics our board is using to assess risks related to this topic. First question: As the largest private employer in the U.S., what steps is Walmart taking to engage with local, state, and federal policymakers on the risks these policies are creating for American businesses? Good morning. This is Dan Bartlett, head of Corporate Affairs. As you note, as the largest private sector employer in the U.S., we engage policymakers and stakeholders across a broad range of workforce-related issues, including immigration policy and/or potential enforcement actions. We feel really good about those relationships that we have, if we felt at any point that there were policies or enforcement actions that would impede our operations, either in our stores, clubs, or within our supply chain, we have the requisite relationships to raise those concerns. At this point, we feel like we're satisfied with the engagement to date, and have had no material or limited impact on our operations. The second question related to immigration is: Given the company's direct and indirect exposure to this segment of the labor force, what effects have recent changes to immigration policy and enforcement had on Walmart's operations and domestic supply chain? Thank you. It's Donna Morris, I'm a member of the Global People team. I think it's important to know that we have approximately 1.6 million associates in the U.S.; we have a very diversified workforce strategy to ensure that we can operate on a regular basis. We have not experienced significant operational or supply chain disruptions that are attributed to immigration-related policy changes. Our use of employment-based visa sponsorships is actually a very small % of our U.S. workforce, it's primarily for specialized roles and complements other forms of workforce planning. Much of our growth has to do with developing our internal talent. It should be noted that we have tens of thousands of suppliers, including global, regional, and local suppliers, our strong supplier relationships allow us to continue to serve our customers. The third question related to this topic is: What steps is Walmart taking to ensure that the legal and civil rights of its associates and customers are upheld? Walmart's always been a business that's operated with a strong purpose and a core set of principles. Those principles include striving to be excellent, serving others, respect for individuals, and always operating in it with integrity. We'll ensure that throughout the days, the weeks, the months, and the years ahead, that we're constantly focused on the long term and running a great business, and a business that includes a great place to shop for our customers and a great place to work for our associates. The last question on this topic is: What metrics are being used by Walmart's board to evaluate the potential risks and impacts from changes in U.S. immigration and enforcement policies? As earlier stated, we feel great about the way we've positioned the company and the progress we've had in a number of places. We also feel great about our plans as we look forward. We have challenging plans and metrics that we constantly are thinking about and working to as a management team here at the company. We will continue to ensure that we're innovating in an era where innovation is all around us and ensuring that we're providing the best opportunities for our associates to thrive, grow, and prosper at Walmart. Yeah, I would add that the board is regularly briefed on various policy-related issues, including immigration, if need be, if we felt like there was going to be any influence on our business, and that has not been the case to date. Our next question relates to public policy engagement following our shared values approach. The Nominating and Governance Committee of the Board Oversees charitable giving, lobbying, and trade association activity. What safeguards are in place to prevent shareholder money from funding ideological campaigns like climate change activism rather than nonpartisan charitable activity? It's Kathleen McLaughlin, and I'm the Chief Sustainability Officer at Walmart. Thank you very much for your question. Yes, we do strive to fulfill our purpose in ways that create what we call shared value. By that, we mean delivering business performance by creating value for our customers, our associates, suppliers, and communities. For us, shared value, what we mean by that, it really starts with what we do every single day, providing convenient access to affordable quality goods and services to customers around the world. We also prioritize four topics: offering inclusive economic opportunity to our associates and our suppliers, enhancing the sustainability of our business and our product value chains that we really rely on to serve our customers, strengthening the resilience of communities that we serve, and upholding the highest standards of ethics and integrity as a business that operates in many countries around the world. We prioritize issues, to your question, that offer the greatest potential for Walmart to create long-term value. Those are issues that rank high in terms of relevance and value to our business, importance to building and maintaining stakeholder trust—that's really important to us—and our ability as a company to be an effective actor. When it comes to governance, the leadership really starts with the CEO and the Executive Leadership Team, and oversight, as you note, from the Nominating and Governance Committee across this agenda for both our business and our philanthropy. We update and receive feedback from the committee at least once a year. With respect to our foundation specifically, we try to complement and extend the positive impact for the community that the company can have. The topics that we focus on include disaster relief, hunger relief, local community giving, engagement and volunteerism, store grants, and so on. Better managing and helping to conserve the natural resources that our products rely on. Seafood, produce, et cetera. Also trying to help create more economic opportunity for people who work in value chains. Thank you very much for your question. We really appreciate it. Our next question relates to dividends. Will there be higher dividends released per year? This is John David; I'm the Chief Financial Officer. Our dividend policy is part of our overall capital allocation policy. Our process for that is, in a normal year, to assess the capital needs in the future, as well as the amount of cash flow that we generate in the coming years. We take that matter to the board, make a recommendation, and the board will approve whatever that dividend policy is. What I could point you to is what's happened over the last several years, which is we've increased our dividend in line with earnings. Which is a way of saying that we've kept our payout ratio the same. As our earnings have increased appreciably over the last several years, we've seen dividends follow that. As we go through this year, we will look at what the needs of the business are to invest and remodel stores, build new stores, and invest in the supply chain, all very high-return investments, as well as buy back stock and dividends, and then make a recommendation to the board at that point in time. The next question relates to technology use in our stores and on our properties. Does Walmart have contracts with third parties that capture information in the parking lots? If so, how does that information get stored and shared? Yeah. Thanks, Steph. We use a number of technologies to ensure that our associates are able to serve customers effectively, and we always want to ensure that we're doing everything we can to maintain safe environments so that our associates can work in a safe place and our customers can shop in a safe place. We'll always ensure that we are adhering by any policies or any sort of regulation on privacy as it relates to our operations. John David, we have another follow-up question for you. Is a share buyback currently being considered? Not only is it being considered, but we also have a share buyback program that is active and in place. Recently, our board approved a new $20 billion authorization. We've been very active for decades now with buying back stock in the market, which complements what we do from returning dividends to shareholders, as well as investing in our own business. We continue to believe that we've got a very bright future and there's a lot of shareholder value that can be created. As we see dislocations in the stock price, like what we've seen in the last couple of weeks, we're enthusiastically buying back stock because we believe that we're buying it below its intrinsic value. We do have a share buyback in place, and we'll continue to execute upon it. Our next question is a question related to our merchandise assortment. With an emphasis on protein in diets for health, is Walmart considering changes to offerings? Our merchants are constantly looking at customer needs and how they shift over time. We'll always be looking for ways that we can meet customers where they are with a relevant, affordable, everyday low price assortment, and we'll continue to ensure that we're convenient in terms of the way that customers want to shop. Our merchants are regularly looking at information and data and trends across categories, all of our categories, to ensure that we have the best assortment available at any time. Our next question is related to the competitive environment. How is Walmart going to protect its market share in markets such as Dallas, Texas? There are competitors that are aggressively opening stores. Due to its loyalty, how should customers think about this competitive set for Walmart? Over the last few years, we've focused on building an omni model, which provides a lot of flexibility, whether a customer wants to shop at the counter for goods at an everyday low price, at the curb, or delivered to their home. In the last year, we've had a number of Supercenter and Neighborhood Markets open, and we're really excited about the performance of those stores, including locations that are in the North Texas and South Texas markets. We have another question related to real estate. There's been news that Walmart acquired a Pennsylvania mall and intends to redevelop the land into a mixed-use development. Does Walmart intend to make further investments in real estate and other assets diversified from, but integrated with, its core business, principally other mixed-use developments designed around Walmart as an anchor while generating rental and real estate income? As I said a moment ago, Steph, we're excited about the new store pipeline that we have. We have a number of locations in our pipeline that will be open in the next few years. We'll constantly be considering locations where there's growth in populations or there are parts of the country where we think we can serve people well. We're out in the market looking. We'll continue to do that. As I said a moment ago, we've been really enthused by the performance of our new stores in the U.S. Donna, this question is for you from one of our shareholders. I received a letter stating that my investment will soon be managed by Merrill. Will I still be able to vote at these annual meetings? All of the shares that any individual owns are available for an individual to vote. We continue to look at the best access for any of our associates in terms of our Associate Stock Purchase Plan, and perhaps that's what it's about. At this time, we have addressed all of the questions that have been submitted. Thank you, everyone. This concludes the formal Q&A session. On behalf of Walmart's board, leadership, and associates, thank you for joining us today. You may now disconnect.

Speaker 11: Hello, and welcome to the 2026 Annual Shareholders Meeting of Walmart Inc. Please note that the meeting is being recorded. A general Q&A session will be conducted following the adjournment of the formal meeting. You may submit a question at any time by clicking on the Submit Question button on your screen. Walmart would like to remind you that some of the comments today may contain forward-looking statements. Additional information about this is included among the meeting materials available on your screen. It is now my pleasure to turn the meeting over to Greg Penner, Chairman of the Board of Directors of Walmart. Hello, and welcome to the 2026 Annual Shareholders Meeting of Walmart Inc. Please note that the meeting is being recorded. hello and welcome to the 2026 annual shareholders meeting of walmart inc please note that the meeting is being recorded A general Q&A session will be conducted following the adjournment of the formal meeting. a general q&a session will be conducted following the adjournment of the formal meeting You may submit a question at any time by clicking on the Submit Question button on your screen. you may submit a question at any time by clicking on the submit question button on your screen Walmart would like to remind you that some of the comments today may contain forward-looking statements. walmart would like to remind you that some of the comments today may contain forward-looking statements Additional information about this is included among the meeting materials available on your screen. additional information about this is included among the meeting materials available on your screen It is now my pleasure to turn the meeting over to Greg Penner, Chairman of the Board of Directors of Walmart. it is now my pleasure to turn the meeting over to greg penner chairman of the board of directors of walmart

Speaker 7: Thank you. Good morning, everyone. It's my honor as Chair of the Walmart Board of Directors to welcome you to our 56th annual shareholders meeting. We appreciate you joining us today. The results from the past year reflect the strength of our omnichannel business model and the dedication of our 2.1 million associates around the world to execute our strategy. I'm proud of the way the team navigated a dynamic environment to serve customers and members. I'm also really pleased with the seamless transition we've had for John Furner and the broader management team. Their experience, integrity, and long-term orientation continue to guide Walmart forward. They're ready to lead in an era of retail that's defined by AI and innovation. At the same time, I want to thank Doug McMillon for his exceptional leadership and lasting contributions to Walmart. Doug led our company with purpose and conviction. Thank you. thank you Good morning, everyone. good morning everyone It's my honor as Chair of the Walmart Board of Directors to welcome you to our 56th annual shareholders meeting. it's my honor as chair of the walmart board of directors to welcome you to our 56th annual shareholders meeting We appreciate you joining us today. we appreciate you joining us today The results from the past year reflect the strength of our omnichannel business model and the dedication of our 2.1 million associates around the world to execute our strategy. the results from the past year reflect the strength of our omnichannel business model and the dedication of our 2.1 million associates around the world to execute our strategy I'm proud of the way the team navigated a dynamic environment to serve customers and members. i'm proud of the way the team navigated a dynamic environment to serve customers and members I'm also really pleased with the seamless transition we've had for John Furner and the broader management team. i'm also really pleased with the seamless transition we've had for john furner and the broader management team Their experience, integrity, and long-term orientation continue to guide Walmart forward. their experience integrity and long-term orientation continue to guide walmart forward They're ready to lead in an era of retail that's defined by AI and innovation. they're ready to lead in an era of retail that's defined by ai and innovation At the same time, I want to thank Doug McMillon for his exceptional leadership and lasting contributions to Walmart. at the same time i want to thank doug mcmillon for his exceptional leadership and lasting contributions to walmart Doug led our company with purpose and conviction. doug led our company with purpose and conviction He guided Walmart through periods of significant change while staying grounded in our values and culture. Thank you, Doug. Throughout Walmart's history, change has been constant, but every transformation has been in service of the company's purpose, helping people save money and live better. That purpose guides our decisions and anchors us through change, and it will continue to do so as we build a stronger, more innovative, and more resilient Walmart for the future. All of the nominees standing for election to our board of directors have joined our virtual meeting. Also joining online are representatives from Ernst & Young, Walmart's independent accountants. The Inspectors of Election today are from Broadridge Financial Solutions. Based on their report, a majority of the shareholders entitled to participate in the meeting are represented online. We have a quorum and may proceed with the business portion of the meeting. He guided Walmart through periods of significant change while staying grounded in our values and culture. he guided walmart through periods of significant change while staying grounded in our values and culture Thank you, Doug. thank you doug Throughout Walmart's history, change has been constant, but every transformation has been in service of the company's purpose, helping people save money and live better. throughout walmart's history change has been constant but every transformation has been in service of the company's purpose helping people save money and live better That purpose guides our decisions and anchors us through change, and it will continue to do so as we build a stronger, more innovative, and more resilient Walmart for the future. that purpose guides our decisions and anchors us through change and it will continue to do so as we build a stronger more innovative and more resilient walmart for the future All of the nominees standing for election to our board of directors have joined our virtual meeting. all of the nominees standing for election to our board of directors have joined our virtual meeting Also joining online are representatives from Ernst & Young, Walmart's independent accountants. also joining online are representatives from ernst & young walmart's independent accountants The Inspectors of Election today are from Broadridge Financial Solutions. the inspectors of election today are from broadridge financial solutions Based on their report, a majority of the shareholders entitled to participate in the meeting are represented online. based on their report a majority of the shareholders entitled to participate in the meeting are represented online We have a quorum and may proceed with the business portion of the meeting. we have a quorum and may proceed with the business portion of the meeting Therefore, our meeting is officially called to order. At this time, the polls are open and will close after the presentation of the last shareholder proposal. Only shareholders who held shares as of April 10th, 2026, the record date for this meeting, are entitled to vote shares. If you have already voted your shares, there is no need to vote again unless you wish to change your vote. If you would like to vote your shares or change your vote, you may do so while the polls are open by following the instructions on your screen. Now, I would like to acknowledge the director nominees, including myself, who are up for re-election this year: Cesar Conde, Sarah Friar, John Furner, Carla Harris, Tom Horton, Marissa Mayer, Shishir Mehrotra, Bob Moritz, Randall Stephenson, and Steuart Walton. Thank you all for your willingness to continue to serve our company. Therefore, our meeting is officially called to order. therefore our meeting is officially called to order At this time, the polls are open and will close after the presentation of the last shareholder proposal. at this time the polls are open and will close after the presentation of the last shareholder proposal Only shareholders who held shares as of April 10th, 2026, the record date for this meeting, are entitled to vote shares. only shareholders who held shares as of april 10th 2026 the record date for this meeting are entitled to vote shares If you have already voted your shares, there is no need to vote again unless you wish to change your vote. if you have already voted your shares there is no need to vote again unless you wish to change your vote If you would like to vote your shares or change your vote, you may do so while the polls are open by following the instructions on your screen. if you would like to vote your shares or change your vote you may do so while the polls are open by following the instructions on your screen Now, I would like to acknowledge the director nominees, including myself, who are up for re-election this year: Cesar Conde, Sarah Friar, John Furner, Carla Harris, Tom Horton, Marissa Mayer, Shishir Mehrotra, Bob Moritz, Randall Stephenson, and Steuart Walton. now i would like to acknowledge the director nominees including myself who are up for re-election this year cesar conde sarah friar john furner carla harris tom horton marissa mayer shishir mehrotra bob moritz randall stephenson and steuart walton Thank you all for your willingness to continue to serve our company. thank you all for your willingness to continue to serve our company Walmart President and CEO, John Furner, will share an update on the company. Erin Nealy Cox, our Corporate Secretary, will take us through the formal business of the meeting. John. Walmart President and CEO, John Furner, will share an update on the company. walmart president and ceo john furner will share an update on the company Erin Nealy Cox, our Corporate Secretary, will take us through the formal business of the meeting. erin nealy cox our corporate secretary will take us through the formal business of the meeting John. john

Speaker 9: Thank you, Greg. Good morning, everyone, and thank you for your interest in our company. It's an honor to be with you today. This marks my 33rd year with Walmart, but it's the first time I'm speaking with you in this meeting. It's an honor to serve you in this role. My history with Walmart has been an incredible journey, and it's been exciting to see how Walmart has evolved from a regional retailer to a people-led, tech-powered global leader. We're proud of how our associates are executing our strategy and building momentum. Last fiscal year, we delivered another strong set of results. Revenue grew by 5.1% in constant currency to $715.9 billion. This performance was driven by outsized growth in e-commerce, which grew 24% globally to over $150 billion. Operating cash flow reached $41.6 billion, and we returned $15.6 billion to shareholders through dividends and share repurchases. Thank you, Greg. thank you greg Good morning, everyone, and thank you for your interest in our company. good morning everyone and thank you for your interest in our company It's an honor to be with you today. it's an honor to be with you today This marks my 33rd year with Walmart, but it's the first time I'm speaking with you in this meeting. this marks my 33rd year with walmart but it's the first time i'm speaking with you in this meeting It's an honor to serve you in this role. it's an honor to serve you in this role My history with Walmart has been an incredible journey, and it's been exciting to see how Walmart has evolved from a regional retailer to a people-led, tech-powered global leader. my history with walmart has been an incredible journey and it's been exciting to see how walmart has evolved from a regional retailer to a people-led tech-powered global leader We're proud of how our associates are executing our strategy and building momentum. we're proud of how our associates are executing our strategy and building momentum Last fiscal year, we delivered another strong set of results. last fiscal year we delivered another strong set of results Revenue grew by 5.1% in constant currency to $715.9 billion. revenue grew by 5.1% in constant currency to $715.9 billion This performance was driven by outsized growth in e-commerce, which grew 24% globally to over $150 billion. this performance was driven by outsized growth in e-commerce which grew 24% globally to over $150 billion Operating cash flow reached $41.6 billion, and we returned $15.6 billion to shareholders through dividends and share repurchases. operating cash flow reached $41.6 billion and we returned $15.6 billion to shareholders through dividends and share repurchases We're seeing broad-based growth across all of our segments. Walmart U.S., Sam's Club U.S., and Walmart International are all contributing to top-line expansion. We're also growing profits even faster than sales on an adjusted constant currency basis. Our business mix has also changed. Last year, advertising grew 46% globally to nearly $6.4 billion, and membership fee revenue was more than $4.3 billion. These results reflect strong execution, a stronger business model, and the momentum we're building as a people-led, tech-powered, omnichannel retailer dedicated to helping people save money and live better. Let's start with being people-led. We have 2.1 million associates around the world united by a common purpose. We're proud of our associates and the investments we've made to support their growth. When our people grow, our business grows. We continue to invest in wages, benefits, and opportunity. We're seeing broad-based growth across all of our segments. we're seeing broad-based growth across all of our segments Walmart U.S., Sam's Club U.S., and Walmart International are all contributing to top-line expansion. walmart u.s sam's club u.s and walmart international are all contributing to top-line expansion We're also growing profits even faster than sales on an adjusted constant currency basis. we're also growing profits even faster than sales on an adjusted constant currency basis Our business mix has also changed. our business mix has also changed Last year, advertising grew 46% globally to nearly $6.4 billion, and membership fee revenue was more than $4.3 billion. last year advertising grew 46% globally to nearly $6.4 billion and membership fee revenue was more than $4.3 billion These results reflect strong execution, a stronger business model, and the momentum we're building as a people-led, tech-powered, omnichannel retailer dedicated to helping people save money and live better. these results reflect strong execution a stronger business model and the momentum we're building as a people-led tech-powered omnichannel retailer dedicated to helping people save money and live better Let's start with being people-led. let's start with being people-led We have 2.1 million associates around the world united by a common purpose. we have 2.1 million associates around the world united by a common purpose We're proud of our associates and the investments we've made to support their growth. we're proud of our associates and the investments we've made to support their growth When our people grow, our business grows. when our people grow our business grows We continue to invest in wages, benefits, and opportunity. we continue to invest in wages benefits and opportunity In the U.S., the average hourly wage at Walmart is more than $18 an hour. Our highest performing Walmart U.S. store managers earned more than $500,000 last year, and more than half of all store managers earned bonuses of $100,000 or more. More than 1.1 million people have retirement savings in our 401(k), and more than 475,000 associates participate in our Associate Stock Purchase Plan, and over 80% of those participants are hourly associates. We're also excited about the progress our teams are making to provide our associates with the technology and the information they need to better serve our customers and members. Our associates, powered by AI, are delivering faster and more accurately than ever all around the world. We serve customers and members 280 million times per week at the counter, with curbside pickup, or by delivering to their homes. In the U.S., the average hourly wage at Walmart is more than $18 an hour. in the u.s the average hourly wage at walmart is more than $18 an hour Our highest performing Walmart U.S. store managers earned more than $500,000 last year, and more than half of all store managers earned bonuses of $100,000 or more. More than 1.1 million people have retirement savings in our 401(k), and more than 475,000 associates participate in our Associate Stock Purchase Plan, and over 80% of those participants are hourly associates. our highest performing walmart u.s store managers earned more than $500,000 last year and more than half of all store managers earned bonuses of $100,000 or more. more than 1.1 million people have retirement savings in our 401(k) and more than 475,000 associates participate in our associate stock purchase plan and over 80% of those participants are hourly associates We're also excited about the progress our teams are making to provide our associates with the technology and the information they need to better serve our customers and members. we're also excited about the progress our teams are making to provide our associates with the technology and the information they need to better serve our customers and members Our associates, powered by AI, are delivering faster and more accurately than ever all around the world. our associates powered by ai are delivering faster and more accurately than ever all around the world We serve customers and members 280 million times per week at the counter, with curbside pickup, or by delivering to their homes. we serve customers and members 280 million times per week at the counter with curbside pickup or by delivering to their homes Our stores, clubs, supply chain, and digital capabilities work seamlessly to serve customers and members wherever or whenever they want to shop. Last year, our team in the U.S. delivered nearly 9 billion units the same or next day. Our marketplace and advertising business helps customers find the most relevant items they want while improving the returns we generate for shareholders. We're expanding the capability of those platforms across North America, and I look forward to expanding our reach to even more customers as we do that. Our business model, it's strong, and it's getting stronger. Our associates continue to come up with great ideas. We have a strong culture and a timeless set of values. The consistency of our results reflects strong execution in our core business, digital innovation, and reimagining how we accelerate delivery speed in our business mix. We are well-positioned for what comes next. Our stores, clubs, supply chain, and digital capabilities work seamlessly to serve customers and members wherever or whenever they want to shop. our stores clubs supply chain and digital capabilities work seamlessly to serve customers and members wherever or whenever they want to shop Last year, our team in the U.S. delivered nearly 9 billion units the same or next day. last year our team in the u.s delivered nearly 9 billion units the same or next day Our marketplace and advertising business helps customers find the most relevant items they want while improving the returns we generate for shareholders. our marketplace and advertising business helps customers find the most relevant items they want while improving the returns we generate for shareholders We're expanding the capability of those platforms across North America, and I look forward to expanding our reach to even more customers as we do that. we're expanding the capability of those platforms across north america and i look forward to expanding our reach to even more customers as we do that Our business model, it's strong, and it's getting stronger. our business model it's strong and it's getting stronger Our associates continue to come up with great ideas. our associates continue to come up with great ideas We have a strong culture and a timeless set of values. we have a strong culture and a timeless set of values The consistency of our results reflects strong execution in our core business, digital innovation, and reimagining how we accelerate delivery speed in our business mix. the consistency of our results reflects strong execution in our core business digital innovation and reimagining how we accelerate delivery speed in our business mix We are well-positioned for what comes next. we are well-positioned for what comes next With strong teams across the company and a leadership team with a wide range of backgrounds, experiences, and expertise, we are ready to help lead Walmart into the next era of retail. Walmart is a special company. The business has changed a lot since Sam Walton opened the first Walmart, and it's changed a lot since I started in the Garden Center. What hasn't changed is that it's our people who make the difference. As I close, I want to thank our associates around the world. You're serving customers and members, strengthening this company, and helping us build what comes next. I want to thank our board for its trust and Doug for his leadership and his mentorship. I want to thank our shareholders for your continued support. We have momentum, we have a strong plan, and we have a team that knows how to execute. With strong teams across the company and a leadership team with a wide range of backgrounds, experiences, and expertise, we are ready to help lead Walmart into the next era of retail. with strong teams across the company and a leadership team with a wide range of backgrounds experiences and expertise, we are ready to help lead walmart into the next era of retail Walmart is a special company. walmart is a special company The business has changed a lot since Sam Walton opened the first Walmart, and it's changed a lot since I started in the Garden Center. the business has changed a lot since sam walton opened the first walmart and it's changed a lot since i started in the garden center What hasn't changed is that it's our people who make the difference. what hasn't changed is that it's our people who make the difference As I close, I want to thank our associates around the world. as i close i want to thank our associates around the world You're serving customers and members, strengthening this company, and helping us build what comes next. you're serving customers and members strengthening this company and helping us build what comes next I want to thank our board for its trust and Doug for his leadership and his mentorship. i want to thank our board for its trust and doug for his leadership and his mentorship I want to thank our shareholders for your continued support. i want to thank our shareholders for your continued support We have momentum, we have a strong plan, and we have a team that knows how to execute. we have momentum we have a strong plan and we have a team that knows how to execute I'm proud to be a Walmart associate, and I've never been more optimistic about what we can accomplish together. Thank you again for your interest in our company. Now I'll turn it over to Erin Nealy Cox, our Corporate Secretary, to take us through proposals. I'm proud to be a Walmart associate, and I've never been more optimistic about what we can accomplish together. i'm proud to be a walmart associate and i've never been more optimistic about what we can accomplish together Thank you again for your interest in our company. thank you again for your interest in our company Now I'll turn it over to Erin Nealy Cox, our Corporate Secretary, to take us through proposals. now i'll turn it over to erin nealy cox our corporate secretary to take us through proposals

Speaker 6: Thank you, John. We will now move to the meeting's formal business and conduct a Q&A session after the meeting adjourns. Eight items will be presented for a vote today. The first four items are the company proposals. They appear in the proxy statement as proposals one through four. The first proposal is the election of 11 Directors. Information about each Director nominee can be found in the proxy statement. The second proposal is to ratify the appointment of Ernst & Young as the company's independent accountants for the fiscal year ending January 31st, 2027. The third proposal is a non-binding advisory vote to approve the compensation of Walmart's named executive officers. The vote on this proposal is advisory, but the board will consider the results in evaluating our executive compensation program. Thank you, John. thank you john We will now move to the meeting's formal business and conduct a Q&A session after the meeting adjourns. we will now move to the meeting's formal business and conduct a q&a session after the meeting adjourns Eight items will be presented for a vote today. eight items will be presented for a vote today The first four items are the company proposals. the first four items are the company proposals They appear in the proxy statement as proposals one through four. they appear in the proxy statement as proposals one through four The first proposal is the election of 11 Directors. the first proposal is the election of 11 directors Information about each Director nominee can be found in the proxy statement. information about each director nominee can be found in the proxy statement The second proposal is to ratify the appointment of Ernst & Young as the company's independent accountants for the fiscal year ending January 31st, 2027. the second proposal is to ratify the appointment of ernst & young as the company's independent accountants for the fiscal year ending january 31st 2027 The third proposal is a non-binding advisory vote to approve the compensation of Walmart's named executive officers. the third proposal is a non-binding advisory vote to approve the compensation of walmart's named executive officers The vote on this proposal is advisory, but the board will consider the results in evaluating our executive compensation program. the vote on this proposal is advisory but the board will consider the results in evaluating our executive compensation program The fourth proposal is to approve an amendment to Walmart's restated certificate of incorporation to limit the liabilities of certain officers as permitted by Delaware law. The remaining items are shareholder proposals. This year, four shareholder proposals were included in our proxy statement. We have carefully reviewed each proposal, engaged proponents, and shared our fuller responses in the proxy statement. With that context, we will now turn to the proposals. The first is proposal number five in the proxy statement. It was submitted by the National Legal and Policy Center. Paul Chesser is presenting on behalf of the proponent. He pre-recorded his presentation, which we will now play. The fourth proposal is to approve an amendment to Walmart's restated certificate of incorporation to limit the liabilities of certain officers as permitted by Delaware law. the fourth proposal is to approve an amendment to walmart's restated certificate of incorporation to limit the liabilities of certain officers as permitted by delaware law The remaining items are shareholder proposals. the remaining items are shareholder proposals This year, four shareholder proposals were included in our proxy statement. this year four shareholder proposals were included in our proxy statement We have carefully reviewed each proposal, engaged proponents, and shared our fuller responses in the proxy statement. we have carefully reviewed each proposal engaged proponents and shared our fuller responses in the proxy statement With that context, we will now turn to the proposals. with that context we will now turn to the proposals The first is proposal number five in the proxy statement. the first is proposal number five in the proxy statement It was submitted by the National Legal and Policy Center. it was submitted by the national legal and policy center Paul Chesser is presenting on behalf of the proponent. paul chesser is presenting on behalf of the proponent He pre-recorded his presentation, which we will now play. he pre-recorded his presentation which we will now play

Speaker 12: I'm Paul Chesser of National Legal and Policy Center to ask Shareholders to vote for proposal number five, which would establish cumulative voting at Walmart. This proposal is about a simple question. When Walmart elects its directors, whose votes actually decide the outcome? Right now, the answer is the founding family. Members of the Walton family control more than 40% of Walmart's voting shares. Combined with the large index fund managers, who almost always vote with management, the result of nearly every board election is settled before independent shareholders are heard. That is not a small structural quirk. It means that for more than 50 years, every director on this board has served with the family's approval, and no director has ever been elected without it. This concern is not tied to where Walmart sits in any business cycle. I'm Paul Chesser of National Legal and Policy Center to ask Shareholders to vote for proposal number five, which would establish cumulative voting at Walmart. i'm paul chesser of national legal and policy center to ask shareholders to vote for proposal number five which would establish cumulative voting at walmart This proposal is about a simple question. this proposal is about a simple question When Walmart elects its directors, whose votes actually decide the outcome? when walmart elects its directors whose votes actually decide the outcome Right now, the answer is the founding family. right now the answer is the founding family Members of the Walton family control more than 40% of Walmart's voting shares. members of the walton family control more than 40% of walmart's voting shares Combined with the large index fund managers, who almost always vote with management, the result of nearly every board election is settled before independent shareholders are heard. combined with the large index fund managers who almost always vote with management the result of nearly every board election is settled before independent shareholders are heard That is not a small structural quirk. that is not a small structural quirk It means that for more than 50 years, every director on this board has served with the family's approval, and no director has ever been elected without it. it means that for more than 50 years every director on this board has served with the family's approval and no director has ever been elected without it This concern is not tied to where Walmart sits in any business cycle. this concern is not tied to where walmart sits in any business cycle The same problem existed during the share price stagnation of the 2000s. It exists during Walmart's strong results today. It will exist during the next downturn. Shareholders have noticed, and they have pushed back. Time and again, substantial coalitions, sometimes approaching a quarter of the votes cast, have supported reforms on governance, compensation, and accountability. None of it has changed the makeup of this board because, under the current rules, it cannot. A quarter of the shareholders can vote together and still elect no one. Cumulative voting changes that math. It would let shareholders concentrate their votes and elect a single independent director, one voice accountable to the shareholders at large rather than to the family. That is a modest ask. It does not remove a single current director. It does not take control away from the family, which would still decide the rest of the board. The same problem existed during the share price stagnation of the 2000s. the same problem existed during the share price stagnation of the 2000s It exists during Walmart's strong results today. it exists during walmart's strong results today It will exist during the next downturn. it will exist during the next downturn Shareholders have noticed, and they have pushed back. shareholders have noticed and they have pushed back Time and again, substantial coalitions, sometimes approaching a quarter of the votes cast, have supported reforms on governance, compensation, and accountability. time and again substantial coalitions sometimes approaching a quarter of the votes cast have supported reforms on governance compensation and accountability None of it has changed the makeup of this board because, under the current rules, it cannot. A quarter of the shareholders can vote together and still elect no one. none of it has changed the makeup of this board because under the current rules it cannot. a quarter of the shareholders can vote together and still elect no one Cumulative voting changes that math. cumulative voting changes that math It would let shareholders concentrate their votes and elect a single independent director, one voice accountable to the shareholders at large rather than to the family. it would let shareholders concentrate their votes and elect a single independent director one voice accountable to the shareholders at large rather than to the family That is a modest ask. that is a modest ask It does not remove a single current director. it does not remove a single current director It does not take control away from the family, which would still decide the rest of the board. it does not take control away from the family which would still decide the rest of the board It requires no change to Walmart's strategy or operations. It simply ends the arrangement in which the shares held by the investing public count for almost nothing when directors are chosen. cumulative voting is not a radical idea. Leading proxy advisors support proposals like this one. It is a long-recognized shareholder protection. It exists precisely for companies like this one, where a single block holds the boardroom and everyone else is left on the outside. Walmart asks the public to invest in this company. Those investors deserve more than a symbolic vote. They deserve the ability to put at least one independent director in the room. We urge you to vote for proposal number five. Thank you. It requires no change to Walmart's strategy or operations. it requires no change to walmart's strategy or operations It simply ends the arrangement in which the shares held by the investing public count for almost nothing when directors are chosen. cumulative voting is not a radical idea. it simply ends the arrangement in which the shares held by the investing public count for almost nothing when directors are chosen cumulative voting is not a radical idea Leading proxy advisors support proposals like this one. It is a long-recognized shareholder protection. leading proxy advisors support proposals like this one. it is a long-recognized shareholder protection It exists precisely for companies like this one, where a single block holds the boardroom and everyone else is left on the outside. it exists precisely for companies like this one where a single block holds the boardroom and everyone else is left on the outside Walmart asks the public to invest in this company. walmart asks the public to invest in this company Those investors deserve more than a symbolic vote. those investors deserve more than a symbolic vote They deserve the ability to put at least one independent director in the room. they deserve the ability to put at least one independent director in the room We urge you to vote for proposal number five. we urge you to vote for proposal number five Thank you. thank you

Speaker 6: Thank you, Mr. Chesser. The board recommends a vote against this proposal for the reasons explained in the proxy statement. The next proposal is number six in the proxy statement. It was submitted by Oxfam America Inc. Timnit Ghermay is presenting on behalf of the proponent. She pre-recorded her presentation, which we will now play. Thank you, Mr. Chesser. thank you mr chesser The board recommends a vote against this proposal for the reasons explained in the proxy statement. the board recommends a vote against this proposal for the reasons explained in the proxy statement The next proposal is number six in the proxy statement. the next proposal is number six in the proxy statement It was submitted by Oxfam America Inc. Timnit Ghermay is presenting on behalf of the proponent. it was submitted by oxfam america inc timnit ghermay is presenting on behalf of the proponent She pre-recorded her presentation, which we will now play. she pre-recorded her presentation which we will now play

Speaker 14: Good morning. My name is Timnit Ghermay; I'm the Director of Northwest Coalition for Responsible Investment. I'm here today as a co-filer to present ballot proposal number six, which calls on Walmart's board to report on the governance measures it has implemented to monitor and manage workplace health and safety risks. We recommend the report include how the board oversees policies affecting Walmart's worker injury rate, the provision of paid sick leave, and overall health and safety, as well as whether executive compensation arrangements incentivize responsiveness to these health and safety concerns. Board oversight into human capital management plays a vital role in fostering long-term organizational health. Good morning. good morning My name is Timnit Ghermay; I'm the Director of Northwest Coalition for Responsible Investment. my name is timnit ghermay i'm the director of northwest coalition for responsible investment I'm here today as a co-filer to present ballot proposal number six, which calls on Walmart's board to report on the governance measures it has implemented to monitor and manage workplace health and safety risks. i'm here today as a co-filer to present ballot proposal number six which calls on walmart's board to report on the governance measures it has implemented to monitor and manage workplace health and safety risks We recommend the report include how the board oversees policies affecting Walmart's worker injury rate, the provision of paid sick leave, and overall health and safety, as well as whether executive compensation arrangements incentivize responsiveness to these health and safety concerns. we recommend the report include how the board oversees policies affecting walmart's worker injury rate the provision of paid sick leave and overall health and safety as well as whether executive compensation arrangements incentivize responsiveness to these health and safety concerns Board oversight into human capital management plays a vital role in fostering long-term organizational health. board oversight into human capital management plays a vital role in fostering long-term organizational health As a recent article in The Harvard Law School Forum on Corporate Governance explains, boards of directors are increasingly prioritizing their role in the governance of human capital with a particular focus on retention and employee well-being as a way to minimize risk and create competitive advantage. The Catholic Sisters at the Northwest Coalition have worked alongside other investors to engage Walmart on worker health and safety for over 20 years. Despite this long-time engagement, the company has seemingly failed to take meaningful steps to adequately address and mitigate the risks to worker health. For example, Walmart reported the second highest instance of severe workplace injuries among U.S. employers between 2015 and 2022 and was listed on the National Council for Occupational Safety and Health's Dirty Dozen Unsafe Companies for 2024. We understand that Walmart has corporate policies that purport to address many of these concerns. As a recent article in The Harvard Law School Forum on Corporate Governance explains, boards of directors are increasingly prioritizing their role in the governance of human capital with a particular focus on retention and employee well-being as a way to minimize risk and create competitive advantage. as a recent article in the harvard law school forum on corporate governance explains boards of directors are increasingly prioritizing their role in the governance of human capital with a particular focus on retention and employee well-being as a way to minimize risk and create competitive advantage The Catholic Sisters at the Northwest Coalition have worked alongside other investors to engage Walmart on worker health and safety for over 20 years. the catholic sisters at the northwest coalition have worked alongside other investors to engage walmart on worker health and safety for over 20 years Despite this long-time engagement, the company has seemingly failed to take meaningful steps to adequately address and mitigate the risks to worker health. despite this long-time engagement the company has seemingly failed to take meaningful steps to adequately address and mitigate the risks to worker health For example, Walmart reported the second highest instance of severe workplace injuries among U.S. employers between 2015 and 2022 and was listed on the National Council for Occupational Safety and Health's Dirty Dozen Unsafe Companies for 2024. for example walmart reported the second highest instance of severe workplace injuries among u.s employers between 2015 and 2022 and was listed on the national council for occupational safety and health's dirty dozen unsafe companies for 2024 We understand that Walmart has corporate policies that purport to address many of these concerns. we understand that walmart has corporate policies that purport to address many of these concerns Yet we continue to hear from workers that store managers fail to implement these corporate policies for fear they will face professional repercussions if they alert management to hazardous conditions at their store. These critical health and safety concerns generate reputational, legal, and operational risks. Media reports indicate that there's significant negative public perception of the company in light of allegations of poor working conditions, from repeated OSHA fines for health and safety violations to allegations of denied pregnancy accommodation. Walmart's poor working conditions continue to capture the attention of media, government authorities, and workers, highlighting the insufficiency of Walmart's existing corporate governance measures. Leadership from a company's highest level is critical to taking employee well-being seriously. If they continue to fail to address these hazards, long-term investors will pay the price. Thank you. Yet we continue to hear from workers that store managers fail to implement these corporate policies for fear they will face professional repercussions if they alert management to hazardous conditions at their store. yet we continue to hear from workers that store managers fail to implement these corporate policies for fear they will face professional repercussions if they alert management to hazardous conditions at their store These critical health and safety concerns generate reputational, legal, and operational risks. these critical health and safety concerns generate reputational legal and operational risks Media reports indicate that there's significant negative public perception of the company in light of allegations of poor working conditions, from repeated OSHA fines for health and safety violations to allegations of denied pregnancy accommodation. media reports indicate that there's significant negative public perception of the company in light of allegations of poor working conditions from repeated osha fines for health and safety violations to allegations of denied pregnancy accommodation Walmart's poor working conditions continue to capture the attention of media, government authorities, and workers, highlighting the insufficiency of Walmart's existing corporate governance measures. walmart's poor working conditions continue to capture the attention of media government authorities and workers highlighting the insufficiency of walmart's existing corporate governance measures Leadership from a company's highest level is critical to taking employee well-being seriously. leadership from a company's highest level is critical to taking employee well-being seriously If they continue to fail to address these hazards, long-term investors will pay the price. if they continue to fail to address these hazards long-term investors will pay the price Thank you. thank you

Speaker 6: Thank you, Ms. Ghermay. The board recommends a vote against this proposal for the reasons explained in the proxy statement. The next proposal is number seven in the proxy statement. It was submitted by SOC Investment Group. Alexandra Sittner and Caroline Boden are presenting on behalf of the proponent. They pre-recorded their presentation, which we will now play. Thank you, Ms. Ghermay. thank you ms ghermay The board recommends a vote against this proposal for the reasons explained in the proxy statement. the board recommends a vote against this proposal for the reasons explained in the proxy statement The next proposal is number seven in the proxy statement. the next proposal is number seven in the proxy statement It was submitted by SOC Investment Group. it was submitted by soc investment group Alexandra Sittner and Caroline Boden are presenting on behalf of the proponent. alexandra sittner and caroline boden are presenting on behalf of the proponent They pre-recorded their presentation, which we will now play. they pre-recorded their presentation which we will now play

Speaker 3: Fellow share owners and members of the board, my name is Caroline Boden, and I'm a Director of Shareholder Advocacy with Mercy Investment Services. On behalf of SOC Investment Group, Mercy Investment Services, and the Daughters of Charity Province of St. Louise, I hereby move proposal number seven, requesting a report on how U.S. immigration policy and enforcement may impact Walmart's operations. The rapid and expansive changes to U.S. immigration policy and enforcement pose potentially significant risks to companies, investors, workers, and consumers and raise questions about workforce stability, customer trust, supply chain resiliency, and Walmart's ability to maintain long-term value creation. It is estimated that immigrant labor likely accounted for nearly 20% of real GDP growth between 2019 and 2024, and mass deportation could reduce U.S. GDP by more than 7% in the next three years. Fellow share owners and members of the board, my name is Caroline Boden, and I'm a Director of Shareholder Advocacy with Mercy Investment Services. fellow share owners and members of the board my name is caroline boden and i'm a director of shareholder advocacy with mercy investment services On behalf of SOC Investment Group, Mercy Investment Services, and the Daughters of Charity Province of St. Louise, I hereby move proposal number seven, requesting a report on how U.S. immigration policy and enforcement may impact Walmart's operations. on behalf of soc investment group mercy investment services and the daughters of charity province of st louise i hereby move proposal number seven requesting a report on how u.s immigration policy and enforcement may impact walmart's operations The rapid and expansive changes to U.S. immigration policy and enforcement pose potentially significant risks to companies, investors, workers, and consumers and raise questions about workforce stability, customer trust, supply chain resiliency, and Walmart's ability to maintain long-term value creation. the rapid and expansive changes to u.s immigration policy and enforcement pose potentially significant risks to companies investors workers and consumers and raise questions about workforce stability customer trust supply chain resiliency and walmart's ability to maintain long-term value creation It is estimated that immigrant labor likely accounted for nearly 20% of real GDP growth between 2019 and 2024, and mass deportation could reduce U.S. it is estimated that immigrant labor likely accounted for nearly 20% of real gdp growth between 2019 and 2024 and mass deportation could reduce u.s GDP by more than 7% in the next three years. gdp by more than 7% in the next three years Economists warn that the administration's immigration policies are shrinking the labor force, and it is estimated that nearly 6 million jobs could be lost, affecting both immigrant and U.S.-born workers. The cancellation of humanitarian parole visas by the administration resulted in job losses and staffing shortages across the country, including at Walmart Supercenter in Florida and Texas, where hundreds of workers had work permits abruptly revoked. Changes in visa policies also impact companies' ability to recruit and retain talent. The increase in the fee for H-1B visas from $215-$100,000 will have a significant impact on companies' ability to stay cutting-edge. As of April 2026, Walmart is the number 10 national sponsor of H-1B visas, and the change in fees could affect the growth of Walmart's web platform and infrastructure. Economists warn that the administration's immigration policies are shrinking the labor force, and it is estimated that nearly 6 million jobs could be lost, affecting both immigrant and U.S.-born workers. economists warn that the administration's immigration policies are shrinking the labor force and it is estimated that nearly 6 million jobs could be lost affecting both immigrant and u.s.-born workers The cancellation of humanitarian parole visas by the administration resulted in job losses and staffing shortages across the country, including at Walmart Supercenter in Florida and Texas, where hundreds of workers had work permits abruptly revoked. Changes in visa policies also impact companies' ability to recruit and retain talent. the cancellation of humanitarian parole visas by the administration resulted in job losses and staffing shortages across the country including at walmart supercenter in florida and texas where hundreds of workers had work permits abruptly revoked. changes in visa policies also impact companies' ability to recruit and retain talent The increase in the fee for H-1B visas from $215 - $100,000 will have a significant impact on companies' ability to stay cutting-edge. the increase in the fee for h-1b visas from $215 - $100,000 will have a significant impact on companies' ability to stay cutting-edge As of April 2026, Walmart is the number 10 national sponsor of H-1B visas, and the change in fees could affect the growth of Walmart's web platform and infrastructure. as of april 2026 walmart is the number 10 national sponsor of h-1b visas and the change in fees could affect the growth of walmart's web platform and infrastructure

Speaker 1: Thank you, Caroline. My name is Alexandra Sittner, and I'm an analyst with the SOC Investment Group. Changes to U.S. immigration policy also affect Walmart's supply chain. Walmart's transportation infrastructure includes over 16,000 commercial drivers as well as partnerships with private companies. In August 2025, the State Department paused visa grants to foreign-born commercial truckers, who make up almost 20% of U.S. drivers. In the face of a growing driver shortage, this could lead to increased costs. Walmart also relies on American farms for groceries. The majority of Walmart's U.S. sales in 2025 were groceries, and around 70% of produce was sold in the U.S. Walmart stores have grown domestically. Undocumented farm workers account for 42% of hired farm workers in the U.S. Agricultural employment dropped 6.5% between March and July 2025, contributing to increased costs. Current immigration enforcement practices could also lead to reputational damage. Thank you, Caroline. thank you caroline My name is Alexandra Sittner, and I'm an analyst with the SOC Investment Group. my name is alexandra sittner and i'm an analyst with the soc investment group Changes to U.S. immigration policy also affect Walmart's supply chain. changes to u.s immigration policy also affect walmart's supply chain Walmart's transportation infrastructure includes over 16,000 commercial drivers as well as partnerships with private companies. walmart's transportation infrastructure includes over 16,000 commercial drivers as well as partnerships with private companies In August 2025, the State Department paused visa grants to foreign-born commercial truckers, who make up almost 20% of U.S. drivers. in august 2025 the state department paused visa grants to foreign-born commercial truckers who make up almost 20% of u.s drivers In the face of a growing driver shortage, this could lead to increased costs. in the face of a growing driver shortage this could lead to increased costs Walmart also relies on American farms for groceries. walmart also relies on american farms for groceries The majority of Walmart's U.S. sales in 2025 were groceries, and around 70% of produce was sold in the U.S. the majority of walmart's u.s sales in 2025 were groceries and around 70% of produce was sold in the u.s Walmart stores have grown domestically. walmart stores have grown domestically Undocumented farm workers account for 42% of hired farm workers in the U. undocumented farm workers account for 42% of hired farm workers in the u S. s Agricultural employment dropped 6.5% between March and July 2025, contributing to increased costs. agricultural employment dropped 6.5% between march and july 2025 contributing to increased costs Current immigration enforcement practices could also lead to reputational damage. current immigration enforcement practices could also lead to reputational damage Peers Target and Home Depot have suffered from decreased sales after ICE activity at stores and have been the target of consumer boycotts. Walmart could face similar backlash. Walmart's board has stated that immigration policy is not a significant source of operational or supply chain risk. The breadth of Walmart's operations exposes it to many risks related to immigration policy and enforcement. Walmart's reluctance to provide more robust disclosure reflects a concerning tolerance for regulatory risk and underscores the need for transparency. Thank you, and please consider supporting Proposal seven. Peers Target and Home Depot have suffered from decreased sales after ICE activity at stores and have been the target of consumer boycotts. peers target and home depot have suffered from decreased sales after ice activity at stores and have been the target of consumer boycotts Walmart could face similar backlash. walmart could face similar backlash Walmart's board has stated that immigration policy is not a significant source of operational or supply chain risk. walmart's board has stated that immigration policy is not a significant source of operational or supply chain risk The breadth of Walmart's operations exposes it to many risks related to immigration policy and enforcement. the breadth of walmart's operations exposes it to many risks related to immigration policy and enforcement Walmart's reluctance to provide more robust disclosure reflects a concerning tolerance for regulatory risk and underscores the need for transparency. walmart's reluctance to provide more robust disclosure reflects a concerning tolerance for regulatory risk and underscores the need for transparency Thank you, and please consider supporting Proposal seven. thank you and please consider supporting proposal seven

Speaker 6: Thank you, Ms. Sittner and Ms. Boden. The board recommends a vote against this proposal for the reasons explained in the proxy statement. The next proposal is number eight in the proxy statement. It was submitted by United for Respect. Ava Williams is presenting on behalf of the proponent. She pre-recorded her presentation, which we will now play. Thank you, Ms. Sittner and Ms. Boden. thank you ms sittner and ms boden The board recommends a vote against this proposal for the reasons explained in the proxy statement. the board recommends a vote against this proposal for the reasons explained in the proxy statement The next proposal is number eight in the proxy statement. the next proposal is number eight in the proxy statement It was submitted by United for Respect. it was submitted by united for respect Ava Williams is presenting on behalf of the proponent. ava williams is presenting on behalf of the proponent She pre-recorded her presentation, which we will now play. she pre-recorded her presentation which we will now play

Speaker 2: Hello, Shareholders. My name is Ava Williams. I'm an overnight Mod team Associate at the Walmart in North Spokane, Washington. I'm speaking on behalf of United for Respect Education Fund to urge you to vote yes on Proposal 8. Shareholders request Walmart prepare a report on the principles by which the company seeks to address the measure of social implications on its workforce of growing adoption of advanced technologies, including artificial intelligence and automation. Every report prepared at reasonable cost and omitting confidential and proprietary information should be made available to investors. I present this proposal as an associate who has repeatedly tried to sound the alarm about Walmart's rushed rollout of AI tools and the harmful impacts we are experiencing as a result. The overnight shift is the heart of every store. We make sure the store is ready for customers. Hello, Shareholders. hello shareholders My name is Ava Williams. my name is ava williams I'm an overnight Mod team Associate at the Walmart in North Spokane, Washington. i'm an overnight mod team associate at the walmart in north spokane washington I'm speaking on behalf of United for Respect Education Fund to urge you to vote yes on Proposal 8. i'm speaking on behalf of united for respect education fund to urge you to vote yes on proposal 8 Shareholders request Walmart prepare a report on the principles by which the company seeks to address the measure of social implications on its workforce of growing adoption of advanced technologies, including artificial intelligence and automation. shareholders request walmart prepare a report on the principles by which the company seeks to address the measure of social implications on its workforce of growing adoption of advanced technologies including artificial intelligence and automation Every report prepared at reasonable cost and omitting confidential and proprietary information should be made available to investors. every report prepared at reasonable cost and omitting confidential and proprietary information should be made available to investors I present this proposal as an associate who has repeatedly tried to sound the alarm about Walmart's rushed rollout of AI tools and the harmful impacts we are experiencing as a result. i present this proposal as an associate who has repeatedly tried to sound the alarm about walmart's rushed rollout of ai tools and the harmful impacts we are experiencing as a result The overnight shift is the heart of every store. the overnight shift is the heart of every store We make sure the store is ready for customers. we make sure the store is ready for customers We used to take pride in that work because our team operated as a cohesive unit. Coaches and leads understood our strengths and assigned work based on what each person did best. Those days are over. Everything is assigned through advanced technology, like our modular planning tool. Resets are mapped out down to the second; these digital blueprints are often disconnected from the reality of the physical store. We're expected to meet impossible timelines; when we can't, workers are left dealing with the consequences. Rushing to meet these demands leads to injuries, burnout, and high turnover. It also puts customers at risk when associates are forced to skip critical steps like sanitizing shelves, checking for expired products, or ensuring items are placed correctly. When I ask management how these plans are created, I get no answers. We used to take pride in that work because our team operated as a cohesive unit. we used to take pride in that work because our team operated as a cohesive unit Coaches and leads understood our strengths and assigned work based on what each person did best. coaches and leads understood our strengths and assigned work based on what each person did best Those days are over. those days are over Everything is assigned through advanced technology, like our modular planning tool. everything is assigned through advanced technology like our modular planning tool Resets are mapped out down to the second; these digital blueprints are often disconnected from the reality of the physical store. resets are mapped out down to the second these digital blueprints are often disconnected from the reality of the physical store We're expected to meet impossible timelines; when we can't, workers are left dealing with the consequences. we're expected to meet impossible timelines when we can't workers are left dealing with the consequences Rushing to meet these demands leads to injuries, burnout, and high turnover. rushing to meet these demands leads to injuries burnout and high turnover It also puts customers at risk when associates are forced to skip critical steps like sanitizing shelves, checking for expired products, or ensuring items are placed correctly. it also puts customers at risk when associates are forced to skip critical steps like sanitizing shelves checking for expired products or ensuring items are placed correctly When I ask management how these plans are created, I get no answers. when i ask management how these plans are created i get no answers There is zero accountability for the tools that now impact our safety, our well-being, and our ability to do our jobs well. We are not asking Walmart to stop using technology. We are asking for technology that works for us, not against us. Please vote yes on Proposal 8. Thank you. There is zero accountability for the tools that now impact our safety, our well-being, and our ability to do our jobs well. there is zero accountability for the tools that now impact our safety our well-being and our ability to do our jobs well We are not asking Walmart to stop using technology. we are not asking walmart to stop using technology We are asking for technology that works for us, not against us. we are asking for technology that works for us not against us Please vote yes on Proposal 8. please vote yes on proposal 8 Thank you. thank you

Speaker 6: Thank you, Ms. Williams. As a people-led, tech-powered company, we are committed to using technology to improve the customer and associate experience and to empower our associates to do more meaningful work. We've invested in tools and training for our associates and are committed to providing opportunities for continued development through training, skill building, and new career pathways. We value feedback from our associates on their workplace experience and have multiple channels for associates to discuss their ideas and concerns, which we take seriously. Therefore, the board recommends a vote against this proposal. This concludes all the matters to be presented for shareholder consideration at the meeting. At this time, the polls are closed. Based on the initial report from the inspectors of the election, the preliminary voting results are as follows. Each director nominee has been elected by a majority of the votes cast. Thank you, Ms. Williams. thank you ms williams As a people-led, tech-powered company, we are committed to using technology to improve the customer and associate experience and to empower our associates to do more meaningful work. as a people-led tech-powered company we are committed to using technology to improve the customer and associate experience and to empower our associates to do more meaningful work We've invested in tools and training for our associates and are committed to providing opportunities for continued development through training, skill building, and new career pathways. we've invested in tools and training for our associates and are committed to providing opportunities for continued development through training skill building and new career pathways We value feedback from our associates on their workplace experience and have multiple channels for associates to discuss their ideas and concerns, which we take seriously. we value feedback from our associates on their workplace experience and have multiple channels for associates to discuss their ideas and concerns which we take seriously Therefore, the board recommends a vote against this proposal. therefore the board recommends a vote against this proposal This concludes all the matters to be presented for shareholder consideration at the meeting. this concludes all the matters to be presented for shareholder consideration at the meeting At this time, the polls are closed. at this time the polls are closed Based on the initial report from the inspectors of the election, the preliminary voting results are as follows. based on the initial report from the inspectors of the election the preliminary voting results are as follows Each director nominee has been elected by a majority of the votes cast. each director nominee has been elected by a majority of the votes cast Each of the other company proposals has passed, and each of the shareholder proposals failed to receive a majority of the votes cast and therefore did not pass. The preliminary voting results will be announced in a press release later today, and the official results will be disclosed in a filing with the SEC. The 2026 Annual Shareholders Meeting is now formally adjourned. We will now pause briefly before moving into a Q&A session moderated by Steph Wissink, Senior Vice President and Head of Investor Relations. Each of the other company proposals has passed, and each of the shareholder proposals failed to receive a majority of the votes cast and therefore did not pass. each of the other company proposals has passed and each of the shareholder proposals failed to receive a majority of the votes cast and therefore did not pass The preliminary voting results will be announced in a press release later today, and the official results will be disclosed in a filing with the SEC. the preliminary voting results will be announced in a press release later today and the official results will be disclosed in a filing with the sec The 2026 Annual Shareholders Meeting is now formally adjourned. the 2026 annual shareholders meeting is now formally adjourned We will now pause briefly before moving into a Q&A session moderated by Steph Wissink, Senior Vice President and Head of Investor Relations. we will now pause briefly before moving into a q&a session moderated by steph wissink senior vice president and head of investor relations

Speaker 13: Thank you, Erin. We will now respond to questions submitted through the virtual meeting platform. Senior leadership of the company is also available to respond to questions, and we will answer as many questions as we can during the time we have allotted for this meeting. Similar questions will be grouped together and responded to collectively. The first question is that we receive several questions on the topic of U.S. immigration related to our approach to engaging policymakers, the impact on our workforce and our supply chain, the metrics our board is using to assess risks related to this topic. First question: As the largest private employer in the U.S., what steps is Walmart taking to engage with local, state, and federal policymakers on the risks these policies are creating for American businesses? Thank you, Erin. thank you erin We will now respond to questions submitted through the virtual meeting platform. we will now respond to questions submitted through the virtual meeting platform Senior leadership of the company is also available to respond to questions, and we will answer as many questions as we can during the time we have allotted for this meeting. senior leadership of the company is also available to respond to questions and we will answer as many questions as we can during the time we have allotted for this meeting Similar questions will be grouped together and responded to collectively. similar questions will be grouped together and responded to collectively The first question is that we receive several questions on the topic of U.S. immigration related to our approach to engaging policymakers, the impact on our workforce and our supply chain, the metrics our board is using to assess risks related to this topic. the first question is that we receive several questions on the topic of u.s immigration related to our approach to engaging policymakers the impact on our workforce and our supply chain the metrics our board is using to assess risks related to this topic First question: As the largest private employer in the U.S., what steps is Walmart taking to engage with local, state, and federal policymakers on the risks these policies are creating for American businesses? first question as the largest private employer in the u.s what steps is walmart taking to engage with local state and federal policymakers on the risks these policies are creating for american businesses

Speaker 4: Good morning. This is Dan Bartlett, head of Corporate Affairs. As you note, as the largest private sector employer in the U.S., we engage policymakers and stakeholders across a broad range of workforce-related issues, including immigration policy and/or potential enforcement actions. We feel really good about those relationships that we have, if we felt at any point that there were policies or enforcement actions that would impede our operations, either in our stores, clubs, or within our supply chain, we have the requisite relationships to raise those concerns. At this point, we feel like we're satisfied with the engagement to date, and have had no material or limited impact on our operations. Good morning. good morning This is Dan Bartlett, head of Corporate Affairs. this is dan bartlett head of corporate affairs As you note, as the largest private sector employer in the U.S., we engage policymakers and stakeholders across a broad range of workforce-related issues, including immigration policy and/or potential enforcement actions. as you note as the largest private sector employer in the u.s we engage policymakers and stakeholders across a broad range of workforce-related issues including immigration policy and/or potential enforcement actions We feel really good about those relationships that we have, if we felt at any point that there were policies or enforcement actions that would impede our operations, either in our stores, clubs, or within our supply chain, we have the requisite relationships to raise those concerns. we feel really good about those relationships that we have if we felt at any point that there were policies or enforcement actions that would impede our operations either in our stores clubs or within our supply chain we have the requisite relationships to raise those concerns At this point, we feel like we're satisfied with the engagement to date, and have had no material or limited impact on our operations. at this point we feel like we're satisfied with the engagement to date and have had no material or limited impact on our operations

Speaker 13: The second question related to immigration is: Given the company's direct and indirect exposure to this segment of the labor force, what effects have recent changes to immigration policy and enforcement had on Walmart's operations and domestic supply chain? The second question related to immigration is: Given the company's direct and indirect exposure to this segment of the labor force, what effects have recent changes to immigration policy and enforcement had on Walmart's operations and domestic supply chain? the second question related to immigration is given the company's direct and indirect exposure to this segment of the labor force what effects have recent changes to immigration policy and enforcement had on walmart's operations and domestic supply chain

Speaker 5: Thank you. It's Donna Morris, I'm a member of the Global People team. I think it's important to know that we have approximately 1.6 million associates in the U.S.; we have a very diversified workforce strategy to ensure that we can operate on a regular basis. We have not experienced significant operational or supply chain disruptions that are attributed to immigration-related policy changes. Our use of employment-based visa sponsorships is actually a very small % of our U.S. workforce, it's primarily for specialized roles and complements other forms of workforce planning. Much of our growth has to do with developing our internal talent. It should be noted that we have tens of thousands of suppliers, including global, regional, and local suppliers, our strong supplier relationships allow us to continue to serve our customers. Thank you. thank you It's Donna Morris, I'm a member of the Global People team. it's donna morris i'm a member of the global people team I think it's important to know that we have approximately 1.6 million associates in the U.S.; we have a very diversified workforce strategy to ensure that we can operate on a regular basis. i think it's important to know that we have approximately 1.6 million associates in the u.s we have a very diversified workforce strategy to ensure that we can operate on a regular basis We have not experienced significant operational or supply chain disruptions that are attributed to immigration-related policy changes. we have not experienced significant operational or supply chain disruptions that are attributed to immigration-related policy changes Our use of employment-based visa sponsorships is actually a very small % of our U.S. workforce, it's primarily for specialized roles and complements other forms of workforce planning. our use of employment-based visa sponsorships is actually a very small % of our u.s workforce it's primarily for specialized roles and complements other forms of workforce planning Much of our growth has to do with developing our internal talent. much of our growth has to do with developing our internal talent It should be noted that we have tens of thousands of suppliers, including global, regional, and local suppliers, our strong supplier relationships allow us to continue to serve our customers. it should be noted that we have tens of thousands of suppliers including global regional and local suppliers our strong supplier relationships allow us to continue to serve our customers

Speaker 13: The third question related to this topic is: What steps is Walmart taking to ensure that the legal and civil rights of its associates and customers are upheld? The third question related to this topic is: What steps is Walmart taking to ensure that the legal and civil rights of its associates and customers are upheld? the third question related to this topic is what steps is walmart taking to ensure that the legal and civil rights of its associates and customers are upheld

Speaker 9: Walmart's always been a business that's operated with a strong purpose and a core set of principles. Those principles include striving to be excellent, serving others, respect for individuals, and always operating in it with integrity. We'll ensure that throughout the days, the weeks, the months, and the years ahead, that we're constantly focused on the long term and running a great business, and a business that includes a great place to shop for our customers and a great place to work for our associates. Walmart's always been a business that's operated with a strong purpose and a core set of principles. walmart's always been a business that's operated with a strong purpose and a core set of principles Those principles include striving to be excellent, serving others, respect for individuals, and always operating in it with integrity. those principles include striving to be excellent serving others respect for individuals and always operating in it with integrity We'll ensure that throughout the days, the weeks, the months, and the years ahead, that we're constantly focused on the long term and running a great business, and a business that includes a great place to shop for our customers and a great place to work for our associates. we'll ensure that throughout the days the weeks the months, and the years ahead that we're constantly focused on the long term and running a great business and a business that includes a great place to shop for our customers and a great place to work for our associates

Speaker 13: The last question on this topic is: What metrics are being used by Walmart's board to evaluate the potential risks and impacts from changes in U.S. immigration and enforcement policies? The last question on this topic is: What metrics are being used by Walmart's board to evaluate the potential risks and impacts from changes in U.S. immigration and enforcement policies? the last question on this topic is what metrics are being used by walmart's board to evaluate the potential risks and impacts from changes in u.s immigration and enforcement policies

Speaker 9: As earlier stated, we feel great about the way we've positioned the company and the progress we've had in a number of places. We also feel great about our plans as we look forward. We have challenging plans and metrics that we constantly are thinking about and working to as a management team here at the company. We will continue to ensure that we're innovating in an era where innovation is all around us and ensuring that we're providing the best opportunities for our associates to thrive, grow, and prosper at Walmart. As earlier stated, we feel great about the way we've positioned the company and the progress we've had in a number of places. as earlier stated we feel great about the way we've positioned the company and the progress we've had in a number of places We also feel great about our plans as we look forward. we also feel great about our plans as we look forward We have challenging plans and metrics that we constantly are thinking about and working to as a management team here at the company. we have challenging plans and metrics that we constantly are thinking about and working to as a management team here at the company We will continue to ensure that we're innovating in an era where innovation is all around us and ensuring that we're providing the best opportunities for our associates to thrive, grow, and prosper at Walmart. we will continue to ensure that we're innovating in an era where innovation is all around us and ensuring that we're providing the best opportunities for our associates to thrive grow and prosper at walmart

Speaker 4: Yeah, I would add that the board is regularly briefed on various policy-related issues, including immigration, if need be, if we felt like there was going to be any influence on our business, and that has not been the case to date. Yeah, I would add that the board is regularly briefed on various policy-related issues, including immigration, if need be, if we felt like there was going to be any influence on our business, and that has not been the case to date. yeah i would add that the board is regularly briefed on various policy-related issues including immigration if need be if we felt like there was going to be any influence on our business and that has not been the case to date

Speaker 13: Our next question relates to public policy engagement following our shared values approach. The Nominating and Governance Committee of the Board Oversees charitable giving, lobbying, and trade association activity. What safeguards are in place to prevent shareholder money from funding ideological campaigns like climate change activism rather than nonpartisan charitable activity? Our next question relates to public policy engagement following our shared values approach. our next question relates to public policy engagement following our shared values approach The Nominating and Governance Committee of the Board Oversees charitable giving, lobbying, and trade association activity. the nominating and governance committee of the board oversees charitable giving lobbying and trade association activity What safeguards are in place to prevent shareholder money from funding ideological campaigns like climate change activism rather than nonpartisan charitable activity? what safeguards are in place to prevent shareholder money from funding ideological campaigns like climate change activism rather than nonpartisan charitable activity

Speaker 10: It's Kathleen McLaughlin, and I'm the Chief Sustainability Officer at Walmart. Thank you very much for your question. Yes, we do strive to fulfill our purpose in ways that create what we call shared value. By that, we mean delivering business performance by creating value for our customers, our associates, suppliers, and communities. For us, shared value, what we mean by that, it really starts with what we do every single day, providing convenient access to affordable quality goods and services to customers around the world. We also prioritize four topics: offering inclusive economic opportunity to our associates and our suppliers, enhancing the sustainability of our business and our product value chains that we really rely on to serve our customers, strengthening the resilience of communities that we serve, and upholding the highest standards of ethics and integrity as a business that operates in many countries around the world. It's Kathleen McLaughlin, and I'm the Chief Sustainability Officer at Walmart. it's kathleen mclaughlin and i'm the chief sustainability officer at walmart Thank you very much for your question. thank you very much for your question Yes, we do strive to fulfill our purpose in ways that create what we call shared value. yes we do strive to fulfill our purpose in ways that create what we call shared value By that, we mean delivering business performance by creating value for our customers, our associates, suppliers, and communities. by that we mean delivering business performance by creating value for our customers our associates suppliers, and communities For us, shared value, what we mean by that, it really starts with what we do every single day, providing convenient access to affordable quality goods and services to customers around the world. for us shared value what we mean by that it really starts with what we do every single day providing convenient access to affordable quality goods and services to customers around the world We also prioritize four topics: offering inclusive economic opportunity to our associates and our suppliers, enhancing the sustainability of our business and our product value chains that we really rely on to serve our customers, strengthening the resilience of communities that we serve, and upholding the highest standards of ethics and integrity as a business that operates in many countries around the world. we also prioritize four topics offering inclusive economic opportunity to our associates and our suppliers enhancing the sustainability of our business and our product value chains that we really rely on to serve our customers strengthening the resilience of communities that we serve and upholding the highest standards of ethics and integrity as a business that operates in many countries around the world We prioritize issues, to your question, that offer the greatest potential for Walmart to create long-term value. Those are issues that rank high in terms of relevance and value to our business, importance to building and maintaining stakeholder trust—that's really important to us—and our ability as a company to be an effective actor. When it comes to governance, the leadership really starts with the CEO and the Executive Leadership Team, and oversight, as you note, from the Nominating and Governance Committee across this agenda for both our business and our philanthropy. We update and receive feedback from the committee at least once a year. With respect to our foundation specifically, we try to complement and extend the positive impact for the community that the company can have. We prioritize issues, to your question, that offer the greatest potential for Walmart to create long-term value. we prioritize issues to your question that offer the greatest potential for walmart to create long-term value Those are issues that rank high in terms of relevance and value to our business, importance to building and maintaining stakeholder trust—that's really important to us—and our ability as a company to be an effective actor. those are issues that rank high in terms of relevance and value to our business importance to building and maintaining stakeholder trust—that's really important to us—and our ability as a company to be an effective actor When it comes to governance, the leadership really starts with the CEO and the Executive Leadership Team, and oversight, as you note, from the Nominating and Governance Committee across this agenda for both our business and our philanthropy. when it comes to governance the leadership really starts with the ceo and the executive leadership team and oversight as you note from the nominating and governance committee across this agenda for both our business and our philanthropy We update and receive feedback from the committee at least once a year. we update and receive feedback from the committee at least once a year With respect to our foundation specifically, we try to complement and extend the positive impact for the community that the company can have. with respect to our foundation specifically we try to complement and extend the positive impact for the community that the company can have The topics that we focus on include disaster relief, hunger relief, local community giving, engagement and volunteerism, store grants, and so on. Better managing and helping to conserve the natural resources that our products rely on. Seafood, produce, et cetera. Also trying to help create more economic opportunity for people who work in value chains. Thank you very much for your question. We really appreciate it. The topics that we focus on include disaster relief, hunger relief, local community giving, engagement and volunteerism, store grants, and so on. the topics that we focus on include disaster relief hunger relief local community giving engagement and volunteerism store grants and so on Better managing and helping to conserve the natural resources that our products rely on. better managing and helping to conserve the natural resources that our products rely on Seafood, produce, et cetera. seafood produce et cetera Also trying to help create more economic opportunity for people who work in value chains. also trying to help create more economic opportunity for people who work in value chains Thank you very much for your question. thank you very much for your question We really appreciate it. we really appreciate it

Speaker 13: Our next question relates to dividends. Will there be higher dividends released per year? Our next question relates to dividends. our next question relates to dividends Will there be higher dividends released per year? will there be higher dividends released per year

Speaker 8: This is John David; I'm the Chief Financial Officer. Our dividend policy is part of our overall capital allocation policy. Our process for that is, in a normal year, to assess the capital needs in the future, as well as the amount of cash flow that we generate in the coming years. We take that matter to the board, make a recommendation, and the board will approve whatever that dividend policy is. What I could point you to is what's happened over the last several years, which is we've increased our dividend in line with earnings. Which is a way of saying that we've kept our payout ratio the same. As our earnings have increased appreciably over the last several years, we've seen dividends follow that. This is John David; I'm the Chief Financial Officer. this is john david i'm the chief financial officer Our dividend policy is part of our overall capital allocation policy. our dividend policy is part of our overall capital allocation policy Our process for that is, in a normal year, to assess the capital needs in the future, as well as the amount of cash flow that we generate in the coming years. our process for that is in a normal year to assess the capital needs in the future as well as the amount of cash flow that we generate in the coming years We take that matter to the board, make a recommendation, and the board will approve whatever that dividend policy is. we take that matter to the board make a recommendation and the board will approve whatever that dividend policy is What I could point you to is what's happened over the last several years, which is we've increased our dividend in line with earnings. what i could point you to is what's happened over the last several years which is we've increased our dividend in line with earnings Which is a way of saying that we've kept our payout ratio the same. which is a way of saying that we've kept our payout ratio the same As our earnings have increased appreciably over the last several years, we've seen dividends follow that. as our earnings have increased appreciably over the last several years we've seen dividends follow that As we go through this year, we will look at what the needs of the business are to invest and remodel stores, build new stores, and invest in the supply chain, all very high-return investments, as well as buy back stock and dividends, and then make a recommendation to the board at that point in time. As we go through this year, we will look at what the needs of the business are to invest and remodel stores, build new stores, and invest in the supply chain, all very high -return investments, as well as buy back stock and dividends, and then make a recommendation to the board at that point in time. as we go through this year we will look at what the needs of the business are to invest and remodel stores build new stores, and invest in the supply chain all very high -return investments as well as buy back stock and dividends and then make a recommendation to the board at that point in time

Speaker 13: The next question relates to technology use in our stores and on our properties. Does Walmart have contracts with third parties that capture information in the parking lots? If so, how does that information get stored and shared? The next question relates to technology use in our stores and on our properties. the next question relates to technology use in our stores and on our properties Does Walmart have contracts with third parties that capture information in the parking lots? does walmart have contracts with third parties that capture information in the parking lots If so, how does that information get stored and shared? if so how does that information get stored and shared

Speaker 9: Yeah. Thanks, Steph. We use a number of technologies to ensure that our associates are able to serve customers effectively, and we always want to ensure that we're doing everything we can to maintain safe environments so that our associates can work in a safe place and our customers can shop in a safe place. We'll always ensure that we are adhering by any policies or any sort of regulation on privacy as it relates to our operations. Yeah. yeah Thanks, Steph. thanks steph We use a number of technologies to ensure that our associates are able to serve customers effectively, and we always want to ensure that we're doing everything we can to maintain safe environments so that our associates can work in a safe place and our customers can shop in a safe place. we use a number of technologies to ensure that our associates are able to serve customers effectively and we always want to ensure that we're doing everything we can to maintain safe environments so that our associates can work in a safe place and our customers can shop in a safe place We'll always ensure that we are adhering by any policies or any sort of regulation on privacy as it relates to our operations. we'll always ensure that we are adhering by any policies or any sort of regulation on privacy as it relates to our operations

Speaker 13: John David, we have another follow-up question for you. Is a share buyback currently being considered? John David, we have another follow-up question for you. john david we have another follow-up question for you Is a share buyback currently being considered? is a share buyback currently being considered

Speaker 8: Not only is it being considered, but we also have a share buyback program that is active and in place. Recently, our board approved a new $20 billion authorization. We've been very active for decades now with buying back stock in the market, which complements what we do from returning dividends to shareholders, as well as investing in our own business. We continue to believe that we've got a very bright future and there's a lot of shareholder value that can be created. As we see dislocations in the stock price, like what we've seen in the last couple of weeks, we're enthusiastically buying back stock because we believe that we're buying it below its intrinsic value. We do have a share buyback in place, and we'll continue to execute upon it. Not only is it being considered, but we also have a share buyback program that is active and in place. not only is it being considered but we also have a share buyback program that is active and in place Recently, our board approved a new $20 billion authorization. recently our board approved a new $20 billion authorization We've been very active for decades now with buying back stock in the market, which complements what we do from returning dividends to shareholders, as well as investing in our own business. we've been very active for decades now with buying back stock in the market which complements what we do from returning dividends to shareholders as well as investing in our own business We continue to believe that we've got a very bright future and there's a lot of shareholder value that can be created. we continue to believe that we've got a very bright future and there's a lot of shareholder value that can be created As we see dislocations in the stock price, like what we've seen in the last couple of weeks, we're enthusiastically buying back stock because we believe that we're buying it below its intrinsic value. as we see dislocations in the stock price like what we've seen in the last couple of weeks we're enthusiastically buying back stock because we believe that we're buying it below its intrinsic value We do have a share buyback in place, and we'll continue to execute upon it. we do have a share buyback in place and we'll continue to execute upon it

Speaker 13: Our next question is a question related to our merchandise assortment. With an emphasis on protein in diets for health, is Walmart considering changes to offerings? Our next question is a question related to our merchandise assortment. our next question is a question related to our merchandise assortment With an emphasis on protein in diets for health, is Walmart considering changes to offerings? with an emphasis on protein in diets for health is walmart considering changes to offerings

Speaker 9: Our merchants are constantly looking at customer needs and how they shift over time. We'll always be looking for ways that we can meet customers where they are with a relevant, affordable, everyday low price assortment, and we'll continue to ensure that we're convenient in terms of the way that customers want to shop. Our merchants are regularly looking at information and data and trends across categories, all of our categories, to ensure that we have the best assortment available at any time. Our merchants are constantly looking at customer needs and how they shift over time. our merchants are constantly looking at customer needs and how they shift over time We'll always be looking for ways that we can meet customers where they are with a relevant, affordable, everyday low price assortment, and we'll continue to ensure that we're convenient in terms of the way that customers want to shop. we'll always be looking for ways that we can meet customers where they are with a relevant affordable everyday low price assortment and we'll continue to ensure that we're convenient in terms of the way that customers want to shop Our merchants are regularly looking at information and data and trends across categories, all of our categories, to ensure that we have the best assortment available at any time. our merchants are regularly looking at information and data and trends across categories all of our categories to ensure that we have the best assortment available at any time

Speaker 13: Our next question is related to the competitive environment. How is Walmart going to protect its market share in markets such as Dallas, Texas? There are competitors that are aggressively opening stores. Due to its loyalty, how should customers think about this competitive set for Walmart? Our next question is related to the competitive environment. our next question is related to the competitive environment How is Walmart going to protect its market share in markets such as Dallas, Texas? how is walmart going to protect its market share in markets such as dallas texas There are competitors that are aggressively opening stores. there are competitors that are aggressively opening stores Due to its loyalty, how should customers think about this competitive set for Walmart? due to its loyalty how should customers think about this competitive set for walmart

Speaker 9: Over the last few years, we've focused on building an omni model, which provides a lot of flexibility, whether a customer wants to shop at the counter for goods at an everyday low price, at the curb, or delivered to their home. In the last year, we've had a number of Supercenter and Neighborhood Markets open, and we're really excited about the performance of those stores, including locations that are in the North Texas and South Texas markets. Over the last few years, we've focused on building an omni model, which provides a lot of flexibility, whether a customer wants to shop at the counter for goods at an everyday low price, at the curb, or delivered to their home. over the last few years we've focused on building an omni model which provides a lot of flexibility whether a customer wants to shop at the counter for goods at an everyday low price at the curb or delivered to their home In the last year, we've had a number of Supercenter and Neighborhood Markets open, and we're really excited about the performance of those stores, including locations that are in the North Texas and South Texas markets. in the last year we've had a number of supercenter and neighborhood markets open and we're really excited about the performance of those stores including locations that are in the north texas and south texas markets

Speaker 13: We have another question related to real estate. There's been news that Walmart acquired a Pennsylvania mall and intends to redevelop the land into a mixed-use development. Does Walmart intend to make further investments in real estate and other assets diversified from, but integrated with, its core business, principally other mixed-use developments designed around Walmart as an anchor while generating rental and real estate income? We have another question related to real estate. we have another question related to real estate There's been news that Walmart acquired a Pennsylvania mall and intends to redevelop the land into a mixed-use development. there's been news that walmart acquired a pennsylvania mall and intends to redevelop the land into a mixed-use development Does Walmart intend to make further investments in real estate and other assets diversified from, but integrated with, its core business, principally other mixed-use developments designed around Walmart as an anchor while generating rental and real estate income? does walmart intend to make further investments in real estate and other assets diversified from but integrated with its core business principally other mixed-use developments designed around walmart as an anchor while generating rental and real estate income

Speaker 9: As I said a moment ago, Steph, we're excited about the new store pipeline that we have. We have a number of locations in our pipeline that will be open in the next few years. We'll constantly be considering locations where there's growth in populations or there are parts of the country where we think we can serve people well. We're out in the market looking. We'll continue to do that. As I said a moment ago, we've been really enthused by the performance of our new stores in the U.S. As I said a moment ago, Steph, we're excited about the new store pipeline that we have. as i said a moment ago steph we're excited about the new store pipeline that we have We have a number of locations in our pipeline that will be open in the next few years. we have a number of locations in our pipeline that will be open in the next few years We'll constantly be considering locations where there's growth in populations or there are parts of the country where we think we can serve people well. we'll constantly be considering locations where there's growth in populations or there are parts of the country where we think we can serve people well We're out in the market looking. we're out in the market looking We'll continue to do that. we'll continue to do that As I said a moment ago, we've been really enthused by the performance of our new stores in the U.S. as i said a moment ago we've been really enthused by the performance of our new stores in the u.s

Speaker 13: Donna, this question is for you from one of our shareholders. I received a letter stating that my investment will soon be managed by Merrill. Will I still be able to vote at these annual meetings? Donna, this question is for you from one of our shareholders. donna this question is for you from one of our shareholders I received a letter stating that my investment will soon be managed by Merrill. i received a letter stating that my investment will soon be managed by merrill Will I still be able to vote at these annual meetings? will i still be able to vote at these annual meetings

Speaker 5: All of the shares that any individual owns are available for an individual to vote. We continue to look at the best access for any of our associates in terms of our Associate Stock Purchase Plan, and perhaps that's what it's about. All of the shares that any individual owns are available for an individual to vote. all of the shares that any individual owns are available for an individual to vote We continue to look at the best access for any of our associates in terms of our Associate Stock Purchase Plan, and perhaps that's what it's about. we continue to look at the best access for any of our associates in terms of our associate stock purchase plan and perhaps that's what it's about

Speaker 13: At this time, we have addressed all of the questions that have been submitted. Thank you, everyone. This concludes the formal Q&A session. On behalf of Walmart's board, leadership, and associates, thank you for joining us today. You may now disconnect. At this time, we have addressed all of the questions that have been submitted. at this time we have addressed all of the questions that have been submitted Thank you, everyone. thank you everyone This concludes the formal Q&A session. this concludes the formal q&a session On behalf of Walmart's board, leadership, and associates, thank you for joining us today. on behalf of walmart's board leadership and associates thank you for joining us today You may now disconnect. you may now disconnect