Walmart’s 2025 Annual Report and Proxy Statement: A Deep Dive into Growth, Strategy, and Purpose
On April 24, 2025, Walmart Inc. (NYSE: WMT), the world’s largest retailer, officially released its much-anticipated 2025 Annual Report and filed its Proxy Statement ahead of the company’s Annual Shareholders’ Meeting, scheduled for June 5, 2025. As always, these filings serve as a comprehensive reflection of the company’s financial performance, leadership vision, governance updates, and future strategic direction.
This year’s materials not only highlight another year of impressive growth for Walmart but also demonstrate the company’s continued transformation into a people-powered, tech-enabled global omnichannel force. Through detailed letters from CEO Doug McMillon and Chairman Greg Penner, the documents reveal a retailer navigating the evolving landscape with resilience, innovation, and a sharp focus on people and purpose.
CEO Doug McMillon’s Vision: People and Technology Driving the Future
In his annual letter to shareholders, President and Chief Executive Officer Doug McMillon expressed both gratitude and confidence. At the heart of Walmart’s success in 2025, he emphasized, are its people—2.1 million associates worldwide who serve customers with commitment and care.
Walmart’s fiscal 2025 financial performance stood out with total revenue reaching $681 billion, reflecting a 5.1% increase year over year. Operating income also grew by a strong 8.6%. According to McMillon, these numbers are more than just performance metrics—they’re a validation of Walmart’s evolving business model and strategy.
“I wouldn’t trade hands with anyone because of our people, our purpose and culture, our unique assets and our ability to change,” McMillon stated. “When the winds blow, flexibility is important, and we’ve got that in our people, our assortment, the ways we serve customers and our emerging business model.”
He reiterated the company’s dual identity as both a traditional brick-and-mortar retailer and a digital powerhouse. “We’re proving we can change and innovate, and we know how to execute,” he said. “Walmart is an ‘and’ company. We’re people and technology. We’re stores and eCommerce. We’re innovation and execution.”
Empowering Associates: From Compensation to Ownership
A significant portion of McMillon’s letter focused on Walmart’s associates and the company’s investments in wages, benefits, and career growth. More than half of all Walmart U.S. store managers earned bonuses of $100,000 or more in 2025. Meanwhile, over 1.1 million associates now have retirement savings in their 401(k) plans, and 81% of participants in the Associate Stock Purchase Plan are hourly associates.
These figures highlight Walmart’s ongoing commitment to associate financial wellness and long-term career development. The company has also prioritized investments in healthcare and education, reflecting its broader philosophy of being a people-led business.
eCommerce and Omnichannel: The Next Phase of Retail
In 2025, Walmart continued to push forward with its omnichannel ambitions. Globally, eCommerce grew by 20.8%, driven by innovation in fulfillment, delivery, and digital customer experiences. The company’s blend of digital and physical assets allows it to serve customers in highly personalized and efficient ways, whether through home delivery, curbside pickup, or in-store shopping.
Walmart’s ability to seamlessly connect online and offline experiences has been a differentiator in the competitive retail space. With data-driven insights and AI-enhanced services, the company continues to personalize offerings while improving operational efficiency.
Chairman Greg Penner: A Clear Path Forward
In his message, Chairman of the Board Greg Penner echoed the confidence and optimism of McMillon. He described Walmart’s business as strong, adaptable, and purpose-driven. “Our business is growing,” Penner wrote. “Last year, revenues grew 5.1 percent to $681 billion, including 20.8 percent eCommerce growth globally.”
He also called attention to Walmart’s commitment to shareholders, noting a 13% increase in the company’s annual dividend, bringing it to $0.94 per share. This marks the 52nd consecutive year that Walmart has raised its dividend—a testament to its consistent financial stewardship and long-term performance.
Governance and Leadership Transitions
One notable governance update came with the announcement that Tom Horton, Walmart’s Lead Independent Director, will step down from that role after six years of service. Horton will remain an active board member and continue contributing on the Audit, Nominating and Governance, and Strategic Planning and Finance committees.
Pending re-election, Randall Stephenson, a former AT&T CEO and a board member since 2021, will assume the role of Lead Independent Director.
“Randall has been a tremendous asset to the board since his appointment in 2021,” Horton said. “I am confident Randall will be an outstanding Lead Independent Director serving the interests of Walmart associates, customers and shareholders during this exciting time.”
The proxy materials seek shareholder approval on 12 director nominees, three company proposals, and seven shareholder proposals—demonstrating an active and engaged governance process.
Strategic Oversight and Long-Term Risk Management
The 2025 Proxy Statement also reinforced the board’s commitment to effective oversight. With directors who bring global perspectives and diverse industry experience, Walmart’s board aims to provide governance that ensures long-term sustainability and strategic clarity.
The company noted its continued efforts in risk management and corporate governance. These include sustainability efforts, ethical supply chain practices, cybersecurity protocols, and executive compensation structures aligned with shareholder value creation.
2025 Shareholders’ Meeting: How to Participate
Walmart’s 2025 Annual Shareholders’ Meeting will be held virtually, providing accessible participation for all shareholders globally. The live audio webcast of the meeting is set for June 5, 2025, beginning at 8:30 a.m. Central Daylight Time.
To vote, shareholders who owned Walmart stock as of April 11, 2025, may do so through multiple convenient channels:
- Online: Visit www.proxyvote.com
- Phone: Call 1-800-690-6903
- Mail: Send a completed proxy card or voting instruction form
- Mobile: Scan the QR code on proxy materials
- During Meeting: Vote directly via www.virtualshareholdermeeting.com/WMT2025
Reinforcing Walmart’s Identity: A People-Led, Tech-Powered Giant
With a global presence spanning over 10,750 stores and numerous digital platforms across 19 countries, Walmart is more than just a retailer—it’s a technology-enabled ecosystem. The company continues to leverage machine learning, automation, and AI to streamline logistics, forecast demand, and enhance customer engagement.
Walmart’s commitment to sustainability and social responsibility is also embedded in its strategy. The company has set aggressive goals around renewable energy, zero waste, and reducing emissions across its value chain. Its philanthropic efforts, particularly through the Walmart Foundation, continue to focus on hunger relief, education, and economic opportunity.
The Road Ahead
Looking forward, Walmart intends to maintain its momentum by leaning deeper into its strengths: a resilient workforce, a flexible business model, and an increasingly sophisticated use of technology. The integration of automation, digital tools, and predictive analytics is expected to fuel future growth while keeping the company agile in the face of global economic shifts.
At the same time, Walmart remains grounded in its founding values—delivering everyday low prices and improving lives through access, affordability, and convenience.
Final Thoughts
The 2025 Annual Report and Proxy Statement offer more than just numbers—they tell a compelling story of evolution, resilience, and purpose. Under the steady leadership of Doug McMillon, the strategic oversight of Greg Penner and the board, and the strength of over two million associates, Walmart is well-poised to thrive in a fast-changing retail landscape.
Whether through its growing eCommerce footprint, digital transformation, or unwavering commitment to people, Walmart’s mission to help people “save money and live better” remains as relevant and powerful today as it was when the company was founded.
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