Walmart Reports Strong Sales Growth & Dividend Hike

Ticker: WMT · Form: DEF 14A · Filed: Apr 25, 2024 · CIK: 104169

Sentiment: bullish

Topics: earnings, dividend, retail

Related Tickers: WMT

TL;DR

WMT crushed it last year: sales up 6.1%, operating income faster, $35B+ cash flow, biggest dividend hike in a decade. Strong business!

AI Summary

Walmart Inc. reported strong financial performance for the past fiscal year, with net sales growing 6.1% and operating income increasing at an even faster rate. The company generated over $35 billion in operating cash flow and announced a 9% dividend increase, the largest in over a decade. This growth is attributed to their omni-channel retail strategy and investments in their 2.1 million global associates.

Why It Matters

This proxy statement details Walmart's financial health and strategic direction, impacting shareholder value and the company's future investments in its operations and workforce.

Risk Assessment

Risk Level: low — This is a routine annual proxy statement detailing past performance and future plans, not indicating new or elevated risks.

Key Numbers

Key Players & Entities

FAQ

What was the percentage increase in Walmart's net sales for the last fiscal year?

Walmart's net sales grew 6.1 percent in the last fiscal year.

How much operating cash flow did Walmart generate?

Walmart generated more than $35 billion in operating cash flow.

What is the announced increase in the dividend for the current fiscal year?

Walmart announced a 9 percent increase in the dividend for the current fiscal year.

How many associates does Walmart employ globally?

Walmart has approximately 2.1 million associates globally.

What is Walmart's stated business model?

Walmart is a people-led, tech-powered omni-channel retailer dedicated to helping people save money so they can live better.

Filing Stats: 4,512 words · 18 min read · ~15 pages · Grade level 14.5 · Accepted 2024-04-25 16:06:45

Key Financial Figures

Filing Documents

Executive compensation program aligned with our strategy and heavily tied to performance

Executive compensation program aligned with our strategy and heavily tied to performance More than 80% of our CEO's fiscal 2024 target total direct compensation ("TDC") was based on achieving goals related to operating income, sales, and ROI Fiscal 2024 Total Direct Compensation (at target) FOR THE BOARD RECOMMENDS A VOTE FOR THIS PROPOSAL. 2024 Proxy Statement 5 Proxy Voting Summary 3 PROPOSAL NO. 3 Ratification of Independent Accountants (PAGE 95 ) Quality, experienced independent audit firm Ernst & Young LLP is an independent registered public accounting firm with significant experience on Walmart's audit. The firm's expertise and fees are appropriate for the breadth and complexity of our company's global operations. FOR THE BOARD RECOMMENDS A VOTE FOR THIS PROPOSAL. 4-10 PROPOSAL NOs. 4-10 Shareholder Proposals, in each case, if Properly Presented at the Meeting (PAGE 100 ) Each shareholder proposal included in this proxy statement is followed by Walmart's response. For the reasons set forth in Walmart's responses, the Board recommends a vote AGAINST each shareholder proposal, if properly presented at the meeting. AGAINST THE BOARD RECOMMENDS A VOTE AGAINST EACH SHAREHOLDER PROPOSAL. This document may include forward-looking statements within the meaning of Section 21E of the Exchange Act that are intended to enjoy the protection of the safe harbor for forward-looking statements provided by the Exchange Act as well as protections afforded by other federal securities laws. All statements other than statements of historical or current facts, including statements regarding our environmental, social, and other sustainability plans, goals, commitments and strategies made in this document are forward-looking. We use words such as "anticipates," "believes," "expects," "future," "intends," and similar expressions to identify forward-looking statements. Forward-looking statements reflect management's current expectations and are inherently

Executive Compensation

Executive Compensation 49 Compensation Discussion and Analysis (See Separate Table of Contents) 49 Compensation Committee Report 78 Risk Considerations in our Compensation Program 78 Compensation Committee Interlocks and Insider Participation 79

Executive Compensation Tables

Executive Compensation Tables 80 Summary Compensation 80 Fiscal 202 4 Grants of Plan-Based Awards 82 Outstanding Equity Awards at Fiscal 202 4 Year-End 84 Fiscal 202 4 Option Exercises and Stock Vested 86 Fiscal 202 4 Nonqualified Deferred Compensation 86 Walmart's Deferred Compensation Plans 88 Potential Payments Upon Termination or Change in Control 89 CEO Pay Ratio 90 Pay Versus Performance 91 PROPOSAL NO. 3 Ratification of 95 Independent Accountants Engagement of Independent Accountants 95 Audit Committee Pre-Approval Policy 96 Independent Accountant Fees 97 Audit Committee Report 98 PROPOSAL NOs. 4 - 1 0 Shareholder Proposals 100 Proposal No. 4 Publication of Targets for Transitioning from Gestation Crates in Pork Supply Chain 101 Proposal No. 5 Racial Equity Audit 104 Proposal No. 6 Human Rights Impact Assessments 107 Proposal No. 7 S et Compensation that Optimizes Port folio Va lue for Company Shareholders 109 Proposal No. 8 Report on Resp ecting Workforce Civil Liberties 112 Proposal No. 9 Workplace Safety & Violence Review 114 Proposal No. 1 0 Corporate Finan cial Sustainability Report 117 Stock Ownership 119 Equity Compensation Plan Information 119 Holdings of Major Shareholders 119 Holdings of Officers, Directors, and Director Nominees 120 Annual Meeting Information 121 2024 Annual Shareholders' Meeting – Virtual Meeting 121 Voting 122 Proxy Materials 126 Shareholder Submissions for the 202 5 Annual Shareholders' Meeting 127 Other Matters 128 Table of Abbreviations 129 Annex A 131 Non-GAAP Financial Measures 131 8 www.walmart.com PROPOSAL NO. 1 ELECTION OF DIRECTORS What am I voting on? You are voting to elect each nominee named below as a director of Walmart for a one-year term. If you return your proxy, your proxy holder will vote your Shares FOR the election of each Board nominee named below unless you instruct otherwise. If the

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