Walmart Inc. (WMT) Global Consumer and Retail Conference 2026 — Key Takeaways

Equity Research 15 September 2026 | 4:59PM EDT

Walmart Inc. (WMT): Global Consumer and Retail Conference 2026 — Key Takeaways

Kate McShane, CFA | Goldman Sachs & Co. LLC

Emily Ghosh | Goldman Sachs & Co. LLC Presenters: We hosted Dave Guggina, President and CEO of Walmart US, at the 33rd Mark Jordan, CFA Annual Global Retail Conference. We also hosted a dinner with Walmart IR on | Monday, September 14th, with takeaways here. Goldman Sachs & Co. LLC

Nishi Agarwal Bottom Line: Management characterized the US consumer as resilient and is | pleased with the performance of BTS and back-to-college. The company’s ongoing Goldman Sachs India SPL price investments are leading to share gains across the business. Additionally, the US Grace Chee | eCommerce business continues to show strong momentum, with 2Q being the most Goldman Sachs & Co. LLC profitable quarter so far. Samantha Chiang | Goldman Sachs & Co. LLC

n Consumer trends and BTS: Walmart characterized the US consumer as resilient, noting the consumer is being intentional with dollars and looking for value. The company’s value proposition of offering low prices and convenience is resonating with customers and resulting in share gains across the board. Management is pleased with the performance of back-to-school (BTS), pointing to a solid assortment, value, and convenience. The company also saw a strong back-to-college season, with strength in dorm (e.g., bed linens, microwaves, refrigerators). Of note, the company sells over 50% of the unit volume in the US for BTS. Looking to holiday, the company plans to drive EDLC and reinvest into price and experience. Management also pointed to upcoming innovation and newness in 4Q. n Tariff refunds and price investments: Walmart received ~$2.9 billion in tariff refunds in 2Q, which the company is prioritizing for price investments, including both rollbacks and offsetting costs (transportation, fuel). The company has seen solid results from these investments so far, including some of the strongest share gains in years across the business. Management is positive on the company’s price gaps, which are being driven by these investments, and the company plans to work with suppliers to turn some rollbacks into every day low prices for

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs Walmart Inc. (WMT)

customers to experience in 2H. Like-for-like inflation was running at ~1.4% in 1H, with food closer to 1% and general merchandise closer to 2%. As Walmart entered into 3Q, with the impact of price investments, the company saw this moderate and come down below 1%. That said, management expects 2H to look very similar to 1H in terms of inflation. n Health & wellness: Walmart’s health & wellness sales were impacted this year by the new regulation related to pharmacy inflation, Maximum Fair Pricing (MFP). MFP was applied to ~10 high value drugs, noting that 8 either went generic or offered their prices beyond Medicaid to essentially all customers, which is a top line headwind to the business. This headwind will continue into next year with 15 additional drugs impacted by MFP. That said, management emphasized the underlying strength of the health & wellness business (~10% of the US business, with the majority being pharmaceuticals). Script growth was up y/y in 2Q, and profitability is improving +DD y/y. Health & wellness customers spend ~3x more than the average customer, and if customers use Rx delivery, they spend almost 6x more. Same day pharmacy deliveries are up over 2x y/y, and for customers using this, the repeat rate has improved by 10x y/y. n eCommerce trends: Walmart US eCommerce continues to show strong momentum with 24% growth in 2Q, the 10th consecutive…