Walmart management check
WMT · Consumer Staples · Consumer Staples Merchandise Retail · CEO John R. Furner (since the last proxy; previously Doug McMillon)
Filings as of
4 good · 3 to watch · 0 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2022 grew to $272, against $164 for the peer group the company picked itself.
- Watch
Does pay follow performance?
Pay only loosely tracked returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.42 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.1% of net income$29.2m of reported pay in fiscal 2026, against $21.9bn of net income.
- Watch
Do they own the stock?
New CEO since the proxyJohn R. Furner filed as President & CEO after the last proxy (which named Doug McMillon) and holds 640,825.963 shares, about $77.5m. Their pay will be in the next proxy. 7 insiders sold $19.6m in the last six months and none bought. 25 of 26 sales ran on pre-arranged 10b5-1 plans.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -0.5% a year over the last three fiscal years. Stock-based pay was 0.5% of revenue in the latest year.
- Watch
Is leadership stable?
New CEO: John R. FurnerJohn R. Furner has filed as CEO since the last proxy. CEO in the pay table: Doug McMillon. 7 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2023.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Consumer Staples.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 100 | 31 | |
| Pay for performance | 71 | 84 | |
| CEO cost | 100 | 40 | |
| Skin in the game | — | — | 65 |
| Dilution | 57 | 60 | |
| Stable leadership | 70 | 70 | |
| Clean books | 100 | 100 |
Closest peers
Others in Consumer Staples Merchandise Retail, by management score. Walmart is 3rd of 33 in its sector.
- 29PMPhilip Morris International84
- 37WMTWalmart83
- 71COSTCostco78
- 259DGDollar General64
- 291TGTTarget Corporation62
- 334DLTRDollar Tree59
Pay versus performance
From the proxy statement filed April 23, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2026 | Doug McMillon | $29.2m | $36.5m | $25.9m | $272 | $164 | $21.9bn |
| 2025 | — | $27.4m | $101.5m | $14.5m | $222 | $161 | $19.4bn |
| 2024 | — | $27.0m | $47.5m | $14.0m | $123 | $115 | $15.5bn |
| 2023 | — | $25.3m | $31.0m | $16.3m | $106 | $89 | $11.7bn |
| 2022 | — | $25.7m | $31.5m | $12.1m | $101 | $109 | $13.7bn |
The board says pay is tied most to Net sales. Its other key measures: Net Sales, Operating Income, Return on Investment.
Insiders and the CEO's stake
John R. Furner (President & CEO) held 640,825.963 shares directly after their latest Form 4 on Oct 15, 2026, roughly $77.5m at that filing's price.
7 insiders sold $19.6m in the last six months and none bought. 25 of 26 sales ran on pre-arranged 10b5-1 plans.
- SoldDaniel DankerExecutive Vice President · 10b5-1 plan$5.3mAug 26, 2026
- SoldJohn R. FurnerPresident & CEO · 10b5-1 plan$4.6mOct 15, 2026
- SoldC Douglas McMillonDirector · 10b5-1 plan$2.3mMay 28, 2026
- SoldChristopher James NicholasExecutive Vice President · 10b5-1 plan$2.0mOct 15, 2026
Leadership and governance on file
- Jan 30, 2026Leadership change8-K/A 5.02
- Jan 16, 2026Leadership change8-K/A 5.02
- Jan 16, 2026Leadership change8-K 5.02
- Jan 8, 2026Leadership change8-K 5.02
- Nov 14, 2025Leadership change8-K 5.02
- Oct 22, 2025Leadership change8-K 5.02
- Aug 15, 2024Leadership change8-K 5.02
- Aug 16, 2023Leadership change8-K 5.02
Latest shareholder vote results: Jun 5, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $67.7bn returned to owners in buybacks and dividends, 82% of net income, and $11.2bn of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $567.8bn | $605.9bn | $642.6bn | $674.5bn | $706.4bn |
| Net income | $13.7bn | $11.7bn | $15.5bn | $19.4bn | $21.9bn |
| Stock-based pay | $1.2bn | $1.6bn | $2.1bn | $2.8bn | $3.6bn |
| Buybacks | $9.8bn | $9.9bn | $2.8bn | $4.5bn | $8.1bn |
| Dividends | $6.2bn | $6.1bn | $6.1bn | $6.7bn | $7.5bn |
| Diluted shares | 8415m | 8202m | 8108m | 8081m | 8022m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.