This report does not constitute a rating action. Overview Key strengths Key risks Dominant market position in the global retail industry with massive scale, strong customer value proposition, wide selection of products and services, and good geographic diversity. Fierce competition from brick-and-mortar and online retailers requires ongoing investments in its omnichannel business model. Sustained market share gains in grocery, including higher-income households, by focusing on enhancing customer experience in eCommerce and optimizing in-store capabilities. Maintaining profit margins and everyday low prices amid potentially higher costs with tariffs. Strong operating cash flow generation that supports business investments and shareholder returns. The company does not realize optimal return on investments in its eCommerce and digital businesses. Over two-thirds of what Walmart sells
