Walmart
29 named things its latest annual report says its results depend on, each in the company's own words. 20 of them are also named by other companies we've read.
Customers
Pharmacy benefit managers (PBMs)
earns fromnamed as a riskA large majority of our retail pharmacy net sales are generated by filling prescriptions for which we receive payment through established contractual relationships with third-party payers and payment administrators, such as private insurers, governmental agencies and pharmacy benefit managers ("PBMs").Risk factors (Item 1A)
Suppliers
Pharmaceutical vendors
depends onnamed as a riskIf the supply of certain pharmaceuticals provided by one or more of our vendors were to be disrupted for any reason, our pharmacy operations could be severely affected until at least such time as we could obtain a new supplier for such pharmaceuticals.Risk factors (Item 1A)
Foreign-manufactured general merchandise
depends onnamed as a riskA significant portion of the general merchandise we sell in our U.S. stores and clubs is manufactured in other countries.Risk factors (Item 1A)
Partners and platforms
OnePay
subject tonamed as a riskAdditionally, through various financial service partners and our OnePay fintech venture, we offer various services such as money transfers, digital payment platforms, bill payment, money orders, check cashing, prepaid access, co-branded credit cards, limited access to cryptocurrency and equity investment products, installment lending and earned wage access.Risk factors (Item 1A)
Also named by SYF
Visa, Mastercard, American Express and Discover
depends onnamed as a riskIn certain circumstances, our contracts with payment card processors and payment card networks (such as Visa, Mastercard, American Express and Discover) generally require us to adhere to payment card network rules which could make us liable to payment card issuers and others if information in connection with payment cards and payment card transactions that we process is compromised, which liabilities could be substantial.Risk factors (Item 1A)
Other companies
Flipkart
operates innamed as a riskIn 2018, we expanded our eCommerce and digital presence through acquisitions with our majority stakes in Flipkart and PhonePe in India.Business (Item 1)
Acetaminophen and baby food multidistrict litigation
named as a riskFor example, we are increasingly named as a defendant in cases that allege novel theories of personal injury or economic loss from consumer products, including multidistrict litigation relating to acetaminophen and baby food.Risk factors (Item 1A)
Batteries and soft drinks antitrust litigation
named as a riskThese cases include purported class actions under federal and state antitrust and competition, consumer protection and related laws brought by customers, retailers and others, including cases related to our wholesale purchase and retail sale of batteries and soft drinks.Risk factors (Item 1A)
Sam's Club membership fees
earns fromAs a membership-only club, membership income is a significant component of the segment's operating income.Business (Item 1)
Places
United States
concentrated in · approximately 82% of our consolidated net salesnamed as a riskIn fiscal 2026, our Walmart U.S. and Sam's Club U.S. operating segments generated approximately 82% of our consolidated net sales.Risk factors (Item 1A)
Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more
Walmart International
earns from · approximately 19% of our consolidated net salesnamed as a riskDuring fiscal 2026, our Walmart International operations generated approximately 19% of our consolidated net sales.Risk factors (Item 1A)
India
subject tonamed as a riskThese factors include political conditions, including political instability, local and global economic conditions; legal and regulatory constraints, such as regulation of product and service offerings including regulatory restrictions (such as foreign ownership restrictions) on eCommerce and retail operations in international markets, such as in India; restrictive governmental actions, such as trade protection measures or nationalization; antitrust and competition law regulatory matters, such as those underway in Canada, Mexico and India (relating to our Flipkart subsidiary); local product safety and environmental laws; tax regulations; local labor laws; anti-money laundering laws and regulations; trade policies; foreign exchange or currency regulations; laws and regulations regarding consumer and data protection; and other matters in any of the countries or regions in which we operate, now or in the future.Risk factors (Item 1A)
Also named by A, AAPL, ACN, AJG, AKAM, AMZN, AOS, AVGO and 54 more
Mexico
operates innamed as a riskWalmart International operates through our wholly-owned subsidiaries in Canada, Chile, China, and Africa (which includes Botswana, Eswatini, Lesotho, Malawi, Mozambique, Namibia, South Africa and Zambia), and our majority-owned subsidiaries in India, as well as Mexico and Central America (which includes Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua).Business (Item 1)
Also named by AAP, AME, AMRC, ANET, AOS, ARES, AYI, AZO and 83 more
Hazards
Avian flu
named as a riskA pandemic, epidemic or contagious disease outbreak that affects humans or the food supply, such as the avian flu impact on poultry and egg production could impact our business operations, demand for our products and services, in-stock positions, costs of doing business, access to inventory, supply chain operations, ability to predict future performance, exposure to litigation and financial performance, among other things.Risk factors (Item 1A)
Commodities and inputs
Petroleum products and fuel
exposed to its pricenamed as a riskHigher interest rates, higher prices of petroleum products, including crude oil, natural gas, gasoline and diesel fuel, increased costs for electricity and other energy, weakness in the housing market, inflation, deflation, increased costs of essential services, such as medical care and utilities, higher levels of unemployment, decreases in GDP and consumer purchasing power (including from reductions resulting from changes to government programs), unavailability ofRisk factors (Item 1A)
Regulators
U.S. Food and Drug Administration (FDA)
subject tonamed as a riskThe DEA, the U.S. Food and Drug Administration and state regulatory authorities have broad enforcement powers, including the ability to seize or recall products and impose significant criminal, civil and administrative sanctions for violations of these laws and regulations.Risk factors (Item 1A)
Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more
Federal Trade Commission (FTC)
subject tonamed as a riskVIZIO Holding Corp. and its subsidiaries (collectively "VIZIO") are subject to a stipulated order with the Federal Trade Commission and the New Jersey Attorney General until 2037 that requires VIZIO to comply with specified obligations related to VIZIO's collection and use of certain consumer data and information collected from a VIZIO internet-connected device.Risk factors (Item 1A)
Also named by AMZN, AN, AVGO, BJ, CART, CELH, CHD, CHE and 56 more
Drug Enforcement Administration (DEA)
subject tonamed as a riskWe are required to hold valid DEA and state-level licenses, meet various security and operating standards and comply with the federal and various state-controlled substance acts and related regulations governing the sale, dispensing, disposal and holding of controlled substances.Risk factors (Item 1A)
Also named by CAH, COR, DGX, DHR, HALO, HSIC, IQV, LH and 7 more
Laws and programs
California Consumer Privacy Act (CCPA)
subject tonamed as a riskState laws, such as the California Consumer Privacy Act ("CCPA"), in a number of states that have become effective, or will soon be effective, have created a substantially more complex regulatory regime associated with data-handling practices.Risk factors (Item 1A)
Also named by AAP, AIOT, AKAM, ALL, APP, AYI, BAC, BBSI and 69 more
Foreign Corrupt Practices Act
subject tonamed as a riskIn foreign countries in which we have operations, a risk exists that our associates, contractors or agents could, in contravention of our policies, engage in business practices prohibited by U.S. laws and regulations applicable to us, such as the Foreign Corrupt Practices Act or U.S. sanctions laws and regulations or the laws and regulations of other countries.Risk factors (Item 1A)
Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more
Medicaid
subject tonamed as a riskTo the extent a regulator or court disagrees with our interpretation of these laws and determines that our practices are not in compliance with applicable laws and regulations, we could be subject to civil and criminal penalties that could adversely affect the continued operation of our businesses, including: suspension of payments from government programs; loss of required licenses and certifications; loss of authorizations to participate in or exclusion from government programs, including the Medicare and Medicaid programs in the U.S.; termination from contractual relationships, including those with our drug suppliers and third-party payers; and significant fines or monetary damages.Risk factors (Item 1A)
Also named by ABBV, ABT, ARE, ARWR, BAX, BMY, BSX, CHE and 39 more
Inflation Reduction Act
subject tonamed as a riskIn addition, there has been recent heightened governmental and public scrutiny of pharmaceutical product pricing, which has resulted in federal and state legislation and regulations, executive orders and other initiatives and proposals designed to increase transparency in pharmaceutical product pricing and reform government program reimbursement methodologies (for example, the Inflation Reduction Act, which includes, among other matters, policies designed to impact drug prices and reduce drug spending by the federal government).Risk factors (Item 1A)
Also named by AEE, AMGN, ARWR, BIIB, BKNG, BMY, CAH, CI and 26 more
Payment Card Industry Data Security Standard
subject tonamed as a riskAs a retailer accepting debit and credit cards for payment, we are subject to various industry data protection standards and protocols, such as payment network security operating guidelines and the Payment Card Industry Data Security Standard.Risk factors (Item 1A)
Also named by ABNB, AZO, BJ, BKNG, CASH, CASY, COST, DOV and 20 more
HIPAA
subject tonamed as a riskOur health and wellness operations in the U.S. are subject to numerous federal, state and local laws and regulations including, but not limited to, those related to: licensing; reimbursement arrangements and other requirements and restrictions; registration and regulation of pharmacies; dispensing and sale of controlled substances and products containing pseudoephedrine; governmental (including Medicare and Medicaid) and commercial reimbursement; data privacy and security and the sharing and interoperability of data, including obligations and restrictions related to health information (such as those imposed under HIPAA); protection of consumer health data; billing and coding for healthcare services and properly handling overpayments; debt collection; necessity and adequacy of healthcare services; relationships with referral sources and referral recipients and other fraud and abuse issues, such as those addressed by anti-kickback and false claims laws and patient inducement regulations; qualification of healthcare practitioners; quality and standards of medical services and equipment; and the practice of the professions of pharmacy and optometry.Risk factors (Item 1A)
Also named by AFL, BAX, BBSI, CI, DHR, DOC, DOCN, DOCU and 19 more
U.S. import tariffs
subject tonamed as a riskWe experienced the impacts noted above during fiscal 2026 as a result of incremental import tariffs.Risk factors (Item 1A)
Also named by AOS, APLD, BJ, BMI, CAVA, CVLG, CVS, DKS and 18 more
OECD Global Minimum Tax (Pillar Two)
subject tonamed as a riskIn particular, the OECD's Global Minimum Tax (Pillar Two) has become effective in many jurisdictions where we operate and continues to evolve through ongoing legislative and administrative guidance.Risk factors (Item 1A)
Also named by AAPL, APP, ARW, AXP, BAC, BALL, CB, CBRE and 15 more
Medicare Part D
earns fromnamed as a riskOur retail pharmacy operations are subject to numerous risks, including: reductions in the third-party reimbursement rates for drugs; changes in our payer mix (i.e., shifts in the relative distribution of our pharmacy customers across drug insurance plans and programs toward plans and programs with less favorable reimbursement terms); changes in third-party payer drug formularies (i.e., the schedule of prescription drugs approved for reimbursement or which otherwise receive preferential coverage treatment); growth in, and our participation in or exclusion from, pharmacy payer network arrangements, including exclusive and preferred pharmacy network arrangements operated by PBMs and/or any insurance plan or program; increases in the prices we pay for brand name and generic prescription drugs we sell; increases in the administrative burdens associated with seeking third-party reimbursement; changes in the frequency with which new brand name pharmaceuticals become available to consumers; introduction of lower cost generic drugs as substitutes for existing brand name drugs for which there was no prior generic drug competition; changes in drug mix (i.e., the relative distribution of drugs customers purchase at our pharmacies between brands and generics); changes in the health insurance market generally; increased governmental focus on reducing drug prices including most favored nation pricing policies, maximum fair price negotiations, and direct-to-consumer pharmacy delivery models; changes in the scope of or the elimination of Medicare Part D or Medicaid drug programs; increased competition from other retail pharmacy operations including competitors offering online retail pharmacy options and/or home delivery options; further consolidation and strategic alliances among third-party payers, PBMs or purchasers of drugs; overall economic conditions and the ability of our pharmacy customers to pay for drugs prescribed for them to the extent the costs are not reimbursed by a third-party; failure to meet any performance or incentive thresholds to which our level of third-party reimbursement may be subject; changes in laws or regulations or the practices of third-party payers and PBMs related to the use of third-party financial assistance to assist our pharmacy customers with paying for drugs prescribed for them; and any additional changes in the state or federal regulatory environment for the retail pharmacy industry and the pharmaceutical industry, including as a result of health reform efforts and other changes to or novel interpretations of existing state or federal laws, rules and regulations that affect our retail pharmacy business.Risk factors (Item 1A)
Also named by ABBV, AMGN, BMY, CI, CNC, CVS, ELV, INCY and 5 more
China Personal Information Protection Law (PIPL)
subject tonamed as a riskFurther, PIPL raises the requirements for processing personal information and requires our China business to undergo a cybersecurity assessment and obtain approval from the Cyberspace Administration of China ("CAC") as well as consent from the personal information owner before personal information collected in China may be transferred to, or accessed from, outside of China.Risk factors (Item 1A)
Also named by ADSK, BSX, DCI, EWBC, FBIN, GTLB, IDCC, KVUE and 2 more