Walmart

Capital is prioritized to high-ROI growth: supply chain automation, store remodels/new units, and technology. FY2025 ROI was ~15.5 percent; management increased the dividend 13 percent for FY2026 to 0.94 dollars per share and continues repurchases.

The VIZIO acquisition strategically enhances retail media and is expected to be slightly EPS dilutive near term but attractive on IRR. We view the step-up in capex as strengthening the moat rather than merely maintaining assets. Execution discipline remains important to realize expected margin mix benefits.