Walmart (WMT) official guidance

We now expect slightly higher CapEx for the year at approximately 4% of annual net sales.

We're raising our full year EPS guidance to $2.80 to $2.87 from $2.75 to $2.85 previously.

For Q3, we expect EPS of $0.62 to $0.64.

Even with this increase, we expect to generate double-digit growth in free cash flow this year.

We now expect more than $2 billion of incremental fuel-related costs this year above and beyond our original guidance assumptions.

Regarding operating income, we're raising our full year guidance to 7% to 8.5% versus 6% to 8% previously.

Inclusive of planned investment of tariff refunds, Q3 operating income growth on a constant currency basis is expected to grow 2% to 4%.

We also expect costs related to the acquisition and integration of Vibe to be an approximate 20 basis points headwind to OI growth.

We're raising our fiscal year sales guidance to 4% to 5% from 3.5% to 4.5% previously.

Overall, for the enterprise, we expect sales growth in Q3 to be between 3% and 3.75%.

| Effective tax rate | Approximately 23.5% to 24.5% | Unchanged | Unchanged |

| Adj. EPS | $2.75 to $2.85 | Unchanged | $2.80 to $2.87 |

| Adjusted EPS | $0.62 to $0.64 |

| Adj. Interest, net2 | Increase approximately $200M to $300M | Unchanged | Unchanged |

| Adj. operating income (cc) | Increase 6.0% to 8.0% | Unchanged | Increase 7.0% to 8.5% |

| Operating income (cc) | Increase 2.0% to 4.0% |

| Net sales (cc) | Increase 3.5% to 4.5% | Unchanged | Increase 4.0% to 5.0% |

| Net sales (cc) | Increase 3.0% to 3.75% |

For Q2, we expect EPS of $0.72-$0.74 and full year EPS in the range of $2.75-$2.85.

For Q2 operating income and constant currency, we expect growth of 7%-10%, and we're reiterating our full year guidance of 6%-8% growth.

For Q2 operating income and constant currency, we expect growth of 7%-10%, and we're reiterating our full year guidance of 6%-8% growth.

We are reiterating our full year guidance of constant currency sales growth between 3.5% and 4.5%.

Based on Q1 performance at 5.7% and our Q2 outlook of 4%-5% growth, we'd expect full year sales growth to be toward the upper end of that initial range.

| Adjusted EPS | $0.72 to $0.74 |

| Interest, net | Increase approximately $200M to $300M | Unchanged |

| Operating income (cc) | Increase 7.0% to 10.0% |

| Net sales (cc) | Increase 4.0% to 5.0% |

In Q1, we expect constant currency growth in sales of 3.5%-4.5%, and operating income of 4%-6%, with EPS of $0.63-$0.65.

If I break down the P&L, generally speaking, we're expecting gross profit to improve next year.

We're also expecting some leverage in SG&A, and I should pause here for a second.

In Q1, we expect constant currency growth in sales of 3.5%-4.5%, and operating income of 4%-6%, with EPS of $0.63-$0.65.

We're assuming continued margin expansion, driven by favorable business mix, automation benefits and productivity, and less headwinds from merchandise category mix.

In Q1, we expect constant currency growth in sales of 3.5%-4.5%, and operating income of 4%-6%, with EPS of $0.63-$0.65.

| Adjusted EPS | $0.63 to $0.65 |

For Adjusted EPS, we expect the full year to be in a range of $2.58-$2.63, with Q4 in a range of $0.67-$0.72.

For Adjusted EPS, we expect the full year to be in a range of $2.58-$2.63, with Q4 in a range of $0.67-$0.72.

For operating income, we expect full-year growth in a range of 4.8%-5.5% on a Constant Currency basis, with Q4 growth in a range of 8%-11%.

For operating income, we expect full-year growth in a range of 4.8%-5.5% on a Constant Currency basis, with Q4 growth in a range of 8%-11%.

Full-year sales in Constant Currency is expected to grow between 4.8% and 5.1%, up from 3.75%-4.75% prior.

Fourth quarter Constant Currency sales guidance is for growth of 3.75%-4.75%.

| Capital expenditures | Approximately 3.0% to 3.5% of net sales | Unchanged | Approximately 3.5% |

| Effective tax rate | Approximately 23.5% to 24.5% | Unchanged | Mid to low-end of prior range |

| Interest, net | Increase approximately $100M to $200M | Unchanged | Unchanged |

| Non-controlling interest | Relatively flat | Unchanged | Unchanged |

| Adj. operating income (cc) | Increase 3.5% to 5.5% •Including approximately 70 bps headwind from lapping leap year •Including approximately 80 bps headwind from acquisition of VIZIO | Unchanged | Increase 4.8% to 5.5% |