Walmart (WMT) Bets Big on Tech with $26B Capex Plan, $30B Buyback

Walmart (WMT) signaled an aggressive pivot toward technology-driven retail operations, allocating $26 billion to capital expenditures in 2025—a $3 billion year-over-year increase—primarily targeting fulfillment automation and internal AI capabilities. The retail giant highlighted its transformation during its February earnings presentation, emphasizing its 5,000 U.S. stores now function as distribution nodes enabling same-day delivery. CFO John David Rainey noted that reducing delivery promises from two days to one drives "an appreciable increase in conversion." Operating profits outpaced sales growth across all business segments, while e-commerce sales posted double-digit percentage gains at both Walmart U.S. and Sam's Club. Walmart also authorized a new $30 billion stock buyback program. The company formally highlighted its Nasdaq listing, underscoring its positioning as a technology-forward enterprise. The tech investments underpin the retailer's ability to sustain its market capitalization above $1 trillion.