Subtext

Walmart Inc. WMT

SectorConsumer Staples
Transcripts61
Date range2008-05-14 – 2025-02-20
Calls charted61

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-39-19+0+19+392009 Q12011 Q32013 Q32015 Q32017 Q32020 Q42022 Q42024 Q42009 Q1 · Overall: +19.12009 Q2 · Overall: +21.22009 Q3 · Overall: +20.22010 Q2 · Overall: +20.02010 Q3 · Overall: +23.62010 Q4 · Overall: +18.92011 Q1 · Overall: +16.72011 Q2 · Overall: +14.22011 Q3 · Overall: +16.62011 Q4 · Overall: +12.02012 Q1 · Overall: +12.12012 Q2 · Overall: +13.22012 Q3 · Overall: +17.42012 Q4 · Overall: +28.42013 Q1 · Overall: +11.22013 Q2 · Overall: +22.62013 Q3 · Overall: +4.22013 Q4 · Overall: +26.52014 Q1 · Overall: +10.22014 Q2 · Overall: +21.02014 Q3 · Overall: +14.52014 Q4 · Overall: +17.12015 Q1 · Overall: +18.62015 Q2 · Overall: +18.72015 Q3 · Overall: +19.52015 Q4 · Overall: +17.82016 Q1 · Overall: +17.72016 Q2 · Overall: +19.72016 Q3 · Overall: +20.22016 Q4 · Overall: +16.02017 Q1 · Overall: +21.12017 Q2 · Overall: +25.52017 Q3 · Overall: +33.52017 Q4 · Overall: +16.72018 Q1 · Overall: +13.02018 Q2 · Overall: +23.72018 Q3 · Overall: +4.02018 Q4 · Overall: +10.52019 Q1 · Overall: +13.82019 Q4 · Overall: +16.02020 Q4 · Overall: +11.82021 Q1 · Overall: +2.22021 Q2 · Overall: +9.32021 Q3 · Overall: +17.52021 Q4 · Overall: +15.02022 Q1 · Overall: +17.12022 Q2 · Overall: +16.72022 Q3 · Overall: +14.72022 Q4 · Overall: +15.32023 Q1 · Overall: +7.12023 Q2 · Overall: +8.82023 Q3 · Overall: +10.62023 Q4 · Overall: +3.02024 Q1 · Overall: +14.62024 Q2 · Overall: +18.62024 Q3 · Overall: +15.32024 Q4 · Overall: +20.32025 Q1 · Overall: +21.22025 Q2 · Overall: +16.82025 Q3 · Overall: +15.92025 Q4 · Overall: +19.5
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-57-29+0+29+572009 Q12011 Q32013 Q32015 Q32017 Q32020 Q42022 Q42024 Q42009 Q1 · CEO: +19.72009 Q2 · CEO: +22.62009 Q3 · CEO: +23.12010 Q2 · CEO: +22.22010 Q3 · CEO: +29.02010 Q4 · CEO: +20.42011 Q1 · CEO: +24.32011 Q2 · CEO: +16.32011 Q3 · CEO: +17.52011 Q4 · CEO: +14.12012 Q1 · CEO: +14.92012 Q2 · CEO: +15.22012 Q3 · CEO: +19.72012 Q4 · CEO: +41.72013 Q3 · CEO: +12.12014 Q1 · CEO: +8.52014 Q2 · CEO: +26.72014 Q3 · CEO: +18.42014 Q4 · CEO: +23.72015 Q1 · CEO: +25.22015 Q2 · CEO: +22.32015 Q3 · CEO: +29.02015 Q4 · CEO: +23.72016 Q1 · CEO: +19.62016 Q2 · CEO: +26.72016 Q3 · CEO: +24.82017 Q1 · CEO: +26.92017 Q2 · CEO: +29.62017 Q3 · CEO: +43.82018 Q1 · CEO: +22.92018 Q2 · CEO: +41.62018 Q4 · CEO: +16.92019 Q1 · CEO: +21.82019 Q4 · CEO: +28.42021 Q1 · CEO: +7.22021 Q2 · CEO: +13.22021 Q3 · CEO: +20.42021 Q4 · CEO: +13.72022 Q1 · CEO: +21.22022 Q2 · CEO: +19.52022 Q3 · CEO: +16.02022 Q4 · CEO: +21.62023 Q1 · CEO: +14.32023 Q2 · CEO: +10.72023 Q3 · CEO: +18.02023 Q4 · CEO: +9.12024 Q1 · CEO: +20.22024 Q4 · CEO: +25.82025 Q3 · CEO: +18.82025 Q4 · CEO: +28.72009 Q1 · CFO: +12.72009 Q2 · CFO: +21.32009 Q3 · CFO: +18.62010 Q2 · CFO: +20.12010 Q3 · CFO: +9.52010 Q4 · CFO: -50.02011 Q1 · CFO: +17.52011 Q3 · CFO: +17.92011 Q4 · CFO: +23.32012 Q1 · CFO: +13.42012 Q2 · CFO: +23.02012 Q3 · CFO: +25.82012 Q4 · CFO: +35.82013 Q3 · CFO: +16.72014 Q1 · CFO: +19.62014 Q2 · CFO: +9.32014 Q3 · CFO: -0.72014 Q4 · CFO: +27.92015 Q1 · CFO: +18.22015 Q2 · CFO: +8.62015 Q3 · CFO: +1.82015 Q4 · CFO: +2.02016 Q1 · CFO: +14.62016 Q2 · CFO: +5.92016 Q3 · CFO: +22.62017 Q1 · CFO: +27.52017 Q2 · CFO: +23.42017 Q3 · CFO: +24.62018 Q1 · CFO: +12.92018 Q2 · CFO: +23.32018 Q4 · CFO: +11.02019 Q4 · CFO: +15.82021 Q1 · CFO: +1.72021 Q2 · CFO: +13.42021 Q3 · CFO: +28.42021 Q4 · CFO: +15.72022 Q1 · CFO: +25.52022 Q2 · CFO: +31.22022 Q3 · CFO: +32.22022 Q4 · CFO: +16.82023 Q1 · CFO: +5.22023 Q2 · CFO: +18.82023 Q3 · CFO: +12.72023 Q4 · CFO: +1.42024 Q1 · CFO: +19.62024 Q2 · CFO: +21.02024 Q3 · CFO: +19.12024 Q4 · CFO: +25.32025 Q1 · CFO: +23.02025 Q2 · CFO: +22.42025 Q3 · CFO: +19.02025 Q4 · CFO: +22.8
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-39-19+0+19+392009 Q12011 Q32013 Q32015 Q32017 Q32020 Q42022 Q42024 Q42009 Q1 · Prepared remarks: +19.12009 Q2 · Prepared remarks: +21.22009 Q3 · Prepared remarks: +20.22010 Q2 · Prepared remarks: +20.02010 Q3 · Prepared remarks: +23.62010 Q4 · Prepared remarks: +18.92011 Q1 · Prepared remarks: +16.72011 Q2 · Prepared remarks: +15.42011 Q3 · Prepared remarks: +16.62011 Q4 · Prepared remarks: +13.22012 Q1 · Prepared remarks: +14.12012 Q2 · Prepared remarks: +14.92012 Q3 · Prepared remarks: +18.92012 Q4 · Prepared remarks: +33.62013 Q1 · Prepared remarks: +11.52013 Q2 · Prepared remarks: +25.22013 Q3 · Prepared remarks: +4.52013 Q4 · Prepared remarks: +27.32014 Q1 · Prepared remarks: +10.52014 Q2 · Prepared remarks: +21.22014 Q3 · Prepared remarks: +14.72014 Q4 · Prepared remarks: +17.12015 Q1 · Prepared remarks: +18.62015 Q2 · Prepared remarks: +18.72015 Q3 · Prepared remarks: +19.52015 Q4 · Prepared remarks: +17.82016 Q1 · Prepared remarks: +17.72016 Q2 · Prepared remarks: +19.72016 Q3 · Prepared remarks: +23.22016 Q4 · Prepared remarks: +18.62017 Q1 · Prepared remarks: +27.22017 Q2 · Prepared remarks: +25.52017 Q3 · Prepared remarks: +33.52017 Q4 · Prepared remarks: +16.72018 Q1 · Prepared remarks: +13.02018 Q2 · Prepared remarks: +29.42018 Q3 · Prepared remarks: +10.02018 Q4 · Prepared remarks: +18.92019 Q1 · Prepared remarks: +13.82019 Q4 · Prepared remarks: +30.62020 Q4 · Prepared remarks: +11.82021 Q1 · Prepared remarks: +4.42021 Q2 · Prepared remarks: +15.42021 Q3 · Prepared remarks: +23.82021 Q4 · Prepared remarks: +15.02022 Q1 · Prepared remarks: +24.72022 Q2 · Prepared remarks: +24.62022 Q3 · Prepared remarks: +27.02022 Q4 · Prepared remarks: +19.32023 Q1 · Prepared remarks: +9.52023 Q2 · Prepared remarks: +20.82023 Q3 · Prepared remarks: +18.12023 Q4 · Prepared remarks: +0.02024 Q1 · Prepared remarks: +23.12024 Q2 · Prepared remarks: +25.12024 Q3 · Prepared remarks: +19.22024 Q4 · Prepared remarks: +25.52025 Q1 · Prepared remarks: +26.62025 Q2 · Prepared remarks: +24.22025 Q3 · Prepared remarks: +19.52025 Q4 · Prepared remarks: +22.72018 Q3 · Q&A responses: +10.72018 Q4 · Q&A responses: +10.72019 Q4 · Q&A responses: +14.12021 Q1 · Q&A responses: +6.52021 Q2 · Q&A responses: +11.32021 Q3 · Q&A responses: +18.52022 Q1 · Q&A responses: +20.12022 Q2 · Q&A responses: +20.12022 Q3 · Q&A responses: +15.02022 Q4 · Q&A responses: +20.32023 Q1 · Q&A responses: +13.62023 Q2 · Q&A responses: +7.52023 Q3 · Q&A responses: +13.52023 Q4 · Q&A responses: +12.12024 Q1 · Q&A responses: +13.92024 Q2 · Q&A responses: +18.92024 Q3 · Q&A responses: +21.52024 Q4 · Q&A responses: +21.62025 Q1 · Q&A responses: +24.42025 Q2 · Q&A responses: +19.22025 Q3 · Q&A responses: +18.92025 Q4 · Q&A responses: +25.7
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$1.28$2.06$2.842009 Q12011 Q32013 Q32015 Q32017 Q32020 Q42022 Q42024 Q42014 Q1: $1.792014 Q2: $1.792014 Q3: $1.782014 Q4: $1.742015 Q1: $1.652015 Q2: $1.622015 Q3: $1.562015 Q4: $1.402016 Q1: $1.392016 Q2: $1.452016 Q3: $1.472016 Q4: $1.452017 Q1: $1.452017 Q2: $1.482017 Q3: $1.512017 Q4: $1.552018 Q1: $1.662018 Q2: $1.632018 Q3: $1.602018 Q4: $1.572019 Q1: $1.602019 Q4: $1.732020 Q4: $1.922021 Q1: $1.832021 Q2: $2.032021 Q3: $2.172021 Q4: $2.232022 Q1: $2.282022 Q2: $2.222022 Q3: $2.102022 Q4: $2.192023 Q1: $2.082023 Q2: $2.172023 Q3: $2.292023 Q4: $2.332024 Q1: $2.392024 Q2: $2.532024 Q3: $2.632024 Q4: $2.73

Forward P/E

12.1623.9835.812009 Q12011 Q32013 Q32015 Q32017 Q32020 Q42022 Q42024 Q42014 Q1: 13.812014 Q2: 14.122014 Q3: 14.282014 Q4: 16.112015 Q1: 16.722015 Q2: 14.932015 Q3: 13.792015 Q4: 14.352016 Q1: 16.362016 Q2: 16.412016 Q3: 16.182016 Q4: 16.412017 Q1: 16.212017 Q2: 17.952017 Q3: 17.592017 Q4: 20.982018 Q1: 17.622018 Q2: 17.192018 Q3: 19.802018 Q4: 19.182019 Q1: 20.592019 Q4: 23.052020 Q4: 25.322021 Q1: 24.142021 Q2: 22.502021 Q3: 22.242021 Q4: 21.772022 Q1: 21.252022 Q2: 17.932022 Q3: 21.382022 Q4: 22.382023 Q1: 22.432023 Q2: 24.122023 Q3: 23.952023 Q4: 22.012024 Q1: 25.662024 Q2: 26.682024 Q3: 30.052024 Q4: 34.18

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2014 Q4 tone ↑ +2.6 fwd EPS ↓ -0.04 Tone rose while the forward EPS estimate was cut.
  • 2017 Q4 tone ↓ -16.8 fwd EPS ↑ +0.04 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q1 tone ↓ -3.7 fwd EPS ↑ +0.10 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q2 tone ↑ +10.7 fwd EPS ↓ -0.03 Tone rose while the forward EPS estimate was cut.
  • 2018 Q4 tone ↑ +6.5 fwd EPS ↓ -0.03 Tone rose while the forward EPS estimate was cut.
  • 2020 Q4 tone ↓ -4.2 fwd EPS ↑ +0.18 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q4 tone ↓ -2.6 fwd EPS ↑ +0.07 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q4 tone ↓ -7.6 fwd EPS ↑ +0.04 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q3 tone ↓ -3.2 fwd EPS ↑ +0.10 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q42025-02-20+19.5——View →
2025 Q32024-11-19+15.9——View →
2025 Q22024-08-15+16.8——View →
2025 Q12024-05-16+21.2——View →
2024 Q42024-02-20+20.3$2.7334.2View →
2024 Q32023-11-16+15.3$2.6330.1View →
2024 Q22023-08-17+18.6$2.5326.7View →
2024 Q12023-05-18+14.6$2.3925.7View →