The McMillon Decade: How Walmart Strengthened Its Position Under Its Outgoing CEO

A Period of Exceptional Market Performance

Walmart’s share price has more than quadrupled during the years McMillon served as CEO. CNBC reported a gain of about 312 percent between February 2014 and November 2025. Reuters and the Financial Times also noted that Walmart shares have delivered consistently strong results over the last decade, with positive annual returns in most years of McMillon’s tenure.

Walmart’s stock performance during his leadership stands out when compared with many other major retailers. According to multiple reports, only Amazon and Costco posted greater share appreciation during the same period. Target, Dollar General, Dollar Tree, Kroger, and Albertsons saw much smaller increases. Target rose roughly 60 percent and Albertsons rose about 16 percent over similar timeframes.

Walmart’s share price reflects investor confidence not only in its financial results, but also in the company’s ability to adapt to a changing retail environment.

Revenue Growth Through a Complex Retail Landscape

Walmart’s revenue tells an equally important story. Public filings show that the company generated about 486 billion dollars in the fiscal year ending January 2015. Revenue remained steady during McMillon’s first several years, then began to climb at a stronger pace.

In the fiscal year ending January 2024, Walmart reported annual revenue of approximately 648 billion dollars. By early 2025, the Financial Times reported that annual revenue had reached roughly 681 billion dollars, which represents a significant increase from the early years of McMillon’s tenure.

This year, according to CNBC, Walmart is on track to surpass 700 billion dollars in annual revenue for the first time. These gains have come during periods of inflation, shifting consumer priorities, and increased competition across grocery, general merchandise, and digital retail.

Guiding Walmart Through Historic Disruptions

McMillon’s leadership has been shaped by events that disrupted the global economy and changed the behavior of households across the country.

The COVID-19 pandemic

Walmart played a central role during the pandemic, keeping stores open and supply chains moving. The company expanded pickup, delivery, and online shopping, and these services became essential for millions of customers.

Inflation and economic uncertainty

During periods of high inflation, more shoppers turned to Walmart for value. The company gained share across income groups as households sought predictable prices and affordability.

Supply chain and tariff challenges

Walmart faced significant sourcing pressures and changes in import costs. The company adapted to these conditions while working to maintain stable pricing and reliable product availability.

Throughout these challenges, McMillon emphasized stability and long-term thinking. His calm, measured approach helped Walmart remain a steady presence during periods of rapid change.

Transforming Walmart Into a Modern Retail Competitor

One of the defining achievements of McMillon’s tenure has been the evolution of Walmart into a more digitally capable retailer.

Under his leadership, Walmart invested in:

• Grocery pickup and delivery across the United States
• Store remodels that support digital fulfillment
• Automation and improved forecasting in supply chain operations
• A growing third-party marketplace
• Walmart Connect, its advertising business
• Financial and health services that expanded its customer ecosystem

These investments created a more balanced business that integrates physical stores with online capabilities. Walmart’s omnichannel model is now one of its most important competitive strengths.

A Focus on Associates and Communities

McMillon also delivered meaningful changes for associates. The company raised wages for hourly workers, expanded scheduling tools, increased access to training, and launched new education programs, including debt-free college pathways. These initiatives improved associate experience during a time when frontline labor markets were under significant pressure.

Walmart also continued its commitments to sustainability and community support. Projects focused on renewable energy, emissions reduction, waste diversion, and supply chain transparency advanced during this period. These efforts reflected an understanding that long-term growth depends on both community trust and environmental responsibility.

Entering a New Era With a Strong Foundation

John Furner will become Walmart’s next CEO on February 1, 2026. Furner is also a long-tenured Walmart leader who began as an hourly associate and has held roles in stores, merchandising, international operations, Sam’s Club, and most recently Walmart U.S. He has been a central figure in Walmart’s progress over the last several years, particularly in its largest business segment.

The transition comes at a moment when Walmart is financially strong and strategically focused. The company has a clear direction, a diversified mix of businesses, and a modern infrastructure that supports continued growth in both stores and digital channels.

A Legacy That Strengthens Walmart’s Future

Doug McMillon’s time as CEO stands out as one of the most stable and productive leadership eras in Walmart’s history. Under his guidance, the company navigated global disruption, modernized its operations, expanded its digital capabilities, and delivered strong financial performance.

He leaves Walmart well positioned for the future. The company he hands off to his successor is larger, more resilient, and more competitive than it was when he stepped into the role. His influence will continue through the systems he built, the investments he championed, and the culture he reinforced throughout the organization.

As Walmart enters its next chapter, the foundations of the McMillon decade will remain an important part of its strength.

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