Walmart delivered another year of strong sales and profits, but executives expressed caution about an uncertain economic landscape.

The retail giant continues to attract shoppers from across the income spectrum, but faces headwinds from stubborn inflation and the risk of tariffs.

The retailer posted strong sales during the holiday quarter as shoppers looked for discounts on groceries and other items.

Walmart on Thursday forecast sales and profit for the fiscal year ending January 2026 below Wall Street estimates, suggesting the world’s largest retailer expects inflation-weary consumers to pull back after several quarters of solid growth.