Walmart Rides E-commerce Wave Past Procter & Gamble

Walmart and Procter & Gamble are two consumer giants navigating tariffs and growth. Walmart's e-commerce jumped 26% and marketplace sales nearly 50%, while P&G faces a $400M annual tariff hit with only 3% organic growth.

P&G's gross productivity savings of 210 basis points, roughly $10 billion in dividends, and $5 billion in buybacks planned for FY26, show it playing a tighter game. In contrast, Walmart is reinvesting aggressively, with capex up 34% to $6.684 billion, pushing free cash flow to -$1.9 billion in the quarter.

Walmart's 21% one-year gain reflects real operating momentum, not just multiple expansion. The company's e-commerce growth and marketplace sales are driving its success, while P&G is leaning on pricing and productivity to hold the line.