Here's a nice problem to have: your company is doing so well that you get to pay your corporate staff more than you promised. That's the situation at Walmart Inc. (WMT), which is set to pay U.S. corporate employees 121% of their eligible bonuses next month. That's above the 100% target, a feat the retail giant has managed for at least three years running now.

It's a move that stands in contrast to some other retailers and comes close to matching last year's 122% payout. According to a memo seen by Bloomberg, these bonuses can actually go as high as 125%, depending on how both the company and the individual perform.

So, what's funding this generosity? A pretty solid run of business. Walmart has been winning by doing what it does best—attracting budget-conscious shoppers with low prices—while also successfully courting wealthier customers by expanding its online operations and fast-delivery services. This strategy helped propel the company's market value to $1 trillion for the first time earlier this month, just as new CEO John Furner takes the helm with a focus on steering the retailer further into the age of artificial intelligence.

The recent financials back up the celebratory mood. Last week, Walmart reported fourth-quarter adjusted earnings of 74 cents per share, beating the estimate of 73 cents. Revenue jumped 5.6% year-over-year to $190.70 billion, also topping expectations. The adjusted operating income rose a healthy 10.5%.

Digging into the numbers shows where the growth is coming from. Walmart U.S. revenue grew 4.6% to $129.2 billion, fueled by a 27% surge in e-commerce. International sales jumped 11.5% to $35.9 billion, led by strong performances from Flipkart, China, and Walmex. Sam's Club U.S. revenue grew 2.9% to $23.8 billion. Globally, e-commerce sales advanced 24%, and the high-margin advertising business was a star, with revenue up 37% (Walmart Connect alone was up 41%).

Rewarding shareholders, too, the company raised its annual dividend by 5% to 99 cents per share—marking an impressive 53rd consecutive year of increases—and approved a new $30 billion share buyback program.

But here's where the story gets a little more complicated. For all the good news, Walmart's look ahead is more cautious. The company issued a fiscal 2027 outlook that missed analyst expectations, projecting adjusted earnings between $2.75 and $2.85 per share and revenue in the range of $731.12 billion to $738.19 billion. For the current first quarter, it expects adjusted earnings of 63 to 65 cents per share on sales of $169.74 billion to $171.38 billion.

And in a symbolic shift, Amazon.com Inc. (AMZN) recently edged past Walmart to become the largest global company by revenue. Walmart's total revenue for the recent fiscal year was $713.2 billion, a 4.7% increase, but it trailed Amazon's full-year revenue of $716.9 billion.

Despite the cautious forecast and the revenue crown changing hands, investors have been bullish. Walmart stock is up 13% year-to-date and 34% over the past year. On the day the bonus news broke, shares were up over 2%.

So, the bonus checks are fat and the recent performance is strong, but the guidance suggests management is buckling up for a potentially tougher ride ahead. It's a classic case of rewarding past success while keeping a wary eye on the future.