Walmart Financials

WMT

Source SEC Filings (10-K/10-Q) Updated Jan 31, 2026 Currency USD FYE January

This page shows Walmart (WMT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Earnings Quality Cash-Backed

1.90x

For every $1 of reported earnings, Walmart generates $1.90 in operating cash flow ($41.6B OCF vs $21.9B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

12.9x

Walmart earns $12.9 in operating income for every $1 of interest expense ($29.8B vs $2.3B). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$713.2B

YoY+4.7%

5Y CAGR+5.0%

10Y CAGR+4.0%

Walmart generated $713.2B in revenue in fiscal year 2026. This represents an increase of 4.7% from the prior year.

EBITDA

$44.0B

YoY+4.0%

5Y CAGR+5.5%

10Y CAGR+2.8%

Walmart's EBITDA was $44.0B in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 4.0% from the prior year.

Net Income

$21.9B

YoY+12.6%

5Y CAGR+10.1%

10Y CAGR+4.1%

Walmart reported $21.9B in net income in fiscal year 2026. This represents an increase of 12.6% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$14.9B

YoY+17.9%

5Y CAGR-10.4%

10Y CAGR-0.7%

Walmart generated $14.9B in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 17.9% from the prior year.

Cash & Debt

N/A

Dividends Per Share

N/A

Shares Outstanding

7.97B

YoY-0.6%

5Y CAGR+23.1%

10Y CAGR+9.8%

Walmart had 7.97B shares outstanding in fiscal year 2026. This represents a decrease of 0.6% from the prior year.

Margins & Returns

Gross Margin

24.9%

YoY+0.1pp

5Y CAGR+0.1pp

10Y CAGR-0.2pp

Walmart's gross margin was 24.9% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is up 0.1 percentage points from the prior year.

Operating Margin

4.2%

YoY-0.1pp

5Y CAGR+0.1pp

10Y CAGR-0.8pp

Walmart's operating margin was 4.2% in fiscal year 2026, reflecting core business profitability. This is down 0.1 percentage points from the prior year.

Net Margin

3.1%

YoY+0.2pp

5Y CAGR+0.7pp

10Y CAGR+0.0pp

Walmart's net profit margin was 3.1% in fiscal year 2026, showing the share of revenue converted to profit. This is up 0.2 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

$8.1B

YoY+80.0%

5Y CAGR+25.2%

10Y CAGR+7.0%

Walmart spent $8.1B on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 80.0% from the prior year.

Capital Expenditures

$26.6B

YoY+12.0%

5Y CAGR+21.0%

10Y CAGR+8.8%

Walmart invested $26.6B in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents an increase of 12.0% from the prior year.

WMT Income Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Revenue	$713.2B+4.7%	$681.0B+5.1%	$648.1B+6.0%	$611.3B+6.7%	$572.8B+2.4%	$559.2B
Cost of Revenue	$535.4B+4.6%	$511.8B+4.4%	$490.1B+5.7%	$463.7B+8.1%	$429.0B+2.1%	$420.3B
Gross Profit	$177.8B+5.0%	$169.2B+7.1%	$158.0B+7.1%	$147.6B+2.7%	$143.8B+3.5%	$138.8B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$147.9B+5.8%	$139.9B+6.8%	$131.0B+3.0%	$127.1B+7.9%	$117.8B+1.3%	$116.3B
Operating Income	$29.8B+1.6%	$29.3B+8.6%	$27.0B+32.2%	$20.4B-21.3%	$25.9B+15.1%	$22.5B
Interest Expense	$2.3B+3.1%	$2.2B-0.4%	$2.3B+26.4%	$1.8B+6.8%	$1.7B-15.3%	$2.0B
Income Tax	$7.2B+17.0%	$6.2B+10.3%	$5.6B-2.6%	$5.7B+20.4%	$4.8B-30.7%	$6.9B
Net Income	$21.9B+12.6%	$19.4B+25.3%	$15.5B+32.8%	$11.7B-14.6%	$13.7B+1.2%	$13.5B
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	$190.7B+6.2%	$179.5B+1.2%	$177.4B+7.1%	$165.6B-8.3%	$180.6B+6.5%	$169.6B+0.1%	$169.3B+4.8%	$161.5B
Cost of Revenue	$143.6B+6.6%	$134.7B+1.5%	$132.8B+6.8%	$124.3B-8.7%	$136.2B+6.9%	$127.3B+0.4%	$126.8B+4.4%	$121.4B
Gross Profit	$47.0B+5.0%	$44.8B+0.4%	$44.6B+8.0%	$41.3B-6.9%	$44.4B+5.1%	$42.2B-0.7%	$42.5B+6.1%	$40.1B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$38.3B+0.6%	$38.1B+2.0%	$37.3B+9.3%	$34.2B-6.4%	$36.5B+2.8%	$35.5B+2.8%	$34.6B+4.1%	$33.2B
Operating Income	$8.7B+30.0%	$6.7B-8.1%	$7.3B+2.1%	$7.1B-9.2%	$7.9B+17.2%	$6.7B-15.5%	$7.9B+16.1%	$6.8B
Interest Expense	$585.0M+3.9%	$563.0M-13.5%	$651.0M+25.4%	$519.0M-13.4%	$599.0M+20.8%	$496.0M-11.0%	$557.0M-6.7%	$597.0M
Income Tax	$1.6B-24.8%	$2.1B-3.2%	$2.2B+60.0%	$1.4B-11.9%	$1.5B+11.1%	$1.4B-7.9%	$1.5B-13.1%	$1.7B
Net Income	$4.2B-31.0%	$6.1B-12.6%	$7.0B+56.6%	$4.5B-14.6%	$5.3B+14.8%	$4.6B+1.7%	$4.5B-11.8%	$5.1B
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

WMT Balance Sheet

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Total Assets	N/A	$262.4B+3.3%	$254.1B+3.7%	$245.1B-0.4%	$246.1B+4.0%	$236.6B
Current Assets	N/A	$80.3B+4.0%	$77.2B-1.7%	$78.5B-5.7%	$83.2B+8.7%	$76.6B
Cash & Equivalents	N/A	$9.3B-1.0%	$9.4B-11.1%	$10.6B-10.5%	$11.8B-48.3%	$22.8B
Inventory	N/A	$57.5B+3.8%	$55.4B-2.7%	$56.9B-7.0%	$61.2B+32.0%	$46.4B
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	$28.9B+3.1%	$28.0B-1.1%	$28.3B-3.8%	$29.4B+2.0%	$28.9B
Total Liabilities	N/A	$178.6B+3.4%	$172.8B+0.1%	$172.6B+2.0%	$169.2B+7.0%	$158.2B
Current Liabilities	N/A	$102.9B+7.1%	$96.1B+0.6%	$95.5B-1.1%	$96.5B+19.4%	$80.8B
Long-Term Debt	N/A	$36.5B+1.6%	$35.9B-5.8%	$38.1B+18.5%	$32.2B-20.1%	$40.3B
Total Equity	N/A	$83.8B+3.1%	$81.3B+12.3%	$72.4B-5.8%	$76.9B-1.8%	$78.3B
Retained Earnings	N/A	$90.8B+4.1%	$87.2B+11.8%	$78.0B-3.1%	$80.5B-2.5%	$82.6B

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Total Assets	$284.7B-1.4%	$288.7B+6.6%	$270.8B+3.2%	$262.4B+0.6%	$260.8B-1.0%	$263.4B+3.5%	$254.4B+0.2%	$254.1B
Current Assets	$84.9B-8.7%	$92.9B+13.3%	$82.0B+2.2%	$80.3B+1.0%	$79.5B-8.6%	$86.9B+13.6%	$76.5B-0.8%	$77.2B
Cash & Equivalents	$10.7B+1.4%	$10.6B+12.2%	$9.4B+1.3%	$9.3B+3.0%	$9.0B-10.1%	$10.0B+14.1%	$8.8B-6.3%	$9.4B
Inventory	$58.9B-10.0%	$65.4B+13.2%	$57.7B+0.5%	$57.5B+1.8%	$56.4B-10.8%	$63.3B+13.8%	$55.6B+0.4%	$55.4B
Accounts Receivable	$4.9B	N/A	N/A	N/A	$4.4B	N/A	N/A	N/A
Goodwill	$28.7B0.0%	$28.7B-1.2%	$29.1B+0.7%	$28.9B+0.3%	$28.8B+3.0%	$27.9B0.0%	$27.9B-0.2%	$28.0B
Total Liabilities	$185.1B-3.9%	$192.6B+6.5%	$180.7B+1.2%	$178.6B+5.2%	$169.8B-3.1%	$175.3B+3.1%	$170.0B-1.6%	$172.8B
Current Liabilities	$107.5B-7.1%	$115.7B+11.7%	$103.6B+0.6%	$102.9B+6.6%	$96.6B-5.8%	$102.6B+7.7%	$95.3B-0.9%	$96.1B
Long-Term Debt	$34.6B+0.5%	$34.4B-3.4%	$35.6B-2.4%	$36.5B+9.3%	$33.4B-0.7%	$33.6B-4.9%	$35.4B-1.6%	$35.9B
Total Equity	$99.6B+3.7%	$96.1B+6.6%	$90.1B+7.5%	$83.8B-7.9%	$91.0B+3.3%	$88.1B+4.4%	$84.4B+3.9%	$81.3B
Retained Earnings	$104.8B+3.2%	$101.6B+5.4%	$96.3B+6.0%	$90.8B-7.6%	$98.3B+4.1%	$94.4B+4.0%	$90.8B+4.1%	$87.2B

WMT Cash Flow Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	$41.6B+14.1%	$36.4B+2.0%	$35.7B+23.9%	$28.8B+19.3%	$24.2B-33.0%	$36.1B
Capital Expenditures	$26.6B+12.0%	$23.8B+15.4%	$20.6B+22.2%	$16.9B+28.6%	$13.1B+27.7%	$10.3B
Free Cash Flow	$14.9B+17.9%	$12.7B-16.3%	$15.1B+26.2%	$12.0B+8.2%	$11.1B-57.1%	$25.8B
Investing Cash Flow	-$26.4B-23.3%	-$21.4B-0.4%	-$21.3B-20.1%	-$17.7B-194.6%	-$6.0B+40.3%	-$10.1B
Financing Cash Flow	-$13.6B+8.6%	-$14.8B-10.5%	-$13.4B+21.3%	-$17.0B+25.4%	-$22.8B-41.6%	-$16.1B
Dividends Paid	$7.5B+12.2%	$6.7B+8.9%	$6.1B+0.4%	$6.1B-0.6%	$6.2B+0.6%	$6.1B
Share Buybacks	$8.1B+80.0%	$4.5B+61.7%	$2.8B-72.0%	$9.9B+1.4%	$9.8B+272.8%	$2.6B

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Operating Cash Flow	$14.1B+55.1%	$9.1B-29.7%	$12.9B+139.2%	$5.4B-60.0%	$13.5B+106.1%	$6.6B-45.8%	$12.1B+185.0%	$4.2B
Capital Expenditures	$8.0B+11.0%	$7.2B+12.4%	$6.4B+28.8%	$5.0B-29.6%	$7.1B+14.5%	$6.2B+6.1%	$5.8B+24.7%	$4.7B
Free Cash Flow	$6.1B+224.0%	$1.9B-71.1%	$6.5B+1433.6%	$425.0M-93.4%	$6.4B+1630.6%	$372.0M-94.1%	$6.3B+1570.0%	-$427.0M
Investing Cash Flow	-$7.3B+6.5%	-$7.8B-28.3%	-$6.1B-19.9%	-$5.1B+41.6%	-$8.7B-244.2%	-$2.5B+55.7%	-$5.7B-29.7%	-$4.4B
Financing Cash Flow	-$6.5B-34326.3%	-$19.0M+99.7%	-$7.0B-87612.5%	$8.0M+100.2%	-$5.1B-88.7%	-$2.7B+58.8%	-$6.6B-1963.6%	-$321.0M
Dividends Paid	$1.9B+0.1%	$1.9B0.0%	$1.9B-0.3%	$1.9B+11.6%	$1.7B+1.0%	$1.7B+0.2%	$1.7B-0.4%	$1.7B
Share Buybacks	$1.1B+33.7%	$808.0M-50.9%	$1.6B-63.9%	$4.6B+215.2%	$1.4B+47.9%	$977.0M-3.6%	$1.0B-4.3%	$1.1B

WMT Financial Ratios

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Gross Margin	24.9%+0.1pp	24.9%+0.5pp	24.4%+0.2pp	24.1%-1.0pp	25.1%+0.3pp	24.8%
Operating Margin	4.2%-0.1pp	4.3%+0.1pp	4.2%+0.8pp	3.3%-1.2pp	4.5%+0.5pp	4.0%
Net Margin	3.1%+0.2pp	2.9%+0.5pp	2.4%+0.5pp	1.9%-0.5pp	2.4%-0.0pp	2.4%
Return on Equity	N/A	23.2%+4.1pp	19.1%+2.9pp	16.1%-1.7pp	17.8%+0.5pp	17.3%
Return on Assets	N/A	7.4%+1.3pp	6.1%+1.3pp	4.8%-0.8pp	5.5%-0.2pp	5.7%
Current Ratio	N/A	0.78-0.0	0.80-0.0	0.82-0.0	0.86-0.1	0.95
Debt-to-Equity	N/A	0.440.0	0.44-0.1	0.53+0.1	0.42-0.1	0.51
FCF Margin	2.1%+0.2pp	1.9%-0.5pp	2.3%+0.4pp	2.0%+0.0pp	1.9%-2.7pp	4.6%

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Gross Margin	24.7%-0.3pp	24.9%-0.2pp	25.2%+0.2pp	24.9%+0.4pp	24.6%-0.3pp	24.9%-0.2pp	25.1%+0.3pp	24.8%
Operating Margin	4.6%+0.8pp	3.7%-0.4pp	4.1%-0.2pp	4.3%-0.0pp	4.3%+0.4pp	4.0%-0.7pp	4.7%+0.4pp	4.2%
Net Margin	2.2%-1.2pp	3.4%-0.5pp	4.0%+1.3pp	2.7%-0.2pp	2.9%+0.2pp	2.7%+0.0pp	2.7%-0.5pp	3.2%
Return on Equity	4.3%-2.1pp	6.4%-1.4pp	7.8%+2.5pp	5.3%-0.4pp	5.8%+0.6pp	5.2%-0.1pp	5.3%-0.9pp	6.3%
Return on Assets	1.5%-0.6pp	2.1%-0.5pp	2.6%+0.9pp	1.7%-0.3pp	2.0%+0.3pp	1.7%-0.0pp	1.8%-0.2pp	2.0%
Current Ratio	0.79-0.0	0.80+0.0	0.79+0.0	0.78-0.0	0.82-0.0	0.85+0.0	0.800.0	0.80
Debt-to-Equity	0.35-0.0	0.36-0.0	0.40-0.0	0.44+0.1	0.37-0.0	0.38-0.0	0.42-0.0	0.44
FCF Margin	3.2%+2.1pp	1.1%-2.6pp	3.7%+3.4pp	0.3%-3.3pp	3.6%+3.4pp	0.2%-3.5pp	3.7%+4.0pp	-0.3%

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Frequently Asked Questions

What is Walmart's annual revenue?

Walmart (WMT) reported $713.2B in total revenue for fiscal year 2026. This represents a 4.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Walmart's revenue growing?

Walmart (WMT) revenue grew by 4.7% year-over-year, from $681.0B to $713.2B in fiscal year 2026.

Is Walmart profitable?

Yes, Walmart (WMT) reported a net income of $21.9B in fiscal year 2026, with a net profit margin of 3.1%.

What is Walmart's EBITDA?

Walmart (WMT) had EBITDA of $44.0B in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.

What is Walmart's gross margin?

Walmart (WMT) had a gross margin of 24.9% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.

What is Walmart's operating margin?

Walmart (WMT) had an operating margin of 4.2% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.

What is Walmart's net profit margin?

Walmart (WMT) had a net profit margin of 3.1% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.

What is Walmart's free cash flow?

Walmart (WMT) generated $14.9B in free cash flow during fiscal year 2026. This represents a 17.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Walmart's operating cash flow?

Walmart (WMT) generated $41.6B in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

What are Walmart's capital expenditures?

Walmart (WMT) invested $26.6B in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.

Does Walmart buy back shares?

Yes, Walmart (WMT) spent $8.1B on share buybacks during fiscal year 2026, returning capital to shareholders by reducing shares outstanding.

How many shares does Walmart have outstanding?

Walmart (WMT) had 7.97B shares outstanding as of fiscal year 2026.

Are Walmart's earnings high quality?

Walmart (WMT) has an earnings quality ratio of 1.90x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Walmart cover its interest payments?

Walmart (WMT) has an interest coverage ratio of 12.9x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.