Walmart (WMT) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 8, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2027, filed Aug 28, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the WMT SEC filings page.
Walmart (WMT) reported $735.8B in revenue over the twelve months to Jul 31, 2026, up 6.2% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Low-margin, high-volume retail converts operating cash into continuous physical-network reinvestment rather than outsized margins.
In FY2026, operating cash flow reached$41.6B while free cash flow was only$14.9B , showing that capital spending absorbs much of internally generated cash. The gap means rising accounting earnings do not translate one-for-one into cash available after maintaining and expanding the operating footprint.
Revenue increased from
The FY2026 current ratio of 0.8x indicates current liabilities exceed current assets, while debt-to-equity fell to 0.3x; short-term working-capital tightness is therefore distinct from modest long-term debt leverage. Capex reached
Financial Health Signals
Scored against operating companies for FY2026. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Walmart's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Walmart has an operating margin of 4.2%, meaning the company retains $4 of operating profit per $100 of revenue. This results in a moderate score of 61/100, indicating healthy but not exceptional operating efficiency. This is down from 4.3% the prior year.
Walmart's revenue grew a modest 4.7% year-over-year to $713.2B. This slow but positive growth earns a score of 50/100.
Walmart has a moderate D/E ratio of 0.35. This balance of debt and equity financing earns a leverage score of 59/100.
Walmart's current ratio of 0.79 is below the typical benchmark, resulting in a score of 11/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Walmart has a free cash flow margin of 2.1%, earning a moderate score of 33/100. The company generates positive cash flow after capital investments, but with room for improvement.
Walmart earns a strong 22.0% return on equity (ROE), meaning it generates $22 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 87/100. This is up from 21.4% the prior year.
Walmart scores 6.01, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Walmart passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
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.
Walmart earns $12.87 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
Earnings & Revenue
Walmart generated $187.9B in revenue in Q2 2027. This represents an increase of 5.9% from the same quarter a year earlier. Against the prior quarter it is up 5.7%.
Walmart's EBITDA was $13.3B in Q2 2027, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 23.5% from the same quarter a year earlier. Against the prior quarter it is up 17.6%.
Walmart reported $6.4B in net income in Q2 2027. This represents a decrease of 9.4% from the same quarter a year earlier. Against the prior quarter it is up 19.4%.
Walmart earned $0.80 per diluted share (EPS) in Q2 2027. This represents a decrease of 9.1% from the same quarter a year earlier. Against the prior quarter it is up 19.4%.
Cash & Balance Sheet
Walmart generated $7.5B in free cash flow in Q2 2027, representing cash available after capex. This represents an increase of 14.7% from the same quarter a year earlier. Against the prior quarter it is up 484.1%.
Walmart held $11.5B in cash against $36.5B in long-term debt as of Q2 2027.
Walmart paid $0.00 per share in dividends in Q2 2027. Against the prior quarter it is down 100.0%.
Margins & Returns
Walmart's gross margin was 26.1% in Q2 2027, indicating the percentage of revenue retained after direct costs. This is up 1.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.0 percentage points.
Walmart's operating margin was 5.0% in Q2 2027, reflecting core business profitability. This is up 0.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.8 percentage points.
Walmart's net profit margin was 3.4% in Q2 2027, showing the share of revenue converted to profit. This is down 0.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.4 percentage points.
Walmart's ROE was 6.5% in Q2 2027, measuring profit generated per dollar of shareholder equity. This is down 1.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.8 percentage points.
Capital Allocation
Walmart spent $3.0B on share buybacks in Q2 2027, returning capital to shareholders by reducing shares outstanding. This represents an increase of 83.8% from the same quarter a year earlier. Against the prior quarter it is up 45.4%.
Walmart invested $7.5B in capex in Q2 2027, funding long-term assets and infrastructure. This represents an increase of 16.7% from the same quarter a year earlier. Against the prior quarter it is up 12.2%.
Not reported for Q2 2027.
WMT Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2710-Q | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $187.9B+5.9% | $177.8B+7.3% | $190.7B+5.6% | $179.5B+5.8% | $177.4B+4.8% | $165.6B+2.5% | $180.6B+4.1% | $169.6B+5.5% |
| Cost of Revenue | $138.8B+4.5% | $133.1B+7.0% | $143.6B+5.5% | $134.7B+5.8% | $132.8B+4.7% | $124.3B+2.4% | $136.2B+3.3% | $127.3B+5.1% |
| Gross Profit | $49.1B+10.1% | $44.7B+8.2% | $47.0B+6.0% | $44.8B+6.0% | $44.6B+5.0% | $41.3B+3.1% | $44.4B+6.8% | $42.2B+6.6% |
| SG&A Expenses | $39.8B+6.4% | $37.2B+8.9% | $38.3B+5.0% | $38.1B+7.2% | $37.3B+8.0% | $34.2B+2.8% | $36.5B+6.5% | $35.5B+6.3% |
| Operating Income | $9.4B+28.8% | $7.5B+5.0% | $8.7B+10.8% | $6.7B-0.2% | $7.3B-8.2% | $7.1B+4.3% | $7.9B+8.3% | $6.7B+8.2% |
| EBITDA | $13.3B+23.5% | $11.3B+7.7% | $12.4B+10.8% | $10.3B+3.4% | $10.8B-3.4% | $10.5B+5.4% | $11.2B+8.3% | $10.0B+8.5% |
| Interest Expense | $137.0M-79.0% | $574.0M+10.6% | $585.0M-2.3% | $563.0M+13.5% | $651.0M+16.9% | $519.0M-13.1% | $599.0M+4.0% | $496.0M-13.3% |
| Income Tax | $1.5B-31.6% | $1.7B+22.4% | $1.6B+2.6% | $2.1B+51.6% | $2.2B+44.3% | $1.4B-21.6% | $1.5B-16.4% | $1.4B+408.8% |
| Net Income | $6.4B-9.4% | $5.3B+18.8% | $4.2B-19.4% | $6.1B+34.2% | $7.0B+56.1% | $4.5B-12.1% | $5.3B-4.4% | $4.6B+910.4% |
| EPS (Basic) | $0.80-9.1% | $0.67+19.6% | $0.53-19.7% | $0.77+35.1% | $0.88+57.1% | $0.56-11.1% | $0.66-2.9% | $0.57+850.0% |
| EPS (Diluted) | $0.80-9.1% | $0.67+19.6% | $0.53-19.7% | $0.77+35.1% | $0.88+57.1% | $0.56-11.1% | $0.66-1.5% | $0.57 |
| Diluted Shares (Avg) | 7.98B-0.5% | 8.00B-0.6% | N/A | 8.01B-0.9% | 8.02B-0.8% | 8.05B-0.4% | N/A | 8.08B |
Not reported in any period shown, so not listed: R&D Expenses.
WMT Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2710-Q | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $293.9B+8.5% | $289.6B+10.4% | $284.7B+9.1% | $288.7B+9.6% | $270.8B+6.4% | $262.4B+3.3% | $260.8B+3.3% | $263.4B+1.6% |
| Current Assets | $88.7B+8.1% | $88.4B+10.1% | $84.9B+6.8% | $92.9B+6.9% | $82.0B+7.2% | $80.3B+4.0% | $79.5B+3.4% | $86.9B-1.6% |
| Cash & Equivalents | $11.5B+22.2% | $10.7B+15.2% | $10.7B+18.7% | $10.6B+5.3% | $9.4B+7.0% | $9.3B-1.0% | $9.0B-8.4% | $10.0B-17.3% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $61.6B+6.7% | $62.6B+8.9% | $58.9B+4.3% | $65.4B+3.2% | $57.7B+3.8% | $57.5B+3.8% | $56.4B+2.8% | $63.3B-1.0% |
| Accounts Receivable | N/A | N/A | $4.9B+11.4% | N/A | N/A | N/A | $4.4B+18.9% | N/A |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $28.3B-2.8% | $28.2B-2.5% | $28.7B-0.2% | $28.7B+2.8% | $29.1B+4.0% | $28.9B+3.1% | $28.8B+2.4% | $27.9B-0.3% |
| Total Liabilities | $195.7B+8.3% | $195.3B+9.4% | $185.1B+9.0% | $192.6B+9.9% | $180.7B+6.3% | $178.6B+3.4% | $169.8B+0.8% | $175.3B-2.5% |
| Current Liabilities | $115.6B+11.6% | $114.6B+11.3% | $107.5B+11.3% | $115.7B+12.8% | $103.6B+8.7% | $102.9B+7.1% | $96.6B+4.5% | $102.6B-1.6% |
| Non-Current Liabilities | $80.0B+3.7% | $80.7B+6.7% | $77.6B+5.9% | $76.8B+5.6% | $77.2B+3.2% | $75.7B-1.3% | $73.2B-3.8% | $72.7B-3.6% |
| Long-Term Debt | $36.5B+2.3% | $36.9B+1.0% | $34.6B+3.7% | $34.4B+2.4% | $35.6B+0.8% | $36.5B+1.6% | $33.4B-7.6% | $33.6B-7.4% |
| Total Equity | $98.2B+9.0% | $94.3B+12.6% | $99.6B+9.5% | $96.1B+9.1% | $90.1B+6.7% | $83.8B+3.1% | $91.0B+8.5% | $88.1B+10.9% |
| Retained Earnings | $103.6B+7.6% | $100.2B+10.3% | $104.8B+6.6% | $101.6B+7.5% | $96.3B+6.1% | $90.8B+4.1% | $98.3B+9.5% | $94.4B+10.0% |
WMT Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2710-Q | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $15.0B+15.7% | $4.7B-12.4% | $14.1B+4.3% | $9.1B+38.7% | $12.9B+6.9% | $5.4B+27.3% | $13.5B-19.1% | $6.6B+707.0% |
| Depreciation & Amortization | $3.9B+12.6% | $3.8B+13.4% | $3.7B+10.9% | $3.6B+10.6% | $3.5B+8.6% | $3.4B+7.7% | $3.4B+8.2% | $3.3B+9.2% |
| Capital Expenditures | $7.5B+16.7% | $6.7B+34.1% | $8.0B+13.1% | $7.2B+16.6% | $6.4B+10.2% | $5.0B+6.6% | $7.1B+19.5% | $6.2B+13.4% |
| Free Cash Flow | $7.5B+14.7% | -$1.9B-557.9% | $6.1B-5.3% | $1.9B+405.9% | $6.5B+3.8% | $425.0M+199.5% | $6.4B-40.3% | $372.0M+108.0% |
| Investing Cash Flow | -$7.5B-23.3% | -$6.7B-32.3% | -$7.3B+16.0% | -$7.8B-209.2% | -$6.1B-6.8% | -$5.1B-15.5% | -$8.7B-47.4% | -$2.5B+53.7% |
| Financing Cash Flow | -$7.2B-2.4% | $2.3B+29000.0% | -$6.5B-27.0% | -$19.0M+99.3% | -$7.0B-5.7% | $8.0M+102.5% | -$5.1B+61.1% | -$2.7B-187.2% |
| Dividends Paid | $2.0B+5.2% | $2.0B+4.9% | $1.9B+11.5% | $1.9B+12.4% | $1.9B+12.6% | $1.9B+12.5% | $1.7B+9.8% | $1.7B+8.7% |
| Share Buybacks | $3.0B+83.8% | $2.1B-54.3% | $1.1B-25.3% | $808.0M-17.3% | $1.6B+62.4% | $4.6B+330.1% | $1.4B-3.5% | $977.0M+780.2% |
Not reported in any period shown, so not listed: Stock-Based Compensation.
WMT Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2710-Q | Q1'2710-Q | Q4'2610-Q | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 26.1%+1.0pp | 25.1%+0.2pp | 24.7%+0.1pp | 24.9%0.0pp | 25.2%+0.1pp | 24.9%+0.1pp | 24.6%+0.6pp | 24.9%+0.3pp |
| Operating Margin | 5.0%+0.9pp | 4.2%-0.1pp | 4.6%+0.2pp | 3.7%-0.2pp | 4.1%-0.6pp | 4.3%+0.1pp | 4.3%+0.2pp | 4.0%+0.1pp |
| Net Margin | 3.4%-0.6pp | 3.0%+0.3pp | 2.2%-0.7pp | 3.4%+0.7pp | 4.0%+1.3pp | 2.7%-0.5pp | 2.9%-0.3pp | 2.7%+2.4pp |
| Return on Equity | 6.5%-1.3pp | 5.7%+0.3pp | 4.3%-1.5pp | 6.4%+1.2pp | 7.8%+2.5pp | 5.3%-0.9pp | 5.8%-0.8pp | 5.2%+4.6pp |
| Return on Assets | 2.2%-0.4pp | 1.8%+0.1pp | 1.5%-0.5pp | 2.1%+0.4pp | 2.6%+0.8pp | 1.7%-0.3pp | 2.0%-0.2pp | 1.7%+1.6pp |
| Current Ratio | 0.770.0x | 0.770.0x | 0.790.0x | 0.800.0x | 0.790.0x | 0.780.0x | 0.820.0x | 0.850.0x |
| Debt-to-Equity | 0.370.0x | 0.390.0x | 0.350.0x | 0.360.0x | 0.400.0x | 0.440.0x | 0.37-0.1x | 0.38-0.1x |
| Asset Turnover | 0.640.0x | 0.610.0x | 0.670.0x | 0.620.0x | 0.660.0x | 0.630.0x | 0.690.0x | 0.640.0x |
| FCF Margin | 4.0%+0.3pp | -1.1%-1.4pp | 3.2%-0.4pp | 1.1%+0.8pp | 3.7%0.0pp | 0.3%+0.5pp | 3.6%-2.6pp | 0.2%+3.1pp |
Note: The current ratio is below 1.0 (0.79), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Walmart WMT | FY2026 | $713.2B | $21.9B | 3.1% | $844.0B | 50/100 |
| Costco Wholesale Corporation COST | FY2025 | $275.2B | $8.1B | 2.9% | $406.1B | 61/100 |
| Target TGT | FY2025 | $104.8B | $3.7B | 3.5% | $74.7B | 43/100 |
| Dollar General DG | FY2025 | $42.7B | $1.5B | 3.5% | $29.4B | 48/100 |
| Dollar Tree Inc DLTR | FY2025 | $19.4B | $1.3B | 6.6% | $24.7B | 55/100 |
| BJs Wholesale Club Holdings BJ | FY2025 | $21.5B | $578.0M | 2.7% | $11.8B | 51/100 |
Where Walmart Ranks
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.
How much debt does Walmart have?
As of fiscal year 2026, Walmart (WMT) had $10.7B in cash and equivalents against $34.6B in long-term debt.
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.
Does Walmart pay dividends?
Yes, Walmart (WMT) paid $0.94 per share in dividends during fiscal year 2026.
What is Walmart's return on equity (ROE)?
Walmart (WMT) has a return on equity of 22.0% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
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 total assets?
Walmart (WMT) had $284.7B in total assets as of fiscal year 2026, including both current and long-term assets.
What are Walmart's capital expenditures?
Walmart (WMT) invested $26.6B in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
What is Walmart's current ratio?
Walmart (WMT) had a current ratio of 0.79 as of fiscal year 2026, which is below 1.0, which may suggest potential liquidity concerns.
What is Walmart's debt-to-equity ratio?
Walmart (WMT) had a debt-to-equity ratio of 0.35 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Walmart's return on assets (ROA)?
Walmart (WMT) had a return on assets of 7.7% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is Walmart's P/E ratio?
Walmart (WMT) trades at 38.2x earnings, its market capitalization divided by net income of $22.1B net income, trailing 12 months to July 31, 2026. The market capitalization is $844.0B as of Sep 8, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Walmart's price-to-sales ratio?
Walmart (WMT) trades at 1.1x sales, its market capitalization divided by revenue of $735.8B revenue, trailing 12 months to July 31, 2026. The market capitalization is $844.0B as of Sep 8, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Walmart's Altman Z-Score?
Walmart (WMT) has an Altman Z-Score of 6.01, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Walmart's Piotroski F-Score?
Walmart (WMT) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
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 12.87x, 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.
How financially healthy is Walmart?
Walmart (WMT) scores 50 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.