Walmart
WMT Nasdaq Consumer Staples Merchandise Retail Financials FY2017–FY2026
Walmart's revenue rose 4.7% to $713.2 billion in fiscal 2026. Its operating margin was 4.2%, down from 4.3% a year earlier. Free cash flow was $14.9 billion, up 17.9%. It paid out $15.6 billion in dividends and buybacks, 104% of free cash flow. The diluted share count fell 0.7%.
About these figures. Share counts and per-share figures for earlier years are restated for a stock split (3-for-1), so every year is on today's share basis.
What Walmart does
Walmart runs discount stores, supercenters, grocery stores and warehouse clubs, and sells online through its websites and apps. It sells groceries, household goods, clothing, electronics, toys and health products, and runs pharmacies and optical and hearing centers. Shoppers can pick up orders at stores or have them delivered, and a paid Walmart+ membership adds free shipping, delivery from stores and fuel discounts.
It reports three segments. Walmart U.S., with 4,611 stores across all fifty states, Washington D.C. and Puerto Rico, brought in 68% of net sales in the year to January 2026. Walmart International, with stores and online businesses in Mexico, Canada, China, India and other countries, brought in 19%. Sam's Club U.S., a members-only warehouse club with 601 clubs, brought in 13%. Walmart also earns money from memberships, advertising, services for sellers on its online marketplace, and financial services. It says it competes with all kinds of store and online retailers, from supermarkets, dollar stores and warehouse clubs to gas stations and social media shopping, and with companies selling digital ads, delivery and financial services.
Walmart has about 2.1 million employees, which it calls associates, about 1.6 million of them in the United States. It owns majority stakes in the Indian online retailer Flipkart and the payments company PhonePe.
- Legal name
- Walmart Inc.
- Fiscal year ends
- January 31, 2026
- Latest annual report
- 10-K · Mar 13, 2026
- Accession · CIK
- 0000104169-26-000055
0000104169
Revenue and margins
Walmart had $713.2B of revenue in fiscal 2026, up 4.7% on the year before.
Net income and earnings per share
From fiscal 2017 to 2026, diluted EPS grew 7.2% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $14.9B in fiscal 2026, 2.1% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Walmart returned $15.6B to shareholders in fiscal 2026, 105% of free cash flow. The diluted share count fell 0.7%.
Value Walmart yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$40.8B and divides by 8,022.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 43.3x · peers 20.0x · sector 24.2x.
Balance sheet
Cash, debt and the ratios that show how comfortably Walmart can carry it.
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $14.8B | $8.6B | $9.9B | $9.0B | $10.7B |
| Debt incl. finance leases | $42.8B | $44.6B | $46.9B | $45.8B | $51.5B |
| Net debt / EBITDA | 0.8x | 1.2x | 1.0x | 0.9x | 0.9x |
| Debt / equity | 0.5x | 0.6x | 0.6x | 0.5x | 0.5x |
| Interest coverage | 15.5x | 11.4x | 12.0x | 13.1x | 12.9x |
| Current ratio | 0.9x | 0.8x | 0.8x | 0.8x | 0.8x |
| Quick ratio | 0.3x | 0.2x | 0.2x | 0.2x | 0.2x |
| Total assets | $244.9B | $243.2B | $252.4B | $260.8B | $284.7B |
| Total liabilities | $153.0B | $159.4B | $162.1B | $163.4B | $178.8B |
| Shareholders' equity | $83.3B | $76.7B | $83.9B | $91.0B | $99.6B |
| Net debt (− = net cash) | $28.1B | $36.0B | $37.0B | $36.8B | $40.8B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$11.9M
5 insiders
Of sales under plans
100%
$11.9M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 15, 2026 | Christopher James NicholasExecutive Vice President | Sold plan | 2,900 | $120.60 | $0.3M | Form 4 |
| Oct 15, 2026 | John R. FurnerPresident & CEO, Director | Sold plan | 13,125 | $120.60 | $1.6M | Form 4 |
| Oct 14, 2026 | Latriece WatkinsExecutive Vice President | Sold plan | 5,000 | $115.00 | $0.6M | Form 4 |
| Oct 1, 2026 | Daniel J BartlettExecutive Vice President | Sold plan | 3,990 | $104.41 | $0.4M | Form 4 |
| Sep 17, 2026 | Christopher James NicholasExecutive Vice President | Sold plan | 2,900 | $106.65 | $0.3M | Form 4 |
| Sep 17, 2026 | John R. FurnerPresident & CEO, Director | Sold plan | 13,125 | $106.66 | $1.4M | Form 4 |
| Sep 1, 2026 | Daniel J BartlettExecutive Vice President | Sold plan | 3,950 | $105.14 | $0.4M | Form 4 |
| Aug 26, 2026 | Daniel DankerExecutive Vice President | Sold plan | 50,644 | $105.35 | $5.3M | Form 4 |
| Aug 20, 2026 | Christopher James NicholasExecutive Vice President | Sold plan | 2,900 | $106.34 | $0.3M | Form 4 |
| Aug 3, 2026 | Daniel J BartlettExecutive Vice President | Sold plan | 3,710 | $113.10 | $0.4M | Form 4 |
| Jul 16, 2026 | Christopher James NicholasExecutive Vice President | Sold plan | 2,900 | $114.14 | $0.3M | Form 4 |
| Jul 1, 2026 | Daniel J BartlettExecutive Vice President | Sold plan | 3,775 | $109.64 | $0.4M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✓ | ✕ |
| Current ratio rose | ✓ | ✕ | ✕ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | 8 / 9 | 8 / 9 | 7 / 9 |
| Accruals ratio | −8.2% | −6.6% | −7.2% |
| Altman Z'' | 2.06 | 2.18 | 2.01 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Walmart WMT | $956.5B | 4.7% | 4.2% | 2.1% | 16.1% | 43.3x | 7 | |
| Costco COST | $445.9B | 10.1% | 3.9% | 3.1% | 40.7% | — | 7 | Compare → |
| Target TGT | $69.8B | −1.7% | 4.9% | 2.7% | 15.0% | 15.9x | 6 | Compare → |
| Amazon AMZN | $2.70T | 12.4% | 11.2% | 1.1% | 20.6% | 20.0x | 6 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $485.9B | $500.3B | $514.4B | $524.0B | $559.2B | $572.8B | $611.3B | $648.1B | $681.0B | $713.2B |
| Gross profit | $124.6B | $126.9B | $129.1B | $129.4B | $138.8B | $143.8B | $147.6B | $158.0B | $169.2B | $177.8B |
| Operating income | $22.8B | $20.4B | $22.0B | $20.6B | $22.5B | $25.9B | $20.4B | $27.0B | $29.3B | $29.8B |
| Interest expense | $2.0B | $2.0B | $2.0B | $2.3B | $2.0B | $1.7B | $1.8B | $2.3B | $2.2B | $2.3B |
| Pretax income | $20.5B | $15.1B | $11.5B | $20.1B | $20.6B | $18.7B | $17.0B | $21.8B | $26.3B | $29.5B |
| Income tax | $6.2B | $4.6B | $4.3B | $4.9B | $6.9B | $4.8B | $5.7B | $5.6B | $6.2B | $7.2B |
| Net income | $13.6B | $9.9B | $6.7B | $14.9B | $13.5B | $13.7B | $11.7B | $15.5B | $19.4B | $21.9B |
| Diluted EPS | $1.46 | $1.09 | $0.75 | $1.73 | $1.58 | $1.62 | $1.42 | $1.91 | $2.41 | $2.73 |
| Diluted shares | 9.34B | 9.03B | 8.84B | 8.60B | 8.54B | 8.42B | 8.20B | 8.11B | 8.08B | 8.02B |
| Cash flow | ||||||||||
| Cash from operations | $31.7B | $28.3B | $27.8B | $25.3B | $36.1B | $24.2B | $28.8B | $35.7B | $36.4B | $41.6B |
| Capital expenditure | $10.6B | $10.1B | $10.3B | $10.7B | $10.3B | $13.1B | $16.9B | $20.6B | $23.8B | $26.6B |
| Free cash flow | $21.1B | $18.3B | $17.4B | $14.6B | $25.8B | $11.1B | $12.0B | $15.1B | $12.7B | $14.9B |
| Depreciation and amortization | $10.1B | $10.5B | $10.7B | $11.0B | $11.2B | $10.7B | $10.9B | $11.9B | $13.0B | $14.2B |
| Stock-based compensation | $596M | $626M | $773M | $854M | $1.2B | $1.2B | $1.6B | $2.1B | $2.8B | $3.6B |
| Acquisitions | $2.5B | $375M | $14.7B | $56.0M | $180M | $359M | $740M | $9.0M | $1.9B | $53.0M |
| Share buybacks | $8.3B | $8.3B | $7.4B | $5.7B | $2.6B | $9.8B | $9.9B | $2.8B | $4.5B | $8.1B |
| Dividends paid | $6.2B | $6.1B | $6.1B | $6.0B | $6.1B | $6.2B | $6.1B | $6.1B | $6.7B | $7.5B |
| Dividends and buybacks | $14.5B | $14.4B | $13.5B | $11.8B | $8.7B | $15.9B | $16.0B | $8.9B | $11.2B | $15.6B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $6.9B | $6.8B | $7.7B | $9.5B | $17.7B | $14.8B | $8.6B | $9.9B | $9.0B | $10.7B |
| Total debt | $39.4B | $39.0B | $50.6B | $49.7B | $44.5B | $38.1B | $39.2B | $40.5B | $39.1B | $44.8B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $4.8B | $4.3B | $4.8B | $5.4B | $6.4B | $6.7B | $6.8B |
| Current assets | $57.7B | $59.7B | $61.9B | $61.8B | $90.1B | $81.1B | $75.7B | $76.9B | $79.5B | $84.9B |
| Current liabilities | $66.9B | $78.5B | $77.5B | $77.8B | $92.6B | $87.4B | $92.2B | $92.4B | $96.6B | $107.5B |
| Inventory | $43.0B | $43.8B | $44.3B | $44.4B | $44.9B | $56.5B | $56.6B | $54.9B | $56.4B | $58.9B |
| Property and equipment, net | $107.7B | $107.7B | $104.3B | $105.2B | $92.2B | $94.5B | $100.8B | $110.8B | $120.0B | $136.1B |
| Total assets | $198.8B | $204.5B | $219.3B | $236.5B | $252.5B | $244.9B | $243.2B | $252.4B | $260.8B | $284.7B |
| Total liabilities | $118.3B | $123.7B | $139.7B | $154.9B | $165.0B | $153.0B | $159.4B | $162.1B | $163.4B | $178.8B |
| Shareholders' equity | $77.8B | $77.9B | $72.5B | $74.7B | $80.9B | $83.3B | $76.7B | $83.9B | $91.0B | $99.6B |
| Margins | ||||||||||
| Gross margin | 25.7% | 25.4% | 25.1% | 24.7% | 24.8% | 25.1% | 24.1% | 24.4% | 24.9% | 24.9% |
| Operating margin | 4.7% | 4.1% | 4.3% | 3.9% | 4.0% | 4.5% | 3.3% | 4.2% | 4.3% | 4.2% |
| EBITDA margin | 6.8% | 6.2% | 6.3% | 6.0% | 6.0% | 6.4% | 5.1% | 6.0% | 6.2% | 6.2% |
| Net margin | 2.8% | 2.0% | 1.3% | 2.8% | 2.4% | 2.4% | 1.9% | 2.4% | 2.9% | 3.1% |
| FCF margin | 4.3% | 3.7% | 3.4% | 2.8% | 4.6% | 1.9% | 2.0% | 2.3% | 1.9% | 2.1% |
| Returns | ||||||||||
| Return on capital | 13.7% | 12.6% | 11.7% | 12.5% | 12.3% | 16.2% | 11.3% | 16.3% | 17.2% | 16.1% |
| Return on capital employed | 17.1% | 15.9% | 16.4% | 13.7% | 14.2% | 16.4% | 13.2% | 17.4% | 18.1% | 17.5% |
| Return on equity | 17.2% | 12.7% | 8.9% | 20.2% | 17.4% | 16.7% | 14.6% | 19.3% | 22.2% | 23.0% |
| Return on assets | 6.9% | 4.9% | 3.2% | 6.5% | 5.5% | 5.5% | 4.8% | 6.3% | 7.6% | 8.0% |
| Growth | ||||||||||
| Revenue growth | 0.8% | 3.0% | 2.8% | 1.9% | 6.7% | 2.4% | 6.7% | 6.0% | 5.1% | 4.7% |
| Net income growth | −7.2% | −27.7% | −32.4% | 123.1% | −9.2% | 1.2% | −14.6% | 32.8% | 25.3% | 12.6% |
| EPS growth | −4.2% | −25.1% | −31.1% | 129.7% | −8.5% | 2.3% | −12.4% | 34.5% | 26.2% | 13.3% |
| FCF growth | 31.0% | −13.2% | −4.8% | −16.4% | 77.4% | −57.1% | 8.2% | 26.2% | −16.3% | 17.9% |
| Share count change | −3.3% | −3.3% | −2.2% | −2.6% | −0.7% | −1.5% | −2.5% | −1.2% | −0.3% | −0.7% |
| Financial health | ||||||||||
| Net debt / EBITDA | 1.0x | 1.0x | 1.3x | 1.4x | 0.9x | 0.8x | 1.2x | 1.0x | 0.9x | 0.9x |
| Debt / equity | 0.5x | 0.5x | 0.7x | 0.7x | 0.6x | 0.5x | 0.6x | 0.6x | 0.5x | 0.5x |
| Interest coverage | 11.1x | 10.3x | 11.1x | 9.1x | 11.4x | 15.5x | 11.4x | 12.0x | 13.1x | 12.9x |
| Current ratio | 0.9x | 0.8x | 0.8x | 0.8x | 1.0x | 0.9x | 0.8x | 0.8x | 0.8x | 0.8x |
| Quick ratio | 0.2x | 0.2x | 0.2x | 0.2x | 0.5x | 0.3x | 0.2x | 0.2x | 0.2x | 0.2x |
| Capital allocation | ||||||||||
| Capex / revenue | 2.2% | 2.0% | 2.0% | 2.0% | 1.8% | 2.3% | 2.8% | 3.2% | 3.5% | 3.7% |
| Stock comp / revenue | 0.1% | 0.1% | 0.2% | 0.2% | 0.2% | 0.2% | 0.3% | 0.3% | 0.4% | 0.5% |
| Payouts / FCF | 68.9% | 78.9% | 77.6% | 80.9% | 33.9% | 143.9% | 133.8% | 59.0% | 88.3% | 104.5% |
| Quality scores | ||||||||||
| Piotroski F-score | 7.0 | 6.0 | 5.0 | 6.0 | 7.0 | 6.0 | 5.0 | 8.0 | 8.0 | 7.0 |
| Altman Z'' | 2.6 | 2.1 | 2.0 | 1.9 | 2.2 | 2.3 | 1.8 | 2.1 | 2.2 | 2.0 |
| Accruals ratio | −9.1% | −9.2% | −10.0% | −4.6% | −9.2% | −4.2% | −7.0% | −8.2% | −6.6% | −7.2% |
Source: SEC EDGAR XBRL filings (CIK 0000104169). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.