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Walmart

WMT Nasdaq Consumer Staples Merchandise Retail Financials FY2017–FY2026

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.

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Last close Β· Oct 26, 2026

$120.29

0.3%
Value it Compare

What Walmart does

WMT Β· Consumer Staples Merchandise Retail

From its latest annual report

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.

Filing details

Legal name
Walmart Inc.
Fiscal year ends
January 31, 2026
Latest annual report
10-K Β· Mar 13, 2026
Accession Β· CIK
0000104169-26-000055 Β· 0000104169
Biggest risks, in its own words

Earnings calendar Β· Walmart

Every quarter, companies publish how much they sold and earned. These are the days Walmart did it, and the next one. Share prices often move a lot on those days.

Next results

November 19, 2026

Thursday Β· in 24 days

Time
Before the market opens
Covers
Period ended Oct 31, 2026
Expected EPS
$0.64
Source
Earnings calendar
See who else reports that week β†’
Date Results for Time Source
Aug 20, 2026 Q2 '27 Before the market opens 8-K β†—
May 21, 2026 Q1 '27 Before the market opens 8-K β†—
Feb 19, 2026 Q4 '26 Before the market opens 8-K β†—
Nov 19, 2025 Q3 '26 Time not announced 8-K β†—
Aug 21, 2025 Q2 '26 Before the market opens 8-K β†—
May 15, 2025 Q1 '26 Before the market opens 8-K β†—
Feb 20, 2025 Q4 '25 Before the market opens 8-K β†—
Nov 19, 2024 Q3 '25 Before the market opens 8-K β†—

From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.

KIRA’s summary AI analyst

Hi! I read Walmart’s latest annual report (fiscal 2026). Here is what stands out:

6 strengths 1 to watch

1.Sales and profit

See section β†’
  • Walmart had $713.2B of revenue in fiscal 2026, up 4.7% on the year before. Over five years, revenue changed +5.0% a year on average.
  • Its operating margin was 4.2%, down 0.1Β pts: of every 100 in sales, about 4 is left after running the business.
  • Walmart made $21.9B of net profit in fiscal 2026. From fiscal 2017 to 2026, diluted EPS grew 7.2% a year.

2.Cash and shareholders

See section β†’
  • Free cash flow was $14.9B in fiscal 2026, 2.1% of revenue.
  • Walmart returned $15.6B to shareholders in fiscal 2026, 105% of free cash flow. The diluted share count fell 0.7%.
  • In the last 12 months, insiders sold $2.9B of shares on the open market and bought none.

3.Financial health

See section β†’
  • Walmart owes $40.8B more than it holds in cash, about 0.9 years of operating profit.
  • Its return on capital was 16.1%: every 100 invested in the business earned about 16 in a year.
  • Walmart passes 7 of 9 financial health tests (Piotroski F-score).

4.Price and value

See section β†’
  • At $120.29 a share, the company is worth $959.7B: 43.4 times its earnings of the last four quarters.
  • Walmart grew sales faster than 1 of its 3 similar companies. Its P/E is higher than 2 of 2.

Biggest risks, in its own words

  • Failing to carry out its plan to combine stores and online shopping, or spending heavily on e-commerce and technology without the expected return.
  • Strong competition from other retailers, warehouse clubs and online sellers could hurt its sales and profits.
  • Unsafe or poor-quality products sold in its stores or by outside sellers on its online marketplace could bring lawsuits, fines and lost customers.
  • Rising wage and benefit costs, or failing to hire and keep enough store and warehouse workers, could hurt its results.
  • Changes in tax and trade rules, including tariffs on the goods it imports, could raise its costs.

Walmart in 30 seconds

Good So-so Weak

So-so

Are sales growing?

+4.7%

Only a little. Sales grew 4.7% last year.

So-so

Does it make a profit?

3.1%

A little. It keeps 3.1% of every sale as profit.

So-so

Does profit turn into cash?

2.1%

Partly. 2.1% of sales ends up as free cash.

Good

Is debt under control?

0.9x

Yes. It could repay its debt with 0.9 years of operating profit.

Good

How healthy are the accounts?

7 / 9

Solid. It passes 7 of 9 health tests.

For information

How is the share priced?

43.4x

One share costs 43.4 times its yearly profit per share. Typical for its sector: 24.2x.

Rules of thumb on reported numbers. A starting point, not a recommendation.

Key numbers, fiscal 2026

Market cap Last close times the latest diluted share count, so it is approximate.
$959.7B
Oct 26 close
P/E Last close divided by diluted earnings per share over the last four quarters.
43.4x
On $2.77 EPS (TTM)

Revenue

Total sales reported in the income statement.

KIRA Β· Walmart had $713.2B of revenue in fiscal 2026, up 4.7% on the year before. Over five years, revenue changed +5.0% a year on average.

See the full section β†’

Operating margin

Operating income as a share of revenue.

KIRA Β· Its operating margin was 4.2%, down 0.1Β pts: of every 100 in sales, about 4 is left after running the business.

See the full section β†’

Net income

Profit after all expenses, interest and tax.

KIRA Β· Walmart made $21.9B of net profit in fiscal 2026. From fiscal 2017 to 2026, diluted EPS grew 7.2% a year.

See the full section β†’

Free cash flow

Cash from operations minus capital spending.

KIRA Β· Free cash flow was $14.9B in fiscal 2026, 2.1% of revenue.

See the full section β†’

Return on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

KIRA Β· Its return on capital was 16.1%: every 100 invested in the business earned about 16 in a year.

See the full section β†’

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.

Charts by

Sales and profit

Is it selling more, and how much does it keep?

Revenue and margins

KIRA Β· Walmart had $713.2B of revenue in fiscal 2026, up 4.7% on the year before. Over five years, revenue changed +5.0% a year on average. Its operating margin was 4.2%, down 0.1Β pts: of every 100 in sales, about 4 is left after running the business.

In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).

Revenue

Revenue

Margins, % of revenue

Gross Operating Net FCF

Margins, % of revenue

Gross Operating Net FCF

Net income and earnings per share

KIRA Β· Walmart made $21.9B of net profit in fiscal 2026. From fiscal 2017 to 2026, diluted EPS grew 7.2% a year.

Loss periods are shown in red.

In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.

Net income

Net income

Diluted EPS

Diluted EPS

Cash and shareholders

How much cash comes in, and where does it go?

Cash flow

KIRA Β· Free cash flow was $14.9B in fiscal 2026, 2.1% of revenue.

Cash from operations minus capital spending.

In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.

Free cash flow

Free cash flow

Cash from operations vs capital spending

Cash from operations Capital spending

Cash from operations vs capital spending

Cash from operations Capital spending

Dividends, buybacks and share count

KIRA Β· Walmart returned $15.6B to shareholders in fiscal 2026, 105% of free cash flow. The diluted share count fell 0.7%.

In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).

Dividends and buybacks

Dividends Buybacks

Dividends and buybacks

Dividends Buybacks

Diluted shares outstanding (annual)

Insider trades

KIRA Β· In the last 12 months, insiders sold $2.9B of shares on the open market and bought none.

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. β€œPlan” marks trades under a pre-arranged Rule 10b5-1 plan.

In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$2.9B

12 insiders

Of sales under plans

2%

$60.5M

DateInsiderTradeSharesPriceValueFiling
Oct 15, 2026 John R. FurnerPresident & CEO, Director Sold plan 13,125 $120.60 $1.6M Form 4
Oct 15, 2026 Christopher James NicholasExecutive Vice President Sold plan 2,900 $120.60 $0.3M 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 John R. FurnerPresident & CEO, Director Sold plan 13,125 $106.66 $1.4M Form 4
Sep 17, 2026 Christopher James NicholasExecutive Vice President Sold plan 2,900 $106.65 $0.3M 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
Jun 18, 2026 Christopher James NicholasExecutive Vice President Sold plan 2,900 $118.19 $0.3M Form 4
Jun 16, 2026 Walton Family Holdings Trust10% owner Sold 4,424,704 $121.09 $536M Form 4
Jun 15, 2026 Daniel J BartlettExecutive Vice President Sold plan 1,385 $119.83 $0.2M Form 4
Jun 10, 2026 David W GugginaExecutive Vice President Sold plan 11,978 $119.82 $1.4M Form 4
Jun 2, 2026 Walton Family Holdings Trust10% owner Sold 1,771,333 $113.31 $201M Form 4
May 28, 2026 Walton Family Holdings Trust10% owner Sold 207,649 $119.01 $24.7M Form 4
May 28, 2026 C Douglas McMillonDirector Sold plan 19,416 $118.63 $2.3M Form 4
May 28, 2026 Latriece WatkinsExecutive Vice President Sold 11,000 $118.97 $1.3M Form 4
May 27, 2026 Walton Family Holdings Trust10% owner Sold 254,178 $119.05 $30.3M Form 4
May 26, 2026 Walton Family Holdings Trust10% owner Sold 532,340 $119.21 $63.5M Form 4
May 22, 2026 Walton Family Holdings Trust10% owner Sold 1,591,500 $120.00 $191M Form 4
May 21, 2026 John R. FurnerPresident & CEO, Director Sold plan 13,125 $124.08 $1.6M Form 4
May 21, 2026 Christopher James NicholasExecutive Vice President Sold plan 2,900 $123.92 $0.4M Form 4
May 15, 2026 Daniel J BartlettExecutive Vice President Sold plan 1,250 $133.77 $0.2M Form 4
Apr 23, 2026 C Douglas McMillonDirector Sold plan 19,416 $132.21 $2.6M Form 4
Apr 16, 2026 Christopher James NicholasExecutive Vice President Sold plan 2,900 $124.72 $0.4M Form 4
Apr 16, 2026 John R. FurnerPresident & CEO, Director Sold plan 13,125 $124.84 $1.6M Form 4
Apr 15, 2026 Daniel J BartlettExecutive Vice President Sold plan 1,335 $124.63 $0.2M Form 4
Mar 26, 2026 C Douglas McMillonDirector Sold plan 19,416 $123.16 $2.4M Form 4
Mar 25, 2026 Walton Family Holdings Trust10% owner Sold 2,979,763 $122.97 $366M Form 4
Mar 24, 2026 Walton Family Holdings Trust10% owner Sold 299,237 $122.33 $36.6M Form 4
Mar 19, 2026 John R. FurnerPresident & CEO, Director Sold plan 13,125 $121.96 $1.6M Form 4
Mar 16, 2026 Daniel J BartlettExecutive Vice President Sold plan 1,325 $126.29 $0.2M Form 4
Mar 11, 2026 Walton Family Holdings Trust10% owner Sold 1,389,792 $123.82 $172M Form 4
Mar 9, 2026 Walton Family Holdings Trust10% owner Sold 1,389,794 $124.23 $173M Form 4
Mar 4, 2026 Walton Family Holdings Trust10% owner Sold 67,796 $128.00 $8.7M Form 4
Mar 3, 2026 Walton Family Holdings Trust10% owner Sold 682,539 $128.16 $87.5M Form 4
Mar 2, 2026 John D RaineyExecutive Vice President Sold plan 20,000 $127.79 $2.6M Form 4
Mar 2, 2026 Walton Family Holdings Trust10% owner Sold 314,572 $128.10 $40.3M Form 4
Feb 27, 2026 Walton Family Holdings Trust10% owner Sold 1,701,466 $127.76 $217M Form 4
Feb 26, 2026 Walton Family Holdings Trust10% owner Sold 21,770 $127.12 $2.8M Form 4
Feb 26, 2026 C Douglas McMillonDirector Sold plan 19,416 $126.71 $2.5M Form 4
Feb 25, 2026 Walton Family Holdings Trust10% owner Sold 65,537 $127.17 $8.3M Form 4
Feb 24, 2026 Walton Family Holdings Trust10% owner Sold 3,734 $127.01 $0.5M Form 4
Feb 23, 2026 Walton Family Holdings Trust10% owner Sold 1,200,000 $125.86 $151M Form 4
Feb 20, 2026 Latriece WatkinsExecutive Vice President Sold 10,000 $121.46 $1.2M Form 4
Feb 20, 2026 Christopher James NicholasExecutive Vice President Sold 34,082 $122.00 $4.2M Form 4
Feb 19, 2026 John R. FurnerPresident & CEO, Director Sold plan 13,125 $129.10 $1.7M Form 4
Feb 17, 2026 Daniel J BartlettExecutive Vice President Sold plan 1,255 $133.21 $0.2M Form 4
Feb 3, 2026 Donna MorrisExecutive Vice President Sold plan 76,181 $123.79 $9.4M Form 4
Feb 2, 2026 John D RaineyExecutive Vice President Sold plan 20,000 $122.27 $2.4M Form 4
Jan 22, 2026 C Douglas McMillonPresident and CEO Sold plan 19,416 $119.17 $2.3M Form 4
Jan 15, 2026 Daniel J BartlettExecutive Vice President Sold plan 1,388 $120.00 $0.2M Form 4
Jan 15, 2026 John R. FurnerExecutive Vice President Sold plan 13,125 $119.99 $1.6M Form 4
Jan 14, 2026 Donna MorrisExecutive Vice President Sold plan 9,384 $120.19 $1.1M Form 4
Jan 14, 2026 Daniel DankerExecutive Vice President Sold plan 4,365 $120.19 $0.5M Form 4
Dec 26, 2025 C Douglas McMillonPresident and CEO Sold plan 19,416 $111.83 $2.2M Form 4
Dec 19, 2025 Kathryn J. McLayExecutive Vice President Sold plan 4,000 $115.21 $0.5M Form 4
Dec 19, 2025 Walton Family Holdings Trust10% owner Sold 872,000 $114.27 $99.6M Form 4
Dec 18, 2025 John R. FurnerExecutive Vice President Sold plan 13,125 $114.91 $1.5M Form 4
Dec 16, 2025 Walton Family Holdings Trust10% owner Sold 261,000 $115.31 $30.1M Form 4
Dec 15, 2025 Daniel J BartlettExecutive Vice President Sold plan 1,425 $117.00 $0.2M Form 4
Dec 1, 2025 John D RaineyExecutive Vice President Sold plan 2,200 $111.23 $0.2M Form 4
Nov 28, 2025 C Douglas McMillonPresident and CEO Sold plan 19,416 $109.57 $2.1M Form 4
Nov 25, 2025 David ChojnowskiSenior Vice President Sold 7,000 $106.65 $0.7M Form 4
Nov 21, 2025 Walton Family Holdings Trust10% owner Sold 4,145,744 $105.95 $439M Form 4
Nov 20, 2025 John R. FurnerExecutive Vice President Sold plan 13,125 $104.76 $1.4M Form 4
Nov 19, 2025 Kathryn J. McLayExecutive Vice President Sold plan 4,000 $101.63 $0.4M Form 4
Nov 17, 2025 Daniel J BartlettExecutive Vice President Sold plan 1,630 $102.58 $0.2M Form 4
Nov 3, 2025 John D RaineyExecutive Vice President Sold plan 2,200 $101.18 $0.2M Form 4
Oct 23, 2025 C Douglas McMillonPresident and CEO Sold plan 19,416 $107.18 $2.1M Form 4
Oct 20, 2025 Kathryn J. McLayExecutive Vice President Sold plan 4,000 $107.75 $0.4M Form 4
Oct 16, 2025 John R. FurnerExecutive Vice President Sold plan 13,125 $107.78 $1.4M Form 4
Oct 15, 2025 Daniel J BartlettExecutive Vice President Sold plan 1,550 $107.46 $0.2M Form 4
Oct 1, 2025 John D RaineyExecutive Vice President Sold plan 2,200 $101.33 $0.2M Form 4

Financial health

Can it carry its debts, and how well does it use its money?

Balance sheet

KIRA Β· Walmart owes $40.8B more than it holds in cash, about 0.9 years of operating profit.

Cash, debt and the ratios that show how comfortably Walmart can carry it.

In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.

Cash vs debt (incl. leases)

Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
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 0.8x1.2x1.0x0.9x0.9x
Debt / equity 0.5x0.6x0.6x0.5x0.5x
Interest coverage 15.5x11.4x12.0x13.1x12.9x
Current ratio 0.9x0.8x0.8x0.8x0.8x
Quick ratio 0.3x0.2x0.2x0.2x0.2x
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 (βˆ’ = net cash) $28.1B$36.0B$37.0B$36.8B$40.8B

Returns on capital

KIRA Β· Its return on capital was 16.1%: every 100 invested in the business earned about 16 in a year.

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.

Return on capital, equity and assets (annual)

Return on capital Return on equity Return on assets

Piotroski F-score

KIRA Β· Walmart passes 7 of 9 financial health tests (Piotroski F-score).

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.

TestFY24FY25FY26
Net income is positive βœ“ βœ“ βœ“
Cash from operations is positive βœ“ βœ“ βœ“
Return on assets rose βœ“ βœ“ βœ“
Cash from operations exceeds net income βœ“ βœ“ βœ“
Debt fell relative to assets βœ• βœ“ βœ•
Current ratio rose βœ“ βœ• βœ•
Share count didn't rise βœ“ βœ“ βœ“
Gross margin rose βœ“ βœ“ βœ“
Revenue rose relative to assets βœ“ βœ“ βœ“
F-score 8 / 98 / 97 / 9
Accruals ratio βˆ’8.2%βˆ’6.6%βˆ’7.2%
Altman Z'' 2.062.182.01

Price and value

What does the share cost, and how does it compare?

Value Walmart yourself

KIRA Β· At $120.29 a share, the company is worth $959.7B: 43.4 times its earnings of the last four quarters.

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β€” the answer depends entirely on what you put in.

In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.

Discounted cash flow

Value per share

β€”

Adds net cash of βˆ’$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

β€”

Reference multiples: today 43.3x Β· peers 20.0x Β· sector 24.2x.

Similar companies

KIRA Β· Walmart grew sales faster than 1 of its 3 similar companies. Its P/E is higher than 2 of 2.

Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.

In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Walmart WMT $959.7B 4.7% 4.2% 2.1% 16.1% 43.4x 7
Costco COST $446.7B 10.1% 3.9% 3.1% 40.7% β€” 7 Compare β†’
Target TGT $67.8B βˆ’1.7% 4.9% 2.7% 15.0% 15.4x 6 Compare β†’
Amazon AMZN $2.72T 12.4% 11.2% 1.1% 20.6% 20.0x 6 Compare β†’

All figures

Every number, year by year.

10 years of figures

Amounts in USD. Hover a ratio’s name for its definition.

In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
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 βˆ’7.2% βˆ’27.7% βˆ’32.4% 123.1% βˆ’9.2% 1.2% βˆ’14.6% 32.8% 25.3% 12.6%
EPS growth βˆ’4.2% βˆ’25.1% βˆ’31.1% 129.7% βˆ’8.5% 2.3% βˆ’12.4% 34.5% 26.2% 13.3%
FCF growth 31.0% βˆ’13.2% βˆ’4.8% βˆ’16.4% 77.4% βˆ’57.1% 8.2% 26.2% βˆ’16.3% 17.9%
Share count change βˆ’3.3% βˆ’3.3% βˆ’2.2% βˆ’2.6% βˆ’0.7% βˆ’1.5% βˆ’2.5% βˆ’1.2% βˆ’0.3% βˆ’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 βˆ’9.1% βˆ’9.2% βˆ’10.0% βˆ’4.6% βˆ’9.2% βˆ’4.2% βˆ’7.0% βˆ’8.2% βˆ’6.6% βˆ’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 β€” not investment advice. Check the original filings before relying on any figure.

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