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Walmart Inc.

WMT

Consumer Defensive Discount Stores

Walmart Inc.’s revenue for fiscal 2026 (year ended January 2026) was $713.2 billion, up 4.73% from fiscal 2025.

Revenue
+5.94%
EPS
−9.09%
Free cash flow
+15.8%
Total debt
+14.0%

Quarter to July 2026, against a year earlier

125.87 0.20 +0.16%
Market cap
$997.0B
P/E
45.3×
Fwd P/E
43.6×
Dividend yield
0.78%
F-score
7/9
ROIC
13.5%
Net debt / EBITDA
0.9×
Dividend safety
79/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by regions Fiscal 2016

  • U.S.
  • Non-U.S. operations

Every year since 2010 →

Insider Decisions last twelve months

Net sold
$2.5B
Trades
57 sells · 0 buys
Ownership
44.4%

Capital & Financial Ratios $m

Size
Market Cap 997,030
Revenue ttm 735,840
Net income ttm 22,499
Free cash flow ttm 13,698
Net debt Q 44,834
Valuation
P/E 45.3 (above 35: high)
Forward P/E 43.6 (above 35: high)
Price / sales 1.4
Forward P/S Powerpack
Price / FCF 72.9
Price / book 9.6 (above 6: high)
Financial health
Current ratio Q 0.8 (below 1: weak)
Debt / equity Q 0.5
Interest coverage Q 35.7
Growth
Revenue growth Q +5.9% (above 0%: growing)
Operating income growth Q +28.8% (above 0%: growing)
EPS, this year +9.4%
EPS, next year A +11.6%
Revenue, next year A +5.6%
EPS, past 5 yrs +11.5%
EPS, next 5 yrs A +11.0%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates; n/m is not meaningful, as a P/E on a loss. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.4×, against a ten-year median of 0.7×; over the ten years it ranged from 0.5× in 2017 to 1.5× in 2026.
P/E against its own 10 years 90.04%
10-year low 10-year high
P/S against its own 10 years 97.03%
10-year low 10-year high
P/B against its own 10 years 98.13%
10-year low 10-year high
EV/Sales against its own 10 years 97.07%
10-year low 10-year high
EV/FCF against its own 10 years 96.16%
10-year low 10-year high

Dividends raised every year since 2018

Yield
0.78%
Annual rate
0.98
Payout ratio
35.3%
Growth, 2018–26
+4.56%/yr
  1. 0.69 ’18
  2. 0.71 ’19 +2
  3. 0.72 ’20 +2
  4. 0.73 ’21 +2
  5. 0.75 ’22 +2
  6. 0.76 ’23 +2
  7. 0.83 ’24 +9
  8. 0.94 ’25 +13
  9. 0.99 ’26 +5
paid change on the year, % Powerpack

Assets vs Liabilities $m

2024 2025 2026 Q'26
Cash 9,867 9,037 10,727 11,529
Receivables 8,796 9,975 11,172 11,075
Inventory 54,892 56,435 58,851 61,600
Other — — — —
76,877 79,458 84,874 88,703
2024 2025 2026 Q'26
Payables 56,812 58,666 63,061 64,318
ST’ Debt 4,325 5,666 10,138 13,949
Other — — — —
92,415 96,584 107,469 115,630

Compound Annual Growth %

10y 5y 3y
Sales 3.99% 4.99% 5.27%
Cash Flow 4.20% 2.87% 12.96%
Earnings 4.07% 10.14% 23.30%
Book Value 2.39% 3.88% 8.13%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY27 Estimate 0.73 Actual 0.81

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY26 0.61 0.62 Beat by 0.01
Q4 FY26 0.73 0.74 Beat by 0.01
Q1 FY27 0.65 0.66 Beat by 0.01
Q2 FY27 0.73 0.81 Beat by 0.08
Q3 FY27 0.64 — Reports 19 November 2026

EPS $

Apr Jul Oct Jan Year
’26 0.67 0.80 — — —
’26 0.56 0.88 0.77 0.53 2.73
’25 0.63 0.56 0.57 0.65 2.41
’24 0.21 0.97 0.06 0.68 1.91
’23 0.25 0.63 (0.22) 0.77 1.42
’22 0.32 0.51 0.37 0.43 1.62
’21 0.47 0.76 0.60 (0.25) 1.58
Fiscal quarters ending in the months shown.

Revenue $m

Apr Jul Oct Jan Year
’26 177,751 187,937 — — —
’26 165,609 177,402 179,496 190,656 713,163
’25 161,508 169,335 169,588 180,554 680,985
’24 152,301 161,632 160,804 173,388 648,125
’23 141,569 152,859 152,813 164,048 611,289
’22 138,310 141,048 140,525 152,871 572,754
’21 134,622 137,742 134,708 152,079 559,151
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Apr Jul Oct Jan Year
’26 4,738 14,972 — — —
’26 5,411 12,941 9,100 14,113 41,565
’25 4,249 12,108 6,561 13,525 36,443
’24 4,633 13,568 813 16,712 35,726
’23 (3,758) 12,998 6,458 13,143 28,841
’22 2,858 9,565 3,868 7,890 24,181
’21 7,017 11,939 3,924 13,194 36,074
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Apr Jul Oct Jan Year
’26 (1,910) 7,563 — — —
’26 450 6,534 1,910 6,135 15,029
’25 (355) 6,497 438 6,512 13,092
’24 251 8,867 (4,615) 10,867 15,370
’23 (7,262) 9,082 1,943 8,391 12,154
’22 716 6,864 413 3,476 11,469
’21 5,325 10,145 1,071 9,484 26,025
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 23.6% a year for ten years. It grew −3.4% a year over the last ten.

Implied
23.6%
10 years, reported
−3.4%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to January

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TTM Jul ’26 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 485,873 500,343 514,405 523,964 559,151 572,754 611,289 648,125 680,985 713,163 735,840 +4.4% 752,857 785,570 822,281 +4.9%
Gross margin, % 25.65 25.37 25.10 24.69 24.83 25.10 24.14 24.38 24.85 24.93 25.23 (0.7) pt
EBT 20,497 15,123 11,460 20,116 20,564 18,696 17,016 21,848 26,309 29,469 29,316 +4.1%
EBT margin, % 4.22 3.02 2.23 3.84 3.68 3.26 2.78 3.37 3.86 4.13 3.98 (0.1) pt
Net income 14,293 10,523 7,179 15,201 13,706 13,940 11,292 16,270 20,157 22,270 22,499 +5.1%
Per share, $
Per share, $ Revenue 52.23 55.69 58.54 61.28 65.84 68.38 74.81 80.24 84.69 89.34 92.51 +6.1%
Earnings 1.47 1.10 0.76 1.74 1.59 1.63 1.43 1.92 2.42 2.74 2.77 +7.2%
Cash flow 3.40 3.15 3.16 2.95 4.25 2.89 3.53 4.42 4.53 5.21 5.40 +4.8%
Capex (1.09) (1.08) (1.12) (1.21) (1.18) (1.52) (2.04) (2.52) (2.90) (3.32) (3.67) +13.2%
Free cash flow 2.31 2.08 2.04 1.74 3.06 1.37 1.49 1.90 1.63 1.88 1.72 (2.3%)
Book value 8.66 9.00 9.06 9.54 10.31 10.97 10.25 11.19 12.12 13.26 13.14 +4.9%
Shares, m 9,303 8,985 8,787 8,550 8,493 8,376 8,171 8,077 8,041 7,983 7,970 (1.7%)
Valuation, ×
Valuation, × P/E 15.17 32.40 42.03 21.89 29.20 28.53 33.46 28.69 40.73 45.28 45.32 31.7
P/S 0.43 0.64 0.55 0.62 0.71 0.68 0.64 0.69 1.16 1.39 1.36 0.7
P/B 2.57 3.95 3.52 4.00 4.50 4.25 4.68 4.92 8.10 9.35 9.55 5.0
EV/Sales 0.51 0.72 0.64 0.71 0.76 0.73 0.70 0.74 1.21 1.44 1.42 0.8
EV/FCF 11.41 19.20 18.42 24.93 16.33 36.44 35.16 31.31 63.04 68.55 76.16 32.5
Cash, $m
Cash, $m Operating cash flow 31,673 28,337 27,753 25,255 36,074 24,181 28,841 35,726 36,443 41,565 42,923 +3.1%
Capex (10,163) (9,673) (9,825) (10,384) (10,049) (12,712) (16,687) (20,356) (23,351) (26,536) (29,225) +11.3%
Free cash flow 21,510 18,664 17,928 14,871 26,025 11,469 12,154 15,370 13,092 15,029 13,698 (3.9%)
Balance, $m
Balance, $m Working capital (9,239) (18,857) (15,580) (15,984) (2,578) (6,309) (16,543) (15,538) (17,126) (22,595) (26,927) +10.4%
Net debt 38,506 39,064 49,582 44,493 30,639 27,560 35,430 36,299 35,953 39,940 44,834 +0.4%
Shareholders’ equity 80,535 80,822 79,634 81,552 87,531 91,891 83,754 90,349 97,421 105,887 104,506 +3.1%
Returns, %
Returns, % ROA 6.85 4.89 3.15 6.53 5.53 5.50 4.79 6.26 7.57 8.03 7.82 +1.2 pt
ROIC 11.95 10.65 10.62 10.20 11.93 13.57 10.71 13.33 13.75 12.78 13.51 +0.8 pt
ROE 16.62 12.22 8.31 18.46 15.98 15.24 13.30 17.82 20.70 21.54 21.96 +4.9 pt
People
People Employees 2,300,000 2,300,000 2,200,000 2,200,000 2,300,000 2,300,000 2,100,000 2,100,000 2,100,000 2,100,000 — (1.0%)
Revenue/emp, $m 0.21 0.22 0.23 0.24 0.24 0.25 0.29 0.31 0.32 0.34 — +5.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Jan 2026 · latest quarter Jul 2026

Business profile

Updated

Walmart is a retailer that sells groceries, everyday consumables, general merchandise, health and wellness products, fuel and services through stores, clubs, websites and mobile applications. Its model combines physical shopping with pickup, delivery and online ordering, so customers can buy through stores or eCommerce channels.

The company operates three segments: Walmart U.S., Walmart International and Sam’s Club U.S. Walmart U.S. is a mass merchandiser operating Walmart and Walmart Neighborhood Market stores, walmart.com and the Walmart mobile application. Its merchandise includes food, household essentials, apparel, home goods, electronics, toys, pharmacy and optical services. It also offers financial services, fuel, advertising, marketplace, fulfillment and data-related services.

Where the money comes from and where it goes Fiscal 2016

Fiscal 2016: revenue by regions, and margins
U.S. 357,559 74.16%
Non-U.S. operations 124,571 25.84%
Gross margin 25.13%
Operating margin 5.00%
Pre-tax margin 4.49%

Revenue by segment since 2010

Walmart Inc. vs peers in Discount Stores (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
WMT Walmart Inc. $997.0B 45.3× 43.6× +5.94% (above 0%: growing) −9.09% (below 0%: shrinking) +15.75% (above 0%: growing) 26.14% 4.99%
COST Costco Wholesale Corporation $482.0B 52.3× 46.2× +11.10% (above 0%: growing) +14.80% (above 0%: growing) +30.30% (above 0%: growing) 12.74% 3.97% Compare
TGT Target Corporation $73.9B 16.8× 15.1× +5.27% (above 0%: growing) +100.49% (above 0%: growing) +141.23% (above 0%: growing) 33.67% 9.65% Compare
DG Dollar General Corporation $30.3B 17.8× 16.9× +5.24% (above 0%: growing) +33.16% (above 0%: growing) −33.98% (below 0%: shrinking) 32.60% 6.81% Compare
DLTR Dollar Tree, Inc. $26.8B 17.4× 16.5× +7.02% (above 0%: growing) +196.70% (above 0%: growing) +4,013.41% (above 0%: growing) 42.91% 14.11% Compare
BJ BJ's Wholesale Club Holdings, Inc. $14.0B 24.0× 23.2× +15.73% (above 0%: growing) +20.18% (above 0%: growing) +165.90% (above 0%: growing) 17.83% 4.05% Compare
TBBB BBB Foods Inc. $8.5B — (loss-making) — (loss-making) +51.24% (above 0%: growing) n/m +672.97% (above 0%: growing) 16.68% 2.40% Compare
OLLI Ollie's Bargain Outlet Holdings, Inc. $5.7B 21.2× 19.5× +9.09% (above 0%: growing) +42.00% (above 0%: growing) +19.36% (above 0%: growing) 43.46% 14.63% Compare
PSMT PriceSmart, Inc. $5.2B 30.6× 27.2× +13.92% (above 0%: growing) +22.00% (above 0%: growing) +74.71% (above 0%: growing) 17.60% 3.76% Compare
Median of peers $20.4B 21.2× 19.5× +10.10% +33.16% +107.97% 25.22% 5.43%

All 10 Discount Stores stocks →

From the latest earnings call

Updated

  • John David Rainey said Walmart is reinvesting tariff refunds in customer experience and price investments, with Q2 and Q3 intended to be assessed together.
  • John Furner said price reductions were intended to build customer trust over time, while the company monitored unit movement and category effects.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Deutsche Bank Oct 20, 2026 Upgrade Buy 113.00 → 136.00
JPMorgan Oct 19, 2026 Target cut Outperform 137.00 → 125.00
Bank of America Oct 4, 2026 Target cut Buy 144.00 → 126.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 37.21%
Held by the ten largest 19.86%
Holder Shares Stake Change
Vanguard 425.80m 5.35% +3.40m
BlackRock 354.20m 4.45% +1.11m
State Street 188.04m 2.36% +2.11m
Invesco 148.46m 1.87% +2.36m
Geode Capital Management 106.45m 1.34% +593.61k
JPMorgan Chase 96.31m 1.21% −26.16m
Morgan Stanley 88.32m 1.11% +2.41m
Bank of America 65.82m 0.83% −21.09k
Norges Bank 57.42m 0.72% +57.42m
UBS 49.46m 0.62% +2.33m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 23 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2026 29.24m 36.49m 272.28
2025 27.41m 101.50m 222.20
2024 26.97m 47.47m 123.22
2023 25.31m 30.99m 105.67
2022 25.67m 31.53m 101.10

Ownership

Directors and executive officers, together less than 1%
Walton Enterprises, LLC 44.11%
Walton Family Holdings Trust 6.44%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Walmart Inc. (WMT) Latest News

12 Nov

Impact 3 · · retaildive.com

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30 Oct

Impact 3 · · Simply Wall St.
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Impact 3 · · MarketBeat

29 Oct

Impact 4 · · 24/7 Wall St.
Impact 4 · · The Motley Fool
Impact 4 · · GlobeNewswire
Impact 4 · · Barchart
Impact 4 · · grocerydive.com
Impact 4 ·
Impact 4 · · Associated Press
Impact 3 · · Zacks
Impact 3 · · TIKR
Impact 3 · · firstformoney.com
Impact 3 · · retaildive.com
Impact 3 · · Trefis
Impact 3 · · decrypt.co
Impact 3 · · Trefis

28 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Zacks
Impact 3 · · Insider Monkey

WMT metrics, ten years each

stockrow.com/WMT · Data as of Jul 31, 2026 · For information only; not investment advice. · © 2026 stockrow.com