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Walmart Inc. WMT

Consumer Defensive  —  Discount Stores
104.26 0.34 0.33% as of 1 Oct
Market cap
$826.5B
P/E
37.5×
S&P 500 Member Nasdaq 100 Member Dow Jones Member Dividend Champion (10y) Cash Flow Champion (3y) Revenue Champion (10y)
Indexes indicate stock being part of an index,
Growth Flags show if company had growth for consecutive years
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Walmart Inc. (WMT) Financial Analysis

Updated · Covers results through Q2 FY2027 · How this is made

Snapshot

Walmart generated revenue of $713.2 billion in FY2026, with gross profit of $177.8 billion in FY2026, operating income of $29.8 billion in FY2026, and net income of $22.3 billion in FY2026. Diluted EPS was $2.73 in FY2026, while operating cash flow was $41.6 billion in FY2026.

In Q2 FY2027, revenue was $187.9 billion, gross profit was $49.1 billion, operating income was $9.4 billion, and net income was $6.5 billion. Diluted EPS was $0.80 in Q2 FY2027. On a trailing-twelve-month basis, revenue was $735.8 billion in TTM to Q2 FY2027 and net income was $22.5 billion in TTM to Q2 FY2027.

Growth

Revenue increased 4.73% in FY2026 against FY2025, reaching $713.2 billion in FY2026 from $681.0 billion in FY2025. Revenue compound annual growth was 5.27% in FY2023–FY2026 and 4.99% in FY2021–FY2026. Diluted EPS grew 13.3% in FY2026 against FY2025, and its compound annual growth was 24.2% in FY2023–FY2026 and 11.5% in FY2021–FY2026.

Free cash flow increased 14.8% in FY2026 against FY2025 to $15.0 billion in FY2026, while its compound annual growth was 7.33% in FY2023–FY2026 and −10.4% in FY2021–FY2026. Revenue increased 5.94% in Q2 FY2027 against Q2 FY2026, while diluted EPS declined −9.09% in Q2 FY2027 against Q2 FY2026 and free cash flow rose 15.7% in Q2 FY2027 against Q2 FY2026.

Profitability

Gross margin was 24.9% in FY2026, a change of 0.1 percentage points in FY2021–FY2026. Operating margin was 4.18% in FY2026, a change of 0.1 percentage points in FY2021–FY2026. Pre-tax margin was 4.13% in FY2026, up 0.5 percentage points in FY2021–FY2026, while net margin was 3.12% in FY2026, up 0.7 percentage points in FY2021–FY2026.

Return on equity was 21.5% in FY2026, compared with 15.2% in FY2022. Return on assets was 8.03% in FY2026, compared with 5.50% in FY2022. Return on invested capital was 12.8% in FY2026, compared with 13.6% in FY2022. Gross margin reached 26.1% in Q2 FY2027 and operating margin reached 4.99% in Q2 FY2027. Industry-median comparisons are not reported.

Balance sheet

Total debt was $50.7 billion in FY2026, compared with $45.0 billion in FY2025. Net debt was $39.9 billion in FY2026, compared with $36.0 billion in FY2025, while cash and short-term investments were $10.7 billion in FY2026. Shareholders’ equity was $105.9 billion in FY2026, compared with $97.4 billion in FY2025, and book value per share was $13.26 in FY2026.

Working capital was −$22.6 billion in FY2026, compared with −$17.1 billion in FY2025. At Q2 FY2027, net debt was $44.8 billion, the current ratio was 0.8×, and debt to equity was 0.5×. Net debt was $4.8 billion higher in Q2 FY2027 against Q2 FY2026.

Cash flow & capital return

Operating cash flow was $41.6 billion in FY2026, increasing 14.1% in FY2026 against FY2025. Capital expenditure was $26.5 billion in FY2026, and free cash flow was $15.0 billion in FY2026. Free cash flow represented 67.5% of net income in FY2026. In TTM to Q2 FY2027, operating cash flow was $42.9 billion and free cash flow was $13.7 billion.

Dividends paid were $7.9 billion in FY2026, and net share repurchases were $8.0 billion in FY2026. Capital returned to shareholders was $15.9 billion in FY2026 and $65.8 billion in FY2022–FY2026. Weighted average shares were 8.0 billion shares in FY2026, and the share count changed −6.00% in FY2021–FY2026. Free cash flow was −$1.9 billion in Q1 FY2027 and $7.6 billion in Q2 FY2027; the quarter-to-quarter change is not meaningful in Q2 FY2027 against Q1 FY2027 because the earlier value was zero or negative.

Valuation

As of September 24, 2026, market capitalisation was $855.8 billion. The P/E was 38.8× as of September 24, 2026, higher than the 33.5× five-year median as of September 24, 2026, over the five fiscal years to FY2026, and the 30.8× ten-year median as of September 24, 2026, over the ten fiscal years to FY2026. The P/S was 1.2× as of September 24, 2026, higher than the 0.7× five-year and ten-year medians as of September 24, 2026.

The P/B was 8.2× as of September 24, 2026, higher than the 4.9× five-year median and 4.4× ten-year median as of September 24, 2026. EV/Sales was 1.2× as of September 24, 2026, above the 0.7× five-year and ten-year medians as of September 24, 2026. EV/Cash flow was 65.7× as of September 24, 2026, above the 36.4× five-year median and 28.1× ten-year median as of September 24, 2026. Industry-median comparisons are not reported.

What changed since last quarter

Revenue increased 5.73% in Q2 FY2027 against Q1 FY2027 and 5.94% in Q2 FY2027 against Q2 FY2026. Diluted EPS increased 19.4% in Q2 FY2027 against Q1 FY2027 but declined −9.09% in Q2 FY2027 against Q2 FY2026. Gross margin increased 1.0 percentage point in Q2 FY2027 against Q1 FY2027 and 1.0 percentage point in Q2 FY2027 against Q2 FY2026. Operating margin increased 0.8 percentage points in Q2 FY2027 against Q1 FY2027 and 0.9 percentage points in Q2 FY2027 against Q2 FY2026.

Net debt decreased −$1.7 billion in Q2 FY2027 against Q1 FY2027 but was $4.8 billion higher in Q2 FY2027 against Q2 FY2026. Weighted average shares changed −0.19% in Q2 FY2027 against Q1 FY2027 and −0.30% in Q2 FY2027 against Q2 FY2026. Reasons for these changes are not reported.

Open questions

  • What factors explain the decline in diluted EPS from a year earlier despite revenue growth?
  • What drove the change in gross margin and operating margin in the latest quarter?
  • How is capital expenditure allocated across the business?
  • What accounts for the increase in net debt from a year earlier?

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures may contain errors; verify against the company's filings.