Walmart Inc. (WMT) financials
NASDAQ · Consumer Defensive · Discount Stores · 2,100,000 employees · CEO John Furner
- Price
- $123.51 +1.86%
- Market cap
- $983B
- Enterprise value
- $1.05T
- Last report
- Q2 '27 filed 2026-08-28
- Next report
- 2026-11-19 EPS est. $0.64
Revenue (TTM)$736B+6.2% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)4.4%+0.2 pp vs a year agoOperating income $32.3B
Net income (TTM)$22.1B+3.4% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$13.5B-1.8% vs a year agoCapex $29.4B
Diluted EPS (TTM)$2.76+3.8% vs a year agoSum of the last 4 quarters
Net cash-$62.2B-12.0% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $983B EV $1.05T
- Revenue
- $736B Trailing 12 months
- Revenue growth
- +6% FY2027 consensus
- Profit margin
- 3.0% Net income / revenue, TTM
- P/E
- 44.6× Forward 42.7× (FY2027)
- P/S
- 1.3× Price / sales, TTM
- EV / EBITDA
- 22.3× TTM
- Free cash flow
- $13.5B Trailing 12 months
- Net income
- $22.1B Trailing 12 months
- Revenue estimate
- $752B FY2027 consensus
- Earnings
- 2026-11-19 Revenue est. $187B
- Dividend
- $0.98 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-20): revenue beat by 0.7%, EPS beat by 9.2%Revenue $188B vs $187B expected (+0.7%); EPS $0.81 vs $0.74 (+9.2%).
- Revenue growth steady: 5.9% year on yearQ2 '27 revenue $188B, against an average of 5.9% over the four quarters before.
- Operating margin 4.4% (TTM), +0.2 pp on a year agoOperating income grew 11.4% while revenue grew 6.2%.
- 10.1% of pre-tax profit is eaten by non-operating lossesPre-tax income $29.3B vs operating income $32.3B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 4.0% of revenue (a year ago 3.6%)$29.4B invested in the last 4 quarters (+19.2% on a year earlier). Free cash flow $13.5B = 61.2% of net income.
- Returned $14.7B to shareholders = 108.7% of free cash flowBuybacks $6.99B (a year earlier $8.62B), dividends $7.7B, stock-based pay $0 (TTM). More than the free cash flow: paid from cash or debt.
- Diluted share count down 0.5% in a year7.98B diluted shares in Q2 '27, 8.02B a year earlier.
- Net debt $62.2BCash + short-term investments $11.5B, debt incl. leases $73.8B; a year ago net debt $55.6B.
- Walmart International: revenue +12.8%, margin 4.1% (was 4.0%)Fastest-growing reported segment in Q2 '27: operating income $1.44B on revenue $35.2B (from the segment note of the filing).
Last quarter: Q2 '27
Quarter ended 2026-07-31. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '27 | Year ago | Change | |
|---|---|---|---|
| Revenue | $188B | $177B | +5.9% |
| Gross margin | 26.1% | 25.2% | +1.0 pp |
| Operating income | $9.38B | $7.29B | +28.8% |
| Operating margin | 5.0% | 4.1% | +0.9 pp |
| Net income | $6.37B | $7.03B | -9.4% |
| Diluted EPS | $0.80 | $0.88 | -9.1% |
| Operating cash flow | $15B | $12.9B | +15.7% |
| Capex | $7.5B | $6.42B | +16.7% |
| Free cash flow | $7.48B | $6.52B | +14.7% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $0 | $0 | – |
Reported vs consensus
2026-08-20| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $188B | $187B | +0.7% |
| EPS (as estimated) | $0.81 | $0.74 | +9.2% |
From the report of 2026-08-20 for Q2 '27: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '27 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Walmart U S | $125B | +3.5% | 67.3% | $492B | +4.4% | |
| Walmart International | $35.2B | +12.8% | 18.9% | $140B | +13.2% | |
| Sams Club | $25.7B | +8.8% | 13.8% | $96.4B | +5.2% |
Revenue by region
share of total| Segment | Q2 '27 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Walmart International | $35.6B | +12.8% | 100.0% | $172B | – |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q2 '27
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| Walmart US | $125B | +3.5% | $8.12B | +20.6% | 6.5% | 5.6% | $26.7B |
| Walmart US Segment | – | – | – | – | – | – | – |
| Walmart International | $35.2B | +12.8% | $1.44B | +16.6% | 4.1% | 4.0% | $5.62B |
| Walmart International Segment | – | – | – | – | – | – | – |
| Sams Club US | $25.7B | +8.8% | $678M | +44.3% | 2.6% | 2.0% | $2.66B |
| Sams Club Segment | – | – | – | – | – | – | – |
| Corporate And Reconciling Items | – | – | -$854M | +25.7% | – | – | -$2.74B |
Operating income by segment
quarterlySegment operating margin
quarterlyFourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $42.9B
- Capex
- -$29.4B
- Buybacks
- -$6.99B
- Dividends
- -$7.7B
- Acquisitions
- $939M
- Net debt issued
- $6.86B
- Stock-based compensation
- $0
- Free cash flow
- $13.5B
- Returned to shareholders / FCF
- 108.7%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 44.6× | 35.0× | 28.6× – 43.5× |
| EV / EBITDA | 22.3× | 16.8× | 13.6× – 21.7× |
| EV / Sales | 1.4× | 1.0× | 0.7× – 1.4× |
| Price / FCF | 72.8× | 44.7× | 29.4× – 63.7× |
| Price / Book | 10.0× | 6.7× | 4.7× – 9.5× |
| FCF yield | 1.4% | 2.5% | 1.6% – 3.4% |
| Return on invested capital | 12.7% | 11.5% | 8.6% – 13.1% |
| Return on equity | 22.7% | 18.7% | 15.2% – 22.0% |
Analysts
Consensus target $130.05 (+5.3%)
range $110.00 – $155.00 · rating Buy
Strong buy0
Buy47
Hold16
Sell3
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2027 | $752B | +5.5% | $2.89 | +5.8% | 42.7× | 25 |
| FY2028 | $786B | +4.4% | $3.23 | +11.7% | 38.3× | 26 |
| FY2029 | $821B | +4.6% | $3.62 | +12.2% | 34.1× | 10 |
| FY2030 | $843B | +2.7% | $3.98 | +10.1% | 31.0× | 4 |
| FY2031 | $890B | +5.6% | $4.23 | +6.2% | 29.2× | 5 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 237 figures Walmart Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $64.3B | $60.1B | +7.0% | $63.1B | $58.7B | +7.5% |
| Accounts Receivable, after Allowance for Credit Loss | $4.9B2026-01-31 | $4.4B | +11.4% | $4.9B | $4.4B | +11.4% |
| Accrual for Taxes Other than Income Taxes, Current | $4.11B2026-01-31 | $3.5B | +17.3% | $4.11B | $3.5B | +17.3% |
| Accrued Income Taxes, Current | $746M | $620M | +20.3% | $596M | $608M | -2.0% |
| Accrued Liabilities, Current | $30.1B | $28.8B | +4.3% | $31.2B | $29.3B | +6.3% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $120B2026-01-31 | $112B | +7.8% | $120B | $112B | +7.8% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$13.2B | -$12.7B | -3.7% | -$12.8B | -$13.6B | +6.1% |
| Additional Paid in Capital | $7.05B | $5.72B | +23.2% | $6.82B | $5.5B | +23.9% |
| Advertising Expense | – | – | – | $5.4B | $5.1B | +5.9% |
| Assets | $294B | $271B | +8.5% | $285B | $261B | +9.1% |
| Assets, Current | $88.7B | $82B | +8.1% | $84.9B | $79.5B | +6.8% |
| Cash and Cash Equivalents, at Carrying Value | $11.5B | $9.43B | +22.2% | $10.7B | $9.04B | +18.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $12B | $9.88B | +21.4% | $11.3B | $9.54B | +18.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $673M | -$55M | +1,323.6% | $1.79B | -$399M | +547.4% |
| Common Stock, Dividends, Per Share, Declared | $0.00 | $0.00 | – | $0.94 | $0.83 | +13.3% |
| Common Stock, Par or Stated Value Per Share | $0.102026-01-31 | $0.10 | 0.0% | $0.10 | $0.10 | 0.0% |
| Common Stock, Shares Authorized | 33B2026-01-31 | 33B | 0.0% | 33B | 33B | 0.0% |
| Common Stock, Value, Issued | $794M | $797M | -0.4% | $797M | $802M | -0.6% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $295M | $312M | -5.4% | $551M | $165M | +233.9% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $6.77B | $7.59B | -10.8% | $22.7B | $17.1B | +32.7% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $7.06B | $7.9B | -10.6% | $23.3B | $17.3B | +34.6% |
| Cost of Revenue | $139B | $133B | +4.5% | $535B | $512B | +4.6% |
| Current Federal Tax Expense (Benefit) | – | – | – | $2.13B | $3.48B | -38.8% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $2.12B | $2.45B | -13.7% |
| Current Income Tax Expense (Benefit) | – | – | – | $4.92B | $6.82B | -27.8% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $678M | $886M | -23.5% |
| Debt, Long-term and Short-term, Combined Amount | $39.9B | $39.7B | +0.7% | – | – | – |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $2.01B | -$214M | +1,039.3% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$27M | -$479M | +94.4% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $2.28B | -$663M | +443.4% |
| Deferred Income Taxes and Other Liabilities, Noncurrent | $16.3B | $15.7B | +3.9% | $16.5B | $14.4B | +14.9% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $294M | $30M | +880.0% |
| Deferred Tax Assets, Gross | $14.5B2026-01-31 | $16.5B | -11.9% | $14.5B | $16.5B | -11.9% |
| Deferred Tax Assets, Net of Valuation Allowance | $10.1B2026-01-31 | $9.09B | +11.3% | $10.1B | $9.09B | +11.3% |
| Deferred Tax Assets, Other | $1.24B2026-01-31 | $1.34B | -7.5% | $1.24B | $1.34B | -7.5% |
| Deferred Tax Assets, Tax Credit Carryforwards | $4.62B2026-01-31 | $7.54B | -38.8% | $4.62B | $7.54B | -38.8% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | $3.5B2026-01-31 | $3.01B | +16.5% | $3.5B | $3.01B | +16.5% |
| Deferred Tax Assets, Valuation Allowance | $4.42B2026-01-31 | $7.41B | -40.3% | $4.42B | $7.41B | -40.3% |
| Deferred Tax Liabilities, Gross | $17.5B2026-01-31 | $14.4B | +21.7% | $17.5B | $14.4B | +21.7% |
| Deferred Tax Liabilities, Intangible Assets | $1.07B2026-01-31 | $1.1B | -2.7% | $1.07B | $1.1B | -2.7% |
| Deferred Tax Liabilities, Inventory | $3.57B2026-01-31 | $3.34B | +7.0% | $3.57B | $3.34B | +7.0% |
| Deferred Tax Liabilities, Leasing Arrangements | $5.35B2026-01-31 | $4.82B | +11.0% | $5.35B | $4.82B | +11.0% |
| Deferred Tax Liabilities, Net | $7.36B2026-01-31 | $5.27B | +39.6% | $7.36B | $5.27B | +39.6% |
| Deferred Tax Liabilities, Other | $1.37B2026-01-31 | $813M | +68.9% | $1.37B | $813M | +68.9% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $6.12B2026-01-31 | $4.3B | +42.3% | $6.12B | $4.3B | +42.3% |
| Defined Contribution Plan, Cost | – | – | – | $1.9B | $1.83B | +3.7% |
| Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | – | – | – | 6.0% | 6.0% | 0.0% |
| Defined Contribution Plan, Employer Matching Contribution, Percent of Match | – | – | – | 100.0% | 100.0% | 0.0% |
| Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | – | – | – | 100.0% | 100.0% | 0.0% |
| Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | – | – | – | 50.0% | 50.0% | 0.0% |
| Depreciation, Amortization and Accretion, Net | $3.93B | $3.49B | +12.6% | $14.2B | $13B | +9.5% |
| Derivative, Notional Amount | $9.92B | $10.6B | -6.5% | $10.8B | $10.2B | +5.6% |
| Dividends Payable, Current | $3.95B | $3.78B | +4.4% | – | – | – |
| Dividends, Cash | $7.9B2026-04-30 | $7.54B | +4.7% | $7.51B | $6.69B | +12.2% |
| Earnings Per Share, Basic | $0.80 | $0.88 | -9.1% | $2.74 | $2.42 | +13.2% |
| Earnings Per Share, Diluted | $0.80 | $0.88 | -9.1% | $2.73 | $2.41 | +13.3% |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $398M | $111M | +258.6% | $123M | -$641M | +119.2% |
| Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | – | – | – | $6.19B | – | – |
| Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | – | – | – | 21.0% | 21.0% | 0.0% |
| Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | – | – | – | 0.4%2025-01-31 | 1.2% | -66.7% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-07-31, 10-Q 2026-04-30, 10-K 2026-01-31, 10-Q 2025-10-31, 10-Q 2025-07-31, 10-Q 2025-04-30, 10-K 2025-01-31, 10-Q 2024-10-31, 10-Q 2024-07-31
Data as of 2026-11-01