Walmart Inc. (WMT)财务
NASDAQ · Consumer Defensive · Discount Stores · 员工2,100,000人 · CEO John Furner
- 股价
- $123.51 +1.86%
- 市值
- $9830亿
- 企业价值
- $1.05万亿
- 最近财报
- Q2 '27 2026-08-28提交
- 下次财报
- 2026-11-19 EPS预期 $0.64
营收(TTM)$7360亿+6.2% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)4.4%+0.2 百分点 对比去年同期营业利润 $323亿
净利润(TTM)$221亿+3.4% 对比去年同期税后,含营业外收益
自由现金流(TTM)$135亿-1.8% 对比去年同期资本支出 $294亿
稀释EPS(TTM)$2.76+3.8% 对比去年同期最近4个季度之和
净现金-$622亿-12.0% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $9830亿 EV $1.05万亿
- 营收
- $7360亿 过去12个月
- 营收增速
- +6% FY2027年一致预期
- 净利润率
- 3.0% 净利润 / 营收,TTM
- P/E
- 44.6× 预期 42.7×(FY2027)
- P/S
- 1.3× 股价 / 营收,TTM
- EV / EBITDA
- 22.3× TTM
- 自由现金流
- $135亿 过去12个月
- 净利润
- $221亿 过去12个月
- 营收预期
- $7520亿 FY2027年一致预期
- 盈利
- 2026-11-19 营收预期 $1870亿
- 股息
- $0.98 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-08-20):营收超预期0.7%,EPS 超预期9.2%营收$1880亿,预期$1870亿(+0.7%);EPS $0.81,预期$0.74(+9.2%)。
- 营收增长平稳:同比5.9%Q2 '27营收$1880亿,此前四个季度的平均值为5.9%。
- 营业利润率4.4%(TTM),较去年同期+0.2 百分点营收增长6.2%,营业利润增长11.4%。
- 税前利润的10.1%被营业外亏损吞噬税前利润$293亿,营业利润$323亿(TTM)。股权投资亏损等一次性项目压低了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的4.0%(去年为3.6%)最近4个季度投入$294亿(同比+19.2%)。自由现金流$135亿,相当于净利润的61.2%。
- 股东回报$147亿 = 自由现金流的108.7%回购$69.9亿(去年为$86.2亿),股息$77亿,股权激励$0(TTM)。 超过自由现金流:由现金储备或举债支付。
- 稀释股数一年内减少0.5%Q2 '27稀释股数79.8亿,一年前为80.2亿。
- 净债务 $622亿现金 + 短期投资 $115亿,含租赁债务 $738亿;一年前净债务 $556亿。
- Walmart International:营收+12.8%,利润率4.1%(此前为4.0%)Q2 '27增长最快的披露分部:营收$352亿,营业利润$14.4亿(来自财报的分部附注)。
上一季度:Q2 '27
截至2026-07-31的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q2 '27 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $1880亿 | $1770亿 | +5.9% |
| 毛利率 | 26.1% | 25.2% | +1.0 百分点 |
| 营业利润 | $93.8亿 | $72.9亿 | +28.8% |
| 营业利润率 | 5.0% | 4.1% | +0.9 百分点 |
| 净利润 | $63.7亿 | $70.3亿 | -9.4% |
| 稀释EPS | $0.80 | $0.88 | -9.1% |
| 经营现金流 | $150亿 | $129亿 | +15.7% |
| 资本支出 | $75亿 | $64.2亿 | +16.7% |
| 自由现金流 | $74.8亿 | $65.2亿 | +14.7% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $0 | $0 | – |
实际 vs 一致预期
2026-08-20| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $1880亿 | $1870亿 | +0.7% |
| EPS(一致预期口径) | $0.81 | $0.74 | +9.2% |
来自2026-08-20发布的Q2 '27财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q2 '27 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Walmart U S | $1250亿 | +3.5% | 67.3% | $4920亿 | +4.4% | |
| Walmart International | $352亿 | +12.8% | 18.9% | $1400亿 | +13.2% | |
| Sams Club | $257亿 | +8.8% | 13.8% | $964亿 | +5.2% |
按地区划分的营收
占总额比例| 分部 | Q2 '27 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Walmart International | $356亿 | +12.8% | 100.0% | $1720亿 | – |
分部利润
取自每份10-Q / 10-K分部附注的各披露分部营业利润(多数数据源缺少的利润拆分)。
Q2 '27分部
| 分部 | 营收 | 同比 | 营业利润 | 同比 | 利润率 | 去年同期利润率 | TTM营业利润 |
|---|---|---|---|---|---|---|---|
| Walmart US | $1250亿 | +3.5% | $81.2亿 | +20.6% | 6.5% | 5.6% | $267亿 |
| Walmart US Segment | – | – | – | – | – | – | – |
| Walmart International | $352亿 | +12.8% | $14.4亿 | +16.6% | 4.1% | 4.0% | $56.2亿 |
| Walmart International Segment | – | – | – | – | – | – | – |
| Sams Club US | $257亿 | +8.8% | $6.78亿 | +44.3% | 2.6% | 2.0% | $26.6亿 |
| Sams Club Segment | – | – | – | – | – | – | – |
| Corporate And Reconciling Items | – | – | -$8.54亿 | +25.7% | – | – | -$27.4亿 |
各分部营业利润
季度各分部营业利润率
季度第四季度为推算值:10-K披露全年数据,减去10-Q的前三个季度。
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $429亿
- 资本支出
- -$294亿
- 股票回购
- -$69.9亿
- 股息
- -$77亿
- 收购
- $9.39亿
- 债务净发行
- $68.6亿
- 股权激励费用
- $0
- 自由现金流
- $135亿
- 股东回报 / FCF
- 108.7%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 44.6× | 35.0× | 28.6× – 43.5× |
| EV / EBITDA | 22.3× | 16.8× | 13.6× – 21.7× |
| EV / 营收 | 1.4× | 1.0× | 0.7× – 1.4× |
| 股价 / FCF | 72.8× | 44.7× | 29.4× – 63.7× |
| 股价 / 净资产 | 10.0× | 6.7× | 4.7× – 9.5× |
| FCF收益率 | 1.4% | 2.5% | 1.6% – 3.4% |
| 投入资本回报率 | 12.7% | 11.5% | 8.6% – 13.1% |
| 净资产收益率 | 22.7% | 18.7% | 15.2% – 22.0% |
分析师
一致目标价 $130.05 (+5.3%)
区间 $110.00 – $155.00 · 评级 Buy
强烈买入0
买入47
持有16
卖出3
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2027 | $7520亿 | +5.5% | $2.89 | +5.8% | 42.7× | 25 |
| FY2028 | $7860亿 | +4.4% | $3.23 | +11.7% | 38.3× | 26 |
| FY2029 | $8210亿 | +4.6% | $3.62 | +12.2% | 34.1× | 10 |
| FY2030 | $8430亿 | +2.7% | $3.98 | +10.1% | 31.0× | 4 |
| FY2031 | $8900亿 | +5.6% | $4.23 | +6.2% | 29.2× | 5 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Walmart Inc.在近期10-Q / 10-K文件中标记的全部237项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $643亿 | $601亿 | +7.0% | $631亿 | $587亿 | +7.5% |
| Accounts Receivable, after Allowance for Credit Loss | $49亿2026-01-31 | $44亿 | +11.4% | $49亿 | $44亿 | +11.4% |
| Accrual for Taxes Other than Income Taxes, Current | $41.1亿2026-01-31 | $35亿 | +17.3% | $41.1亿 | $35亿 | +17.3% |
| Accrued Income Taxes, Current | $7.46亿 | $6.2亿 | +20.3% | $5.96亿 | $6.08亿 | -2.0% |
| Accrued Liabilities, Current | $301亿 | $288亿 | +4.3% | $312亿 | $293亿 | +6.3% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $1200亿2026-01-31 | $1120亿 | +7.8% | $1200亿 | $1120亿 | +7.8% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$132亿 | -$127亿 | -3.7% | -$128亿 | -$136亿 | +6.1% |
| Additional Paid in Capital | $70.5亿 | $57.2亿 | +23.2% | $68.2亿 | $55亿 | +23.9% |
| Advertising Expense | – | – | – | $54亿 | $51亿 | +5.9% |
| Assets | $2940亿 | $2710亿 | +8.5% | $2850亿 | $2610亿 | +9.1% |
| Assets, Current | $887亿 | $820亿 | +8.1% | $849亿 | $795亿 | +6.8% |
| Cash and Cash Equivalents, at Carrying Value | $115亿 | $94.3亿 | +22.2% | $107亿 | $90.4亿 | +18.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $120亿 | $98.8亿 | +21.4% | $113亿 | $95.4亿 | +18.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $6.73亿 | -$5500万 | +1,323.6% | $17.9亿 | -$3.99亿 | +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 | 330亿2026-01-31 | 330亿 | 0.0% | 330亿 | 330亿 | 0.0% |
| Common Stock, Value, Issued | $7.94亿 | $7.97亿 | -0.4% | $7.97亿 | $8.02亿 | -0.6% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $2.95亿 | $3.12亿 | -5.4% | $5.51亿 | $1.65亿 | +233.9% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $67.7亿 | $75.9亿 | -10.8% | $227亿 | $171亿 | +32.7% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $70.6亿 | $79亿 | -10.6% | $233亿 | $173亿 | +34.6% |
| Cost of Revenue | $1390亿 | $1330亿 | +4.5% | $5350亿 | $5120亿 | +4.6% |
| Current Federal Tax Expense (Benefit) | – | – | – | $21.3亿 | $34.8亿 | -38.8% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $21.2亿 | $24.5亿 | -13.7% |
| Current Income Tax Expense (Benefit) | – | – | – | $49.2亿 | $68.2亿 | -27.8% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $6.78亿 | $8.86亿 | -23.5% |
| Debt, Long-term and Short-term, Combined Amount | $399亿 | $397亿 | +0.7% | – | – | – |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $20.1亿 | -$2.14亿 | +1,039.3% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$2700万 | -$4.79亿 | +94.4% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $22.8亿 | -$6.63亿 | +443.4% |
| Deferred Income Taxes and Other Liabilities, Noncurrent | $163亿 | $157亿 | +3.9% | $165亿 | $144亿 | +14.9% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $2.94亿 | $3000万 | +880.0% |
| Deferred Tax Assets, Gross | $145亿2026-01-31 | $165亿 | -11.9% | $145亿 | $165亿 | -11.9% |
| Deferred Tax Assets, Net of Valuation Allowance | $101亿2026-01-31 | $90.9亿 | +11.3% | $101亿 | $90.9亿 | +11.3% |
| Deferred Tax Assets, Other | $12.4亿2026-01-31 | $13.4亿 | -7.5% | $12.4亿 | $13.4亿 | -7.5% |
| Deferred Tax Assets, Tax Credit Carryforwards | $46.2亿2026-01-31 | $75.4亿 | -38.8% | $46.2亿 | $75.4亿 | -38.8% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | $35亿2026-01-31 | $30.1亿 | +16.5% | $35亿 | $30.1亿 | +16.5% |
| Deferred Tax Assets, Valuation Allowance | $44.2亿2026-01-31 | $74.1亿 | -40.3% | $44.2亿 | $74.1亿 | -40.3% |
| Deferred Tax Liabilities, Gross | $175亿2026-01-31 | $144亿 | +21.7% | $175亿 | $144亿 | +21.7% |
| Deferred Tax Liabilities, Intangible Assets | $10.7亿2026-01-31 | $11亿 | -2.7% | $10.7亿 | $11亿 | -2.7% |
| Deferred Tax Liabilities, Inventory | $35.7亿2026-01-31 | $33.4亿 | +7.0% | $35.7亿 | $33.4亿 | +7.0% |
| Deferred Tax Liabilities, Leasing Arrangements | $53.5亿2026-01-31 | $48.2亿 | +11.0% | $53.5亿 | $48.2亿 | +11.0% |
| Deferred Tax Liabilities, Net | $73.6亿2026-01-31 | $52.7亿 | +39.6% | $73.6亿 | $52.7亿 | +39.6% |
| Deferred Tax Liabilities, Other | $13.7亿2026-01-31 | $8.13亿 | +68.9% | $13.7亿 | $8.13亿 | +68.9% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $61.2亿2026-01-31 | $43亿 | +42.3% | $61.2亿 | $43亿 | +42.3% |
| Defined Contribution Plan, Cost | – | – | – | $19亿 | $18.3亿 | +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 | $39.3亿 | $34.9亿 | +12.6% | $142亿 | $130亿 | +9.5% |
| Derivative, Notional Amount | $99.2亿 | $106亿 | -6.5% | $108亿 | $102亿 | +5.6% |
| Dividends Payable, Current | $39.5亿 | $37.8亿 | +4.4% | – | – | – |
| Dividends, Cash | $79亿2026-04-30 | $75.4亿 | +4.7% | $75.1亿 | $66.9亿 | +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 | $3.98亿 | $1.11亿 | +258.6% | $1.23亿 | -$6.41亿 | +119.2% |
| Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | – | – | – | $61.9亿 | – | – |
| 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% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 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
数据截至 2026-11-01