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Walmart (Nasdaq: WMT) stock fundamentals

Nasdaq: WMT · Consumer staples · United States

Signed off by OffScriptBySami on  · Updated

Data as of  · For information only, not investment advice.

In brief

Walmart (Nasdaq: WMT) runs retail stores, membership warehouse clubs and online shopping in the United States and abroad. Its Form 10-K reports revenue of USD 713 billion for FY2026, the year ended 31 Jan 2026. Its Form 10-Q puts revenue at USD 188 billion for Q2 FY2027, the quarter ended 31 Jul 2026.

Data as of Source: Form 10-K for FY2026 and Form 10-Q for Q2 FY2027

Key facts

Data as of

Walmart (Nasdaq: WMT) · USD · fiscal year ends 31 January · figures from SEC filings; derived values are marked.

Revenue (USD bn)
713
FY2026 (ended ) · Form 10-K
Revenue, TTM (USD bn)
736
TTM to · derived
Revenue by quarter, from USD 170 bn in Q3 FY2025 to USD 188 bn in Q2 FY2027
Net income attributable to shareholders (USD bn)
21.9
FY2026 (ended ) · Form 10-K
Operating margin
4.2%
FY2026 (ended ) · derived
Free cash flow (USD bn)
14.9
FY2026 (ended ) · derived
Net debt (USD bn)
38.9
at · derived: total debt minus cash and short-term investments
Dividend declared per share (USD)
0.94
FY2026 (ended ) · Form 10-K
Shares outstanding (bn)
7.93
at · Form 10-Q cover page

Fundamentals profile

vs Walmart's own FY2022–FY2026 range (fewer than 5 covered peers) · TTM to Q2 FY2027 · Data as of

Each row places Walmart's value against its own FY2022–FY2026 range. It describes; it does not rate. There is no overall score. How we calculate this

Walmart fundamentals profile compared with its own FY2022–FY2026 range. Each row names its period; values are percentages, multiples or years.
DimensionMetricWalmartOwn 5-year medianPositionRange
GrowthRevenue, 3-year CAGR to FY20265.3%Own 5-year median 5.3%Near its 5-year median
Lower (3.6%) Higher (5.9%)
MarginsOperating margin (TTM to Q2 FY2027)4.4%Own 5-year median 4.2%Near its 5-year median
Lower (3.3%) Higher (4.5%)
LeverageNet debt / EBITDA (TTM to Q2 FY2027; below zero means net cash)0.8×Own 5-year median 0.8×Near its 5-year median
Lower (0.6×) Higher (1.0×)
Cash flowFCF margin (TTM to Q2 FY2027)1.8%Own 5-year median 2.0%Near its 5-year median
Lower (1.9%) Higher (2.3%)
Dividend historyConsecutive years of cash dividends, to FY2026Every fiscal year in our data, FY2009 to FY2026, had a dividend; our data starts in FY2009.At least 18Own 5-year median not availablenot availablenot available

Source: Walmart Forms 10-Q and 10-K, SEC EDGAR. Derived by StockFactsheet. Data as of

Compared with Walmart's own FY2022–FY2026 range because fewer than 5 covered peers exist. Descriptive only; not a rating.

How did Walmart's operating margin change from FY2022 to FY2026?

Walmart's operating margin, our calculation, was 4.2% in FY2026, the year ended 31 Jan 2026, on revenue of USD 713 billion. Across FY2022 to FY2026 it ranged from 3.3% in FY2023 to 4.5% in FY2022. Net margin, our calculation, rose from 1.9% in FY2023 to 3.1% in FY2026.

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Swipe for earlier periods

Table 1 Walmart annual revenue and margins, FY2022–FY2026 (USD millions) USD millions, except per-share data (USD) and percentages · Fiscal year ends 31 January
USD mFY2026ended FY2025ended FY2024ended FY2023ended FY2022ended
Revenue713,163680,985648,125611,289572,754
Revenue YoY %increased 4.7%increased 5.1%increased 6.0%increased 6.7%increased 2.4%
Gross margin %24.9%24.9%24.4%24.1%25.1%
Operating margin %4.2%4.3%4.2%3.3%4.5%
Net margin %3.1%2.9%2.4%1.9%2.4%
(opens in new tab)

Source: Walmart Forms 10-Q and 10-K, SEC EDGAR Data as of

Arrows show direction of change only, not whether a change is good or bad.

Revenue rose in each of the 5 fiscal years, which end on 31 Jan. Year-on-year growth was 2.4% in FY2022, 6.7% in FY2023 and 4.7% in FY2026 (our calculations). Walmart's financial statements show the lines between operating income and net income in full: net interest, other gains and losses, and income tax.

Walmart's gross margin, our calculation, fell from 25.1% in FY2022 to 24.1% in FY2023, the same year operating margin fell from 4.5% to 3.3%. It was 24.9% in both FY2025 and FY2026, while operating margin moved from 4.3% to 4.2%.

Our gross margin is total revenues less cost of sales, divided by total revenues. Total revenues include membership and other income as well as net sales. Walmart's own annual report instead gives gross profit as a percentage of net sales, which it calls the gross profit rate, so its figure differs from ours.[3] Every line for 5 fiscal years and 8 quarters is in the Walmart financial statements.

How did Walmart's 3-for-1 stock split of February 2024 change the per-share figures on this page?

Walmart's 3-for-1 stock split took effect on 23 Feb 2024, and its per-share figures for earlier years are stated on the post-split basis.[3] Dividends declared rose from USD 0.7333 per share in FY2022 to USD 0.94 per share in FY2026.

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Swipe for earlier periods

Table 2 Walmart dividends per share and dividends paid, FY2022–FY2026 Per-share amounts in USD; other amounts in USD millions; ratios as multiples
Unit per rowFY2026ended FY2025ended FY2024ended FY2023ended FY2022ended
Dividends declared per share (USD)0.940.830.760.7467 10.7333 1
FCF cover (×)2.0×1.9×2.5×2.0×1.8×
Dividends paid−7,507−6,688−6,140−6,114−6,152
(opens in new tab)

Source: Walmart Forms 10-Q and 10-K, SEC EDGAR Data as of

1 As presented in Form 10-K filed .

The FY2022 and FY2023 per-share cells of the tables carry no adjustment marker, because we did not adjust them. They come from Walmart's FY2024 10-K, filed on 15 Mar 2024, which presents those years on the post-split basis.[3] The FY2022 and FY2023 10-Ks that head those columns were filed before the split and print the older share basis.

Dividends declared were USD 0.7467 per share in FY2023, USD 0.76 per share in FY2024 and USD 0.83 per share in FY2025. Our free cash flow cover, free cash flow divided by dividends paid, was 2.0× in FY2026 and 1.8× in FY2022. Dividends paid were USD 7.51 billion in FY2026, up from USD 6.15 billion in FY2022. Our methodology explains how we mark adjusted and derived figures, so a reader can tell a figure a filing prints from one we calculated.

How did Walmart's capital spending compare with its free cash flow and buybacks from FY2022 to FY2026?

Walmart's capital expenditure rose from USD 13.1 billion in FY2022 to USD 26.6 billion in FY2026. Over the same years cash from operations rose from USD 24.2 billion to USD 41.6 billion. Free cash flow, our calculation, was USD 11.1 billion in FY2022 and USD 14.9 billion in FY2026.

Report an error in this table

Swipe for earlier periods

Table 3 Walmart cash flow, dividends paid and buybacks, FY2022–FY2026 (USD millions) USD millions · outflows shown with a minus sign
USD mFY2026ended FY2025ended FY2024ended FY2023ended FY2022ended
Cash from operations41,56536,44335,72628,84124,181
Capital expenditure−26,642−23,783−20,606−16,857−13,106
Free cash flow14,923 D12,660 D15,120 D11,984 D11,075 D
Dividends paid−7,507−6,688−6,140−6,114−6,152
Share buybacks−8,088−4,494−2,779−9,920−9,787
(opens in new tab)

Source: Walmart Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Free cash flow = cash from operations minus capital expenditure.

Totals may not add up because of rounding.

Walmart's buybacks were USD 9.79 billion in FY2022 and USD 9.92 billion in FY2023, then USD 2.78 billion in FY2024. They rose to USD 4.49 billion in FY2025 and USD 8.09 billion in FY2026. In FY2026, buybacks and dividends paid were each smaller than our free cash flow of USD 14.9 billion.

Our free cash flow was USD 15.1 billion in FY2024 and USD 12.7 billion in FY2025. It fell because capital expenditure rose from USD 20.6 billion to USD 23.8 billion. Cash from operations went from USD 35.7 billion to USD 36.4 billion over the same 2 years.

The cash flow lines for each year are set out in the Walmart financial statements. Costco, which also sells to members through warehouse clubs, has its own page: Costco stock fundamentals.

How we got these numbers

Every figure comes from Walmart's Forms 10-Q and 10-K as filed with the SEC. Derived values are marked D and explained below.

Full method for this page
Source documents
Forms 10-Q (Q3 FY2025 to Q2 FY2027) and 10-K (FY2019 to FY2026)
Period covered
8 quarters and 5 fiscal years
Calculations
TTM = sum of the last 4 quarters. Q4 = fiscal year minus the nine-month YTD. Margins = line item ÷ revenue. FCF = cash from operations − capital expenditure. EBITDA = operating income + depreciation and amortisation (our calculation). Net debt = total debt − cash and short-term investments. CAGR = compound annual growth over three fiscal years.
Restatements
None in the periods shown.
Comparator
Each profile row compares the current value with Walmart's own last five fiscal years, FY2022 to FY2026: the median of those five years and their range, from the lowest to the highest. A current value outside that range is drawn just past the end of the strip. Fewer than 5 covered peers exist, so there is no sector median yet.
Currency
As reported (USD); no FX conversion.
Read the full methodology

Latest filings and disclosures

SEC filings behind Walmart's figures, newest first.

(opens in new tab)
  1. Filing Form 10-Q, quarter ended 31 Jul 2026 sec.gov
  2. Filing Form 10-Q, quarter ended 30 Apr 2026 sec.gov
  3. Filing Form 10-K, fiscal year ended 31 Jan 2026 sec.gov
  4. Filing Form 10-Q, quarter ended 31 Oct 2025 sec.gov
  5. Filing Form 10-Q, quarter ended 31 Jul 2025 sec.gov
  6. Filing Form 10-Q, quarter ended 30 Apr 2025 sec.gov
  7. Filing Form 10-K, fiscal year ended 31 Jan 2025 sec.gov
  8. Filing Form 10-Q, quarter ended 31 Oct 2024 sec.gov
All filings on SEC EDGAR

Company identifiers

Data as of
(opens in new tab)
Legal name
Walmart Inc.
Exchange
Nasdaq
Ticker
WMT
Sector
Consumer staples
Country
United States
Fiscal year end
31 January (FY2026 ended 31 Jan 2026)
Reporting currency
USD
Accounting standard
US GAAP
SEC CIK
0000104169
Latest filing in this page's data
Form 10-Q, quarter ended 31 Jul 2026 · filed

Sources and data

Data as of Figures are as reported in the filings below. Derived figures are our calculations (see Methodology).

(opens in new tab)
  1. [1] Filing Form 10-K, fiscal year ended 31 Jan 2026 Walmart Inc. · · sec.gov
  2. [2] Filing Form 10-K, fiscal year ended 31 Jan 2025 Walmart Inc. · · sec.gov
  3. [3] Filing Form 10-K, fiscal year ended 31 Jan 2024 Walmart Inc. · · sec.gov
  4. [4] Filing Form 10-K, fiscal year ended 31 Jan 2023 Walmart Inc. · · sec.gov
  5. [5] Filing Form 10-K, fiscal year ended 31 Jan 2022 Walmart Inc. · · sec.gov
  6. [6] Filing Form 10-Q, quarter ended 31 Jul 2026 Walmart Inc. · · sec.gov
  7. [7] Filing Form 10-Q, quarter ended 30 Apr 2026 Walmart Inc. · · sec.gov
  8. [8] Filing Form 10-Q, quarter ended 31 Oct 2025 Walmart Inc. · · sec.gov
  9. [9] Filing Form 10-Q, quarter ended 31 Jul 2025 Walmart Inc. · · sec.gov
  10. [10] Filing Form 10-Q, quarter ended 30 Apr 2025 Walmart Inc. · · sec.gov
  11. [11] Filing Form 10-Q, quarter ended 31 Oct 2024 Walmart Inc. · · sec.gov
  12. [12] Filing Form 10-K, fiscal year ended 31 Jan 2021 Walmart Inc. · · sec.gov
  13. [13] Filing Form 10-K, fiscal year ended 31 Jan 2020 Walmart Inc. · · sec.gov
  14. [14] Filing Form 10-K, fiscal year ended 31 Jan 2019 Walmart Inc. · · sec.gov
  15. [15] Our dataset StockFactsheet fundamentals dataset, extracted from SEC EDGAR XBRL on ; derived values (Q4, TTM, free cash flow, net debt, margins, growth rates and ratios) are explained in Methodology.

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Cite this page

StockFactsheet (2026). "Walmart (Nasdaq: WMT) stock fundamentals." Signed off by OffScriptBySami. Updated ; data as of . https://stockfactsheet.com/stocks/wmt/

Not investment advice

For information only. StockFactsheet does not recommend buying, selling or holding any security. Figures can contain errors; always check the original filings. Full disclaimer

Author and editor

OffScriptBySami

Founder and editor, StockFactsheet

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How you can check this page

  • The filings behind the figures on this page are listed in Sources and data above.
  • Signed off by OffScriptBySami on , after the figure, wording and source checks.
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How this page was made
  1. Data imported (SEC EDGAR, )
  2. Drafted from our dataset and the company's own filings
  3. Automated checks and review steps passed ()
  4. Signed off and published by OffScriptBySami (, GST)

Update history

  1. Published First published version.