Consumer Staples · NASDAQ: WMT
Walmart: how the business works
Walmart sells groceries, general merchandise and health products in stores and online, with total revenues of $713.2 billion in FY2026.
By Hardik Bhandare · Checked against filings:
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Walmart Inc. · Bentonville, Arkansas · Founded 1945
Last updated
- Total revenues, FY2026
- $713.2B
- Operating income, FY2026
- $29.8B
- Net income, FY2026 (incl. $2.1B of pre-tax net other gains)
- $21.9B
- Stores and clubs, Jul 31, 2026
- 11,000
- Walton Enterprises' stake, Apr 10, 2026 (proxy)
- 44.11%
The short version
Walmart in 5 points
1 · What it sells
Walmart sells groceries, general merchandise and health products through 11,000 stores and clubs (Jul 31, 2026) and online, with total revenues of $713.2 billion in FY2026.
2 · Who pays it
Customers of Walmart U.S. paid 68.4% of FY2026 net sales, International 18.5% and Sam's Club U.S. 13.2%, and no single customer was material.
3 · What it keeps from $100
Of every $100 that came in during FY2026, Walmart kept $3.1 as net income, including $0.29 of net gains before tax, mostly on investments, while operating income was $4.18 per $100 of total revenues.
4 · Where the operating profit comes from
Walmart U.S. earned 76.9% of FY2026 segment operating income before corporate costs, and management said on May 21, 2026 that advertising and membership were about one-third of Q1 FY2027 operating income.
5 · The one thing to watch
Operating income rose 28.8% to $9.4 billion in Q2 FY2027, or 17.4% on Walmart's adjusted constant-currency measure, in a quarter with about $2.9 billion of tariff refunds, partly offset by price investments.
Sources: From Walmart's FY2026 10-K, its Q2 FY2027 earnings release and 10-Q, and its May 2026 earnings call · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2026
Where does $100 of Walmart's money go?
Walmart · FY2026
Receipt for every $100
| Goods and other cost of sales | $74.9 |
|---|---|
| Operating, selling and admin costs | $20.7 |
| Interest | $0.3 |
| Tax and minority holders' share | $1.1 |
| Kept as net income | $3.1 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from FY2026 10-K. Of every $100 that came in during FY2026 (total revenues plus $2.1 billion of net other gains): each line = line ÷ $715.2 billion × 100. The profit line includes those gains.
Each week: one company explained in 5 points, picked by earnings date.
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02The business in one line
What does Walmart do?
Shoppers pay Walmart for groceries and everyday goods; about $75 of every $100 goes on the goods themselves, and about $3 is left as net income.
- In FY2026, Walmart U.S. was 68.4% of net sales, Walmart International 18.5% and Sam's Club U.S. 13.2%. Grocery was 59.1% of Walmart U.S. net sales.
- Advertising brought in nearly $6.4 billion and membership fees over $4.3 billion in FY2026, against net sales of $706.4 billion. Management said on May 21, 2026 that the two together were "approximately one-third of operating income" for Q1 FY2027.
03Who pays it
Who pays Walmart?
Walmart U.S. customers
68%
of revenue
Shoppers at Walmart and Neighborhood Market stores, and on walmart.com. The segment's net sales were $483.0 billion in FY2026.
Walmart International customers
19%
of revenue
Shoppers outside the US. The segment's net sales were $130.4 billion in FY2026.
Sam's Club U.S. customers
13%
of revenue
People shopping at the membership clubs. The segment's net sales were $93.0 billion in FY2026.
Advertisers
Not disclosed
Brands paying for ads, nearly $6.4 billion in FY2026. Walmart gives no share because ads sit in net sales or reduce cost of sales.
Members
Not disclosed
Membership fees exceeded $4.3 billion in FY2026, management said. They are part of $6.75 billion of membership and other income, which sits outside net sales.
- Walmart U.S. customers68%
- Walmart International customers19%
- Sam's Club U.S. customers13%
How spread out the customers are
Walmart's FY2026 10-K says it did not generate material revenues from any single customer. The three percentages above are shares of FY2026 net sales and add to 100 after rounding.
04Why it makes money
Why does Walmart make money?
Walmart earns a few dollars per $100 of revenue on a very large base of sales.
Walmart says it prices items at everyday low prices and controls costs to pay for them. It kept $4.53 of operating income per $100 of total revenues in FY2022 and $4.18 in FY2026; FY2023's $3.34 included about $3.3 billion of opioid settlement charges. The $3.1 kept per $100 that came in reflects $0.29 of net gains before tax, mostly on investments.
Operating income per $100 of total revenues
$4.5$4.2
FY2022 to FY2026
- Everyday low prices bring shoppers to stores and the app
- Large sales volumes spread store and supply chain costs
- Stores fill online orders through pickup and delivery
- More shoppers draw brands that pay for ads
- Members pay fees for Sam's Club and Walmart+
- Cost savings and new income pay for lower prices
↺ Step 6 feeds back into step 1.
05Business segments · FY2026
Which businesses make up Walmart?
Walmart U.S.
68%Walmart and Neighborhood Market stores, walmart.com and Walmart+. It earned 76.9% of FY2026 segment operating income, before $2.9 billion of corporate costs.
Revenue $483.0B · Operating profit $25.2B
Walmart International
19%Stores and online businesses in 18 countries. It earned 15.6% of segment operating income, after a $0.7 billion PhonePe stock-pay charge in Q3 FY2026.
Revenue $130.4B · Operating profit $5.1B
Sam's Club U.S.
13%Membership warehouse clubs. It earned 7.5% of segment operating income. Walmart changed how it allocates corporate costs in February 2026; these are the figures in the FY2026 10-K.
Revenue $93.0B · Operating profit $2.4B
How the mix changed
- Walmart U.S.
- Walmart International
- Sam's Club U.S.
Revenue by segment, FY2022 to FY2026.
US$
See the numbers
06The numbers · Consolidated · US$
How has Walmart done?
Revenue
$713.2BFY2026
Total revenues rose every year, from $572.8 billion in FY2022 to $713.2 billion in FY2026.
US$
See the numbers
Net profit
$21.9BFY2026
Operating income rose from $25.9 billion in FY2022 to $29.8 billion in FY2026, after falling to $20.4 billion in FY2023, a year with about $3.3 billion of opioid settlement charges.
US$
See the numbers
Profit kept per $100 of revenue
$3.1FY2026
Net income per $100 of total revenues was $3.07 in FY2026, including net other gains of $2.1 billion before tax, while operating income per $100 was $4.18.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
$14.9BFY2026
Cash from operations rose from $24.2 billion in FY2022 to $41.6 billion in FY2026, and purchases of property and equipment rose from $13.1 billion to $26.6 billion.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Jan 31; Walmart names each year after the year it ends in, so FY2026 ended Jan 31, 2026 and Q2 FY2027 ended Jul 31, 2026). Net profit is the share belonging to the company's owners. Total net income differs from net profit to the company's owners: Total net income was $22,270 million, including $377 million that belongs to minority holders in majority-owned businesses.
Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares
07Who runs it
Who runs Walmart, and did they deliver?
John Furner
President and Chief Executive Officer · since 2026
CEO from Feb 1, 2026, age 51; he ran Walmart U.S. from November 2019. He followed Doug McMillon, who retired as CEO on Jan 31, 2026.
John David Rainey
Executive Vice President and Chief Financial Officer · since 2022
Previously chief financial officer of PayPal Holdings.
David Guggina
CEO, Walmart U.S. · since 2026
Previously chief eCommerce officer of Walmart U.S.
Christopher Nicholas
CEO, Walmart International · since 2026
Previously CEO of Sam's Club U.S.; he followed Kathryn McLay.
Latriece Watkins
CEO, Sam's Club U.S. · since 2026
Previously chief merchandising officer of Walmart U.S.
Gregory B. Penner
Non-Executive Chairman
On the board since 2008. His spouse is the cousin of director Steuart Walton.
What they said, and what happened
6 delivered · 3 too early to tell
Said on Feb 20, 2025
Walmart guided FY2026 adjusted EPS of $2.50 to $2.60.
DeliveredWhat happened
Reported adjusted EPS of $2.64, above the range. Diluted (GAAP) EPS was $2.73.
Said on Feb 20, 2025
Walmart guided Q1 FY2026 adjusted EPS of $0.57 to $0.58.
DeliveredWhat happened
Reported adjusted EPS of $0.61, above the range. Diluted (GAAP) EPS was $0.56.
Said on Aug 21, 2025
Walmart guided FY2026 adjusted EPS of $2.52 to $2.62, updated from its February range.
DeliveredWhat happened
Reported adjusted EPS of $2.64, above the range.
Said on Aug 21, 2025
Walmart guided Q3 FY2026 adjusted EPS of $0.58 to $0.60.
DeliveredWhat happened
Reported adjusted EPS of $0.62, above the range. Diluted (GAAP) EPS was $0.77.
Said on Feb 19, 2026
Walmart guided Q1 FY2027 adjusted EPS of $0.63 to $0.65.
DeliveredWhat happened
Reported adjusted EPS of $0.66, above the range. Diluted (GAAP) EPS was $0.67.
Said on May 21, 2026
Walmart guided Q2 FY2027 operating income growth of 7.0% to 10.0%, leaving out currency moves, and adjusted EPS of $0.72 to $0.74, both excluding tariff refunds.
DeliveredWhat happened
The CFO said underlying operating income growth, setting aside the net refund benefit, was at the top end of the range. Adjusted EPS of $0.81 was above its range but includes that net benefit; Walmart gave no EPS without it. Diluted (GAAP) EPS was $0.80.
Said on Aug 20, 2026
Walmart guided Q3 FY2027 adjusted EPS of $0.62 to $0.64.
Too early to tellWhat happened
Q3 FY2027 results are not out yet.
Said on Aug 20, 2026
Walmart guided FY2027 adjusted EPS of $2.80 to $2.87, up from $2.75 to $2.85.
Too early to tellWhat happened
FY2027 ends Jan 31, 2027.
Said on Aug 20, 2026
CFO John David Rainey said that, looking at Q2 and Q3 FY2027 reported operating income together, growth "would average approximately 10% per quarter".
Too early to tellWhat happened
Q2 FY2027 operating income rose 28.8% as reported and 17.4% on Walmart's adjusted constant-currency measure. Walmart gave no calculation and did not state which Q2 growth figure the average uses. Q3 FY2027 is not out yet.
08What could go wrong
What could go wrong for Walmart?
- Other
Q2 FY2027 profit includes tariff refunds
Walmart received about $2.9 billion of tariff refunds in Q2 FY2027, recorded as a reduction to cost of sales. Walmart said a significant portion went into price and cost mitigation, and that price investment continues through FY2027. It gives no dollar amount for that investment.
Watch Operating income and gross profit rate in Q3 FY2027, which the CFO said should be read together with Q2.
- Regulation
Tariffs and trade
Less than one third of what Walmart sells in the US is imported, mostly from China, Vietnam, Mexico, India and Canada. Walmart lists tariffs and trade restrictions among the uncertainties for its business.
Watch The tariff discussion in each 10-Q and the gross profit rate.
- Other
Net income moves with investment values
Other gains and losses swung from a $2.7 billion gain in Q2 FY2026 to a $2.1 billion loss in Q4 FY2026. In Q2 FY2027 net income fell 9.4% while operating income rose 28.8%, with a $1.2 billion loss on this line.
Watch "Other (gains) and losses" in each earnings release.
- Debt
Capital spending and debt have risen
Purchases of property and equipment rose from $13.1 billion in FY2022 to $26.6 billion in FY2026, and Walmart now states about 4.0% of net sales for FY2027. Total debt reached $57.2 billion at Jul 31, 2026, up from $50.3 billion a year earlier.
Watch Free cash flowCash from operations minus spending on buildings and equipment. Learn more ($5.5 billion in the first half of FY2027, against $6.9 billion a year earlier) and new notes.
- Competition
Competition across stores and online
Walmart's 10-K lists competition among its risk factors, naming rival types from discount and dollar stores to online and social commerce sellers. Operating income was $4.18 per $100 of total revenues in FY2026.
Watch Walmart U.S. net sales growth (3.5% in Q2 FY2027) and comparable sales.
- Regulation
Drug pricing rules and pharmacy payments
Walmart said new maximum fair price rules for pharmacy drugs, effective Jan 1, cut Walmart U.S. comparable sales by 125 basis points in Q2 FY2027. Its 10-K also lists pharmacy reimbursement among its risks. Health and wellness was $69.5 billion of Walmart U.S. net sales in FY2026.
Watch Walmart U.S. health and wellness sales in each 10-K and the pharmacy comments in each release.
- Raw-material prices
Fuel and running costs
The CFO said on Aug 20, 2026 that Walmart expected more than $2 billion of incremental fuel-related costs this year, above its original assumptions. Fuel-related expense at Sam's Club U.S. was $8.7 billion in FY2026.
Watch Gross profit rate and operating expenses in each release.
- Legal
Lawsuits and regulators
Open matters include opioid-related lawsuits, Asda equal value claims, and India foreign investment and competition matters, each listed under governance. Walmart says it cannot estimate the loss on open matters beyond amounts accrued.
Watch The Contingencies note in each 10-Q and 10-K, and the Asda hearing on Nov 23, 2026.
- Governance
One family's entities hold about 44% of the shares
Walton Enterprises held 44.11% on Apr 10, 2026, with one vote per share. Two Walton family members sat on the board, according to the 2026 proxy, and the board has not determined the independence of Greg Penner or Steuart Walton.
Watch The ownership table in each proxy and any Schedule 13D/A from Walton Enterprises.
- Execution
New top management
A new CEO took over on Feb 1, 2026, and new heads of Walmart U.S., Walmart International and Sam's Club U.S. started at the same time.
Watch Segment operating income and any further changes reported on Form 8-K.
09Both sides
What do supporters and critics point to?
What supporters point to
- Total revenues rose every year, from $572.8 billion in FY2022 to $713.2 billion in FY2026.
- eCommerce net sales rose from about $73.2 billion in FY2022 to about $150.4 billion in FY2026.
- Cash from operations rose from $24.2 billion in FY2022 to $41.6 billion in FY2026.
- Advertising rose 38% and membership fee revenue 17% globally in Q2 FY2027.
- The per-share dividend rose every year, from $0.7333 in FY2022 to $0.99 in FY2027.
What critics point to
- Operating income per $100 of total revenues was $4.18 in FY2026, below $4.53 in FY2022.
- Q2 FY2027 operating income rose 28.8%, or 17.4% on Walmart's adjusted constant-currency measure, in a quarter with about $2.9 billion of tariff refunds, partly offset by price investments.
- Free cash flow in the first half of FY2027 was $5.5 billion, down from $6.9 billion a year earlier, as purchases of property and equipment rose.
- Total debt rose to $57.2 billion at Jul 31, 2026 from $50.3 billion a year earlier.
- Walton Enterprises held 44.11% of the shares on Apr 10, 2026, with one vote per share.
10What to watch next
What should you watch next at Walmart?
Next event
Q3 FY2027 results
Date not announced yet.
Q3 FY2027 operating income
Walmart's Aug 20, 2026 release said it expected Q3 operating income up 2.0% to 4.0%, leaving out currency moves, and asked readers to consider Q2 and Q3 together.
How much of the tariff refunds goes into prices
Walmart received about $2.9 billion in Q2 FY2027 and gives no dollar amount for its price investment; the gross profit rate rose 96 basis points that quarter.
Asda hearing
The third-phase hearing on the Asda equal value claims is set to begin on Nov 23, 2026.
11Key facts
Key facts about Walmart
- What does Walmart do?
- Walmart runs Walmart stores, walmart.com and Sam's Club warehouse clubs in the US, and stores and online businesses in 18 other countries. Walmart had 11,000 stores and clubs on Jul 31, 2026, and total revenues of $713.2 billion in FY2026 (the year ended Jan 31, 2026).
- How does Walmart make money, and what is its business model?
- Walmart buys goods and sells them to shoppers in stores and online: net sales were $706.4 billion of its $713.2 billion of FY2026 total revenues. Walmart kept $4.18 of operating income per $100 of total revenues. Walmart also earns membership fees and advertising income, and no single customer was material in FY2026.
- Is Walmart profitable?
- Yes. Walmart's operating income was $29.8 billion in FY2026 and its net income was $21.9 billion, up from $19.4 billion in FY2025. Walmart's FY2026 net income includes $2.1 billion of net other gains before tax, mostly changes in the value of investments.
- What is Walmart's revenue by segment?
- Walmart's FY2026 net sales were $483.0 billion at Walmart U.S. (68.4%), $130.4 billion at Walmart International (18.5%) and $93.0 billion at Sam's Club U.S. (13.2%).
- How much does Walmart make from groceries?
- Grocery brought in $285.5 billion of Walmart U.S. net sales in FY2026 (59.1%) and $64.7 billion at Sam's Club U.S. Walmart reports its International sales by market, not by category.
- How much does Walmart make from general merchandise?
- General merchandise, such as electronics, toys, clothing and home goods, brought in $115.1 billion of Walmart U.S. net sales in FY2026 (23.8%) and $11.5 billion at Sam's Club U.S.
- How much does Walmart make from health and wellness?
- Health and wellness, which includes pharmacy, brought in $69.5 billion of Walmart U.S. net sales in FY2026, up from $54.9 billion in FY2024, and $5.2 billion at Sam's Club U.S.
- How much does Walmart sell online?
- Walmart's eCommerce net sales were about $150.4 billion in FY2026, or 21.3% of net sales, up from about $73.2 billion in FY2022. Walmart's figure includes orders picked up from or delivered by stores, and some advertising and fulfillment services.
- How much does Walmart make from advertising and memberships?
- Walmart said its global advertising business brought in nearly $6.4 billion in FY2026, up 46% including VIZIO, and that membership fees exceeded $4.3 billion, against FY2026 net sales of $706.4 billion. Walmart records advertising in net sales or as a reduction to cost of sales, so it is not a separate revenue line.
- Who owns Walmart?
- Walton Enterprises, LLC held 44.11% of Walmart's shares on Apr 10, 2026, according to Walmart's 2026 proxy. The proxy says about 44% is held by entities related to founder Sam Walton's family. Walmart's directors, nominees and executive officers as a group held less than 1%.
Go deeper
More detail from the same filings. Open any section.
12What it sells
12What it sells
What does Walmart sell?
Grocery ($285.5B at Walmart U.S., FY2026)
Food and drinks, plus consumables such as health and beauty aids, pet supplies, paper goods and baby products.
General merchandise ($115.1B at Walmart U.S.)
Electronics, toys, hardware, sporting goods, clothing, shoes, furniture and home goods.
Health and wellness ($69.5B at Walmart U.S.)
Pharmacy, over-the-counter drugs and other medical products, and optical services.
Sam's Club U.S. ($93.0B)
Membership warehouse clubs in 44 states. A membership costs $50 for Club or $110 for Plus. Grocery was $64.7 billion of these sales and fuel and other $11.6 billion.
Walmart International ($130.4B)
Stores and online businesses outside the US, including Walmex in Mexico and Central America, China, Canada, and Flipkart and PhonePe in India.
Advertising (nearly $6.4B, global)
Brands pay to show ads to Walmart's shoppers through Walmart Connect and VIZIO, which Walmart bought in December 2024.
Memberships (fees over $4.3B)
Fees from Sam's Club members and from Walmart+, which offers extras such as unlimited free shipping on eligible orders.
What it does
- Does: Sells goods it owns, in stores and clubs and through walmart.com and its app
- Does: Fills online orders from its stores, with pickup or delivery at over 8,400 locations worldwide
- Does: Runs pharmacies and sells fuel
- Does: Charges online sellers for marketplace and fulfillment services, and sells financial services through partners
What it does not do
- Does not: Does not report advertising as a separate revenue line: it sits in net sales or reduces cost of sales
- Does not: Does not report the profit of advertising or membership in its filings; the "one-third" figure comes from management on earnings calls
- Does not: No longer owns Asda, the UK grocer it sold in February 2021
13How the money flows
13How the money flows · FY2026
How does money flow through Walmart?
Money in
- Net sales$706.4B
- Membership and other income$6.8B
- Other gains, net (mostly changes in investment values)$2.1B
The company
Walmart
$715.2B came in
Money out
- Cost of sales (goods sold and moving them)$535.4B
- Operating, selling, general and administrative costs$147.9B
- Interest, net$2.4B
- Income tax$7.2B
- Minority holders' share of profit$377M
- Net income attributable to Walmart$21.9B
- Shoppers, members and other customers paid Walmart $713.2 billion in FY2026.
- Most of it, $535.4 billion, went on cost of sales: the goods Walmart sold and moving them.
- Running stores, clubs and the business took $147.9 billion, including most staff pay and wear and tear on assets.
- That left $29.8 billion of operating income. Net gains, mostly on investments, added $2.1 billion.
- After interest, tax and minority holders' share, $21.9 billion was left as net income.
14What it needs to run
14What it needs to run
What does Walmart need to run?
Stores and clubs
4,615 Walmart U.S. stores, 602 Sam's Clubs and 5,783 International locations at Jul 31, 2026, which made 11,000 in total.
Warehouses and trucks
192 distribution facilities in the US and 179 outside it at Jan 31, 2026, with a private truck fleet and outside carriers.
People
About 2.1 million associates at Jan 31, 2026: 1.6 million in the US and 0.5 million abroad.
Goods from suppliers
Less than one third of what Walmart sells in the US is imported. Most imports come from China, Vietnam, Mexico, India and Canada.
Automation
Walmart spent $16.5 billion in FY2026 on supply chain, customer-facing, technology and other projects. It also held 39.9% of the Class A shares of Symbotic, a warehouse automation supplier, on an as-exchanged basis (filed Aug 7, 2026).
15Where it sells
15Where it sells · FY2026
Where does Walmart sell?
- United States (share of net sales)82%
- Mexico and Central America7%
- China4%
- Canada3%
- Other International4%
16Where growth could come from
16Where growth could come from
Where could Walmart's growth come from?
Walmart said in its Aug 20, 2026 earnings release that it expected FY2027 net sales to rise 4.0% to 5.0%, leaving out currency moves. It expected adjusted operating income up 7.0% to 8.5% on the same basis, and adjusted EPS of $2.80 to $2.87. For Q3 FY2027 it expected net sales up 3.0% to 3.75% and adjusted EPS of $0.62 to $0.64.
eCommerce
Working+23% globally, Q2 FY2027
eCommerce net sales were about $150.4 billion in FY2026, up from about $120.9 billion in FY2025. In Q2 FY2027 they rose 24% at Walmart U.S., 19% at International and 26% at Sam's Club U.S.
Status: Working, on track against what the company said.
Advertising
Working+38% globally, Q2 FY2027
Global advertising was nearly $6.4 billion in FY2026. Walmart Connect, excluding VIZIO, grew 43% in Q2 FY2027. Management also named an acquisition, Vibe, on the Aug 20, 2026 call; no filing here gives its price.
Status: Working, on track against what the company said.
Membership fees
Working+17% globally, Q2 FY2027
Membership fee revenue rose 17% globally in Q2 FY2027. Management said fees exceeded $4.3 billion in FY2026. On Nov 20, 2025 management also put advertising and membership fee income at about one-third of that quarter's consolidated adjusted operating income.
Status: Working, on track against what the company said.
International markets
MixedChina $24.6B, FY2026
China net sales rose from $17.0 billion in FY2024 to $24.6 billion in FY2026. International operating income fell from $5.5 billion to $5.1 billion in FY2026, including a $0.7 billion PhonePe stock-pay charge.
Status: Mixed, partly on track.
Health and wellness
Mixed+12.0% at Walmart U.S., FY2026
Walmart U.S. health and wellness sales reached $69.5 billion in FY2026. In Q2 FY2027, new maximum fair price rules for pharmacy drugs cut Walmart U.S. comparable sales by 125 basis points.
Status: Mixed, partly on track.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
17The company's own measures (non-GAAP)
17The company's own measures · FY2026 and Q2 FY2027
What do Walmart's own measures show?
Official (GAAP): Operating income, FY2026
$29.8B
Company's own measure: Adjusted operating income, FY2026
$31.0B
Walmart leaves out certain legal matters, restructuring and the PhonePe stock-pay charge.
Official (GAAP): Diluted EPS, FY2026
$2.73
Company's own measure: Adjusted EPS, FY2026
$2.64
Walmart leaves out investment gains and losses, certain legal matters, restructuring and the PhonePe stock-pay charge.
Official (GAAP): Operating income, Q2 FY2027
$9.4B
Company's own measure: Adjusted operating income, Q2 FY2027
$9.4B
The two are the same this quarter, so the tariff refunds and price investment stay in the adjusted figure.
Official (GAAP): Reported operating income growth, Q2 FY2027
28.8%
Company's own measure: Adjusted operating income growth excluding currency moves, Q2 FY2027
17.4%
Walmart removes exchange-rate changes, and its Q2 FY2026 base leaves out $590 million of legal and reorganization charges. Both growth figures include the net benefit of the tariff refunds.
Official (GAAP): Diluted EPS, Q2 FY2027
$0.80
Company's own measure: Adjusted EPS, Q2 FY2027
$0.81
Walmart leaves out a $0.12 net loss on investments and a $0.11 net benefit from a certain tax matter.
Official (GAAP): Net income attributable to Walmart, Q2 FY2027
$6.4B
Company's own measure: Adjusted EBITDA, Q2 FY2027
$13.3B
Walmart starts from net income and adds back tax, other gains and losses, interest, depreciation and amortization, and certain charges. It was 7.2% of net sales, against a net income margin of 3.4%.
Official (GAAP): Net cash from operating activities, FY2026
$41.6B
Company's own measure: Free cash flow, FY2026 (Walmart's definition)
$14.9B
Walmart subtracts payments for property and equipment, the same calculation as in "The numbers".
Official (GAAP): Return on assets, FY2026
8.2%
Company's own measure: Return on investment, FY2026
15.1%
Return on investment is Walmart's own measure; return on assets is the closest measure built from the financial statements.
Official (GAAP): Walmart U.S. net sales growth, Q2 FY2027
3.5%
Company's own measure: Comparable sales excluding fuel, Walmart U.S., Q2 FY2027
2.6%
Walmart compares sales at stores and clubs open for the previous 12 months, plus eCommerce, with a year earlier.
Official (GAAP): Sam's Club U.S. net sales growth, Q2 FY2027
8.8%
Company's own measure: Comparable sales excluding fuel, Sam's Club U.S., Q2 FY2027
4.4%
Same definition as above, and it leaves out fuel, which is in net sales.
Official (GAAP): Reported net sales growth, Q2 FY2027
5.9%
Company's own measure: Net sales growth excluding currency moves, Q2 FY2027
5.0%
Walmart removes the effect of exchange-rate changes on sales outside the US.
Official (GAAP): Net sales, FY2026
$706.4B
Company's own measure: Global advertising, FY2026 ("nearly" this amount)
$6.4B
Walmart's stated figure, up 46% including VIZIO. It sits partly in net sales and partly as a reduction to cost of sales, so it is not a slice of net sales.
Official (GAAP): Membership and other income, FY2026
$6.8B
Company's own measure: Membership fees, FY2026 ("exceeded" this amount)
$4.3B
Management's figure from the Feb 19, 2026 call. Membership and other income also includes other items.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Sources
Earnings release, Q4 and fiscal 2026 (Form 8-K, Exhibit 99.1); Form 10-K for fiscal 2026 (year ended Jan 31, 2026); Earnings release, Q2 fiscal 2027 (Form 8-K, Exhibit 99.1) and 3 more
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out
18Financial strength and debt
18Financial strength · Jul 31, 2026
How much debt does Walmart have?
- Total debt$57.2B
- Cash and investments$11.5B
- Net debt (debt minus cash)$45.7B
- Net worth (shareholders' money)$98.2B
- Debt to equity
- 0.58×
- $ of debt for every $1 of shareholders' money
- Total debt uses Walmart's definition: short-term borrowings, long-term debt and finance leases. Net figures are a Cityfort calculation from Q2 FY2027 earnings release.
- Operating lease obligations are not in total debt: they were $15.6 billion at Jan 31, 2026.
- Short-term borrowings rose to $10.5 billion at Jul 31, 2026 from $3.8 billion a year earlier.
- After Jul 31, 2026, Walmart agreed on Oct 19, 2026 to sell $3.0 billion of US notes and C$5.0 billion of Canadian notes (Canadian-dollar amount; not converted here).
- Walmart had $15.0 billion of undrawn credit facilities at Jan 31, 2026, and its current ratio (short-term assets ÷ short-term liabilities) was 0.79 that day.
19Who owns it
19Who owns it · ownership as of Apr 10, 2026
Who owns Walmart?
- Officers and directors (as a group), shares
- 0.1%
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Sources
Form 10-Q for the quarter ended Jul 31, 2026 (Q2 fiscal 2027); Proxy statement (DEF 14A) for the June 4, 2026 annual meeting; Form 8-K: 2026 annual meeting results and charter amendment (Items 5.03, 5.07) and 1 more
Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes
20What it does with profit
20What it does with profit
What does Walmart do with its profit?
Dividend per share
$0.99FY2027
Dividend paid for each share, by financial year.
$ per share
See the numbers
Buyback · Jan 31, 2024
Bought back $2.8 billion of shares in FY2024.
$2.8B
Buyback · Jan 31, 2025
Bought back $4.5 billion of shares in FY2025.
$4.5B
Buyback · Jan 31, 2026
Bought back $8.1 billion of shares in FY2026.
$8.1B
Buyback · Feb 23, 2026
A new $30 billion buyback program began; $25.1 billion was left at Jul 31, 2026.
$30.0B
Buyback · Jul 31, 2026
Bought back $5.1 billion of shares in the first half of FY2027.
$5.1B
Money raised · Apr 27, 2026
Agreed to sell $4.25 billion of notes.
$4.3B
Money raised · Oct 19, 2026
Agreed to sell $3.0 billion of US notes due 2029 to 2036, at 5.050% to 5.550%.
$3.0B
Money raised · Oct 19, 2026
Agreed to sell C$5.0 billion of Canadian notes due 2030 to 2056, at 4.150% to 5.250% (Canadian-dollar amount; not converted here).
21Governance signals
21Governance signals
What do Walmart's governance filings show?
- Auditor
- Ernst & Young LLP, since 1969
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- The 2026 proxy lists related-person items. Walmart paid Mahco, where director Doug McMillon's sister is an executive officer, about $48.1 million in FY2026 for sporting goods. It paid entities in which Walton family members have ownership interests about $25.8 million and received about $2.2 million from them. Some relatives of directors and officers also work at Walmart.
- Credit rating
- S&P, Moody's and Fitch (long-term debt ratings as stated in Walmart's 10-Q) AA (S&P) / Aa2 (Moody's) / AA (Fitch) (outlook not stated in the filing), Aug 28, 2026
A credit rating describes the company's ability to repay debt. It is not a rating of the share.
Flags to know about
regulatory
Spark Driver settlement
A stipulated order with the FTC and certain states was entered on Mar 3, 2026, without Walmart admitting liability. It set a $100 million judgment, about $63 million of it suspended, and about $37 million accrued. Related lawsuits continue.
regulatory
Opioid matters
Walmart accrued about $3.3 billion for opioid settlements in FY2023, paid by Jan 31, 2025. Other opioid-related lawsuits remain pending, and Walmart says it is defending them.
regulatory
India: foreign investment and antitrust matters
India's Directorate of Enforcement has issued notices to Flipkart and others based on alleged foreign investment rule violations, mainly for 2009 to 2015. Separately, an India competition investigator's report alleges competition law violations by certain Flipkart subsidiaries. Flipkart is responding; no final order has been issued.
regulatory
Mexico antitrust penalty under appeal
In December 2024 Mexico's competition authority found a Walmex subsidiary had engaged in a relative monopolistic practice involving supplier contributions. It imposed a penalty of 93.4 million pesos (about $5 million). The subsidiary appealed in January 2025.
regulatory
Money transfer subpoenas
Walmart has responded to grand jury subpoenas seeking documents on fraud prevention and anti-money laundering compliance in its money transfer services. The most recent was issued in August 2020.
other
Asda equal value claims
About 77,000 current and former employees of Asda, sold in February 2021, allege their work is of equal value to distribution center work. The third-phase hearing is set for Nov 23, 2026. Walmart has agreed to indemnify Asda for certain claims, up to a set amount.
shares as collateral
No shares used as collateral
The 2026 proxy says no director or executive officer has an arrangement using Walmart stock as collateral.
other
CEO pay ratio
FY2026 pay for Doug McMillon, then CEO, was $29,240,930, against $30,520 for the median associate: a ratio of 958 to 1.
22What the market paid
22What the market paid · price as of Oct 30, 2026
What did the market pay for Walmart on Oct 30, 2026?
Price as of Oct 30, 2026 (shown for education; prices change daily).
Price as of Oct 30, 2026: Walmart closed at $123.51 on Nasdaq. Times 7,933.7 million shares (Aug 26, 2026) that is a market value of about $979.9 billion (Cityfort calculation from the Oct 30, 2026 Nasdaq closing price and the Q2 FY2027 10-Q cover). P/E is price ÷ earnings per share. It was 44.6 on diluted EPS of $2.77 for the 12 months to Jul 31, 2026 (four quarters added), and 45.2 on FY2026 EPS of $2.73. Dividend yield is the $0.99 FY2027 dividend ÷ price: 0.80%, as of the same date.
- Share price
- $123.51
- Market value (market cap)
- $979.9B
- P/E
- 44.6×
Source: WMT historical daily prices, October 2026 (close of Oct 30, 2026); Form 10-Q for the quarter ended Jul 31, 2026 (Q2 fiscal 2027); Earnings release, Q2 fiscal 2027 (Form 8-K, Exhibit 99.1) and 4 more
23How it got here
23How it got here
How did Walmart get here?
1945
Milestone
First store
Sam Walton opened a franchised Ben Franklin variety store in Newport, Arkansas. The company went public in 1970.
1962
Business-model change
Discount stores
The founders moved from variety stores to opening discount stores.
1983
Business-model change
Sam's Club, then supercenters
The first Sam's Club opened in 1983 and the first supercenter in 1988, adding warehouse clubs and full grocery.
1991
Business-model change
First move abroad
Walmart entered a joint venture in Mexico, its first step outside the US.
2018
Business-model change
Flipkart stake
Walmart bought a majority stake in Flipkart in India.
2021
Business-model change
Asda sold
Walmart sold the UK grocer Asda in February 2021. It still oversees the defense of Asda's equal value claims.
2023
Crisis
Opioid settlements
Walmart accrued about $3.3 billion for opioid settlements in FY2023, the year operating income fell to $20.4 billion.
2024
Milestone
Stock split and VIZIO
Each share became 3 in February 2024; all share figures on this page are after the split. Walmart bought VIZIO in December 2024.
2025
Milestone
Move to Nasdaq
Walmart's Nov 20, 2025 filing expected trading on Nasdaq to begin Dec 9, 2025, moving from the NYSE. Its later filings list Nasdaq.
2026
Milestone
New CEO
John Furner became CEO on Feb 1, 2026, after Doug McMillon retired from the role.
24Sources and changes
Where every number on this page comes from
Sources (37 documents)
- S1Form 10-K for fiscal 2026 (year ended Jan 31, 2026) · Walmart Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 13, 2026
- S2Form 10-K for fiscal 2025 (year ended Jan 31, 2025) · Walmart Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 14, 2025
- S3Form 10-K for fiscal 2024 (year ended Jan 31, 2024) · Walmart Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 15, 2024
- S4Form 10-K for fiscal 2023 (year ended Jan 31, 2023) · Walmart Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 17, 2023
- S5Form 10-K for fiscal 2022 (year ended Jan 31, 2022) · Walmart Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 18, 2022
- S6Form 10-Q for the quarter ended Jul 31, 2026 (Q2 fiscal 2027) · Walmart Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 28, 2026
- S7Form 10-Q for the quarter ended Apr 30, 2026 (Q1 fiscal 2027) · Walmart Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 29, 2026
- S8Form 10-Q for the quarter ended Oct 31, 2025 (Q3 fiscal 2026) · Walmart Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 3, 2025
- S9Form 10-Q for the quarter ended Jul 31, 2025 (Q2 fiscal 2026) · Walmart Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 29, 2025
- S10Form 10-Q for the quarter ended Apr 30, 2025 (Q1 fiscal 2026) · Walmart Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 6, 2025
- S11Form 10-Q for the quarter ended Oct 31, 2024 (Q3 fiscal 2025) · Walmart Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 6, 2024
- S12Earnings release, Q2 fiscal 2027 (Form 8-K, Exhibit 99.1) · Walmart Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 20, 2026
- S13Earnings release, Q1 fiscal 2027 (Form 8-K, Exhibit 99.1) · Walmart Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 21, 2026
- S14Earnings release, Q4 and fiscal 2026 (Form 8-K, Exhibit 99.1) · Walmart Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 19, 2026
- S15Earnings release, Q3 fiscal 2026 (Form 8-K, Exhibit 99.1) · Walmart Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 20, 2025
- S16Earnings release, Q2 fiscal 2026 (Form 8-K, Exhibit 99.1) · Walmart Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 21, 2025
- S17Earnings release, Q1 fiscal 2026 (Form 8-K, Exhibit 99.1) · Walmart Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 15, 2025
- S18Earnings release, Q4 and fiscal 2025 (Form 8-K, Exhibit 99.1) · Walmart Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 20, 2025
- S19Earnings release, Q3 fiscal 2025 (Form 8-K, Exhibit 99.1) · Walmart Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 19, 2024
- S20Earnings presentation, Q2 fiscal 2027 (Form 8-K, Exhibit 99.2) · Walmart Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 20, 2026
- S21Proxy statement (DEF 14A) for the June 4, 2026 annual meeting · Walmart Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 23, 2026
- S22Schedule 13D/A, Walton Enterprises, LLC and Walton Family Holdings Trust · Walton Enterprises, LLC (SEC EDGAR) · Tier 1: company or exchange filing · Mar 3, 2026
- S23Schedule 13G/A, The Vanguard Group · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 27, 2026
- S24Schedule 13D/A filed by Walmart Inc. on Symbotic Inc. · Walmart Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 7, 2026
- S25Form 8-K: transfer of listing from NYSE to Nasdaq (Item 3.01) · Walmart Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 20, 2025
- S26Form 8-K: John Furner appointed President and CEO (Item 5.02) · Walmart Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 14, 2025
- S27Form 8-K: Walmart U.S. and International leadership changes (Item 5.02) · Walmart Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 16, 2026
- S28Form 8-K: $4.25 billion notes, pricing agreement Apr 27, 2026 (Item 8.01) · Walmart Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
- S29Form 8-K: US and Canadian notes, pricing agreements Oct 19, 2026 (Item 8.01) · Walmart Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 23, 2026
- S30Form 8-K: 2026 annual meeting results and charter amendment (Items 5.03, 5.07) · Walmart Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 5, 2026
- S31Earnings call transcript, Q2 fiscal 2027 (Aug 20, 2026) · Walmart Inc. (stock.walmart.com) · Tier 1: company or exchange filing · Aug 20, 2026
- S32Earnings call transcript, Q1 fiscal 2027 (May 21, 2026) · Walmart Inc. (stock.walmart.com) · Tier 1: company or exchange filing · May 21, 2026
- S33Earnings call transcript, Q4 fiscal 2026 (Feb 19, 2026) · Walmart Inc. (stock.walmart.com) · Tier 1: company or exchange filing · Feb 19, 2026
- S34Earnings call transcript, Q3 fiscal 2026 (Nov 20, 2025) · Walmart Inc. (stock.walmart.com) · Tier 1: company or exchange filing · Nov 20, 2025
- S35Comparable sales disclosure, Q2 fiscal 2027 · Walmart Inc. (stock.walmart.com) · Tier 1: company or exchange filing · Aug 20, 2026
- S36Unit counts and square footage, Q2 fiscal 2027 · Walmart Inc. (stock.walmart.com) · Tier 1: company or exchange filing · Aug 20, 2026
- S38WMT historical daily prices, October 2026 (close of Oct 30, 2026) · Nasdaq, Inc. · Tier 1: company or exchange filing · Oct 30, 2026
Changes to this page (v2 · Nov 1, 2026)
- v2 · Nov 1, 2026Standardized calculation labels to name the filing they come from; no figures changed. (editorial update, Q2 FY2027)
- v1 · Nov 1, 2026First version, through Q2 FY2027 (quarter ended Jul 31, 2026). (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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