Walmart Inc. (WMT) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 27	$0.74	$0.81	+9.5%	—	$187.9B	—
Q1 27	$0.66	$0.66	0.0%	—	$177.8B	—
Q4 26	$0.73	$0.74	+1.4%	—	$190.7B	—
Q3 26	$0.6	$0.62	+3.3%	—	$179.5B	—
Q2 26	$0.74	$0.68	-8.1%	—	$177.4B	—
Q1 26	$0.58	$0.61	+5.2%	—	$165.6B	—
Q4 25	$0.65	$0.66	+1.5%	—	$180.6B	—
Q3 25	$0.53	$0.58	+9.4%	—	$169.6B	—
Q2 25	$0.65	$0.67	+3.1%	—	$169.3B	—
Q1 25	$0.52	$0.6	+15.4%	—	$161.5B	—
Q4 24	$0.55	$0.6	+9.1%	—	$173.4B	—
Q3 24	$0.51	$0.51	0.0%	—	$160.8B	—
Q2 24	$0.57	$0.61	+7.0%	—	$161.6B	—
Q1 24	$0.44	$0.49	+11.4%	—	$152.3B	—
Q4 23	$0.5	$0.57	+14.0%	—	$164B	—
Q3 23	$0.44	$0.5	+13.6%	—	$152.8B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	$2.74	—	—	$713.2B	—
FY25	—	$2.42	—	—	$681B	—
FY24	—	$1.92	—	—	$648.1B	—
FY23	—	$1.43	—	—	$611.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$485.9B	$500.3B	$514.4B	$524B	$559.2B	$572.8B	$611.3B	$648.1B	$681B	$713.2B
YoY change	+0.78%	+2.98%	+2.81%	+1.86%	+6.72%	+2.43%	+6.73%	+6.03%	+5.07%	+4.73%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	485.9B	500.3B	514.4B	524B	559.2B	572.8B	611.3B	648.1B	681B	713.2B
Cost of revenue	361.3B	373.4B	385.3B	394.6B	420.3B	429B	463.7B	490.1B	511.8B	535.4B
Gross profit	124.6B	126.9B	129.1B	129.4B	138.8B	143.8B	147.6B	158B	169.2B	177.8B
Gross margin	25.6%	25.4%	25.1%	24.7%	24.8%	25.1%	24.1%	24.4%	24.9%	24.9%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	101.9B	106.5B	107.1B	108.8B	116.3B	117.8B	127.1B	131B	139.9B	—
Operating expenses	101.9B	106.5B	107.1B	108.8B	116.3B	117.8B	127.1B	131B	279.8B	147.9B
Operating income	22.8B	20.4B	22B	20.6B	22.5B	25.9B	20.4B	27B	29.3B	29.8B
Operating margin	4.69%	4.08%	4.27%	3.93%	4.03%	4.53%	3.34%	4.17%	4.31%	4.18%
Non-operating income, net	—	-3.1B	-8.4B	2B	210M	-5.4B	-1.5B	-3B	-794M	2.1B
Pretax income	20.5B	15.1B	11.5B	20.1B	20.6B	18.7B	17B	21.8B	26.3B	29.5B
Income tax	6.2B	4.6B	4.3B	4.9B	6.9B	4.8B	5.7B	5.6B	6.2B	7.2B
Net income	14.3B	10.5B	7.2B	15.2B	13.7B	13.9B	11.3B	16.3B	20.2B	22.3B
Net margin	2.94%	2.1%	1.4%	2.9%	2.45%	2.43%	1.85%	2.51%	2.96%	3.12%
EBITDA	32.9B	31.1B	24.5B	33.7B	34B	33.8B	30.1B	36.4B	42B	46.5B
EPS	1.47	1.1	0.76	1.74	1.59	1.63	1.43	1.92	2.42	2.74
Diluted EPS	1.46	1.09	0.75	1.73	1.58	1.62	1.42	1.91	2.41	2.73

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Revenue	160.8B	173.4B	161.5B	169.3B	169.6B	180.6B	165.6B	177.4B	179.5B	190.7B	177.8B	187.9B
Cost of revenue	121.2B	131.8B	121.4B	126.8B	127.3B	136.2B	124.3B	132.8B	134.7B	143.6B	133.1B	138.8B
Gross profit	39.6B	41.6B	40.1B	42.5B	42.2B	44.4B	41.3B	44.6B	44.8B	47B	44.7B	49.1B
Gross margin	24.6%	24%	24.8%	25.1%	24.9%	24.6%	24.9%	25.2%	25%	24.7%	25.1%	26.1%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	33.4B	34.3B	33.2B	34.6B	35.5B	36.5B	—	—	—	—	—	—
Operating expenses	33.4B	34.3B	33.2B	69.2B	71.1B	73B	34.2B	37.3B	38.1B	38.3B	37.2B	39.8B
Operating income	6.2B	7.3B	6.8B	7.9B	6.7B	7.9B	7.1B	7.3B	6.7B	8.7B	7.5B	9.4B
Operating margin	3.86%	4.18%	4.24%	4.69%	3.96%	4.35%	4.31%	4.11%	3.73%	4.57%	4.22%	4.99%
Non-operating income, net	-4.8B	813M	794M	-1.2B	-132M	-294M	-597M	2.7B	2.1B	-2.1B	275M	-1.2B
Pretax income	915M	7.5B	7B	6.2B	6.1B	7B	6B	9.3B	8.2B	6B	7.1B	8B
Income tax	272M	1.8B	1.7B	1.5B	1.4B	1.5B	1.4B	2.2B	2.1B	1.6B	1.7B	1.5B
Net income	643M	5.7B	5.3B	4.7B	4.7B	5.4B	4.6B	7.2B	6.1B	4.4B	5.5B	6.5B
Net margin	0.4%	3.27%	3.29%	2.78%	2.78%	3%	2.8%	4.03%	3.39%	2.3%	3.09%	3.47%
EBITDA	4.6B	11.3B	10.9B	10.1B	10B	11.1B	10B	13.6B	12.5B	10.4B	11.7B	12.2B
EPS	0.06	0.68	0.63	0.56	0.57	0.65	0.56	0.88	0.77	0.53	0.67	0.8
Diluted EPS	0.06	0.68	0.63	0.56	0.57	0.65	0.56	0.88	0.77	0.53	0.67	0.8

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	207B	319.3B	280.7B	326.3B	397.7B	390.3B	391.9B	444.9B	789.3B	951.1B	865.3B
Enterprise value	246B	359B	331B	389.3B	443.2B	432.9B	442.2B	496.4B	840.4B	1T	926.8B
Shares outstanding	9.3B	9B	8.8B	8.6B	8.5B	8.4B	8.2B	8.1B	8B	8B	8B

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	14.5	30.3	39.1	21.5	29	28	34.7	27.3	39.2	42.7	39.4
P/S	0.43	0.64	0.55	0.62	0.71	0.68	0.64	0.69	1.16	1.33	1.18
P/B	2.57	3.95	3.52	4	4.54	4.25	4.67	4.91	8.08	8.96	8.8
EV/EBITDA	7.47	11.5	13.5	11.6	13	12.8	14.7	13.6	20	21.7	21
EV/Sales	0.51	0.72	0.64	0.74	0.79	0.76	0.72	0.77	1.23	1.41	1.26
Earnings yield	6.91%	3.3%	2.56%	4.66%	3.45%	3.57%	2.88%	3.66%	2.55%	2.34%	2.54%
FCF yield	10.2%	5.73%	6.2%	4.46%	6.49%	2.84%	3.06%	3.4%	1.6%	1.57%	0.82%
PEG	—	—	—	—	—	—	—	—	—	—	-4.34

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	25.6%	25.4%	25.1%	24.7%	24.8%	25.1%	24.1%	24.4%	24.9%	24.9%	26.1%
Operating margin	4.69%	4.08%	4.27%	3.93%	4.03%	4.53%	3.34%	4.17%	4.31%	4.18%	3.45%
Net margin	2.94%	2.1%	1.4%	2.9%	2.45%	2.43%	1.85%	2.51%	2.96%	3.12%	3%
ROE	17.7%	13%	9.01%	18.6%	15.7%	15.2%	13.4%	18%	20.6%	21%	22.3%
ROA	7.19%	5.15%	3.27%	6.43%	5.43%	5.69%	4.64%	6.45%	7.73%	7.82%	6.41%
ROIC	13.3%	11.8%	10.6%	10.8%	11.3%	14.4%	10.1%	14.2%	15.1%	13.9%	14.8%
Return on tangible assets	8.68%	6.26%	4.57%	8.72%	7.05%	7.46%	6.04%	8.29%	9.92%	9.8%	9.48%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	0.86	0.76	0.8	0.79	0.97	0.93	0.82	0.83	0.82	0.79	0.77
Quick ratio	0.22	0.2	0.23	0.22	0.49	0.28	0.21	0.24	0.24	0.24	0.23
Debt / equity	0.57	0.58	0.73	0.89	0.72	0.62	0.7	0.68	0.62	0.63	0.72
Debt / assets	0.23	0.23	0.26	0.31	0.25	0.23	0.24	0.24	0.23	0.24	0.25
Net debt / EBITDA	1.19	1.28	2.05	1.87	1.34	1.26	1.67	1.41	1.22	1.21	1.33
Interest coverage	9.66	7.49	5.88	8.74	9.88	10.4	9	9.14	10.6	11.5	13.4
Effective tax rate	30.3%	30.4%	37.4%	24.4%	33.3%	25.4%	33.6%	25.5%	23.4%	24.4%	23.3%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	52.2	55.7	58.5	61.3	65.8	68.4	74.8	80.2	84.7	89.3	92.4
EPS (basic)	1.47	1.1	0.76	1.74	1.59	1.63	1.43	1.92	2.42	2.74	2.74
EPS (diluted)	1.46	1.09	0.75	1.73	1.58	1.62	1.42	1.91	2.41	2.73	2.76
Book value per share	8.66	9	9.06	9.54	10.3	11	10.3	11.2	12.1	13.3	12.4
FCF per share	2.26	2.04	1.98	1.7	3.04	1.32	1.47	1.87	1.57	1.87	1.69
Cash per share	0.74	0.75	0.88	1.11	2.09	1.76	1.06	1.22	1.12	1.34	1.45
Capex per share	1.09	1.08	1.12	1.21	1.18	1.52	2.04	2.52	2.9	—	—

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	2.09%	1.93%	1.91%	1.98%	1.8%	2.22%	2.73%	3.14%	3.43%	—	—
Capex / operating cash flow	34%	39%	51.1%	37%	31.6%	72.8%	72.9%	59.3%	67.2%	—	—
Payout ratio	43.5%	58.2%	85%	39.8%	44.6%	44.1%	54.1%	37.7%	33.2%	33.7%	35%
Dividend yield	3%	1.92%	2.17%	1.85%	1.54%	1.58%	1.56%	1.38%	0.85%	0.79%	0.94%

Yield

0.94%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.2475

ex-dividend Dec 11, 2026

Payout ratio

35%

of earnings

Dividend growth

30 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Dec 11, 2026upcoming	$0.2475
Aug 21, 2026	$0.2475
May 8, 2026

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Revenue	$160.8B	$173.4B	$161.5B	$169.3B	$169.6B	$180.6B	$165.6B	$177.4B	$179.5B	$190.7B	$177.8B	$187.9B
YoY change	+5.23%	+5.69%	+6.05%	+4.77%	+5.46%	+4.13%	+2.54%	+4.76%	+5.84%	+5.6%	+7.33%	+5.94%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	6.9B	6.8B	7.7B	9.5B	17.7B	14.8B	8.6B	9.9B	9B	10.7B
Receivables	5.8B	5.6B	6.3B	6.3B	6.5B	8.3B	7.9B	8.8B	10B	11.2B
Inventory	43B	43.8B	44.3B	44.4B	44.9B	56.5B	56.6B	54.9B	56.4B	58.9B
Total current assets	57.7B	59.7B	61.9B	61.8B	90.1B	81.1B	75.7B	76.9B	79.5B	84.9B
Property, plant & equipment	27.3B	26.4B	23.1B	21.4B	12.3B	12.2B	14.7B	18.6B	21.7B	28.5B
Goodwill & intangibles	34.1B	36.5B	62.4B	62.1B	58B	58B	56.3B	56.2B	57.6B	57.5B
Total assets	198.8B	204.5B	219.3B	236.5B	252.5B	244.9B	243.2B	252.4B	260.8B	284.7B
Accounts payable	41.4B	46.1B	47.1B	47B	49.1B	55.3B	53.7B	56.8B	58.7B	63.1B
Short-term debt	3.9B	9.7B	7.8B	8.2B	5.3B	5.2B	6.6B	6.5B	8B	12.6B
Total current liabilities	66.9B	78.5B	77.5B	77.8B	92.6B	87.4B	92.2B	92.4B	96.6B	107.5B
Long-term debt	42B	36.8B	50.2B	64.2B	58B	52.1B	52.3B	54.8B	52.1B	54.5B
Total liabilities	118.3B	123.7B	139.7B	154.9B	165B	153B	159.2B	161.8B	163.1B	178.5B
Shareholders' equity	80.5B	80.8B	79.6B	81.6B	87.5B	91.9B	84B	90.6B	97.7B	106.2B
Total debt	45.9B	46.5B	58B	72.4B	63.2B	57.3B	58.9B	61.3B	60.1B	67.1B
Net debt	39.1B	39.7B	50.3B	63B	45.5B	42.6B	50.3B	51.5B	51.1B	56.4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Cash & short-term investments	12.2B	9.9B	9.4B	8.8B	10B	9B	9.3B	9.4B	10.6B	10.7B	10.7B	11.5B
Receivables	8.6B	8.8B	9.1B	8.7B	10B	10B	9.7B	10.5B	12.1B	11.2B	10.7B	11.1B
Inventory	64B	54.9B	55.4B	55.6B	63.3B	56.4B	57.5B	57.7B	65.4B	58.9B	62.6B	61.6B
Total current assets	88.4B	76.9B	77.2B	76.5B	86.9B	79.5B	80.3B	82B	92.9B	84.9B	88.4B	88.7B
Property, plant & equipment	126.8B	18.6B	131.3B	133.7B	136.5B	21.7B	140.9B	145.6B	150.8B	28.5B	159B	164.3B
Goodwill & intangibles	56B	56.2B	56B	55.9B	55.9B	57.6B	57.7B	58.1B	57.4B	57.5B	56.3B	56.5B
Total assets	259.2B	252.4B	254.1B	254.4B	263.4B	260.8B	262.4B	270.8B	288.7B	284.7B	289.6B	293.9B
Accounts payable	61B	56.8B	56.1B	56.7B	62.9B	58.7B	57.7B	60.1B	67.2B	63.1B	62.9B	64.3B
Short-term debt	14.9B	6.5B	9.6B	7B	9.1B	8B	12B	10.3B	14.4B	12.6B	17.1B	16.5B
Total current liabilities	104.2B	92.4B	96.1B	95.3B	102.6B	96.6B	102.9B	103.6B	115.7B	107.5B	114.6B	115.6B
Long-term debt	54.8B	54.8B	54.8B	54.3B	52.6B	52.1B	55.2B	54.8B	54.1B	54.5B	57.1B	57.2B
Total liabilities	173.4B	161.8B	165.8B	163.7B	168.9B	163.1B	171.7B	174B	186.1B	178.5B	188.6B	189.1B
Shareholders' equity	85.8B	90.6B	88.3B	90.8B	94.5B	97.7B	90.6B	96.9B	102.5B	106.2B	101B	104.8B
Total debt	69.7B	61.3B	64.5B	61.3B	61.7B	60.1B	67.2B	65B	68.4B	67.1B	74.2B	73.8B
Net debt	57.6B	51.5B	55.1B	52.5B	51.7B	51.1B	57.9B	55.6B	57.8B	56.4B	63.5B	62.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	14.3B	10.5B	7.2B	15.2B	13.7B	13.9B	11.3B	16.3B	20.2B	22.3B
Depreciation & amortization	10.1B	10.5B	10.7B	11B	11.2B	10.7B	10.9B	11.9B	13B	14.2B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	4.6B	2.9B	152M	-420M	3.5B	-8B	-1.7B	3.7B	-633M	-968M
Operating cash flow	29.9B	24.8B	19.2B	28.1B	31.8B	17.5B	22.9B	34.3B	34.8B	41.6B
Capital expenditure	-10.2B	-9.7B	-9.8B	-10.4B	-10B	-12.7B	-16.7B	-20.4B	-23.4B	—
Investing cash flow	-13.9B	-9.1B	-24B	-9.1B	-10.1B	-6B	-17.7B	-21.3B	-21.4B	186M
Dividends paid	-6.2B	-6.1B	-6.1B	-6B	-6.1B	-6.2B	-6.1B	-6.1B	-6.7B	-7.5B
Share repurchases	-8.3B	-8.3B	-7.4B	-5.7B	-2.6B	-9.8B	-9.9B	-2.8B	-4.5B	-8.1B
Financing cash flow	-19.1B	-19.9B	-2.5B	-14.3B	-16.1B	-22.8B	-17B	-13.4B	-14.8B	-13.6B
Net change in cash	-3.1B	-4.1B	-7.3B	4.6B	5.6B	-11.4B	-11.9B	-376M	-1.4B	28.2B
Free cash flow	21.1B	18.3B	17.4B	14.6B	25.8B	11.1B	12B	15.1B	12.7B	14.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Net income	643M	5.7B	5.3B	4.7B	4.7B	5.4B	4.6B	7.2B	6.1B	4.4B	5.5B	6.5B
Depreciation & amortization	3B	3.1B	3.1B	3.2B	3.3B	3.4B	3.4B	3.5B	3.6B	3.7B	3.8B	3.9B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	-4B	4.4B	-470M	482M	-3.2B	2.6B	-849M	1.1B	-3.3B	2.1B	-2.3B	1.3B
Operating cash flow	-895M	14.9B	8.6B	8.4B	5.6B	12.2B	7.6B	12.9B	9.1B	14.1B	4.7B	15B
Capital expenditure	-5.4B	-5.8B	-4.6B	-5.6B	-6.1B	-7B	-5B	—	—	—	—	—
Investing cash flow	-5.5B	-5.9B	-4.4B	-5.7B	-2.5B	-8.7B	-5.1B	-474M	-641M	711M	-89M	-160M
Dividends paid	-1.5B	-1.5B	-1.7B	-1.7B	-1.7B	-1.7B	-1.9B	-1.9B	-1.9B	-1.9B	-2B	-2B
Share repurchases	-111M	-1.5B	-1.1B	-1B	-977M	-1.4B	-4.6B	-1.6B	-808M	-1.1B	-2.1B	-3B
Financing cash flow	3.1B	-13.2B	-321M	-6.6B	-2.7B	-5.1B	8M	-7B	-19M	-6.5B	2.3B	-7.2B
Net change in cash	-3.2B	-4.2B	3.8B	-3.9B	327M	-1.7B	2.5B	5.5B	8.4B	8.3B	7B	7.6B
Free cash flow	-4.6B	10.8B	-427M	6.3B	372M	6.4B	425M	6.5B	1.9B	6.1B	-1.9B	7.5B

Date	Ratio
Feb 26, 2024	3:1
Apr 20, 1999	2:1
Feb 26, 1993	2:1
Jul 9, 1990	2:1
Jul 13, 1987	2:1
Oct 7, 1985	2:1
Jul 11, 1983	2:1
Jul 12, 1982	2:1
Dec 17, 1980	2:1
Aug 25, 1975	2:1

Walmart Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history