WMT Walmart FILING REVIEW ONLY
FORM 10-K · FY2026 ENDED 2026-01-31 · FILED 2026-03-13 · 8,022M DILUTED WTD-AVG SHARES
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Diluted weighted-average shares: the average share count across the fiscal year, including shares that in-the-money options and awards would add — the denominator of diluted EPS.
· EDGAR ↗

The company is an omnichannel retailer operating retail stores, eCommerce websites, and mobile applications across multiple countries. Its operations are organized into three reportable segments: Walmart U.S., Walmart International, and Sam's Club U.S., offering grocery, general merchandise, and health and wellness products, along with membership, advertising, marketplace, fulfillment, and financial services. Customers include individual shoppers and, in the case of Sam's Club, fee-paying members who purchase goods through physical clubs and online platforms.

President and Chief Executive OfficerJohn Furner
Executive Vice President and Chief Financial OfficerJohn David Rainey
Senior Vice President and ControllerDwayne Milum
S&P 500 · CONSUMER STAPLES · CIK 104169
REVENUE$713.2B+4.7% YoY
NET INCOME$21.9B+12.6% YoY
OPERATING CASH FLOW$41.6B+14.1% YoY
FREE CASH FLOW
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Free cash flow = operating cash flow − capital expenditure, both as filed.
$14.9B+17.9% YoY
76
FILING SCORE / 100
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How the score is computed: 6 management claims are checked against the filed statements and 7 earnings-quality warning signs are computed from them. Each check earns 2 points when the numbers fully back it, 1 when partly, 0 when they contradict or flag red — 8/12 on claims and 12/14 on warning signs, averaged to 0–100. 70+ reads strong; 45–69 mixed; below 45 weak. Every check's arithmetic is on this page.
STRONG13 CHECKS · 0 red · 2 watchNEXT 10-Q ~SEP 2026 (EST.)
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Estimated from the filer's own quarter cadence: last filed quarter end + one quarter; filing typically ~40 days later. An estimate, not an announcement.
Statements & commentary
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Statements as filed on the left — every figure from the company's own XBRL filing, in millions of dollars. What management wrote on the right, quoted verbatim. Open any claim for its arithmetic. The gold number beside a statement line counts the claims resting on that line. ✓ matches · ◐ partly · ✗ contradicts or red flag · ◐ watch.
EVERY FIGURE AS FILED · $M EXCEPT PER-SHARE
Income statement · $ millions202620252024
Total revenues713,163680,985648,1254
Cost of revenue535,395511,753490,142
Selling, general and administrative147,943139,884130,971
Operating income29,82529,34827,012
Other income (expense), net2,075(794)(3,027)
Income before income taxes29,46926,30921,8481
Income tax provision7,1996,1525,5782
— of which current4,9226,8155,7491
Net income incl. noncontrolling interests22,27020,15716,2701
Less: noncontrolling interests377721759
Net income attributable to common21,89319,43615,5111
Diluted earnings per share$2.73$2.41$1.911
Weighted-average diluted shares8,0228,0818,108
Cash flow · $ millions202620252024
Net income incl. noncontrolling interests22,27020,15716,270
Deferred income taxes2,277(663)(171)
Change in payables1,6113,2282,515
Net cash provided by operating activities41,56536,44335,7263
Capital expenditure26,64223,78320,6061
Acquisitions, net of cash531,8969
Net cash used in investing activities(26,350)(21,379)(21,287)
Dividends paid7,5076,6886,1402
Repurchases of common stock8,0884,4942,7791
Debt issued3,98304,967
Debt repaid2,6253,4684,217
Net cash used in financing activities(13,553)(14,822)(13,414)
Cash and equivalents at end of period11,3219,5369,935
Balance sheet · $ millions20262025
Cash and cash equivalents10,7279,037
Receivables, net11,1729,9751
Inventories58,85156,4351
Total current assets84,87479,458
Property, plant and equipment, net136,083119,993
Goodwill28,73528,7921
Total assets284,668260,8231
Accounts payable63,06158,666
Current debt3,5422,598
Total current liabilities107,46996,584
Long-term debt34,62433,401
Redeemable interests (temporary equity)293271
Stockholders' equity99,61791,013
Noncontrolling interests6,2706,408
Total equity105,88797,421
Segments · as filed in the segment note · $ millionsWalmart USWalmart internationalSams club USCorporate / unallocatedConsolidated
Net sales482,975130,42393,015706,413
Cost of sales350,360102,57682,459535,395
Selling, general & administrative110,08124,30910,6392,914147,943
Operating income25,1585,1032,442(2,878)29,825
· operating margin5.2%3.9%2.6%4.2%
Depreciation & amortization9,3902,3047821,72714,203

Rows render only when the filed members reconcile to the consolidated line; Corporate / unallocated is consolidated − Σ segments, arithmetic on filed lines. A concept whose members do not faithfully partition the total is omitted, never approximated.

Largest FY/FY moves · $ millions, ranked by |Δ|FY2026FY2025Δ $Δ %Reading
Total revenues · IS713,163680,985+32,178+4.7%
Total assets · BS284,668260,823+23,845+9.1%
Cost of revenue · IS535,395511,753+23,642+4.6%
Property, plant and equipment, net · BS136,083119,993+16,090+13.4%
Total current liabilities · BS107,46996,584+10,885+11.3%
Stockholders' equity · BS99,61791,013+8,604+9.5%
Total equity · BS105,88797,421+8,466+8.7%
Selling, general and administrative · IS147,943139,884+8,059+5.8%
Total current assets · BS84,87479,458+5,416+6.8%
Net cash provided by operating activities · CF41,56536,443+5,122+14.1%
Net cash used in investing activities · CF(26,350)(21,379)−4,971-23.3%
Accounts payable · BS63,06158,666+4,395+7.5%
Repurchases of common stock · CF8,0884,494+3,594+80.0%
Income before income taxes · IS29,46926,309+3,160+12.0%
Business quality — Buffett/Munger screen · deterministic · not part of the filing scoreValueReading
Return on equity
net income ÷ average of start- and end-of-year equity
23.0%
sector median 17.7%
strong
Share count, year-end
(year-end shares − prior year-end) ÷ prior year-end
-2.8%
sector median +0.0%
shrinking
Debt to equity
(current debt + long-term debt) ÷ year-end equity
0.38
sector median 0.64
low
FCF consistency, 5yr
operating cash flow − capital expenditure, per year
positive 5 of 5consistent
Margin stability
pre-tax income ÷ revenue, swing across up to five years
pre-tax margin 4.1%
sector median 8.4%
stable
Quarterly · as filed in 10-Q/10-K · $ millionsOCT 24APR 25JUL 25OCT 25APR 26
Total revenues169,588165,609177,402179,496177,751
Cost of revenue127,340124,303132,771134,706133,058
Selling, general and administrative35,54034,17137,34538,09437,200
Operating income6,7087,1357,2866,6967,493
Other income (expense), net(132)(597)2,7082,081275
Income before income taxes6,0985,9949,3198,1867,148
Income tax provision1,3841,3552,1682,0981,658
Net income incl. noncontrolling interests4,7144,6397,1516,0885,490
Less: noncontrolling interests137152125(55)160
Net income attributable to common4,5774,4877,0266,1435,330
Diluted earnings per share$0.57$0.56$0.88$0.77$0.67
Weighted-average diluted shares8,0828,0518,0168,0117,999
Net cash provided by operating activities5,4114,738
Largest QoQ moves · latest vs prior filed quarterPriorLatestΔ $Δ %
Other income (expense), net2,081275−1,806-86.8%
Total revenues179,496177,751−1,745-1.0%
Cost of revenue134,706133,058−1,648-1.2%
Income before income taxes8,1867,148−1,038-12.7%
Selling, general and administrative38,09437,200−894-2.3%
Net income attributable to common6,1435,330−813-13.2%
Operating income6,6967,493+797+11.9%
Net cash provided by operating activities5,4114,738−673-12.4%
Ownership — insiders & floatForm 4 + 10-K cover · open-market trades onlyValueReading
Public float$391,703M10-K cover · as of 2025-07-31
Insider Form 4s, 90d50 filings · 0 buys / 26 sellsnet selling · −$1,054,798,428
· Walton Family Holdings TrustSELL $467,032,467Form 4 filed 2026-06-18 · open market
· Walton Family Holdings TrustSELL $184,394,476Form 4 filed 2026-06-04 · open market
· Walton Family Holdings TrustSELL $114,171,727Form 4 filed 2026-05-26 · open market
· Walton Family Holdings TrustSELL $76,447,159Form 4 filed 2026-05-26 · open market
· Walton Family Holdings TrustSELL $65,730,251Form 4 filed 2026-06-18 · open market
Insider ownership %needs the proxy statement — not read yet, never estimated
Institutional %needs 13F aggregation — not read yet, never estimated
· 10b5-1 adoptedChris Nicholas, Executive Vice President, President and Chief Executive Officer , Walmart InternationalDecember 24, 2025 · 34,800 shares · 10-K insider trading arrangements
Five-year seriesEACH OPENS ITS OWN PAGE WITH DERIVATION AND HISTORY
Terms and acronyms used on this page
Income statement & cash flow
ImpairmentA write-down of an asset's carrying value. Non-cash, and it does not reverse. A large impairment in one year flatters the next year's comparison.
OCFOperating cash flow — net cash provided by operating activities, as reported.
FCFFree cash flow. Not a GAAP measure and not defined in this filing. Derived here as operating cash flow less additions to oil and gas property less leasehold acquisitions. The method is shown wherever the figure is used.
Balance sheet & market
Public floatThe market value of shares held by non-affiliates, disclosed on the 10-K cover at the prior 30 June. Converting it to a float percentage needs a share price on that date, which the filing does not contain.
Filing & document terms
10-KThe annual report filed with the SEC. Item 7 is management's discussion and analysis; Item 1A is risk factors; Item 8 and Item 15 carry the audited financial statements.
YoY · CAGRYear over year · compound annual growth rate.
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Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from Walmart's Form 10-K for FY2026 (accession 0000104169-26-000055), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. WMT is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.