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.
| Income statement · $ millions | 2026 | 2025 | 2024 | |
|---|---|---|---|---|
| Total revenues | 713,163 | 680,985 | 648,125 | 4 |
| · Walmart U.S. | 482,975 | 462,415 | 441,817 | |
| · Walmart International | 130,423 | 121,885 | 114,641 | |
| · Sam's Club U.S. | 93,015 | 90,238 | 86,179 | |
| · Other (filed total less lines shown) | 6,750 | 6,447 | 5,488 | |
| Cost of revenue | 535,395 | 511,753 | 490,142 | |
| Selling, general and administrative | 147,943 | 139,884 | 130,971 | |
| Operating income | 29,825 | 29,348 | 27,012 | |
| Other income (expense), net | 2,075 | (794) | (3,027) | |
| Income before income taxes | 29,469 | 26,309 | 21,848 | 1 |
| Income tax provision | 7,199 | 6,152 | 5,578 | 2 |
| — of which current | 4,922 | 6,815 | 5,749 | 1 |
| Net income incl. noncontrolling interests | 22,270 | 20,157 | 16,270 | 1 |
| Less: noncontrolling interests | 377 | 721 | 759 | |
| Net income attributable to common | 21,893 | 19,436 | 15,511 | 1 |
| Diluted earnings per share | $2.73 | $2.41 | $1.91 | 1 |
| Weighted-average diluted shares | 8,022 | 8,081 | 8,108 |
| Cash flow · $ millions | 2026 | 2025 | 2024 | |
|---|---|---|---|---|
| Net income incl. noncontrolling interests | 22,270 | 20,157 | 16,270 | |
| Deferred income taxes | 2,277 | (663) | (171) | |
| Change in payables | 1,611 | 3,228 | 2,515 | |
| Net cash provided by operating activities | 41,565 | 36,443 | 35,726 | 3 |
| Capital expenditure | 26,642 | 23,783 | 20,606 | 1 |
| Acquisitions, net of cash | 53 | 1,896 | 9 | |
| Net cash used in investing activities | (26,350) | (21,379) | (21,287) | |
| Dividends paid | 7,507 | 6,688 | 6,140 | 2 |
| Repurchases of common stock | 8,088 | 4,494 | 2,779 | 1 |
| Debt issued | 3,983 | 0 | 4,967 | |
| Debt repaid | 2,625 | 3,468 | 4,217 | |
| Net cash used in financing activities | (13,553) | (14,822) | (13,414) | |
| Cash and equivalents at end of period | 11,321 | 9,536 | 9,935 |
| Balance sheet · $ millions | 2026 | 2025 | |
|---|---|---|---|
| Cash and cash equivalents | 10,727 | 9,037 | |
| Receivables, net | 11,172 | 9,975 | 1 |
| Inventories | 58,851 | 56,435 | 1 |
| Total current assets | 84,874 | 79,458 | |
| Property, plant and equipment, net | 136,083 | 119,993 | |
| Goodwill | 28,735 | 28,792 | 1 |
| Total assets | 284,668 | 260,823 | 1 |
| Accounts payable | 63,061 | 58,666 | |
| Current debt | 3,542 | 2,598 | |
| Total current liabilities | 107,469 | 96,584 | |
| Long-term debt | 34,624 | 33,401 | |
| Redeemable interests (temporary equity) | 293 | 271 | |
| Stockholders' equity | 99,617 | 91,013 | |
| Noncontrolling interests | 6,270 | 6,408 | |
| Total equity | 105,887 | 97,421 |
| Segments · as filed in the segment note · $ millions | Walmart U.S. | Walmart International | Sam's Club U.S. | Other (filed total less lines shown) | Consolidated |
|---|---|---|---|---|---|
| Net sales | 482,975 | 130,423 | 93,015 | 6,750 | 713,163 |
| Cost of sales | 350,360 | 102,576 | 82,459 | — | 535,395 |
| Selling, general & administrative | 110,081 | 24,309 | 10,639 | 2,914 | 147,943 |
| Operating income | 25,158 | 5,103 | 2,442 | (2,878) | 29,825 |
| · operating margin | 5.2% | 3.9% | 2.6% | — | 4.2% |
| Depreciation & amortization | 9,390 | 2,304 | 782 | 1,727 | 14,203 |
Not shown: Assets. The filed segment lines for these do not reconcile to the consolidated line, so the row is left out rather than approximated.
| Revenue by product or service · as filed · $ millions | FY2026 | Share |
|---|---|---|
| Grocery | 350,188 | 49.1% |
| General merchandise | 126,609 | 17.8% |
| Health and wellness | 74,737 | 10.5% |
| Other | 12,886 | 1.8% |
| Fuel and other | 11,570 | 1.6% |
| Other (filed total less lines shown) | 137,173 | 19.2% |
| Total revenues, as filed | 713,163 | 100.0% |
Product lines cover 81% of filed revenue; the rest is not tagged on this axis. Lines not filed as one figure are the sum of their filed pieces across segments.
| Revenue by geography · as filed · $ millions | FY2026 | Share |
|---|---|---|
| U.S. | 581,175 | 81.5% |
| Non-U.S. operations | 131,988 | 18.5% |
| Total revenues, as filed | 713,163 | 100.0% |
Geographic lines sum to the filed total.
Lines render when they sum to the filed total within 0.5 percent. A reconciling line the company filed closes the gap at any size, and the table is split: every line shown is filed, nothing is implied. A computed line, the filed total less the lines shown, closes up to 5 percent of the total; beyond that the table is partial and says so. Members that add to more than the filed total are a conflict and are not shown. The tolerance is 0.5 percent of the filed total or 2 million dollars, whichever is larger; for a filed total under 400 million dollars the floor is the binding one and the table says within tolerance. Every figure is as filed, in millions of dollars; shares are arithmetic on filed lines.
| Largest FY/FY moves · $ millions, ranked by |Δ| | FY2026 | FY2025 | Δ $ | Δ % | Reading |
|---|---|---|---|---|---|
| Total revenues · IS | 713,163 | 680,985 | +32,178 | +4.7% | — |
| Total assets · BS | 284,668 | 260,823 | +23,845 | +9.1% | — |
| Cost of revenue · IS | 535,395 | 511,753 | +23,642 | +4.6% | — |
| · Walmart U.S. · IS | 482,975 | 462,415 | +20,560 | +4.4% | — |
| Property, plant and equipment, net · BS | 136,083 | 119,993 | +16,090 | +13.4% | — |
| Total current liabilities · BS | 107,469 | 96,584 | +10,885 | +11.3% | — |
| Stockholders' equity · BS | 99,617 | 91,013 | +8,604 | +9.5% | — |
| · Walmart International · IS | 130,423 | 121,885 | +8,538 | +7.0% | — |
| Total equity · BS | 105,887 | 97,421 | +8,466 | +8.7% | — |
| Selling, general and administrative · IS | 147,943 | 139,884 | +8,059 | +5.8% | — |
| Total current assets · BS | 84,874 | 79,458 | +5,416 | +6.8% | — |
| Net cash provided by operating activities · CF | 41,565 | 36,443 | +5,122 | +14.1% | — |
| Net cash used in investing activities · CF | (26,350) | (21,379) | −4,971 | -23.3% | — |
| Accounts payable · BS | 63,061 | 58,666 | +4,395 | +7.5% | — |
| Business quality — Buffett/Munger screen · deterministic · not part of the filing score | Value | Reading |
|---|---|---|
| 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 5 | consistent |
| 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 · $ millions | APR 25 | JUL 25 | OCT 25 | APR 26 | JUL 26 |
|---|---|---|---|---|---|
| Total revenues | 165,609 | 177,402 | 179,496 | 177,751 | 187,937 |
| Cost of revenue | 124,303 | 132,771 | 134,706 | 133,058 | 138,804 |
| Selling, general and administrative | 34,171 | 37,345 | 38,094 | 37,200 | 39,750 |
| Operating income | 7,135 | 7,286 | 6,696 | 7,493 | 9,383 |
| Other income (expense), net | (597) | 2,708 | 2,081 | 275 | (1,200) |
| Income before income taxes | 5,994 | 9,319 | 8,186 | 7,148 | 8,012 |
| Income tax provision | 1,355 | 2,168 | 2,098 | 1,658 | 1,483 |
| Net income incl. noncontrolling interests | 4,639 | 7,151 | 6,088 | 5,490 | 6,529 |
| Less: noncontrolling interests | 152 | 125 | (55) | 160 | 163 |
| Net income attributable to common | 4,487 | 7,026 | 6,143 | 5,330 | 6,366 |
| Diluted earnings per share | $0.56 | $0.88 | $0.77 | $0.67 | $0.80 |
| Weighted-average diluted shares | 8,051 | 8,016 | 8,011 | 7,999 | 7,978 |
| Net cash provided by operating activities | 5,411 | — | — | 4,738 | — |
| Largest QoQ moves · latest vs prior filed quarter | Prior | Latest | Δ $ | Δ % |
|---|---|---|---|---|
| Total revenues | 177,751 | 187,937 | +10,186 | +5.7% |
| Cost of revenue | 133,058 | 138,804 | +5,746 | +4.3% |
| Selling, general and administrative | 37,200 | 39,750 | +2,550 | +6.9% |
| Operating income | 7,493 | 9,383 | +1,890 | +25.2% |
| Other income (expense), net | 275 | (1,200) | −1,475 | -536.4% |
| Net income incl. noncontrolling interests | 5,490 | 6,529 | +1,039 | +18.9% |
| Net income attributable to common | 5,330 | 6,366 | +1,036 | +19.4% |
| Income before income taxes | 7,148 | 8,012 | +864 | +12.1% |
| Ownership — insiders & floatForm 4 + 10-K cover · open-market trades only | Value | Reading |
|---|---|---|
| Public float | $391,703M | 10-K cover · as of 2025-07-31 |
| Insider Form 4s, 90d | 31 filings · 0 buys / 12 sells | net selling · −$9,275,432 |
| · Danker Daniel | SELL $5,335,345 | Form 4 filed 2026-08-27 · open market |
| · Furner John R. | SELL $754,006 | Form 4 filed 2026-09-18 · open market |
| · Furner John R. | SELL $645,872 | Form 4 filed 2026-09-18 · open market |
| · Bartlett Daniel J | SELL $419,601 | Form 4 filed 2026-08-04 · open market |
| · Bartlett Daniel J | SELL $415,298 | Form 4 filed 2026-09-02 · open market |
| Insider ownership % | — | needs the proxy statement — not read yet, never estimated |
| Institutional % | — | needs 13F aggregation — not read yet, never estimated |
| · 10b5-1 adopted | Chris Nicholas, Executive Vice President, President and Chief Executive Officer , Walmart International | December 24, 2025 · 34,800 shares · 10-K insider trading arrangements |
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.