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 |
| 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 US | Walmart international | Sams club US | Corporate / unallocated | Consolidated |
|---|---|---|---|---|---|
| Net sales | 482,975 | 130,423 | 93,015 | — | 706,413 |
| 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 |
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| | 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% | — |
| 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% | — |
| 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% | — |
| Repurchases of common stock · CF | 8,088 | 4,494 | +3,594 | +80.0% | — |
| Income before income taxes · IS | 29,469 | 26,309 | +3,160 | +12.0% | — |
| 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 | OCT 24 | APR 25 | JUL 25 | OCT 25 | APR 26 |
|---|---|---|---|---|---|
| Total revenues | 169,588 | 165,609 | 177,402 | 179,496 | 177,751 |
| Cost of revenue | 127,340 | 124,303 | 132,771 | 134,706 | 133,058 |
| Selling, general and administrative | 35,540 | 34,171 | 37,345 | 38,094 | 37,200 |
| Operating income | 6,708 | 7,135 | 7,286 | 6,696 | 7,493 |
| Other income (expense), net | (132) | (597) | 2,708 | 2,081 | 275 |
| Income before income taxes | 6,098 | 5,994 | 9,319 | 8,186 | 7,148 |
| Income tax provision | 1,384 | 1,355 | 2,168 | 2,098 | 1,658 |
| Net income incl. noncontrolling interests | 4,714 | 4,639 | 7,151 | 6,088 | 5,490 |
| Less: noncontrolling interests | 137 | 152 | 125 | (55) | 160 |
| Net income attributable to common | 4,577 | 4,487 | 7,026 | 6,143 | 5,330 |
| Diluted earnings per share | $0.57 | $0.56 | $0.88 | $0.77 | $0.67 |
| Weighted-average diluted shares | 8,082 | 8,051 | 8,016 | 8,011 | 7,999 |
| Net cash provided by operating activities | — | 5,411 | — | — | 4,738 |
| Largest QoQ moves · latest vs prior filed quarter | Prior | Latest | Δ $ | Δ % |
|---|---|---|---|---|
| Other income (expense), net | 2,081 | 275 | −1,806 | -86.8% |
| Total revenues | 179,496 | 177,751 | −1,745 | -1.0% |
| Cost of revenue | 134,706 | 133,058 | −1,648 | -1.2% |
| Income before income taxes | 8,186 | 7,148 | −1,038 | -12.7% |
| Selling, general and administrative | 38,094 | 37,200 | −894 | -2.3% |
| Net income attributable to common | 6,143 | 5,330 | −813 | -13.2% |
| Operating income | 6,696 | 7,493 | +797 | +11.9% |
| Net cash provided by operating activities | 5,411 | 4,738 | −673 | -12.4% |
| 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 | 50 filings · 0 buys / 26 sells | net selling · −$1,054,798,428 |
| · Walton Family Holdings Trust | SELL $467,032,467 | Form 4 filed 2026-06-18 · open market |
| · Walton Family Holdings Trust | SELL $184,394,476 | Form 4 filed 2026-06-04 · open market |
| · Walton Family Holdings Trust | SELL $114,171,727 | Form 4 filed 2026-05-26 · open market |
| · Walton Family Holdings Trust | SELL $76,447,159 | Form 4 filed 2026-05-26 · open market |
| · Walton Family Holdings Trust | SELL $65,730,251 | Form 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 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.