Walgreens Boots Alliance Inc.
WBAFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Financial Snapshot
ticker: WBA step: 04 generated: 2026-05-12 source: quick-research
Walgreens Boots Alliance (WBA) — Financial Snapshot
⚠️ STATUS: NO LONGER PUBLICLY TRADED
WBA delisted from NASDAQ August 28, 2025 following Sycamore Partners $23.7B take-private acquisition.
Income Statement Summary (pre-take-private)
| Metric | FY2022 | FY2023 | FY2024 | FY2025E |
|---|---|---|---|---|
| Revenue | $132.7B | $139.1B | $147.7B | $150.4B |
| U.S. Retail Pharmacy Comp Sales | – | -1% | -1.7% | -4% to -5% |
| Net Income (GAAP) | $4.34B | -$3.08B | -$8.6B | – |
| Adjusted EPS | $5.04 | $3.98 | $2.88 | $1.40-1.80 (guide) |
Fiscal year ends August. FY24 GAAP -$8.6B reflects $12B goodwill impairment + VillageMD charges. Adj EPS deteriorating from $5+ peak to $1.40-1.80 guide for FY25.
Cash Flow & Balance Sheet (pre-take-private, FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$1.0B (vs ~$2.3B FY23) |
| Free Cash Flow | ~$0.4B |
| Cash & Equivalents | ~$0.7B |
| Total Debt | ~$12B+ |
| Net Debt/EBITDA | Elevated |
Final Take-Private Terms (Aug 28, 2025)
- Sycamore Partners acquired WBA for $11.45/share + up to $3.00 contingent value right
- Total transaction value: up to $23.7B (including debt)
- VillageMD CVR backed by future divestiture proceeds (estimated ~$2.7B total)
Sycamore's Operating Plan (2026+)
- Aggressive surgical removal of unprofitable assets
- Already closed >500 of 1,200 targeted stores by early 2026
- Massive corporate layoffs
- Five separate operating companies
- No public financial reporting going forward
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $WBA.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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