# Walgreens Boots Alliance Inc. (WBA) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/WBA/thesis · /stocks/WBA/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/WBA/fundamental

## Navigation

- Overview: /stocks/WBA
- Financials (this page): /stocks/WBA/financials
- Thesis: /stocks/WBA/thesis
- Investment Memo: /stocks/WBA/memo
- Coverage universe: /stocks