Walmart Inc.
WMTFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$165.6B
Q1 FY2027 · +4% YoY
TTM ROIC
15.1%
FY2026 · NOPAT / Invested Capital (Equity + LT debt + ST debt – cash; operating leases included) · WACC ~8.25% · Moat spread +6.85pp
Financial Snapshot
ticker: WMT step: 04 generated: 2026-05-11 source: quick-research
Walmart Inc. (WMT) — Financial Snapshot
Note: Walmart's fiscal year ends late January. "FY2026" = fiscal year ended Jan 31, 2026.
Income Statement Summary
| Metric | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|
| Revenue | $648.1B | $681.0B | $713.2B | +4.7% |
| Constant Currency Revenue Growth | +6.0% | +5.6% | +5.1% | |
| Gross Margin | 24.4% | 24.9% | 25.1% | +0.2pp |
| Operating Income | $27.0B | $29.3B | $30.5B | +4.1% |
| Operating Margin | 4.2% | 4.3% | 4.3% | flat |
| Net Income | $15.5B | $19.4B | $20.5B | +5.7% |
| EPS (diluted) | $1.91 | $2.41 | $2.55 | +6% |
Segment Performance (FY2026)
| Segment | Revenue | Growth | E-commerce |
|---|---|---|---|
| Walmart U.S. | ~$478B | +5% | $99.6B (+25%) |
| Walmart International | ~$121B | +6% (cc) | $35.8B |
| Sam's Club U.S. | ~$98B | +5% | $15.0B |
| Total E-commerce | ~$150B+ | +24% globally | ~21% of revenue |
Walmart Connect Advertising (FY2026)
- US Walmart Connect: +41% YoY
- Global advertising: +53% (including Vizio)
- Estimated run-rate: $6-8B annual revenue
- Margin: significantly higher than retail blended (~40%+ contribution margin)
Q1 FY2026 Highlights
| Metric | Q1 FY26 | YoY |
|---|---|---|
| Revenue | $165.6B | +4% |
| Operating Income | $7.14B | +4% |
| Global E-commerce | +22% | |
| Walmart U.S. comp sales | +4-5% |
Cash Flow & Balance Sheet (FY2026)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$36B |
| Capital Expenditures | ~($23B) (store remodels + automation + logistics) |
| Free Cash Flow | ~$13-15B |
| Cash & Equivalents | ~$9B |
| Total Debt | ~$59B |
| Net Debt / EBITDA | ~1.0x |
Key Ratios (approximate, May 2026)
- P/E (forward): ~36x | EV/EBITDA: ~17x | Dividend Yield: ~0.95%
- ROIC: ~15% (best-in-class for traditional retailer)
- E-commerce as % of US sales: ~20.8% (up from 15% three years ago)
Growth Profile
WMT has reaccelerated impressively: FY2026 revenue +5.1% constant currency with e-commerce +24% globally. Walmart Connect advertising +41% US / +53% global is the "hidden margin engine" that explains why operating margin held even as labor costs rose. Higher-income households now shop Walmart more — a key share gain story. Q4 FY26 e-commerce +27% in US.
Forward Estimates
- FY2027E Revenue: ~$745B (+4-5%)
- FY2027E EPS: ~$2.75 (+8%)
- FY2028E EPS: ~$3.05 (+11%)
- FY2027 Operating Margin target: 4.5%+
- Walmart Connect revenue: could reach $15B+ by FY2028 at current growth rates
Capital Return
- Regular dividend $2.36/share annual ($19B+ paid)
- 51+ consecutive years of dividend growth (Dividend King)
- Buybacks: ~$8B/year run rate
- 3-for-1 stock split executed February 2024
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $WMT.
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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