# Walmart Inc. (WMT) — Financial Analysis

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

## 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 ($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/WMT/fundamental

## Navigation

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