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NASDAQ: WMT Nasdaq Consumer Staples Merchandise Retail Next results ~November 19, 2026

C Fundamentals grade

Walmart is a US-listed company in the consumer staples merchandise retail industry. Its financial year ends in January.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$34

Cash-flow model

Base case. Range ~$24–$47 across our lower- and higher-growth cases (0.7%–10.7% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 73% below it.

Price used: $127.69, November 2, 2026

Walmart valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Walmart files

Where Walmart stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $735.8bn, up 6.2% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin held at 1.8%. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 3 of our 6 financial-health checks. Our cash-flow model value is $32.37 a share, against a share price of $118. At that price, our model says the market is pricing in about 28.2% a year of cash-flow growth for five years, faster than the 5.1% a year revenue growth it has delivered.

Source: 10-Q filed August 28, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 19, 2026 (estimated)

Walmart's trailing-twelve-month revenue grew 6.2% year on year, with a free-cash-flow margin of 1.8%.

Our discounted-cash-flow model values the business at ~$34 per share in the base case (~$24–$47 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 6.2% (+0.3pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $127.69 is 73% above our value per share of $34.
  • High earnings multiple. The shares trade at 46 times the last 12 months' earnings, so expectations are demanding.
  • Insiders selling. 12 insiders sold $2,947M of stock over the past 365 days and none bought (2% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was 61% of net income over the last 12 months.
  • Below peers: revenue growth. Revenue growth of 6.2% ranks 7 of 9 consumer staples merchandise retail companies we cover (median 9.1%).
  • Below peers: change in growth rate. Change in growth rate of +0.3pp ranks 7 of 9 consumer staples merchandise retail companies we cover (median +0.9pp).

Latest results: FY2027 Q2

Filed August 28, 2026
Earnings per share
$0.81 against an average estimate of $0.74: beat by 9.3%
Revenue
$187.94bn, up 5.9% on a year earlier
Share reaction
-9.1% in the first session after the results on August 20, 2026, against -0.4% for the S&P 500
Guidance given
net sales (cc) growth 3% to 3.75% (Q3 FY27); operating income (cc) growth 2% to 4% (Q3 FY27)
Next report
November 19, 2026; average EPS estimate $0.64

Walmart's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.4%
  • 1 week+6.2%
  • 1 month+22.5%
  • This year+15.3%
  • 1 year+27.3%
  • 5 years+171.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$736B
Operating margin
4.4%
Net margin
3.0%
EPS (TTM, diluted)
$2.76

Growth

Revenue growth
+6.2%
Change in growth rate
+0.3 pts
Share count change
−0.7%

Cash

Free cash flow (TTM)
$13.5B
FCF margin
1.8%

Earnings

Last results
August 20, 2026
Next results (est.)
November 19, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Insider trade
  3. Insider trade
  4. Insider trade
  5. Results
  6. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Walmart valuation models and calculator

What the price is pricing in

The share price implies about 27.5% a year of cash-flow growth for five years.That is faster than the 5.1% a year revenue growth Walmart has delivered.

  • Priced in27.5%
  • Last 12 months6.2%
  • 3 years a year5.3%
  • 5 years a year5.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($125.52, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$34
Price used
$125.52close November 3, 2026
Implied change
▼ 73%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Walmart's free cash flow after stock-based pay with after-tax interest added back ($15.6B, FY2027 Q2 TTM), growing 5.6% and 5.2% in the next two years (forecasts, guidance and its record), then back to 5.7% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$24–~$47 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Walmart's free cash flow after stock-based pay ( $15.6B, FY2027 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Walmart as an operating company, with every model that fits that kind of business. Cost of equity 7.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.63 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$34 ~$24–$47 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$65 ~$54–$69 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$43 ~$31–$62 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$45 ~$37–$57 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$44 ~$34–$65 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Walmart with Consumer Staples Merchandise Retail in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −29%
  • Revenue growth 5 points higher ▲ +38%
  • Free-cash-flow margin 1 point lower ▼ −57%
  • Last year's free-cash-flow margin change, if it persists ▼ −8%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $22$33$46$64$86$116
8.5% $16$23$33$45$62$83
10% $12$18$25$35$47$63

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$18.32$18.96$31.07$28.59$34.85$43.48$43.95$45.94$53.57$96.61$118.39$127.69
Market value$176.8bn$177.0bn$280.5bn$252.6bn$299.8bn$371.3bn$369.9bn$376.8bn$434.4bn$780.7bn$949.7bn$1.02tn
+ Net debt (− = net cash)−$8.7bn−$6.9bn−$6.8bn−$7.7bn−$9.5bn−$17.7bn−$14.8bn−$8.6bn−$9.9bn−$9.0bn−$10.7bn$38.9bn
Enterprise value$168.1bn$170.1bn$273.8bn$244.9bn$290.4bn$353.6bn$355.1bn$368.2bn$424.5bn$771.7bn$939.0bn$1.06tn
Multiples
Price / sales 0.4x0.4x0.6x0.5x0.6x0.7x0.6x0.6x0.7x1.1x1.3x1.4x
Price / earnings 12.0x13.0x28.4x37.9x20.1x27.5x27.1x32.3x28.0x40.2x43.4x46.3x
Price / free cash flow 11.0x8.4x15.3x14.5x20.6x14.4x33.4x31.4x28.7x61.7x63.6x75.6x
EV / EBITDA 5.0x5.2x8.8x7.5x9.2x10.5x9.7x11.7x10.9x18.2x21.3x22.4x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

54 /100

Moderate moat

How hard Walmart's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 14 / 20

    Cash operating profit has been a median 11.0% of total assets over 10 years.

  • Pricing power 10 / 20

    Gross margin has been a median 24.9%, moving by 0.4 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median 4.2%; its worst year was 3.5%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 10 of 10 years, at a median 3.1% of revenue.

  • Discipline 14 / 20

    The diluted share count fell 8.2% over five years.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (59 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 19, 2026, before the open. Analysts expect revenue of $187.2bn and EPS of $0.64 (range $0.62 to $0.67) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.89 +9% $752.9bn +7%
Next $3.23 +12% $785.6bn +4%

Next year's EPS estimate has moved −1.7% in 90 days, across 42 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.5% on 90 days ago. In the last 30 days, 3 analysts raised Walmart's forecast and 2 cut it.

Consensus EPS forecast Walmart, last 90 days
$2.80 $2.90 $3.00 $3.10 $3.20 $3.30 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.90 Current fiscal year, 60 days ago: $2.88 Current fiscal year, 30 days ago: $2.89 Current fiscal year, 7 days ago: $2.89 Current fiscal year, Now: $2.89 $2.89 Next fiscal year, 90 days ago: $3.28 Next fiscal year, 60 days ago: $3.22 Next fiscal year, 30 days ago: $3.23 Next fiscal year, 7 days ago: $3.23 Next fiscal year, Now: $3.23 $3.23

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.90$3.28
60 days ago $2.88$3.22
30 days ago $2.89$3.23
7 days ago $2.89$3.23
Now $2.89$3.23

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $0.74 $0.81 +9.3%
Apr 2026 $0.66 $0.66 +0.2%
Jan 2026 $0.73 $0.74 +1.8%
Oct 2025 $0.60 $0.62 +3.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 20, 2026
  • Net sales (cc) Fiscal year 2027 4% growth to 5% growth Non-GAAP Raised
    “Net sales (cc) Increase 3.5% to 4.5% Unchanged Increase 4.0% to 5.0%” source
  • Net sales (cc) Q3 FY27 3% growth to 3.75% growth Non-GAAP
    “Net sales (cc) Increase 3.0% to 3.75%” source
  • Adj. EPS Fiscal year 2027 $2.80 to $2.87 Non-GAAP Raised
    “Adj. EPS $2.75 to $2.85 Unchanged $2.80 to $2.87” source
  • Adjusted EPS Q3 FY27 $0.62 to $0.64 Non-GAAP
    “Adjusted EPS $0.62 to $0.64” source
  • Adj. operating income (cc) Fiscal year 2027 7% growth to 8.5% growth Non-GAAP Raised
    “Adj. operating income (cc) Increase 6.0% to 8.0% Unchanged Increase 7.0% to 8.5%” source
  • Adj. Interest, net Fiscal year 2027 $200m to $300m Non-GAAP Maintained
    “Adj. Interest, net2 Increase approximately $200M to $300M Unchanged Unchanged” source
Show 3 more items
  • Effective tax rate Fiscal year 2027 23.5% to 24.5% Maintained
    “Effective tax rate Approximately 23.5% to 24.5% Unchanged Unchanged” source
  • Capital expenditures Fiscal year 2027 about 4% Raised
    “Capital expenditures Approximately 3.5% of net sales Unchanged Approximately 4.0% of net sales” source
  • Operating income (cc) Q3 FY27 2% growth to 4% growth Non-GAAP
    “Operating income (cc) Increase 2.0% to 4.0%” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Walmart's revenue by +5.6% next year and +5.2% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+5.6%, weight 70%) and the company's own record (+5.7%, weight 30%) . How the weights are set.

Analyst recommendations

43 analysts, Oct 2026
Buy3888%
Hold49%
Sell12%

Monthly trend

  1. Oct 20261028443
  2. Sep 20261027543
  3. Aug 20261027543
  4. Jul 2026928543

Counts of recommendations published by analysts covering Walmart, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.7%
of tradable shares
Days to cover
3.38
at average volume
Short interest, 1 month
−7%
to October 15, 2026
Held by institutions
38%
of shares
Held by insiders
44.2%
of shares
Employees
2,100,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +27.3%

$100.34 on October 31, 2025 to $127.69

ThenNowEffect
Revenue (last 12 months) $693.2bn $735.8bn +6.2%
Net margin 3.1% 3.0% −2.6%
P/E multiple 37.9x 46.3x +22.2%
Share count 8057m 8000m +0.7%

Biggest factor: p/e multiple.

Last 3 years +140.1%

$53.18 on November 3, 2023 to $127.69

ThenNowEffect
Revenue (last 12 months) $630.8bn $735.8bn +16.7%
Net margin 2.2% 3.0% +34.8%
P/E multiple 30.9x 46.3x +49.9%
Share count 8147m 8000m +1.8%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
WMT+2%−1%+13%+74%+25%+15%
Industry peers (median)+32%−9%+1%+25%+9%+23%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
WMT58%50%67%83%67%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
WMT−14%−26%−11%−6%−22%−23%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 26% from April 21, 2022 to June 17, 2022. Getting back needed a 35% gain, reached on June 14, 2023, 362 days after the low.

Price behaviour

52-week range
$99.77 – $133.88
From 52-week high
−4.6%
vs 50-day average
+15.3%
vs 200-day average
+8.0%
Volatility (1 year)
27%
Beta vs S&P 500
-0.13

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±5.9%
After a week
5 up, 7 down
typical move ±7.3%
After a month
6 up, 6 down
typical move ±9.2%
Results releasedNext dayS&P 500 next day5 days21 days
August 20, 2026 −9.1% −0.4% −10.0% −5.8%
May 21, 2026 −8.1% +0.6% −11.5% −8.7%
February 19, 2026 −2.9% +0.5% −1.7% −5.8%
November 20, 2025 +4.7% −0.5% +9.8% +12.1%
August 21, 2025 −5.6% +1.1% −6.3% +0.2%
May 15, 2025 +1.5% +1.1% −0.9% −2.6%
February 20, 2025 −8.9% −2.1% −6.9% −17.1%
November 19, 2024 +3.7% +0.4% +8.6% +11.3%
August 15, 2024 +7.3% +1.9% +10.4% +17.7%
May 16, 2024 +8.1% −0.1% +8.4% +12.7%
February 20, 2024 +2.0% −0.5% +4.9% +8.2%
November 16, 2023 −8.5% +0.2% −8.1% −8.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Walmart’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.28× the last 60 days’ realised volatility .
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

WMT Walmart Grade C $127.31

Own 100 shares, sell the $128 call expiring December 4, 2026 (32 days) for $5.00 a share — $500 per contract.

Previous session · Bid $5.00, ask $5.45, quoted Mon 2 Nov, 17:40 New York time with WMT at $127.31. Option prices move with the shares: check the live chain at your broker before trading.

  • If WMT ends below $128: you keep your shares and the $500 — 3.9% extra on the position, 44.8% a year at that pace.
  • If it ends above $128: your shares are sold at $128, a total return of 4.5% including the premium — at or above our value of ~$34.
$569 $0 −$2.4k Break-even $122.31 Price $127.31 ← Our value ~$34
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$500
Annualised
44.8%
Break-even
$122.31
Max gain
$569
Chance of selling
~51%

Results are expected around November 19, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $120 put and sell the $140 call, both expiring November 27, 2026 (25 days).

  • Net cost of $0.76 a share ($76.00 per contract of 100 shares).
  • Worst case at expiry: -6.3%, if the shares fall below $120 (-5.7% from today).
  • Best case at expiry: +9.4%, if the shares rise above $140 (+10.0%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $34.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Walmart in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Walmart
$600B $650B $700B $750B FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue (TTM), FY24 Q3: $638.8B Revenue (TTM), FY24 Q4: $648.1B Revenue (TTM), FY25 Q1: $657.3B Revenue (TTM), FY25 Q2: $665B Revenue (TTM), FY25 Q3: $673.8B Revenue (TTM), FY25 Q4: $681B Revenue (TTM), FY26 Q1: $685.1B Revenue (TTM), FY26 Q2: $693.2B Revenue (TTM), FY26 Q3: $703.1B Revenue (TTM), FY26 Q4: $713.2B Revenue (TTM), FY27 Q1: $725.3B Revenue (TTM), FY27 Q2: $735.8B $735.8B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q3 $638.8B
FY24 Q4 $648.1B
FY25 Q1 $657.3B
FY25 Q2 $665B
FY25 Q3 $673.8B
FY25 Q4 $681B
FY26 Q1 $685.1B
FY26 Q2 $693.2B
FY26 Q3 $703.1B
FY26 Q4 $713.2B
FY27 Q1 $725.3B
FY27 Q2 $735.8B
Revenue growth, TTM YoY Walmart
4% 5% 6% 7% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue growth, TTM YoY, FY24 Q3: 6.4% Revenue growth, TTM YoY, FY24 Q4: 6.0% Revenue growth, TTM YoY, FY25 Q1: 5.7% Revenue growth, TTM YoY, FY25 Q2: 5.4% Revenue growth, TTM YoY, FY25 Q3: 5.5% Revenue growth, TTM YoY, FY25 Q4: 5.1% Revenue growth, TTM YoY, FY26 Q1: 4.2% Revenue growth, TTM YoY, FY26 Q2: 4.2% Revenue growth, TTM YoY, FY26 Q3: 4.3% Revenue growth, TTM YoY, FY26 Q4: 4.7% Revenue growth, TTM YoY, FY27 Q1: 5.9% Revenue growth, TTM YoY, FY27 Q2: 6.2% 6.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q3 6.4%
FY24 Q4 6.0%
FY25 Q1 5.7%
FY25 Q2 5.4%
FY25 Q3 5.5%
FY25 Q4 5.1%
FY26 Q1 4.2%
FY26 Q2 4.2%
FY26 Q3 4.3%
FY26 Q4 4.7%
FY27 Q1 5.9%
FY27 Q2 6.2%
Operating margin (TTM) Walmart
3.8% 4% 4.2% 4.4% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Operating margin (TTM), FY24 Q3: 4.0% Operating margin (TTM), FY24 Q4: 4.2% Operating margin (TTM), FY25 Q1: 4.2% Operating margin (TTM), FY25 Q2: 4.2% Operating margin (TTM), FY25 Q3: 4.3% Operating margin (TTM), FY25 Q4: 4.3% Operating margin (TTM), FY26 Q1: 4.3% Operating margin (TTM), FY26 Q2: 4.2% Operating margin (TTM), FY26 Q3: 4.1% Operating margin (TTM), FY26 Q4: 4.2% Operating margin (TTM), FY27 Q1: 4.2% Operating margin (TTM), FY27 Q2: 4.4% 4.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q3 4.0%
FY24 Q4 4.2%
FY25 Q1 4.2%
FY25 Q2 4.2%
FY25 Q3 4.3%
FY25 Q4 4.3%
FY26 Q1 4.3%
FY26 Q2 4.2%
FY26 Q3 4.1%
FY26 Q4 4.2%
FY27 Q1 4.2%
FY27 Q2 4.4%
FCF margin (TTM) Walmart
1.6% 1.8% 2% 2.2% 2.4% 2.6% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 FCF margin (TTM), FY24 Q3: 2.0% FCF margin (TTM), FY24 Q4: 2.3% FCF margin (TTM), FY25 Q1: 2.2% FCF margin (TTM), FY25 Q2: 1.8% FCF margin (TTM), FY25 Q3: 2.5% FCF margin (TTM), FY25 Q4: 1.9% FCF margin (TTM), FY26 Q1: 2.0% FCF margin (TTM), FY26 Q2: 2.0% FCF margin (TTM), FY26 Q3: 2.2% FCF margin (TTM), FY26 Q4: 2.1% FCF margin (TTM), FY27 Q1: 1.7% FCF margin (TTM), FY27 Q2: 1.8% 1.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q3 2.0%
FY24 Q4 2.3%
FY25 Q1 2.2%
FY25 Q2 1.8%
FY25 Q3 2.5%
FY25 Q4 1.9%
FY26 Q1 2.0%
FY26 Q2 2.0%
FY26 Q3 2.2%
FY26 Q4 2.1%
FY27 Q1 1.7%
FY27 Q2 1.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Walmart took in during FY2026, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $713B
  2. Cost of revenue $535B · 75.1%
  3. Gross profit $178B · 24.9%
  4. Selling, general and admin $148B · 20.7%
  5. Operating income $29.8B · 4.2%
  6. Income tax $7.2B · 1.0%
  7. Net income $21.9B · 3.1%

Shares of revenue. Source: Walmart's 10-K for FY2026, as filed with the SEC.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Jan 2010 2011 Jan 2011 2012 Jan 2012 2013 Jan 2013 2014 Jan 2014 2015 Jan 2015 2016 Jan 2016 2017 Jan 2017 2018 Jan 2018 2019 Jan 2019 2020 Jan 2020 2021 Jan 2021 2022 Jan 2022 2023 Jan 2023 2024 Jan 2024 2025 Jan 2025 2026 Jan 2026 LTM Jul 2026
Income
Revenue 408.1 421.8 446.5 468.7 476.3 485.7 482.1 485.9 500.3 514.4 524.0 559.2 572.8 611.3 648.1 681.0 713.2 735.8
Gross profit 104.0 106.9 111.5 116.4 118.2 120.6 121.1 124.6 126.9 129.1 129.4 138.8 143.8 147.6 158.0 169.2 177.8 185.7
EBITDA 31.2 33.2 34.6 36.2 35.7 36.3 33.6 32.8 31.0 32.6 31.6 33.7 36.6 31.4 38.9 42.3 44.0 47.4
Operating income 24.0 25.5 26.5 27.7 26.9 27.1 24.1 22.8 20.4 22.0 20.6 22.5 25.9 20.4 27.0 29.3 29.8 32.3
Net income 14.4 16.4 15.7 17.0 16.0 16.4 14.7 13.6 9.9 6.7 14.9 13.5 13.7 11.7 15.5 19.4 21.9 22.1
Diluted EPS $1.24 $1.49 $1.51 $1.67 $1.63 $1.68 $1.52 $1.46 $1.09 $0.75 $1.73 $1.58 $1.62 $1.42 $1.91 $2.41 $2.73 $2.76
Growth (year on year)
Revenue +0.9% +3.4% +5.8% +5.0% +1.6% +2.0% −0.7% +0.8% +3.0% +2.8% +1.9% +6.7% +2.4% +6.7% +6.0% +5.1% +4.7% +6.2%
EBITDA +5.6% +6.5% +4.3% +4.6% −1.3% +1.6% −7.6% −2.1% −5.7% +5.4% −3.3% +6.8% +8.6% −14.3% +23.9% +8.9% +4.0% +11.5%
Operating income +5.4% +6.4% +3.7% +4.7% −3.1% +1.0% −11.2% −5.6% −10.2% +7.4% −6.3% +9.6% +15.1% −21.3% +32.2% +8.6% +1.6% +11.4%
Net income +7.4% +14.1% −4.2% +8.3% −5.7% +2.1% −10.2% −7.2% −27.7% — — −9.2% +1.2% −14.6% — +25.3% +12.6% +3.4%
Diluted EPS +9.4% +20.5% +1.1% +11.1% −2.8% +3.5% −9.5% −4.2% −25.1% — — −8.5% +2.3% −12.3% — +26.2% +13.3% +4.2%
Margins
Gross margin 25.5% 25.3% 25.0% 24.8% 24.8% 24.8% 25.1% 25.6% 25.4% 25.1% 24.7% 24.8% 25.1% 24.1% 24.4% 24.9% 24.9% 25.2%
EBITDA margin 7.6% 7.9% 7.8% 7.7% 7.5% 7.5% 7.0% 6.8% 6.2% 6.3% 6.0% 6.0% 6.4% 5.1% 6.0% 6.2% 6.2% 6.4%
Operating margin 5.9% 6.1% 5.9% 5.9% 5.6% 5.6% 5.0% 4.7% 4.1% 4.3% 3.9% 4.0% 4.5% 3.3% 4.2% 4.3% 4.2% 4.4%
Net margin 3.5% 3.9% 3.5% 3.6% 3.4% 3.4% 3.0% 2.8% 2.0% 1.3% 2.8% 2.4% 2.4% 1.9% 2.4% 2.9% 3.1% 3.0%
Free-cash-flow margin 3.4% 2.6% 2.4% 2.7% 2.1% 3.4% 3.3% 4.3% 3.7% 3.4% 2.8% 4.6% 1.9% 2.0% 2.3% 1.9% 2.1% 1.8%
Cash flow
Cash from operations 26.2 23.6 24.3 25.6 23.3 28.6 27.6 31.7 28.3 27.8 25.3 36.1 24.2 28.8 35.7 36.4 41.6 42.9
Capital spending 12.2 12.7 13.5 12.9 13.1 12.2 11.5 10.6 10.1 10.3 10.7 10.3 13.1 16.9 20.6 23.8 26.6 29.4
Free cash flow 14.1 10.9 10.7 12.7 10.1 16.4 16.1 21.1 18.3 17.4 14.6 25.8 11.1 12.0 15.1 12.7 14.9 13.5
Stock-based pay — 0.4 0.4 0.4 0.4 0.5 0.4 0.6 0.6 0.8 0.9 1.2 1.2 1.6 2.1 2.8 3.6 —
Free cash flow after stock pay — 10.6 10.4 12.3 9.8 15.9 15.6 20.5 17.7 16.6 13.7 24.6 9.9 10.4 13.0 9.9 11.3 —
Balance sheet
Cash 7.9 7.4 6.6 7.8 7.3 9.1 8.7 6.9 6.8 7.7 9.5 17.7 14.8 8.6 9.9 9.0 10.7 11.5
Total debt — — — — — — — — — — — — — — — — — 50.4
Net debt (negative = net cash) −7.9 −7.4 −6.6 −7.8 −7.3 −9.1 −8.7 −6.9 −6.8 −7.7 −9.5 −17.7 −14.8 −8.6 −9.9 −9.0 −10.7 38.9
Diluted shares 11,631m 11,010m 10,422m 10,167m 9,849m 9,729m 9,651m 9,336m 9,030m 8,835m 8,604m 8,541m 8,415m 8,202m 8,108m 8,081m 8,022m 8,000m
Returned to shareholders
Dividends 4.2 4.4 5.0 5.4 6.1 6.2 6.3 6.2 6.1 6.1 6.0 6.1 6.2 6.1 6.1 6.7 7.5 7.7
Buybacks 7.3 14.8 6.3 7.6 6.7 1.0 4.1 8.3 8.3 7.4 5.7 2.6 9.8 9.9 2.8 4.5 8.1 7.0
Total returned 11.5 19.2 11.3 13.0 12.8 7.2 10.4 14.5 14.4 13.5 11.8 8.7 15.9 16.0 8.9 11.2 15.6 14.7

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · July 31, 2026
What it owns · $293.9bn
Short-term assets $88.7bnLonger-term assets $205.2bn
What it owes, and who funded it · $213.9bn
Short-term liabilities $115.6bnShareholders' equity $98.2bn
  • Short-term assets cover short-term liabilities $88.7bn of assets due within a year against $115.6bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $11.5bn of cash against $39.9bn of debt.
  • Debt below 40% of shareholders' equity Debt is 41% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 42% to 41% over five years.
  • A year's operating cash flow covers at least 20% of debt $42.9bn of operating cash flow against $39.9bn of debt.
  • Operating profit covers interest at least five times over Operating income of $32.3bn against $1.9bn of interest.

From Walmart's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q2 TTM
Buybacks (TTM)
$7B
Dividends (TTM)
$7.7B
Returned to shareholders
109%
of free cash flow
Buybacks, last 3 fiscal years
$15.4B
Diluted share count
−0.7%
year over year
Total shareholder yield
1.4%
dividends 0.8% + buybacks 0.7% of market value
Dividend payout ratio
35%
of net income paid out
Sales & admin spending
20.8%
of revenue

Competitors: side by side with peers

Closest by revenue in consumer staples merchandise retail
Last 12 months unless stated WMT COST TGT DG BJ DLTR Median
Revenue, last 12 months $735.8bn $303.2bn $107.7bn $43.6bn $22.8bn $20.1bn $22.8bn
Revenue growth, last 12 months 6.2% 10.1% 2.0% 4.8% 9.1% 8.2% 9.1%
Revenue growth, 3-year average 5.3% 7.8% −0.1% 4.0% 5.5% 7.0% 6.3%
Revenue growth, latest quarter 5.9% 11.1% 5.3% 5.2% 15.7% 7.0% 9.1%
Gross margin 25.2% 12.8% 29.3% 31.2% 18.2% 38.7% 25.2%
Operating margin 4.4% 3.9% 5.6% 5.6% 3.8% 11.0% 4.4%
Operating margin, 3-year average 4.3% 3.8% 5.5% 5.1% 3.8% 9.0% 4.4%
Net margin 3.0% 3.0% 4.1% 3.9% 2.6% 8.0% 3.0%
Cash from operations / revenue 5.8% 5.2% 8.1% 7.6% 4.9% 15.5% 6.0%
Free-cash-flow margin 1.8% 3.1% 4.1% 4.6% 1.6% 9.9% 3.1%
Free-cash-flow margin, 3-year average 1.9% 2.8% 3.9% 4.4% 1.6% 7.3% 3.4%
Stock pay / revenue — 0.3% 0.3% 0.2% 0.2% 0.3% 0.3%
Change in share count −0.7% −0.1% −0.5% 0.5% −2.2% −7.1% −0.5%

Median of all 9 companies we cover in consumer staples merchandise retail. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

9 consumer staples merchandise retail companies
Measure Company Peer median Rank
Revenue growth Growth 6.2% 9.1% 7 of 9
Change in growth rate Growth +0.3pp +0.9pp 7 of 9
Gross margin Profitability 25.2% 25.2% 5 of 9
Operating margin Profitability 4.4% 4.4% 6 of 9
Net margin Profitability 3.0% 3.0% 6 of 9
Free-cash-flow margin Cash generation 1.8% 3.1% 6 of 9
Long-term debt as % of assets Balance sheet 12.4% 12.4% 5 of 8
Change in share count Balance sheet -0.7% -0.5% 4 of 9

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to January 31, 2026
Segments
Line of business Revenue Share YoY
Walmart US $483B 68.4% ▲ 4.4%
Walmart International $130B 18.5% ▲ 7.0%
Sams Club US $93B 13.2% ▲ 3.1%
Geography
Region Revenue Share YoY
United States $581B 81.5% ▲ 4.2%
Outside the US $132B 18.5% ▲ 7.0%

From Walmart's 10-K filed March 13, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$337B
Institutions reporting
4,392
Shares held vs prior quarter
▲ 2.4%
Positions opened / closed
138 / 185

Top buyers and sellers, Q2 2026: 2,008 institutions bought and 2,024 sold ; the biggest buyer was SG Americas Securities, LLC (+9.5M shares) and the biggest seller Jpmorgan Chase & Co (−26.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $40.1B 354.2M 11.9% ▲ 0.3%
Vanguard Capital Management LLC $32.4B 286.4M 9.6% ▲ 0.5%
State Street Corp $21.3B 188.0M 6.3% ▲ 1.1%
Invesco Ltd. $16.8B 148.5M 5.0% ▲ 1.6%
Geode Capital Management, LLC $12B 106.4M 3.6% ▲ 0.6%
Jpmorgan Chase & Co $11B 96.3M 3.3% ▼ 21.4%
Vanguard Portfolio Management LLC $10.7B 94.8M 3.2% ▲ 1.1%
Morgan Stanley $10B 88.3M 3.0% ▲ 2.8%
Bank Of America Corp $7.5B 65.8M 2.2% 0.0%
Norges Bank $6.5B 57.4M 1.9% —
Goldman Sachs Group Inc $4.8B 42.3M 1.4% ▲ 11.0%
Fisher Asset Management, LLC $4.7B 41.5M 1.4% ▲ 1.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Walmart's complete shareholder register. Values are as reported by the filers ; 22 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $2.9B 109 trades by 12 insiders · 2% under pre-set plans
Net ▼ $2.9B net selling
Insider Date Trade Shares Price Value
Nicholas Christopher James Executive Vice President October 15, 2026 Sell pre-set plan 1,300 $120.95 $157,229
Nicholas Christopher James Executive Vice President October 15, 2026 Sell pre-set plan 1,600 $120.33 $192,522
Furner John R. President & CEO October 15, 2026 Sell pre-set plan 6,036 $120.93 $729,907
Furner John R. President & CEO October 15, 2026 Sell pre-set plan 7,089 $120.33 $852,995
Watkins Latriece Executive Vice President October 14, 2026 Sell pre-set plan 5,000 $115.00 $575,000
Bartlett Daniel J Executive Vice President October 1, 2026 Sell pre-set plan 3,990 $104.41 $416,596
Nicholas Christopher James Executive Vice President September 17, 2026 Sell pre-set plan 1,395 $106.83 $149,028
Nicholas Christopher James Executive Vice President September 17, 2026 Sell pre-set plan 1,505 $106.49 $160,267
Furner John R. President & CEO September 17, 2026 Sell pre-set plan 7,080 $106.50 $754,020
Furner John R. President & CEO September 17, 2026 Sell pre-set plan 6,045 $106.84 $645,848
Bartlett Daniel J Executive Vice President September 1, 2026 Sell pre-set plan 3,950 $105.14 $415,303
Danker Daniel Executive Vice President August 26, 2026 Sell pre-set plan 50,644 $105.35 $5.3M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 133 trades and filings

In the last 12 months, 7 members of Congress disclosed 4 purchases and 7 sales of Walmart shares.

  • Pete Sessions(R-TX 17):Sale (full), $50,001 - $100,000, traded October 2, 2026, filed October 27, 2026
  • Jonathan L. Jackson(D-IL 1):Sale (full), $50,001 - $100,000, traded September 28, 2026, filed October 19, 2026
  • Kevin Hern(R-OK 1):Sale (partial), $1,001 - $15,000, traded August 27, 2026, filed September 25, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 19, 2026 estimated from the company's past filing pattern, not announced

  • August 20, 2026
  • May 21, 2026
  • February 19, 2026
  • November 20, 2025
  • August 21, 2025
  • May 15, 2025

Recent SEC filings

Data status

When each part of this page on Walmart was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Walmart in brief

What does Walmart do?
Walmart is a US-listed company in the consumer staples merchandise retail industry. Its financial year ends in January.
What is Walmart's stock ticker?
Walmart trades under the ticker WMT on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Walmart's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Walmart reported revenue of $736B, 6.2% higher than a year earlier, according to its SEC filings.
What is Walmart's free cash flow?
Walmart's free-cash-flow margin is 1.8% of revenue over the trailing twelve months, ranking 6 of the 9 consumer staples merchandise retail companies we cover.
What is Walmart's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Walmart's free cash flow after stock-based pay gives ~$34 per share in the base case, and ~$24–$47 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Walmart's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Walmart buying back stock, and does it pay a dividend?
Walmart spent $7B on share repurchases over the trailing twelve months, and its diluted share count fell 0.7% over the year.
What is Walmart's market cap?
On November 2, 2026, Walmart's market capitalisation was about $1T, with a price-to-earnings ratio of 46.3 and net debt of $38.9B. Market figures come from third-party market data and may be delayed.
Does Walmart pay a dividend?
Yes: Walmart paid $7.7B in dividends over the trailing twelve months, a dividend yield of 0.76% and a payout ratio of 34.9%.
How much debt does Walmart have?
Walmart's debt-to-equity ratio is 40.6%, from its latest balance sheet (41.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are Walmart's competitors?
In our Consumer Staples Merchandise Retail peer group, the companies closest to Walmart are Costco, Target Corporation, Dollar General, Bj's Wholesale Club Holdings, Inc. and Dollar Tree. The side-by-side comparison below sets their revenue, margins and growth against Walmart's.
Are insiders buying or selling Walmart stock?
Over the last 12 months, Walmart's directors and officers reported 0 open-market purchases and 109 sales on Form 4. The insider trading page charts every trade.
When is Walmart's next earnings date?
Around November 19, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Walmart announces its own schedule.