NASDAQ : WMT
Walmart Inc. — Financial statements
Consumer Staples · Discount Stores · United States
Last price 121.25 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 961.97B
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Financial statements
Walmart Inc. (WMT) reported revenue of 735.84B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 735.84B | 713.16B | 680.99B | 648.12B | 611.29B | 572.75B |
| Cost of Revenue | 553.08B | 535.39B | 511.75B | 490.14B | 463.72B | 429.00B |
| Gross Profit | 182.76B | 177.77B | 169.23B | 157.98B | 147.57B | 143.75B |
| Selling, General & Admin | 153.78B | 147.94B | 139.88B | 130.97B | 123.04B | 117.81B |
| Operating Expenses | 153.78B | 147.94B | 139.88B | 130.97B | 123.04B | 117.81B |
| Operating Income | 28.98B | 29.82B | 29.35B | 27.01B | 24.53B | 25.94B |
| Interest Expense | -2.35B | -2.80B | -2.73B | -2.68B | -2.13B | -1.99B |
| Interest & Investment Income | 352.00M | 368.00M | 483.00M | 546.00M | 254.00M | 158.00M |
| Other Non Operating Income (Expenses) | -48.00M | -25.00M | 306.00M | -27.00M | 145.00M | -127.00M |
| EBT Excluding Unusual Items | 26.93B | 27.37B | 27.41B | 24.85B | 22.80B | 23.98B |
| Merger & Restructuring Charges | -800.00M | |||||
| Gain (Loss) on Sale of Investments | -913.00M | 2.10B | -1.10B | -3.00B | -1.68B | -2.44B |
| Gain (Loss) on Sale of Assets | -433.00M | |||||
| Legal Settlements | 400.00M | -3.30B | ||||
| Other Unusual Items | 2.90B | -2.41B | ||||
| Pretax Income | 29.32B | 29.47B | 26.31B | 21.85B | 17.02B | 18.70B |
| Income Tax Expense | 6.82B | 7.20B | 6.15B | 5.58B | 5.72B | 4.76B |
| Earnings From Continuing Operations | 22.50B | 22.27B | 20.16B | 16.27B | 11.29B | 13.94B |
| Minority Interest in Earnings | -423.00M | -377.00M | -721.00M | -759.00M | 388.00M | -267.00M |
| Net Income | 22.08B | 21.89B | 19.44B | 15.51B | 11.68B | 13.67B |
| Net Income to Common | 22.08B | 21.89B | 19.44B | 15.51B | 11.68B | 13.67B |
| Shares Outstanding (Basic) | 7.97B | 7.98B | 8.04B | 8.08B | 8.17B | 8.38B |
| Shares Outstanding (Diluted) | 8.00B | 8.02B | 8.08B | 8.11B | 8.20B | 8.41B |
| EPS (Basic) | 2.77 | 2.74 | 2.42 | 1.92 | 1.43 | 1.63 |
| EPS (Diluted) | 2.76 | 2.73 | 2.41 | 1.91 | 1.42 | 1.62 |
| Free Cash Flow | 13.51B | 14.92B | 12.66B | 15.12B | 11.98B | 11.07B |
| Free Cash Flow Per Share | 1.69 | 1.86 | 1.57 | 1.86 | 1.46 | 1.32 |
| Dividend Per Share | 0.96 | 0.94 | 0.83 | 0.76 | 0.75 | 0.73 |
| Gross Margin | 24.84% | 24.93% | 24.85% | 24.38% | 24.14% | 25.10% |
| Operating Margin | 3.94% | 4.18% | 4.31% | 4.17% | 4.01% | 4.53% |
| Profit Margin | 3.00% | 3.07% | 2.85% | 2.39% | 1.91% | 2.39% |
| Free Cash Flow Margin | 1.84% | 2.09% | 1.86% | 2.33% | 1.96% | 1.93% |
| EBITDA | 44.07B | 44.03B | 42.32B | 38.87B | 35.47B | 36.60B |
| EBITDA Margin | 5.99% | 6.17% | 6.21% | 6.00% | 5.80% | 6.39% |
| D&A For EBITDA | 15.09B | 14.20B | 12.97B | 11.85B | 10.95B | 10.66B |
| EBIT | 28.98B | 29.82B | 29.35B | 27.01B | 24.53B | 25.94B |
| EBIT Margin | 3.94% | 4.18% | 4.31% | 4.17% | 4.01% | 4.53% |
| Effective Tax Rate | 23.25% | 24.43% | 23.38% | 25.53% | 33.64% | 25.44% |
| Revenue as Reported | 735.84B | 713.16B | 680.99B | 648.12B | 611.29B | 572.75B |
| Advertising Expenses | 5.40B | 5.10B | 4.40B | 4.10B | 3.90B |
Balance sheet
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 11.53B | 10.73B | 9.04B | 9.87B | 8.62B | 14.76B |
| Cash & Short-Term Investments | 11.53B | 10.73B | 9.04B | 9.87B | 8.62B | 14.76B |
| Receivables | 11.07B | 11.17B | 9.97B | 8.80B | 7.93B | 8.28B |
| Inventory | 61.60B | 58.85B | 56.44B | 54.89B | 56.58B | 56.51B |
| Prepaid Expenses | 4.50B | 4.12B | 4.01B | 3.32B | 2.52B | 1.52B |
| Total Current Assets | 88.70B | 84.87B | 79.46B | 76.88B | 75.66B | 81.07B |
| Property, Plant & Equipment | 164.31B | 156.96B | 139.70B | 130.34B | 119.23B | 112.62B |
| Long-Term Investments | 4.87B | 5.67B | 4.22B | 8.45B | 11.17B | 12.89B |
| Goodwill | 28.26B | 28.73B | 28.79B | 28.11B | 28.17B | 29.01B |
| Other Intangible Assets | 4.30B | 4.50B | 4.10B | 4.30B | 4.80B | |
| Long-Term Deferred Tax Assets | 1.89B | 1.75B | 1.66B | 1.50B | 1.47B | |
| Other Long-Term Assets | 7.77B | 2.24B | 2.40B | 2.86B | 3.16B | 2.99B |
| Total Assets | 293.91B | 284.67B | 260.82B | 252.40B | 243.20B | 244.86B |
| Accounts Payable | 64.32B | 63.06B | 58.67B | 56.81B | 53.74B | 55.26B |
| Accrued Expenses | 30.07B | 28.25B | 26.59B | 26.09B | 25.69B | 23.50B |
| Short-Term Debt | 10.48B | 6.60B | 3.07B | 878.00M | 372.00M | 410.00M |
| Current Portion of Long-Term Debt | 3.47B | 3.54B | 2.60B | 3.45B | 4.19B | 2.80B |
| Current Portion of Leases | 2.59B | 2.49B | 2.30B | 2.21B | 2.04B | 1.99B |
| Current Income Taxes Payable | 746.00M | 596.00M | 608.00M | 307.00M | 727.00M | 851.00M |
| Current Unearned Revenue | 2.94B | 2.75B | 2.66B | 2.49B | 2.56B | |
| Other Current Liabilities | 3.95B | 2.95B | ||||
| Total Current Liabilities | 115.63B | 107.47B | 96.58B | 92.42B | 92.20B | 87.38B |
| Long-Term Debt | 37.80B | 35.95B | 35.40B | 38.09B | 36.76B | 35.96B |
| Long-Term Leases | 20.75B | 19.85B | 18.75B | 18.65B | 17.67B | 17.25B |
| Long-Term Deferred Tax Liabilities | 14.94B | 9.25B | 7.02B | 7.25B | 11.98B | 6.92B |
| Other Long-Term Liabilities | 5.97B | 5.38B | 5.42B | 600.00M | 5.46B | |
| Total Liabilities | 189.12B | 178.49B | 163.13B | 161.83B | 159.21B | 152.97B |
| Common Stock | 794.00M | 797.00M | 802.00M | 805.00M | 808.00M | 276.00M |
| Additional Paid-In Capital | 7.05B | 6.82B | 5.50B | 4.54B | 4.43B | 4.84B |
| Retained Earnings | 103.60B | 104.77B | 98.31B | 89.81B | 83.14B | 86.90B |
| Comprehensive Income & Other | -13.20B | -12.77B | -13.61B | -11.30B | -11.68B | -8.77B |
| Total Common Equity | 98.24B | 99.62B | 91.01B | 83.86B | 76.69B | 83.25B |
| Minority Interest | 6.56B | 6.56B | 6.68B | 6.71B | 7.30B | 8.64B |
| Shareholders' Equity | 104.80B | 106.18B | 97.69B | 90.57B | 83.99B | 91.89B |
| Total Liabilities & Equity | 293.91B | 284.67B | 260.82B | 252.40B | 243.20B | 244.86B |
| Total Debt | 75.09B | 68.43B | 62.11B | 63.28B | 61.03B | 58.42B |
| Net Cash (Debt) | -63.56B | -57.70B | -53.08B | -53.41B | -52.41B | -43.66B |
| Net Cash Per Share | -7.95 | -7.19 | -6.57 | -6.59 | -6.39 | -5.19 |
| Filing Date Shares Outstanding | 7.93B | 7.97B | 8.02B | 8.06B | 8.09B | 8.26B |
| Total Common Shares Outstanding | 7.94B | 7.97B | 8.02B | 8.05B | 8.08B | 8.28B |
| Working Capital | -26.93B | -22.59B | -17.13B | -15.54B | -16.54B | -6.31B |
| Book Value Per Share | 12.37 | 12.50 | 11.34 | 10.41 | 9.49 | 10.05 |
| Tangible Book Value | 69.98B | 66.58B | 57.72B | 51.65B | 44.22B | 49.44B |
| Tangible Book Value Per Share | 8.81 | 8.36 | 7.19 | 6.41 | 5.47 | 5.97 |
| Land | 20.75B | 19.34B | 19.56B | 19.32B | 19.20B | |
| Buildings | 128.47B | 117.97B | 111.77B | 104.55B | 100.38B | |
| Machinery | 88.47B | 78.90B | 75.14B | 67.70B | 62.55B | |
| Construction In Progress | 18.73B | 15.40B | 13.39B | 10.80B | 7.20B |
Cash flow statement
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 22.08B | 21.89B | 19.44B | 15.51B | 11.68B | 13.67B |
| Depreciation & Amortization | 15.09B | 14.20B | 12.97B | 11.85B | 10.95B | 10.66B |
| Loss (Gain) From Sale of Assets | 433.00M | |||||
| Loss (Gain) From Sale of Investments | 997.00M | -2.02B | 878.00M | 3.19B | 1.68B | 2.44B |
| Other Operating Activities | 5.52B | 6.73B | 2.98B | 3.23B | 1.98B | 3.57B |
| Change in Accounts Receivable | -722.00M | -1.14B | -1.11B | -797.00M | 240.00M | -1.80B |
| Change in Inventory | -3.44B | -1.44B | -2.75B | 2.02B | -528.00M | -11.76B |
| Change in Accounts Payable | 1.96B | 1.61B | 3.23B | 2.52B | -1.43B | 5.52B |
| Change in Income Taxes | -164.00M | 113.00M | 435.00M | -468.00M | -127.00M | 39.00M |
| Change in Other Net Operating Assets | 1.61B | 1.61B | 379.00M | -1.32B | 4.39B | 1.40B |
| Operating Cash Flow | 42.92B | 41.56B | 36.44B | 35.73B | 28.84B | 24.18B |
| Capital Expenditures | -29.41B | -26.64B | -23.78B | -20.61B | -16.86B | -13.11B |
| Sale of Property, Plant & Equipment | 189.00M | 106.00M | 432.00M | 250.00M | 170.00M | 394.00M |
| Cash Acquisitions | -53.00M | -53.00M | -1.90B | -9.00M | -740.00M | -359.00M |
| Divestitures | 7.93B | |||||
| Investment in Securities | 194.00M | 927.00M | 4.08B | |||
| Other Investing Activities | -331.00M | -688.00M | -212.00M | -922.00M | -295.00M | -879.00M |
| Investing Cash Flow | -29.41B | -26.35B | -21.38B | -21.29B | -17.72B | -6.01B |
| Short-Term Debt Issued | 3.52B | 2.21B | 512.00M | 193.00M | ||
| Long-Term Debt Issued | 3.98B | 4.97B | 5.04B | 6.95B | ||
| Total Debt Issued | 10.92B | 7.51B | 2.21B | 5.48B | 5.04B | 7.14B |
| Short-Term Debt Repaid | -34.00M | |||||
| Long-Term Debt Repaid | -2.62B | -3.47B | -4.22B | -2.69B | -13.01B | |
| Total Debt Repaid | -4.05B | -2.62B | -3.47B | -4.22B | -2.72B | -13.01B |
| Net Debt Issued (Repaid) | 6.86B | 4.88B | -1.26B | 1.26B | 2.32B | -5.87B |
| Repurchase of Common Stock | -6.99B | -8.09B | -4.49B | -2.78B | -9.92B | -9.79B |
| Common Dividends Paid | -7.70B | -7.51B | -6.69B | -6.14B | -6.11B | -6.15B |
| Other Financing Activities | -3.58B | -2.84B | -2.38B | -5.76B | -3.32B | -1.02B |
| Financing Cash Flow | -11.40B | -13.55B | -14.82B | -13.41B | -17.04B | -22.83B |
| Foreign Exchange Rate Adjustments | 9.00M | 123.00M | -641.00M | 69.00M | -73.00M | -140.00M |
| Miscellaneous Cash Flow Adjustments | 1.85B | |||||
| Net Cash Flow | 2.12B | 1.78B | -399.00M | 1.09B | -5.99B | -2.95B |
| Free Cash Flow | 13.51B | 14.92B | 12.66B | 15.12B | 11.98B | 11.07B |
| Free Cash Flow Margin | 1.84% | 2.09% | 1.86% | 2.33% | 1.96% | 1.93% |
| Free Cash Flow Per Share | 1.69 | 1.86 | 1.57 | 1.86 | 1.46 | 1.32 |
| Levered Free Cash Flow | 7.13B | 10.55B | 7.93B | 8.85B | 12.37B | 14.52B |
| Unlevered Free Cash Flow | 8.60B | 12.30B | 9.63B | 10.53B | 13.70B | 15.77B |
| Cash Interest Paid | 2.79B | 2.79B | 2.74B | 2.52B | 2.05B | 2.24B |
| Cash Income Tax Paid | 5.36B | 5.36B | 5.88B | 5.88B | 3.31B | 5.92B |
| Change in Working Capital | -762.00M | 752.00M | 181.00M | 1.94B | 2.55B | -6.60B |
Ratios
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 979.90B | 949.57B | 788.56B | 444.89B | 387.99B | 387.82B |
| Enterprise Value | 1.04T | 1.01T | 848.44B | 511.07B | 452.54B | 438.67B |
| Last Close Price | 123.51 | 118.39 | 96.62 | 53.58 | 45.94 | 43.96 |
| PE Ratio | 44.76 | 43.37 | 40.57 | 28.68 | 33.22 | 28.36 |
| Forward PE | 41.11 | 41.65 | 36.96 | 24.21 | 22.76 | 21.06 |
| PS Ratio | 1.33 | 1.33 | 1.16 | 0.69 | 0.64 | 0.68 |
| PB Ratio | 9.99 | 8.94 | 8.07 | 4.91 | 4.62 | 4.22 |
| P/TBV Ratio | 14.00 | 14.26 | 13.66 | 8.61 | 8.77 | 7.84 |
| P/FCF Ratio | 72.54 | 63.63 | 62.29 | 29.42 | 32.38 | 35.02 |
| P/OCF Ratio | 22.83 | 22.84 | 21.64 | 12.45 | 13.45 | 16.04 |
| PEG Ratio | 3.85 | 5.17 | 3.81 | 3.30 | 4.40 | 2.29 |
| EV/Sales Ratio | 1.42 | 1.42 | 1.25 | 0.79 | 0.74 | 0.77 |
| EV/EBITDA Ratio | 23.68 | 23.03 | 20.05 | 13.15 | 12.76 | 11.98 |
| EV/EBIT Ratio | 36.01 | 33.99 | 28.91 | 18.92 | 18.45 | 16.91 |
| EV/FCF Ratio | 77.24 | 67.94 | 67.02 | 33.80 | 37.76 | 39.61 |
| Debt / Equity Ratio | 0.72 | 0.64 | 0.64 | 0.70 | 0.73 | 0.64 |
| Debt / EBITDA Ratio | 1.57 | 1.44 | 1.36 | 1.50 | 1.58 | 1.47 |
| Debt / FCF Ratio | 5.56 | 4.58 | 4.91 | 4.18 | 5.09 | 5.28 |
| Net Debt / Equity Ratio | 0.61 | 0.54 | 0.54 | 0.59 | 0.62 | 0.47 |
| Net Debt / EBITDA Ratio | 1.44 | 1.31 | 1.25 | 1.37 | 1.48 | 1.19 |
| Net Debt / FCF Ratio | 4.71 | 3.87 | 4.19 | 3.53 | 4.37 | 3.94 |
| Asset Turnover | 2.61 | 2.62 | 2.65 | 2.62 | 2.50 | 2.30 |
| Inventory Turnover | 9.27 | 9.29 | 9.19 | 8.79 | 8.20 | 8.46 |
| Quick Ratio | 0.20 | 0.20 | 0.20 | 0.20 | 0.18 | 0.26 |
| Current Ratio | 0.77 | 0.79 | 0.82 | 0.83 | 0.82 | 0.93 |
| Return on Equity (ROE) | 22.31% | 21.85% | 21.41% | 18.64% | 12.84% | 15.54% |
| Return on Assets (ROA) | 6.41% | 6.83% | 7.15% | 6.81% | 6.28% | 6.52% |
| Return on Invested Capital (ROIC) | 13.31% | 14.33% | 15.26% | 14.35% | 11.97% | 14.38% |
| Return on Capital Employed (ROCE) | 16.30% | 16.80% | 17.90% | 16.90% | 16.20% | 16.50% |
| Earnings Yield | 2.23% | 2.31% | 2.46% | 3.49% | 3.01% | 3.53% |
| FCF Yield | 1.38% | 1.57% | 1.60% | 3.40% | 3.09% | 2.86% |
| Dividend Yield | 0.80% | 0.79% | 0.84% | 1.38% | 1.55% | 1.57% |
| Payout Ratio | 35.87% | 34.29% | 34.41% | 39.59% | 52.35% | 44.99% |
| Buyback Yield / Dilution | 0.70% | 0.73% | 0.33% | 1.15% | 2.53% | 1.47% |
| Total Shareholder Return | 1.50% | 1.52% | 1.18% | 2.52% | 4.09% | 3.04% |