Overview
Walmart Inc.
Latest 10-K: FY2026, filed Mar 13, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $713.16B
- 4.7%YoYup from FY2025
- TotalRevenue
- Gross profit
- $177.77B
- 5.0%YoYup from FY2025
- GrossProfit
- Operating income
- $29.82B
- 1.6%YoYup from FY2025
- OperatingIncome
- Net income
- $21.89B
- 12.6%YoYup from FY2025
- NetIncome
- Diluted EPS
- $2.73
- 13.3%YoYup from FY2025
- EPSDiluted
- Diluted shares
- 8.02B
- 0.7%YoYdown from FY2025
- WeightedAvgSharesDiluted
At a glance
Growth
- Walmart Inc. reported revenue of $713.16B for fiscal 2026, up 4.7% from fiscal 2025.
- Revenue grew faster than the median S&P 500 member in 2 of the last 4 fiscal years.
Profitability
- Operating margin was 4.2% and net margin was 3.1%.
Per share
- Diluted EPS was $2.73, up 13.3% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 30, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $713.16B4.7%up | $680.99B5.1%up Benchmark median 6.4% | $648.13B6.0%up Benchmark median 4.5% | $611.29B6.7%up Benchmark median 4.8% | $572.75B2.4%up Benchmark median 10.3% | 5.6% |
| Gross Profit Median of 315 / 498 | $177.77B5.0%up | $169.23B7.1%up Benchmark median 6.8% | $157.98B7.1%up Benchmark median 5.5% | $147.57B2.7%up Benchmark median 5.2% | $143.75B3.5%up Benchmark median 8.3% | 5.5% |
| Operating Income Median of 373 / 498 | $29.82B1.6%up | $29.35B8.6%up Benchmark median 7.3% | $27.01B32.2%up Benchmark median 7.4% | $20.43B21.3%down Benchmark median 4.9% | $25.94B15.1%up Benchmark median 7.5% | 3.5% |
| Net Income | $21.89B12.6%up | $19.44B25.3%up Benchmark median 4.8% | $15.51B32.8%up Benchmark median 5.7% | $11.68B14.6%down Benchmark median 1.9% | $13.67B1.2%up Benchmark median 1.3% | 12.5% |
| EPS (Diluted) | $2.7313.3%up | $2.4126.2%up Benchmark median 6.2% | $1.9134.5%up Benchmark median 7.9% | $1.4212.3%down Benchmark median 1.9% | $1.62‡n/m Benchmark median 1.5% | 13.9% |
‡ Share basis changed between these years (stock split or reverse split).
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $284.67B9.1%up | $260.82B3.3%up Benchmark median 5.6% | $252.40B3.8%up Benchmark median 3.4% | $243.20B0.7%down Benchmark median 4.1% | $244.86B3.0%down Benchmark median 2.2% | 3.8% |
| Total Liabilities Median of 357 / 498 | — | — | — | — | — | — |
| Stockholders' Equity | $105.89B8.7%up | $97.42B7.8%up Benchmark median 6.8% | $90.35B7.9%up Benchmark median 5.4% | $83.75B8.9%down Benchmark median 7.3% | $91.89B5.0%up Benchmark median 2.5% | 3.6% |
| Cash & Equivalents | $10.73B18.7%up | $9.04B8.4%down Benchmark median 5.2% | $9.87B14.4%up Benchmark median 1.9% | $8.63B41.6%down Benchmark median 6.7% | $14.76B16.8%down Benchmark median -8.6% | -7.7% |
| Total Debt | $44.76B14.6%up | $39.07B3.4%down Benchmark median 2.1% | $40.46B3.2%up Benchmark median 0.2% | $39.21B3.0%up Benchmark median 0.3% | $38.08B14.5%down Benchmark median 0.1% | 4.1% |
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $41.56B14.1%up | $36.44B2.0%up Benchmark median 6.3% | $35.73B23.9%up Benchmark median 4.8% | $28.84B19.3%up Benchmark median 9.9% | $24.18B33.0%down Benchmark median -0.7% | 14.5% |
| Capital Expenditures | $26.64B12.0%up | $23.78B15.4%up Benchmark median 5.4% | $20.61B22.2%up Benchmark median 2.8% | $16.86B28.6%up Benchmark median 11.3% | $13.11B27.7%up Benchmark median 14.0% | 19.4% |
| Free Cash Flow Median of 378 / 498 | $14.92B17.9%up | $12.66B16.3%down Benchmark median 7.3% | $15.12B26.2%up Benchmark median 6.1% | $11.98B8.2%up Benchmark median 8.8% | $11.07B57.1%down Benchmark median -11.3% | 7.7% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2026Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
2.3%
Wall Street
on net earnings
FY2025 2.5%
1.6%
Value investor
on free cash flow
FY2025 1.6%
Gap −0.7 pts: Value-investor figure 0.7 points lower
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 43.6×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Enterprise yield
What a dollar of enterprise value earned
4.4%
Wall Street
on EBITDA
FY2025 5.1%
3.0%
Value investor
on EBIT
FY2025 3.6%
Gap −1.4 pts: Value-investor figure 1.4 points lower
How it’s calculated
Wall Street · on EBITDA
EBITDA ÷ enterprise value (1 ÷ EV/EBITDA)
ev_ebitda (ratio table)
EV/EBITDA 22.5×Value investor · on EBIT
Operating income (EBIT) ÷ enterprise value: depreciation counts as a real cost
operating income ÷ (ev_ebitda × ebitda)
Valuation · Book yield
Net assets behind a dollar of market value
11.1%
Wall Street
on book equity
FY2025 12.3%
8.1%
Value investor
on tangible book
FY2025 8.7%
Gap −3.0 pts: Value-investor figure 3.0 points lower
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 9.0×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
21.5%
Wall Street
ROE: net income ÷ equity
FY2025 20.7%
12.8%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2025 14.0%
Gap −8.7 pts: Value-investor figure 8.7 points lower
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
6.2%
Wall Street
EBITDA margin
FY2025 6.2%
2.1%
Value investor
Free-cash-flow margin
FY2025 1.9%
Gap −4.1 pts: Value-investor figure 4.1 points lower
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
0.79×
Wall Street
Current ratio
FY2025 0.82×
0.24×
Value investor
Quick ratio, inventory excluded
FY2025 0.24×
Gap −0.55×: Value-investor figure 0.55 lower
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
0.98×
Wall Street
EBITDA ÷ total debt
FY2025 1.08×
0.33×
Value investor
FCF ÷ total debt
FY2025 0.32×
Gap −0.65×: Value-investor figure 0.65 lower
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net debt/EBITDA 0.77×Value investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Balance sheet · Interest cover
How many times earnings pay the year's interest
19.0×
Wall Street
EBITDA ÷ interest
FY2025 18.8×
12.9×
Value investor
EBIT ÷ interest
FY2025 13.0×
Gap −6.1×: Value-investor figure 6.1 lower
How it’s calculated
Wall Street · EBITDA ÷ interest
EBITDA ÷ interest expense
ebitda_interest_coverage (ratio table)
Value investor · EBIT ÷ interest
Operating income ÷ interest expense
interest_coverage (ratio table)
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on WMT yet.
Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on WMT and publish the result to your public profile.
Cite this page
Data as of Oct 30, 2026. Canonical address: https://valuein.biz/data/WMT
Valuein. (2026, October 30). Walmart Inc. (WMT) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/WMT
@misc{valuein_wmt_2026,
author = {{Valuein}},
title = {Walmart Inc. (WMT) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/WMT}},
note = {Data as of 2026-10-30; source: SEC EDGAR filings}
}10-K filed Mar 13, 2026 · accession 0000104169-26-000055
Agents: every figure Valuein's tools return carries a fact_id that traces to its SEC filing.
point-in-time · survivorship-free · every number traceable to its SEC filing
Index names are trademarks of their owners; Valuein is not affiliated with or endorsed by any index provider.