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Not Investment Advice

WMT

NASDAQ · USD
Walmart Inc.
Consumer Defensive · Discount Stores
CEO John Furner Employees 2,100,000 R&D / revenue 0.0%
Last price
$118.81+0.80%last session
Market cap
$945.5B
P/E (TTM)
42.9x
From 52w high
−12.1%
From 52w low
+20.2%
1-year return
+11.8%
RSI 14 · vs SMA200
73.0 · +0.5%
IS score
53.0/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

WMT   SPY   XLP (sector ETF) · weekly closes
100110120Jan 26Apr 26Jul 26Oct 26SPY 116WMT 112XLP 111

Score DNA

Each bar is a 0-100 score within the scored universe
40
Profitability
48
Growth
34
Value
76
Momentum
100
Risk (safety)
70
Quality
61
Balance sheet
84
Earnings quality

Flags

Strengths
✓ Congress buying
Warnings
None of the computed warning flags fires for WMT (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Narrow, Efficient ScalePiotroski 6 / 9Altman Z 6.1Beta 0.593 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
40 open-market sales, $1.1B
Form 144 notices (12m): 59, $4.6B proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
5
Last disclosed purchase 2026-09-25
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−35
206 new holders, 182 closed
4,430 filers hold 37.7% · 1,884 added, 1,867 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+354
1,795 funds adding shares
1,441 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
46.0%
20-day avg 47.3%, 50-day avg 44.2%
Latest 1.3 pp under its 20-day average · a flow, not short interest

Key financials · FY2026

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$713.2B
Revenue growth YoY+4.7%
Gross margin24.9%
Operating income$29.8B
Operating margin4.2%
Net income$21.9B
Net margin3.1%
EPS (diluted)$2.73
Cash flow
Operating cash flow$41.6B
Capital expenditure$26.6B
Free cash flow$14.9B
FCF conversion (FCF / OCF)35.9%
Stock-based compensation$0
FCF less SBC$14.9B
Buybacks$8.1B
Dividends$7.5B
Balance sheet & returns
Cash & short-term investments$10.7B
Total debt$44.8B
Net debt$34.0B
Shareholders' equity$106.2B
Goodwill & intangibles$28.7B
Debt / equity0.75
ROE (TTM)22.7%
ROIC (TTM)12.7%
Operating margin by fiscal year
4.5%FY20223.3%FY20234.2%FY20244.3%FY20254.2%FY2026
Revenue $572.8B (FY2022) to $713.2B (FY2026), a 5.6% CAGR.

Valuation

P/E (TTM)42.9x
EV / EBITDA21.5x
Price / sales1.28x
Price / FCF70.0x
FCF yield1.43%
Buyback yield0.86%
SBC / revenue0.0%
Price / book9.62x
Forward P/E FY202741.1x
Forward P/E FY202836.9x
Forward multiples divide today's price by Street EPS estimates. Street mean target $125.89 across 19 analysts last quarter is theirs, not ours.

WMT vs industry median

18 companies in Discount Stores
Gross margin 25.2% 28.8% Operating margin 4.4% 5.9% Net margin 3.0% 3.3% ROIC 12.7% 14.2%
WMT (TTM)Industry median Asset turnover 2.50 vs industry 1.99 · financial leverage 2.99

Earnings delivery

Next report 2026-11-19 · consensus EPS $0.63
83%
beat rate, 10 of 12 quarters
+3.1%
median EPS surprise
6
longest beat streak
+0+9+15+3+9+2+6-7+3+2+0+9
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-16 to 2026-08-20. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
WMT Walmart Inc. $945.5B42.9x22.7%3.0%+4.7% +11.8%
COST Costco Wholesale Corporation $438.3B47.6x28.4%3.1%+10.1% +7.0%
KO The Coca-Cola Company $404.0B28.2x44.2%33.1%+6.5% +39.8%
PG The Procter & Gamble Company $370.0B23.6x30.2%14.1%+3.3% +9.6%
PM Philip Morris International $319.8B29.5x-105.8%25.2%+9.1% +31.4%
PEP PepsiCo, Inc. $179.2B16.5x52.3%12.1%+6.4% —
BUD Anheuser-Busch InBev SA/NV $163.3B14.0x18.6%19.8%+2.9% —
MO Altria Group, Inc. $125.4B15.8x-269.2%42.9%+8.0% —
12-month window: SPY +15.9%, sector ETF XLP +11.4%. Past returns describe history only.

Recent 8-K filings

2026-08-20Earnings Release; Exhibits
2026-06-05Bylaws Amendment; Shareholder Vote; Exhibits
2026-05-21Earnings Release; Exhibits
2026-04-30Other Events; Exhibits
2026-03-27Other Events
2026-03-13Other Events

Context

Shares outstanding7,958,079,155
Free float55.5%
Institutional ownership37.7%
Beta0.59
Dividend yield0.82%
Last dividend$0.25 on 2026-12-11
50 / 200-day average$108.78 / $118.23
Mega-cap Consumer Defensive median P/E31.3x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where WMT sits among 8 scored companies in Discount Stores (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureWMTIndustry medianIndustry percentileSector median
P/E (TTM) 42.8x 21.1x
86th		 20.0x
PEG (P/E ÷ 3-yr EPS CAGR) 2.53 2.53
50th		 1.14
Price / sales 1.3x 1.0x
71st		 1.1x
Price / book 9.6x 4.9x
86th		 2.5x
Price / tangible book 12.7x 7.8x
100th		 4.0x
Price / free cash flow 70.0x 30.2x
86th		 14.7x
Price / operating cash flow 22.0x 14.0x
86th		 9.4x
Enterprise value $1.01T $36.8B
100th		 $5.1B
EV / sales 1.4x 1.2x
57th		 1.3x
EV / EBITDA 21.5x 13.9x
86th		 12.3x
EV / EBIT 31.8x 18.1x
86th		 16.5x
EV / free cash flow 74.6x 35.2x
100th		 18.2x
Earnings yield 2.3% 4.8%
14th		 3.9%
FCF yield 1.4% 3.4%
14th		 6.5%
Operating cash flow yield 4.5% 7.4%
14th		 10.4%
Graham number (per share) $27.69 $66.00
0th		 $35.68

Profitability (TTM)

MeasureWMTIndustry medianIndustry percentileSector median
Gross margin 25.2% 27.3%
43rd		 34.4%
EBITDA margin 6.4% 7.2%
43rd		 10.7%
Operating margin 4.4% 5.1%
29th		 7.6%
EBIT margin 4.3% 4.9%
29th		 6.9%
Net margin 3.0% 3.5%
29th		 3.3%
NOPAT margin 3.4% 3.8%
43rd		 4.8%
FCF margin 1.8% 3.7%
29th		 7.6%
Operating cash flow margin 5.8% 7.0%
43rd		 11.1%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 20.8% 21.0%
43rd		 21.1%
Stock comp / revenue 0.0% 0.3%
0th		 0.5%
Effective tax rate 23.3% 24.6%
14th		 23.2%

Returns on capital

MeasureWMTIndustry medianIndustry percentileSector median
ROE (on average equity) 23.4% 24.9%
43rd		 10.4%
ROA 7.8% 7.8%
57th		 4.9%
ROIC 15.4% 14.2%
71st		 8.2%
ROCE 17.8% 16.2%
71st		 9.1%
Return on tangible assets 11.2% 11.3%
43rd		 7.2%
Cash ROIC (OCF / invested capital) 26.7% 24.6%
57th		 15.0%
Gross profitability (GP / assets) 63.2% 47.6%
100th		 32.4%
ROIC, 3-yr average 11.9% 10.3%
71st		 6.4%
ROIC, 5-yr average 12.7% 12.3%
71st		 7.8%
ROE, 5-yr average 20.0% 22.5%
43rd		 11.4%
Incremental ROIC 49.8% 49.8%
50th		 12.8%

Growth

MeasureWMTIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 6.2% 7.6%
43rd		 3.8%
Revenue growth (QoQ) 5.7% 5.2%
57th		 4.3%
Revenue CAGR, 3 yr 5.3% 5.4%
43rd		 3.8%
Revenue CAGR, 5 yr 5.4% 6.6%
43rd		 5.1%
Gross profit CAGR, 3 yr 6.7% 6.8%
43rd		 4.0%
Operating income CAGR, 3 yr 14.0% 9.4%
86th		 4.3%
Net income growth (TTM YoY) 3.4% 11.8%
17th		 5.6%
Net income CAGR, 3 yr 16.3% 10.2%
86th		 5.4%
EPS growth (TTM YoY) 3.9% 11.6%
0th		 4.7%
EPS CAGR, 3 yr 16.9% 12.4%
86th		 6.8%
EPS CAGR, 5 yr 18.4% 8.9%
100th		 4.1%
FCF growth (TTM YoY) -1.8% 23.8%
29th		 23.4%
FCF CAGR, 3 yr -11.1% 18.5%
14th		 14.6%
Operating cash flow CAGR, 3 yr 4.3% 13.3%
14th		 6.4%
Book value CAGR, 3 yr 7.9% 12.0%
14th		 5.3%
Dividend CAGR, 3 yr 3.3% 3.3%
50th		 1.7%
Sustainable growth rate 15.3% 15.1%
57th		 8.3%

Margin history & stability

MeasureWMTIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 24.9% 26.0%
43rd		 34.7%
Operating margin, 3-yr average 4.3% 4.5%
29th		 6.7%
Net margin, 3-yr average 2.8% 2.9%
43rd		 4.2%
FCF margin, 3-yr average 1.9% 3.4%
29th		 6.5%
Revenue stability (0-1) 1.00 0.97
86th		 0.81
Earnings stability (0-1) 0.92 0.81
57th		 0.34
Margin stability (0-1) 0.98 0.97
100th		 0.95

Liquidity (latest quarter)

MeasureWMTIndustry medianIndustry percentileSector median
Cash & short-term investments $11.5B $1.3B
86th		 $279.3M
Net cash (− = net debt) −$62.2B −$4.7B
0th		 −$1.0B
Working capital −$26.9B $313.1M
0th		 $285.9M
Current ratio 0.77 1.10
14th		 1.43
Quick ratio 0.23 0.38
14th		 0.86
Cash ratio (cash + ST investments / current liabilities) 0.10 0.29
14th		 0.28
Defensive interval (days) 54 days 73 days
14th		 251 days

Leverage & solvency (latest quarter)

MeasureWMTIndustry medianIndustry percentileSector median
Total debt $73.8B $8.1B
100th		 $1.8B
Debt / equity 0.75 0.90
43rd		 0.75
Net debt / equity 0.63 0.69
43rd		 0.55
Debt / assets 25.1% 27.8%
43rd		 31.6%
Debt / capital 42.9% 47.0%
43rd		 43.0%
Debt / EBITDA 1.58 1.87
29th		 2.69
Net debt / EBITDA 1.33 1.38
43rd		 2.14
Interest coverage (EBIT / interest) 13.4x 15.6x
17th		 4.7x
Cash interest coverage 18.2x 21.8x
17th		 8.2x
Debt payback (years of OCF) 1.7 yrs 2.1 yrs
29th		 2.8 yrs
Liabilities / assets 64.4% 67.7%
43rd		 56.2%
IS credit model rating A- — —
Implied credit spread (bps) 175 162
57th		 225

Efficiency

MeasureWMTIndustry medianIndustry percentileSector median
Asset turnover 2.61 2.10
71st		 0.94
Fixed asset turnover 4.48 3.64
57th		 4.44
Inventory turnover 9.2 6.9
71st		 6.0
Receivables turnover 68.2 180.8
0th		 12.1
Days sales outstanding 5 days 1 days
100th		 30 days
Days inventory outstanding 40 days 54 days
29th		 61 days
Days payables outstanding 41 days 41 days
57th		 38 days
Cash conversion cycle (days) 4 days 8 days
29th		 37 days
Capex / revenue 4.0% 3.8%
71st		 3.1%
Capex / depreciation 1.95 1.97
43rd		 0.92
Operating expense ratio 21.2% 22.6%
43rd		 24.8%

Cash flow & earnings quality

MeasureWMTIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.94 1.86
71st		 1.87
FCF / net income 0.61 0.92
14th		 1.28
FCF / operating cash flow 31.5% 55.8%
14th		 71.9%
Capex / operating cash flow 68.5% 44.2%
86th		 29.5%
Accruals ratio -7.4% -7.3%
43rd		 -6.1%
Sloan accruals ratio -7.3% -4.9%
14th		 -3.9%
Earnings quality score (0-1) 0.75 0.75
0th		 0.75

Dividends & buybacks

MeasureWMTIndustry medianIndustry percentileSector median
Dividend yield 0.8% 0.7%
57th		 1.8%
Dividend per share (TTM) $0.98 $1.19
43rd		 $0.64
Payout ratio (dividends / net income) 34.9% 26.3%
86th		 32.1%
Dividends / FCF 57.0% 22.7%
100th		 27.4%
Dividend growth (YoY) 8.8% 8.8%
50th		 1.8%
Buyback yield 0.7% 0.7%
57th		 0.9%
Shareholder yield (dividends + buybacks) 1.6% 2.5%
29th		 3.6%
Share count change (YoY) -0.5% -0.3%
43rd		 -0.2%
Buybacks, last 5 years $37.8B $2.4B
100th		 $184.1M

Scores & forensic checks

MeasureWMTIndustry medianIndustry percentileSector median
IS score 53 59
14th		 53
IS profitability 40 40
57th		 32
IS growth 48 54
0th		 50
IS value 34 46
14th		 49
IS momentum 76 81
0th		 73
IS risk (safety) 100 100
43rd		 80
IS quality 70 70
57th		 65
IS balance sheet 61 62
43rd		 53
IS earnings quality 84 84
43rd		 76
IS cash flow 43 55
14th		 57
Piotroski F-score (0-9) 6 6
14th		 6
Altman Z-score 6.1 4.7
86th		 3.2
Beneish M-score −2.81 −2.80
43rd		 −2.71
Ohlson O-score −8.55 −7.80
29th		 −7.61
IS credit score 69 71
43rd		 64

Per share

MeasureWMTIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $2.77 $6.46
0th		 $2.03
Book value per share $12.31 $35.27
0th		 $16.28
Tangible book per share $9.59 $18.65
14th		 $3.52
Revenue per share $92.23 $183.30
14th		 $41.08
FCF per share $1.69 $6.71
0th		 $3.18
Operating cash flow per share $5.38 $12.37
0th		 $4.93
Cash per share $1.45 $6.36
14th		 $2.81

Size (TTM)

MeasureWMTIndustry medianIndustry percentileSector median
Market cap $945.5B $26.5B
100th		 $4.0B
Revenue $735.8B $33.2B
100th		 $5.2B
EBITDA $46.8B $3.2B
100th		 $426.9M
Net income $22.1B $1.7B
100th		 $167.0M
Free cash flow $13.5B $2.3B
100th		 $345.6M
Total assets $293.9B $23.1B
100th		 $4.8B
Shareholders' equity $98.2B $6.4B
100th		 $1.6B
Employees 2,100,000 172,000
100th		 9,700

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-15Furner John R.
Director, President & CEO
 Open-market sale 7,089$120.33$852,995640,826
2026-10-15Furner John R.
Director, President & CEO
 Open-market sale 6,036$120.93$729,907634,790
2026-10-15Nicholas Christopher James
Executive Vice President
 Open-market sale 1,600$120.33$192,522564,653
2026-10-15Nicholas Christopher James
Executive Vice President
 Open-market sale 1,300$120.95$157,229563,353
2026-10-14Watkins Latriece
Executive Vice President
 Open-market sale 5,000$115.00$575,000110,432
2026-10-06Dallaire Seth
Executive Vice President
 Tax withholding 387$105.07$40,622376,856
2026-10-06Milum Dwayne M
SVP & Controller
 Tax withholding 122$105.07$12,77748,909
2026-10-06Watkins Latriece
Executive Vice President
 Tax withholding 227$105.07$23,863115,428
2026-10-06Guggina David W
Executive Vice President
 Tax withholding 118$105.07$12,369124,606
2026-10-01Bartlett Daniel J
Executive Vice President
 Open-market sale 3,990$104.41$416,596618,359
2026-09-30Penner Gregory Boyd
Director
 Award / grant 547——264,191
2026-09-30Walton Steuart L
Director
 Award / grant 337——83,151

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired2826,066$309,426
GiftDisposed1424—
Open-market saleDisposed408,973,993$1.1B
OtherDisposed44,907,000—
Tax withholdingDisposed2785,634$9.8M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 59 notices · 37,989,938 shares · $4.6B
FiledFilerShares proposedEst. proceeds
2026-10-14Watkins Latriece5,000$575,000
2026-10-01Bartlett Daniel J3,990$416,596
2026-09-17Furner John R.39,375$4.2M
2026-09-01Bartlett Daniel J3,950$415,298
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 29 trades (13 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-25Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-09-11Ro KhannaHouseSale$15,001 - $50,0002026-10-09
2026-09-04Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-08-27Kevin HernHouseSale$1,001 - $15,0002026-09-28
2025-07-31John BoozmanSenatePurchase$1,001 - $15,0002025-08-06
2025-07-31John BoozmanSenatePurchase$1,001 - $15,0002025-08-06
2025-07-31John BoozmanSenatePurchase$1,001 - $15,0002025-08-05
2025-07-31John BoozmanSenatePurchase$1,001 - $15,0002025-08-05
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.354,196,208$40.1B4.45%
VANGUARD CAPITAL MANAGEMENT LLC286,350,346$32.4B3.60%
STATE STREET CORP188,036,646$21.3B2.36%
Invesco Ltd.148,459,333$16.8B1.87%
GEODE CAPITAL MANAGEMENT, LLC106,449,749$12.0B1.34%
VANGUARD PORTFOLIO MANAGEMENT LLC94,765,592$10.7B1.19%
JPMORGAN CHASE & CO86,387,785$9.9B1.09%
MORGAN STANLEY83,669,893$9.5B1.05%
BANK OF AMERICA CORP /DE/65,823,155$7.5B0.83%
NORGES BANK57,423,929$6.5B0.72%
GOLDMAN SACHS GROUP INC42,255,005$4.8B0.53%
Fisher Asset Management, LLC41,493,173$4.7B0.52%
STATE FARM MUTUAL AUTOMOBILE INSURANCE CO38,994,947$4.4B0.49%
NORTHERN TRUST CORP33,271,609$3.8B0.42%
FMR LLC31,265,128$3.5B0.39%

Institutional ownership by quarter

2023-092026-0637.7%
% of shares held by 13F filers
2023-092026-064,430
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-304,43037.7%2061,8841,867182
2026-03-314,46535.9%2891,7291,978162
2025-12-314,41436.8%5611,6861,65982
2025-09-304,03035.2%2171,7991,54799
2025-06-303,98035.5%2661,6811,636109
2025-03-313,88235.5%2011,6081,684168
2024-12-313,92135.5%5991,3941,47171
2024-09-303,46535.1%2801,4541,37099
2024-06-303,32534.9%2551,5091,22797
2024-03-313,21734.6%2672,87359102
2023-12-313,09834.7%3651,1631,180147
2023-09-302,93234.7%1751,3191,04789

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
2026-03-03SCHEDULE 13D/AWalton Enterprises, LLC44.2%3,523,409,231
2026-03-03SCHEDULE 13D/AWalton Family Holdings Trust6.5%520,735,838
2025-01-31SCHEDULE 13G/AAlice L. Walton0.2%20,245,740
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.62%$14.4B
VSMPX0.62%$14.4B
VTI0.62%$14.4B
VTSAX0.62%$14.4B
VOO0.70%$12.2B
VFFSX0.70%$12.2B

Share structure

Shares outstanding7,958,079,155
Float4,415,663,436
Free float55.5%

Income statement

Fiscal years, USD
FY2022FY2023FY2024FY2025FY2026
Revenue$572.8B$611.3B$648.1B$681.0B$713.2B
Cost of revenue$429.0B$463.7B$490.1B$511.8B$535.4B
Gross profit$143.8B$147.6B$158.0B$169.2B$177.8B
R&D$0$0$0$0$0
SG&A$117.8B$127.1B$131.0B$139.9B$147.9B
Operating income$25.9B$20.4B$27.0B$29.3B$29.8B
EBITDA$31.3B$30.1B$36.4B$42.0B$46.5B
Pretax income$18.7B$17.0B$21.8B$26.3B$29.5B
Income tax$4.8B$5.7B$5.6B$6.2B$7.2B
Net income$13.7B$11.7B$15.5B$19.4B$21.9B
EPS, diluted$1.62$1.42$1.91$2.41$2.73
Diluted shares8.4B8.2B8.1B8.1B8.0B

Balance sheet

FY2022FY2023FY2024FY2025FY2026
Cash & short-term investments$14.8B$8.6B$9.9B$9.0B$10.7B
Receivables$8.3B$7.9B$8.8B$10.0B$11.2B
Inventory$56.5B$56.6B$54.9B$56.4B$58.9B
Total current assets$81.1B$75.7B$76.9B$79.5B$84.9B
PP&E, net$112.6B$119.2B$130.3B$139.7B$157.0B
Goodwill & intangibles$29.0B$28.2B$28.1B$28.8B$28.7B
Total assets$244.9B$243.2B$252.4B$260.8B$284.7B
Accounts payable$55.3B$53.7B$56.8B$58.7B$63.1B
Total current liabilities$87.4B$92.2B$92.4B$96.6B$107.5B
Long-term debt$34.9B$34.6B$36.1B$33.4B$34.6B
Total liabilities$153.0B$159.2B$161.8B$163.1B$178.5B
Shareholders' equity$91.9B$84.0B$90.6B$97.7B$106.2B

Cash flow statement

Outflows are negative
FY2022FY2023FY2024FY2025FY2026
Net income$13.9B$11.3B$16.3B$20.2B$22.3B
Depreciation & amortization$10.7B$10.9B$11.9B$13.0B$14.2B
Stock-based compensation$0$0$0$0$0
Change in working capital$2.6B$2.6B$181.0M$181.0M$752.0M
Operating cash flow$24.2B$28.8B$35.7B$36.4B$41.6B
Capital expenditure−$13.1B−$16.9B−$20.6B−$23.8B−$26.6B
Free cash flow$11.1B$12.0B$15.1B$12.7B$14.9B
Investing cash flow−$6.0B−$17.7B−$21.3B−$21.4B−$26.4B
Net debt issued / repaid−$5.9B$2.3B$1.3B−$1.3B$4.9B
Buybacks−$9.8B−$9.9B−$2.8B−$4.5B−$8.1B
Dividends paid−$6.2B−$6.1B−$6.1B−$6.7B−$7.5B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2022FY2023FY2024FY2025FY2026
Gross margin25.1%24.1%24.4%24.9%24.9%
Operating margin4.5%3.3%4.2%4.3%4.2%
Net margin2.4%1.9%2.4%2.9%3.1%
FCF margin1.9%2.0%2.3%1.9%2.1%
ROE16.7%14.6%19.3%22.2%23.0%
ROIC15.4%10.7%14.9%15.8%14.4%
ROA5.5%4.8%6.3%7.6%8.0%
Debt / equity0.690.770.730.660.67
Interest coverage10.4x9.0x9.1x10.6x11.5x
Current ratio0.930.820.830.820.79
Revenue growth+2.4%+6.7%+6.0%+5.1%+4.7%
EPS growth+2.8%−12.2%+33.1%+25.7%+13.6%
P/E at year end27.0x32.2x28.2x40.4x43.6x
EV / EBITDA at year end13.1x14.2x13.4x19.9x21.7x
FCF yield at year end3.00%3.19%3.46%1.61%1.56%
Dividend payout45.0%52.3%39.6%34.4%34.3%

Revenue by segment

FY2022FY2023FY2024FY2025FY2026
Walmart U S$393.2B$420.6B$441.8B$462.4B$483.0B
Walmart International$101.0B$101.0B$114.6B$121.9B$130.4B
Sams Club$73.6B$84.3B$86.2B$90.2B$93.0B

Revenue by region · FY2026

UNITED STATES$581.2B · 81%
Walmart International$132.0B · 19%

Street estimates by fiscal year

Next report 2026-11-19 · consensus EPS $0.63 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$712.8B$710.6B – $714.7B$2.64$2.61 – $2.672645.0x
2027$752.6B$748.9B – $754.0B$2.89$2.84 – $2.962541.1x
2028$785.7B$771.5B – $790.5B$3.22$3.10 – $3.562636.9x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-20$0.74$0.81+9.2%$186.6B$187.9B+0.7%
2026-05-21$0.66$0.66+0.2%$174.8B$177.8B+1.7%
2026-02-19$0.73$0.74+1.8%$190.5B$190.7B+0.1%
2025-11-20$0.60$0.62+3.2%$177.4B$179.5B+1.2%
2025-08-21$0.73$0.68−7.2%$175.9B$177.4B+0.8%
2025-05-15$0.57$0.61+6.1%$165.6B$165.6B−0.0%
2025-02-20$0.65$0.66+2.2%$180.1B$180.6B+0.3%
2024-11-19$0.53$0.58+9.4%$167.7B$169.6B+1.1%
2024-08-15$0.65$0.67+3.1%$168.6B$169.3B+0.5%
2024-05-16$0.52$0.60+15.4%$159.6B$161.5B+1.2%
2024-02-20$0.55$0.60+9.1%$170.9B$173.4B+1.5%
2023-11-16$0.51$0.510.0%$149.8B$160.8B+7.3%
2023-08-17$0.56$0.61+8.9%$160.3B$161.6B+0.8%
2023-05-18$0.44$0.49+11.4%$148.7B$152.3B+2.5%
2023-02-21$0.51$0.57+11.8%$159.8B$164.0B+2.7%
2022-11-15$0.44$0.50+13.6%$147.7B$152.8B+3.5%
2022-08-16$0.53$0.59+11.3%$151.0B$152.9B+1.2%
2022-05-17$0.49$0.43−12.2%$138.8B$141.6B+2.0%
2022-02-17$0.50$0.51+2.0%$151.7B$152.9B+0.8%
2021-11-16$0.46$0.48+4.3%$151.5B$140.5B−7.3%
2021-08-17$0.52$0.59+13.5%$135.7B$141.0B+3.9%
2021-05-18$0.41$0.56+36.6%$125.2B$138.3B+10.5%
2021-02-18$0.50$0.46−8.0%$164.2B$152.1B−7.4%
2020-11-17$0.40$0.45+12.5%$116.4B$134.7B+15.7%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
1.606-152.306-222.306-291.807-061.807-131.907-202.307-272.108-031.708-103.608-172.108-242.108-31
Week ofNotionalSharesTrades
2026-08-31$2.1B19,452,150268,007
2026-08-24$2.1B20,318,673296,834
2026-08-17$3.6B33,641,712418,269
2026-08-10$1.7B14,960,591223,728
2026-08-03$2.1B18,497,933245,254
2026-07-27$2.3B20,370,075292,164

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1546.0%
DateShort shareShort volumeTotal volume
2026-10-1546.0%5,373,61311,671,986
2026-10-1449.4%4,934,8839,984,293
2026-10-1341.5%2,918,9047,025,722
2026-10-1255.2%2,841,8885,144,625
2026-10-0947.8%2,055,7204,302,278
2026-10-0852.7%4,250,8368,070,091
2026-10-0742.2%2,365,6845,608,219
2026-10-0653.1%4,793,6919,023,705
2026-10-0549.0%2,622,3695,349,234
2026-10-0256.4%3,825,4496,787,696
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+0.6Jan-1.1Feb+2.4Mar+1.6Apr+0.2May-0.4Jun+2.1Jul+1.2Aug+0.5Sep+1.7Oct+3.6Nov-0.3Dec
MonthAvg returnUp yearsYears
Jan+0.6%60%20
Feb−1.1%45%20
Mar+2.4%76%21
Apr+1.6%65%20
May+0.2%50%20
Jun−0.4%30%20
Jul+2.1%70%20
Aug+1.2%60%20
Sep+0.5%55%20
Oct+1.7%70%20
Nov+3.6%65%20
Dec−0.3%50%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1473.0
MFI68.1
ADX22.8
Stochastic %K / %D88.5 / 88.8
Williams %R-14.3
CCI183
TSI / signal23.7 / 6.0
Chaikin money flow0.12
ATR$2.45
Bollinger width15.4%
Volume vs 20-day avg0.94x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$109.61 (+8.4%)
SMA 50$108.86 (+9.1%)
SMA 200$118.23 (+0.5%)
EMA 21$110.80 (+7.2%)
EMA 50$110.14 (+7.9%)
EMA 200$112.93 (+5.2%)
Bollinger upper$118.07 (+0.6%)
Bollinger lower$101.14 (+17.5%)
Parabolic SAR$108.15 (+9.9%)
Open the live chart, 110+ indicators

About Walmart Inc.

Walmart Inc., established in 1945 and based in Bentonville, Arkansas, operates as a global retail powerhouse, having officially adopted its current name in February 2018, formerly Wal-Mart Stores, Inc. The company's diverse operations, encompassing retail, wholesale, and e-commerce, are managed across three primary divisions: Walmart U.S., Walmart International, and Sam's Club. Its extensive physical presence includes a variety of store formats such as supercenters, supermarkets, hypermarkets, membership-only warehouse clubs (like Sam's Club), cash-and-carry outlets, and discount stores, primarily operating under the Walmart and Walmart Neighborhood Market banners. Digitally, the company engages customers through numerous e-commerce platforms, including walmart.com.mx, walmart.ca, flipkart.com, and PhonePe, as well as via dedicated mobile applications. Walmart offers an exceptionally broad range of products and services. Its inventory covers groceries and daily consumables, such as dairy, meats, baked goods, deli items, fresh produce, various packaged foods (dry, chilled, or frozen), alcoholic and non-alcoholic beverages, floral items, snacks, candies, health and beauty aids, paper products, laundry and home care essentials, baby care, and pet supplies, alongside fuel and tobacco. Furthermore, it features a comprehensive health and wellness segment, providing pharmacy, optical, and hearing services, over-the-counter medications, and other medical products. For home and personal needs, shoppers can find items ranging from home improvement goods, outdoor living products, gardening supplies, furniture, apparel, and jewelry, to tools, power equipment, housewares, toys, seasonal items, mattresses, and automotive services like tire and battery centers. The electronics department includes consumer electronics, accessories, software, video games, office supplies, appliances, and third-party gift cards. Beyond merchandise, Walmart provides a suite of financial services. These include digital payment platforms, money transfer options, bill payment services, money orders, check cashing, prepaid access solutions, co-branded credit cards, installment lending, and earned wage access programs. The company also markets several proprietary brands, notably Allswell, Athletic Works, Equate, and Free Assembly.

https://corporate.walmart.com

Key executives

NameTitlePayBorn
Daniel DankerExecutive Vice President of AI Acceleration, Product & Design$6.4M1981
C. Douglas McMillonExecutive Officer$6.0M1966
John R. FurnerPresident, Chief Executive Officer & Director$4.6M1975
Suresh KumarGlobal Chief Technology Officer, Chief Development Officer & Executive Vice President$3.5M1965
John David RaineyExecutive Vice President & Chief Financial Officer$3.4M1970
Donna Catherine MorrisExecutive VP & Chief People Officer—1967
Dwayne MilumSenior VP, Controller & Principal Accounting Officer—1976
Jason WootenHead of Corporate Development——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Daniel Danker EVP, AI Acceleration, Product and Design2026$435,712$37.7M$876,270$44.1M
Doug McMillon President and CEO (retired January 31, 2026)2026$1.5M$21.1M$4.0M$29.2M
John Furner EVP, President and CEO, Walmart U.S.2026$1.3M$22.3M$2.8M$27.3M
Suresh Kumar EVP, Global Chief Technology and Development Officer2026$1.1M$13.2M$2.3M$16.7M
John David Rainey EVP and CFO2026$1.0M$12.1M$2.1M$15.5M

Employees

2,200k20192,200k20202,300k20212,300k20222,100k20232,100k20242,100k20252,100k2026

Dividends

Ex-dateAmountPaid
2026-12-11$0.24752027-01-04
2026-08-21$0.24752026-09-08
2026-05-08$0.24752026-05-26
2026-03-20$0.24752026-04-06
2025-12-12$0.2352026-01-05
2025-08-15$0.2352025-09-02
2025-05-09$0.2352025-05-27
2025-03-21$0.2352025-04-07

Moat model

Narrow · Efficient Scale · 2026-07-31
Cost advantage70
Intangibles26
Switching costs60
Network effect65
Efficient scale90
Our component scores (0-100) and overall 58.8; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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