Walmart (WMT) FY2025 results: revenue $681.0 billion, up 5.1% on the year
Walmart Inc. (WMT) reported revenue of $681.0 billion for fiscal 2025, the year ended 31 January 2025, up 5.1% on the year before. Net income was $19.4 billion, up 25.3%, and diluted earnings per share $2.41. The figures are the company's own, from the 10-K it filed with the SEC on 14 March 2025.
Revenue
$681.0 billion
+5.1% on the year
FY2018FY2025
Operating margin
4.3%
4.2% a year earlier
FY2018FY2025
Net income
$19.4 billion
+25.3% on the year
FY2018FY2025
Diluted EPS
$2.41
+26.2% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
36,443
35,726
28,841
+2.0%
Capital expenditure
23,783
20,606
16,857
+15.4%
Free cash flow
12,660
15,120
11,984
-16.3%
Free cash flow margin
1.9%
2.3%
2.0%
Cash from investing
-21,379
-21,287
-17,722
Cash from financing
-14,822
-13,414
-17,039
Depreciation and amortisation
12,973
11,853
10,945
+9.4%
Share-based compensation
2,769
2,093
1,578
+32.3%
Buybacks
4,494
2,779
9,920
+61.7%
Dividends paid
6,688
6,140
6,114
+8.9%
Dividend per share
$0.83
$0.76
$0.75
+9.2%
Diluted shares, weighted
8,081m
8,108m
8,202m
-0.3%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
91,013
83,861
76,693
+8.5%
Non-controlling interest
6,408
6,488
7,061
-1.2%
Redeemable equity
271
222
237
+22.1%
Debt
39,067
40,457
39,212
-3.4%
Operating lease liabilities
12,825
12,943
12,828
-0.9%
Finance lease liabilities
5,923
5,709
4,843
+3.7%
Other liabilities
105,316
102,719
102,323
+2.5%
Total liabilities and equity
260,823
252,399
243,197
+3.3%
Fixed assets
119,993
110,810
100,760
+8.3%
Goodwill
28,792
28,113
28,174
+2.4%
Cash and equivalents
9,037
9,867
8,625
-8.4%
Receivables
9,975
8,796
7,933
+13.4%
Inventory
56,435
54,892
56,576
+2.8%
Other assets
36,591
39,921
41,129
-8.3%
Total assets
260,823
252,399
243,197
+3.3%
10-K for the year ended 31 January 2025, filed 14 March 2025: the filing.