Walmart (WMT) Q3 FY2026 earnings: revenue $179.5 billion, up 5.8% on the year

Walmart Inc. (WMT) reported revenue of $179.5 billion for Q3 FY2026, the quarter ended 31 October 2025, up 5.8% on the same quarter a year earlier. Net income was $6.1 billion, up 34.2% on the year, and diluted earnings per share $0.77. The figures are the company's own, from the 10-Q it filed with the SEC on 3 December 2025.

Revenue

$179.5 billion

+5.8% on the year · +1.2% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

3.7%

4.0% a year earlier

Q4 FY2024Q3 FY2026

Net income

$6.1 billion

+34.2% on the year · -12.6% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$0.77

+35.1% on the year · -12.5% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 raised, 1 narrowed, 2 kept.

Revenue rose 5.8% to $179.5 billion: Total revenues were $179.5 billion, up 5.8%, or 6.0% in constant currency. Net sales were $177.8 billion, up 5.8%, in the third quarter of fiscal 2026.
Operating income fell 0.2% on PhonePe charge: Operating income was $6.7 billion, down 0.2%, after a non-cash PhonePe share-based compensation charge. Adjusted operating income rose 8.0% in constant currency.
Net sales growth guidance raised: FY26 net sales growth in constant currency is now 4.8% to 5.1%, from 3.75% to 4.75% in August. The base is FY25 net sales of $674.5 billion.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	179,496	177,402	169,588	+1.2%	+5.8%
Cost of revenue	134,706	132,771	127,340	+1.5%	+5.8%
Gross profit	44,790	44,631	42,248	+0.4%	+6.0%
Gross margin	25.0%	25.2%	24.9%
Selling, general and administrative	38,094	37,345	35,540	+2.0%	+7.2%
Operating income	6,696	7,286	6,708	-8.1%	-0.2%
Operating margin	3.7%	4.1%	4.0%
Interest expense	563	651	496	-13.5%	+13.5%
Pre-tax income	8,186	9,319	6,098	-12.2%	+34.2%
Income tax	2,098	2,168	1,384	-3.2%	+51.6%
Effective tax rate	25.6%	23.3%	22.7%
Net income	6,143	7,026	4,577	-12.6%	+34.2%
Net margin	3.4%	4.0%	2.7%
Diluted EPS	$0.77	$0.88	$0.57	-12.5%	+35.1%

$ million except per share.

Free 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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	9,100	12,941	6,561	-29.7%	+38.7%
Capital expenditure	7,218	6,423	6,189	+12.4%	+16.6%
Free cash flow	1,882	6,518	372	-71.1%	+405.9%
Free cash flow margin	1.0%	3.7%	0.2%
Cash from investing	-7,831	-6,106	-2,533
Cash from financing	-19.0	-7,001	-2,728
Depreciation and amortisation	3,606	3,487	3,260	+3.4%	+10.6%
Buybacks	808	1,645	977	-50.9%	-17.3%
Dividends paid	1,875	1,875	1,668	0.0%	+12.4%
Dividend per share	$0.00	$0.00	$0.00
Diluted shares, weighted	8,011m	8,016m	8,082m	-0.1%	-0.9%
Shares outstanding at period end	7,970m	7,973m	8,033m	-0.0%	-0.8%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	96,094	90,110	88,108	+6.6%	+9.1%
Non-controlling interest	6,112	6,440	6,168	-5.1%	-0.9%
Redeemable equity	306	307	189	-0.3%	+61.9%
Debt	46,369	43,488	40,470	+6.6%	+14.6%
Operating lease liabilities	13,705	13,171	12,927	+4.1%	+6.0%
Finance lease liabilities	5,916	5,947	6,056	-0.5%	-2.3%
Other liabilities	120,153	111,374	109,481	+7.9%	+9.7%
Total liabilities and equity	288,655	270,837	263,399	+6.6%	+9.6%
Fixed assets	130,201	125,476	116,598	+3.8%	+11.7%
Goodwill	28,722	29,060	27,942	-1.2%	+2.8%
Cash and equivalents	10,582	9,431	10,049	+12.2%	+5.3%
Receivables	12,115	10,518	10,039	+15.2%	+20.7%
Inventory	65,354	57,729	63,302	+13.2%	+3.2%
Other assets	41,681	38,623	35,469	+7.9%	+17.5%
Total assets	288,655	270,837	263,399	+6.6%	+9.6%

Questions

What was Walmart's revenue in Q3 FY2026?

Walmart (WMT) reported revenue of $179.5 billion for Q3 FY2026, the quarter ended 31 October 2025, up 5.8% on the same quarter a year earlier.

How much did Walmart earn in Q3 FY2026?

Net income for Q3 FY2026 was $6.1 billion, up 34.2% on the year, and diluted earnings per share $0.77.

When did Walmart report Q3 FY2026 results?

Walmart filed its 10-Q for the quarter ended 31 October 2025 with the SEC on 3 December 2025.

Quarterly results, the last 20 quarters

	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027	Q2 FY2027
Revenue	140,525	152,871	141,569	152,859	152,813	164,048	152,301	161,632	160,804	173,388	161,508	169,335	169,588	180,554	165,609	177,402	179,496	190,656	177,751	187,937
Cost of revenue	105,023	115,522	106,847	115,838	115,613	125,423	115,284	121,850	121,183	131,825	121,431	126,810	127,340	136,172	124,303	132,771	134,706	143,615	133,058	138,804
Gross profit	35,502	37,349	34,722	37,021	37,200	38,625	37,017	39,782	39,621	41,563	40,077	42,525	42,248	44,382	41,306	44,631	44,790	47,041	44,693	49,133
Gross margin	25%	24%	25%	24%	24%	24%	24%	25%	25%	24%	25%	25%	25%	25%	25%	25%	25%	25%	25%	26%
SG&A	29,710	31,462	29,404	30,167	34,505	33,064	30,777	32,466	33,419	34,309	33,236	34,585	35,540	36,523	34,171	37,345	38,094	38,333	37,200	39,750
Operating income	5,792	5,887	5,318	6,854	2,695	5,561	6,240	7,316	6,202	7,254	6,841	7,940	6,708	7,859	7,135	7,286	6,696	8,708	7,493	9,383
Operating margin	4%	4%	4%	4%	2%	3%	4%	5%	4%	4%	4%	5%	4%	4%	4%	4%	4%	5%	4%	5%
Interest expense	408	348	372	395	499	521	568	543	572	576	597	557	496	599	519	651	563	585	574	137
Pre-tax income	4,147	4,782	2,901	6,644	-1,431	8,902	2,688	10,727	915	7,518	7,035	6,213	6,098	6,963	5,994	9,319	8,186	5,970	7,148	8,012
Tax rate	24%	24%	28%	23%	n/a	35%	29%	25%	30%	24%	25%	24%	23%	22%	23%	23%	26%	26%	23%	19%
Net income	3,105	3,562	2,054	5,149	-1,798	6,275	1,673	7,891	453	5,494	5,104	4,501	4,577	5,254	4,487	7,026	6,143	4,237	5,330	6,366
Net margin	2%	2%	1%	3%	-1%	4%	1%	5%	0%	3%	3%	3%	3%	3%	3%	4%	3%	2%	3%	3%
Diluted EPS	$0.37	$0.42	$0.25	$0.63	-$0.22	$0.77	$0.21	$0.97	$0.06	$0.68	$0.63	$0.56	$0.57	$0.65	$0.56	$0.88	$0.77	$0.53	$0.67	$0.80
Operating cash flow	3,868	7,890	-3,758	12,998	6,458	13,143	4,633	13,568	813	16,712	4,249	12,108	6,561	13,525	5,411	12,941	9,100	14,113	4,738	14,972
Capital expenditure	3,569	4,518	3,539	3,953	4,569	4,796	4,429	4,787	5,458	5,932	4,676	5,831	6,189	7,087	4,986	6,423	7,218	8,015	6,684	7,497
Free cash flow	299	3,372	-7,297	9,045	1,889	8,347	204	8,781	-4,645	10,780	-427	6,277	372	6,438	425	6,518	1,882	6,098	-1,946	7,475
Buybacks	2,168	2,419	2,408	3,339	2,961	1,212	686	485	111	1,497	1,059	1,013	977	1,445	4,555	1,645	808	1,080	2,080	3,024
Dividends paid	1,536	1,525	1,543	1,538	1,519	1,514	1,538	1,534	1,534	1,534	1,671	1,665	1,668	1,684	1,880	1,875	1,875	1,877	1,972	1,973
Shares outstanding	8,322m	8,255m	8,223m	8,143m	8,090m	8,087m	8,079m	8,075m	8,077m	8,058m	8,044m	8,038m	8,033m	8,017m	7,980m	7,973m	7,970m	7,972m	7,958m	7,934m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 October 2025, filed 3 December 2025: the filing.