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Walmart (WMT) FY2026 results: revenue $713.2 billion, up 4.7% on the year

Walmart Inc. (WMT) reported revenue of $713.2 billion for fiscal 2026, the year ended 31 January 2026, up 4.7% on the year before. Net income was $21.9 billion, up 12.6%, and diluted earnings per share $2.73. The figures are the company's own, from the 10-K it filed with the SEC on 13 March 2026.

Revenue
$713.2 billion
+4.7% on the year
FY2019FY2026
Operating margin
4.2%
4.3% a year earlier
FY2019FY2026
Net income
$21.9 billion
+12.6% on the year
FY2019FY2026
Diluted EPS
$2.73
+13.3% on the year
FY2019FY2026

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 10 new.

  • Revenue rose 5.6% in quarter: Total revenues were $190.7 billion, up 5.6%, or 4.9% in constant currency. Full-year total revenues were $713.2 billion, up 4.7%, or 5.1% in constant currency.
  • Operating income up 10.8%: Operating income rose $0.8 billion, or 10.8%, growing faster than sales; adjusted operating income rose 10.5% in constant currency. Full-year operating income rose 1.6%, or 5.4% adjusted in constant currency.
  • Diluted and adjusted EPS reported: Diluted EPS was $0.53 for the quarter and $2.73 for the year; adjusted EPS was $0.74 for the quarter and $2.64 for the year.
  • Global eCommerce sales grew 24%: Global eCommerce grew 24%. Walmart U.S. eCommerce sales rose 27%, and Sam’s Club U.S. eCommerce sales rose 23%, with growth in club-fulfilled pickup and delivery.
  • Walmart U.S. comps rose 4.6%: Walmart U.S. comparable sales excluding fuel rose 4.6%, with transactions up 2.6% and average ticket up 2.0%. Full-year comparable sales excluding fuel were up 4.6%.
Read the Q4 FY2026 earnings call summary

From this 10-K

Walmart sells groceries and general merchandise through stores and online, in 19 countries. Each week it serves about 280 million customers across more than 10,900 stores and its websites and apps. It employs about 2.1 million people. Its pricing method has a name and a rule behind it: everyday low prices, meaning items are priced low all the time rather than moved up and down by promotions.

Walmart Inc., the 10-K for 2026

Walmart sells groceries and general merchandise through stores and online, in 19 countries. Each week it serves about 280 million customers across more than 10,900 stores and its websites and apps. It employs about 2.1 million people. Its pricing method has a name and a rule behind it: everyday low prices, meaning items are priced low all the time rather than moved up and down by promotions.

Where it came from

The business began in 1945, when Sam M. Walton opened a franchised Ben Franklin variety store in Newport, Arkansas; his brother James opened one in Versailles, Missouri the year after. It ran variety stores only until 1962, when the first discount stores opened. The company listed in 1970. The first Sam's Club opened in 1983, the first supercenter in 1988, the first Walmart Neighborhood Market in 1998. The first move abroad was a joint venture in Mexico in 1991. walmart.com and samsclub.com were created in 1996, and in 2007 walmart.com added Site-to-Store, letting a customer buy online and collect in a shop. In 2018 the company bought majority stakes in Flipkart and PhonePe in India. Its head office is in Bentonville, Arkansas.

Walmart U.S.

The largest segment, and a mass merchandiser: 4,611 stores across all 50 states, Washington D.C. and Puerto Rico, trading as Walmart and Walmart Neighborhood Market, plus walmart.com and the app. The goods divide three ways. Grocery is a full line, from dry grocery and fresh through to drinks, and the consumables beside them: health and beauty, pet supplies, household chemicals, paper goods and baby products. General merchandise splits into entertainment, hardlines, fashion and home. Health and wellness is the pharmacy, over-the-counter medicines and other medical products, and optical.

Branded goods are a large part of what it sells, and beside them sit the company's own labels, among them Great Value, Equate, Mainstays, Ozark Trail, George, Parent's Choice, Spring Valley, Marketside, Hyper Tough and onn., along with licensed names such as Better Homes & Gardens and The Pioneer Woman. Around the retailing sit other lines: advertising sold to brands and to marketplace sellers, supply chain and fulfilment sold to those same sellers, data and insight sold to suppliers, fuel, and financial services including money orders, prepaid access, money transfers, cheque cashing, bill payment and some instalment lending.

Walmart International

5,743 stores across 18 countries, run through wholly-owned subsidiaries in Canada, Chile, China and Africa, and majority-owned subsidiaries in India, Mexico and Central America. The formats divide into retail and wholesale, and include supercenters, supermarkets, warehouse clubs including the Sam's Club format, and cash and carry, alongside e-commerce sites and apps: walmart.com.mx, walmart.ca, flipkart.com, PhonePe, samclub.cn and others.

Sam's Club U.S.

A membership-only warehouse club: 601 clubs across 44 states and Puerto Rico, plus samsclub.com and the Sam's Club app. Because entry is by membership, the fee income is a meaningful part of what the segment earns. There are two tiers: Club membership at $50 a year and Plus membership at $110. Members get club-fulfilled kerbside pickup and delivery, and Scan & Go, which lets them check out and pay on a phone.

Selling online out of the shops

The company describes its model as omnichannel, meaning the stores and the websites are run as one thing rather than two. Nearly all Walmart U.S. stores offer same-day pickup and delivery, including delivery into the home and digital pharmacy fulfilment. Pickup or delivery is available from over 8,400 locations globally, which is the store and club estate being used as a delivery network. Walmart+ is the paid membership on the retail side, carrying unlimited free shipping on eligible items with no minimum order, delivery from store, fuel discounts, Scan & Go and other benefits.

Supply runs through a global chain of United States and international suppliers, and where goods are perishable the company often buys from producers near the stores selling them. It says the scale and certainty of those arrangements are what earn it the buying prices it gets.

From Walmart's annual report on Form 10-K for the year ended 31 January 2026. The filing

Written from the 10-K filed 13 March 2026: read the full 10-K.

The four quarters: Q1 FY2026 · Q2 FY2026 · Q3 FY2026 · Q4 FY2026

Income statement (profit and loss)

$ millionFY2026FY2025FY2024On the yearLast 8 years
Revenue713,163680,985648,125+4.7%
Cost of revenue535,395511,753490,142+4.6%
Gross profit177,768169,232157,983+5.0%
Gross margin24.9%24.9%24.4%
Selling, general and administrative147,943139,884130,971+5.8%
Operating income29,82529,34827,012+1.6%
Operating margin4.2%4.3%4.2%
Interest expense2,3182,2492,259+3.1%
Pre-tax income29,46926,30921,848+12.0%
Income tax7,1996,1525,578+17.0%
Effective tax rate24.4%23.4%25.5%
Net income21,89319,43615,511+12.6%
Net margin3.1%2.9%2.4%
Diluted EPS$2.73$2.41$1.91+13.3%
$ 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

$ millionFY2026FY2025FY2024On the yearLast 8 years
Operating cash flow41,56536,44335,726+14.1%
Capital expenditure26,64223,78320,606+12.0%
Free cash flow14,92312,66015,120+17.9%
Free cash flow margin2.1%1.9%2.3%
Cash from investing-26,350-21,379-21,287
Cash from financing-13,553-14,822-13,414
Depreciation and amortisation14,20312,97311,853+9.5%
Share-based compensation3,6032,7692,093+30.1%
Buybacks8,0884,4942,779+80.0%
Dividends paid7,5076,6886,140+12.2%
Dividend per share$0.94$0.83$0.76+13.3%
Diluted shares, weighted8,022m8,081m8,108m-0.7%

Balance sheet

$ millionFY2026FY2025FY2024On the yearLast 8 years
Shareholders' equity99,61791,01383,861+9.5%
Non-controlling interest6,2706,4086,488-2.2%
Redeemable equity293271222+8.1%
Debt44,76239,06740,457+14.6%
Operating lease liabilities13,94112,82512,943+8.7%
Finance lease liabilities5,9055,9235,709-0.3%
Other liabilities113,880105,316102,719+8.1%
Total liabilities and equity284,668260,823252,399+9.1%
Fixed assets136,083119,993110,810+13.4%
Goodwill28,73528,79228,113-0.2%
Cash and equivalents10,7279,0379,867+18.7%
Receivables11,1729,9758,796+12.0%
Inventory58,85156,43554,892+4.3%
Other assets39,10036,59139,921+6.9%
Total assets284,668260,823252,399+9.1%

10-K for the year ended 31 January 2026, filed 13 March 2026: the filing.