Detailed financial statements for Walmart Inc. (WMT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
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.
Analysis Summary
Walmart Inc. reported revenue of $713.16B in the most recent fiscal year, growing at a 5-year CAGR of 5.0%. Net income reached $21.89B, with a 10.1% 5-year CAGR.
Trailing-twelve-month margins: gross margin 25.2%, operating margin 4.4%, net margin 3.0%. Free cash flow grew at -10.4% CAGR over 5 years.
At the current price of $105.07, WMT trades at a P/E of 37.64 and an ROE of 22.74%. Market capitalisation stands at $836.2B, placing it among large-cap names.
Balance sheet quality for WMT: current ratio of 0.8, net debt of $56.37B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $14.92B represents 68% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $485.87B | $500.34B | $514.40B | $523.96B | $559.15B | $572.75B | $611.29B | $648.12B | $680.99B | $713.16B |
| Cost of Revenue | $361.26B | $373.40B | $385.30B | $394.61B | $420.31B | $429.00B | $463.72B | $490.14B | $511.75B | $535.39B |
| Gross Profit | $124.62B | $126.95B | $129.10B | $129.36B | $138.84B | $143.75B | $147.57B | $157.98B | $169.23B | $177.77B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $101.85B | $106.51B | $107.15B | $108.79B | $116.29B | $117.81B | $127.14B | $130.97B | $139.88B | $147.94B |
| Operating Expenses | $101.85B | $106.51B | $107.15B | $108.79B | $116.29B | $117.81B | $127.14B | $130.97B | $139.88B | $147.94B |
| Operating Income | $22.76B | $20.44B | $21.96B | $20.57B | $22.55B | $25.94B | $20.43B | $27.01B | $29.35B | $29.82B |
| EBITDA | $32.84B | $27.98B | $24.53B | $33.70B | $34.03B | $31.35B | $30.09B | $36.38B | $42.01B | $46.47B |
| Interest Expense | $2.37B | $2.33B | $2.35B | $2.60B | $2.31B | $1.99B | $2.13B | $2.68B | $2.73B | $2.80B |
| Pre-tax Income | $20.50B | $15.12B | $11.46B | $20.12B | $20.56B | $18.70B | $17.02B | $21.85B | $26.31B | $29.47B |
| Income Tax | $6.20B | $4.60B | $4.28B | $4.92B | $6.86B | $4.76B | $5.72B | $5.58B | $6.15B | $7.20B |
| Net Income | $13.64B | $9.86B | $6.67B | $14.88B | $13.51B | $13.67B | $11.68B | $15.51B | $19.44B | $21.89B |
| EPS | $1.47 | $1.10 | $0.76 | $1.74 | $1.63 | $1.63 | $1.43 | $1.92 | $2.42 | $2.74 |
| EPS (Diluted) | $1.46 | $1.09 | $0.75 | $1.73 | $1.62 | $1.62 | $1.42 | $1.91 | $2.41 | $2.73 |
| Shares Outstanding (Diluted) | $9.34B | $9.03B | $8.84B | $8.60B | $8.54B | $8.41B | $8.20B | $8.11B | $8.08B | $8.02B |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $179.50B | $190.66B | $177.75B | $187.94B |
| Gross Profit | $44.79B | $47.04B | $44.69B | $49.13B |
| Operating Income | $6.70B | $8.71B | $7.49B | $9.38B |
| EBITDA | $12.48B | $10.42B | $11.67B | $8.28B |
| Net Income | $6.14B | $4.24B | $5.33B | $6.37B |
| EPS | $0.77 | $0.53 | $0.67 | $0.80 |
| EPS (Diluted) | $0.77 | $0.53 | $0.67 | $0.80 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $6.87B | $6.76B | $7.72B | $9.46B | $17.74B | $14.76B | $8.62B | $9.87B | $9.04B | $10.73B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $5.83B | $5.61B | $6.28B | $6.28B | $6.52B | $8.28B | $7.93B | $8.80B | $9.97B | $11.17B |
| Inventory | $43.05B | $43.78B | $44.27B | $44.44B | $44.95B | $56.51B | $56.58B | $54.89B | $56.44B | $58.85B |
| Total Current Assets | $57.69B | $59.66B | $61.90B | $61.81B | $90.07B | $81.07B | $75.66B | $76.88B | $79.46B | $84.87B |
| Property, Plant & Equipment | $114.18B | $114.82B | $111.39B | $127.05B | $109.85B | $112.62B | $119.23B | $130.34B | $139.70B | $156.96B |
| Goodwill | $17.04B | $18.24B | $31.18B | $31.07B | $28.98B | $29.01B | $28.17B | $28.11B | $28.79B | $28.73B |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $198.82B | $204.52B | $219.29B | $236.50B | $252.50B | $244.86B | $243.20B | $252.40B | $260.82B | $284.67B |
| Accounts Payable | $41.43B | $46.09B | $47.06B | $46.97B | $49.14B | $55.26B | $53.74B | $56.81B | $58.67B | $63.06B |
| Short-term Debt | $3.35B | $8.99B | $7.10B | $5.94B | $3.34B | $3.21B | $4.56B | $4.33B | $5.67B | $10.14B |
| Total Current Liabilities | $66.93B | $78.52B | $77.48B | $77.79B | $92.64B | $87.38B | $92.20B | $92.42B | $96.58B | $107.47B |
| Long-term Debt | $36.02B | $30.05B | $43.52B | $43.71B | $41.19B | $34.86B | $34.65B | $36.13B | $33.40B | $34.62B |
| Total Liabilities | $118.29B | $123.70B | $139.66B | $154.94B | $164.97B | $152.97B | $159.21B | $161.83B | $163.13B | $178.49B |
| Retained Earnings | $89.35B | $85.11B | $80.78B | $83.94B | $88.76B | $86.90B | $83.14B | $89.81B | $98.31B | $104.77B |
| Total Equity | $77.80B | $77.87B | $72.50B | $74.67B | $80.92B | $83.25B | $76.69B | $83.86B | $91.01B | $99.62B |
| Total Debt | $45.94B | $46.49B | $58.03B | $72.43B | $63.25B | $57.32B | $58.92B | $61.32B | $60.11B | $67.09B |
| Net Debt | $39.07B | $39.73B | $50.31B | $62.97B | $45.51B | $42.56B | $50.30B | $51.45B | $51.08B | $56.37B |
| Working Capital | -$9.24B | -$18.86B | -$15.58B | -$15.98B | -$2.58B | -$6.31B | -$16.54B | -$15.54B | -$17.13B | -$22.59B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $10.58B | $10.73B | $10.73B | $11.53B |
| Total Assets | $288.65B | $284.67B | $289.61B | $293.91B |
| Total Liabilities | $186.14B | $178.49B | $188.63B | $189.41B |
| Total Equity | $96.09B | $99.62B | $94.33B | $98.24B |
| Total Debt | $68.42B | $67.09B | $74.18B | $73.75B |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $13.64B | $9.86B | $7.18B | $15.20B | $13.71B | $13.94B | $11.29B | $16.27B | $20.16B | $22.27B |
| Depreciation & Amortization | $10.08B | $10.53B | $10.68B | $10.99B | $11.15B | $10.66B | $10.95B | $11.85B | $12.97B | $14.20B |
| Stock-based Compensation | $596.0M | $626.0M | 0 | 0 | $1.16B | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | $6.33B | $3.24B | $295.0M | $7.97B | -$6.60B | -$6.60B | $2.55B | $1.94B | $181.0M | $752.0M |
| Operating Cash Flow | $31.53B | $28.34B | $27.75B | $25.25B | $36.07B | $24.18B | $28.84B | $35.73B | $36.44B | $41.56B |
| Capital Expenditure | -$10.62B | -$10.05B | -$10.34B | -$10.71B | -$10.26B | -$13.11B | -$16.86B | -$20.61B | -$23.78B | -$26.64B |
| Acquisitions | -$1.80B | $671.0M | -$13.78B | $777.0M | $91.0M | $7.58B | -$740.0M | $126.0M | -$1.90B | -$53.0M |
| Stock Repurchased | -$8.30B | -$8.30B | -$7.41B | -$5.72B | -$2.62B | -$9.79B | -$9.92B | -$2.78B | -$4.49B | -$8.09B |
| Dividends Paid | -$6.22B | -$6.12B | -$6.10B | -$6.05B | -$6.12B | -$6.15B | -$6.11B | -$6.14B | -$6.69B | -$7.51B |
| Free Cash Flow | $20.91B | $18.29B | $17.41B | $14.55B | $25.81B | $11.07B | $11.98B | $15.12B | $12.66B | $14.92B |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $9.10B | $14.11B | $4.74B | $14.97B |
| Capital Expenditure | -$7.22B | -$8.02B | -$6.68B | -$7.50B |
| Free Cash Flow | $1.88B | $6.10B | -$1.95B | $7.47B |
| Dividends Paid | -$1.88B | -$1.88B | -$1.97B | -$1.97B |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +3.0% | +2.8% | +1.9% | +6.7% | +2.4% | +6.7% | +6.0% | +5.1% | +4.7% | |
| Net Income Growth (YoY) | -27.7% | -32.4% | +123.1% | -9.2% | +1.2% | -14.6% | +32.8% | +25.3% | +12.6% | |
| EPS Growth (YoY) | -25.2% | -30.9% | +128.9% | -6.3% | +0.0% | -12.3% | +34.3% | +26.0% | +13.2% | |
| Shares Change (YoY) | -3.3% | -2.2% | -2.6% | -0.7% | -1.5% | -2.5% | -1.1% | -0.3% | -0.7% | |
| FCF Growth (YoY) | -12.6% | -4.8% | -16.4% | +77.4% | -57.1% | +8.2% | +26.2% | -16.3% | +17.9% | |
| Gross Margin | 25.6% | 25.4% | 25.1% | 24.7% | 24.8% | 25.1% | 24.1% | 24.4% | 24.9% | 24.9% |
| Operating Margin | 4.7% | 4.1% | 4.3% | 3.9% | 4.0% | 4.5% | 3.3% | 4.2% | 4.3% | 4.2% |
| EBITDA Margin | 6.8% | 5.6% | 4.8% | 6.4% | 6.1% | 5.5% | 4.9% | 5.6% | 6.2% | 6.5% |
| Net Margin | 2.8% | 2.0% | 1.3% | 2.8% | 2.4% | 2.4% | 1.9% | 2.4% | 2.9% | 3.1% |
| FCF Margin | 4.3% | 3.7% | 3.4% | 2.8% | 4.6% | 1.9% | 2.0% | 2.3% | 1.9% | 2.1% |
| Effective Tax Rate | 30.3% | 30.4% | 37.4% | 24.4% | 33.3% | 25.4% | 33.6% | 25.5% | 23.4% | 24.4% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.24 | $2.03 | $1.97 | $1.69 | $3.02 | $1.32 | $1.46 | $1.86 | $1.57 | $1.86 |
| Dividends Per Share | $0.67 | $0.68 | $0.69 | $0.70 | $0.72 | $0.73 | $0.75 | $0.76 | $0.83 | $0.94 |
| Shares Outstanding (Basic) | $9.30B | $8.98B | $8.79B | $8.55B | $8.49B | $8.38B | $8.17B | $8.08B | $8.04B | $7.98B |
What to look at in Consumer Defensive companies
- Gross margin (stable 5y) (Stable >=35%) — Brand pricing power — Coca-Cola does not drop margins.
- ROE / ROIC stable (ROE >=15% stable) — Defensive businesses have high consistent ROEs — Lynch's stalwarts.
- FCF / Net Income (>=90%) — Earnings to cash conversion — best names exceed 95%.
- Dividend growth 10y (>=6%/year) — Dividend Aristocrats raise 25+ years — moat signal.
- Payout Ratio (<75%) — >80% = dividend at risk. <60% comfortable.
- Net Debt / EBITDA (<2.5x) — Defensive with high debt loses its essence.
Profitability
| Return on Equity | 22.74% |
| Return on Invested Capital | 12.72% |
| Return on Assets | 7.51% |
| Gross Margin | 25.23% |
| Operating Margin | 4.39% |
| Net Margin | 3.00% |
Financial Health
| Debt / Equity | 0.75 |
| Current Ratio | 0.77 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 6.47 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 15.14 | 32.30 | 42.03 | 21.93 | 28.48 | 28.59 | 33.54 | 28.69 | 40.56 | 43.48 |
| P/B | 2.66 | 4.10 | 3.87 | 4.37 | 4.87 | 4.69 | 5.11 | 5.30 | 8.67 | 9.55 |
| P/S | 0.43 | 0.64 | 0.55 | 0.62 | 0.71 | 0.68 | 0.64 | 0.69 | 1.16 | 1.33 |
| Gross Margin | 25.6% | 25.4% | 25.1% | 24.7% | 24.8% | 25.1% | 24.1% | 24.4% | 24.9% | 24.9% |
| Operating Margin | 4.7% | 4.1% | 4.3% | 3.9% | 4.0% | 4.5% | 3.3% | 4.2% | 4.3% | 4.2% |
| Net Margin | 2.8% | 2.0% | 1.3% | 2.8% | 2.4% | 2.4% | 1.9% | 2.4% | 2.9% | 3.1% |
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