Walmart
WMT · NasdaqRetail-Variety Stores · Fiscal year ends Jan 31
Walmart reported revenue of $706B in the fiscal year ended Jan 2026, up 4.7% from the year before. Operating income was $29.8B, an operating margin of 4.2%, and net income was $21.9B. Operating cash flow of $41.6B less capital expenditure of $26.6B left free cash flow of $14.9B. Net debt was $27.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue | $568B | $606B | $643B | $675B | $706B |
| Cost of revenue | $429B | $464B | $490B | $512B | $535B |
| Gross profit | $139B | $142B | $152B | $163B | $171B |
| Selling, general & admin | $118B | $127B | $131B | $140B | $148B |
| Operating income | $25.9B | $20.4B | $27B | $29.3B | $29.8B |
| Net interest incomeBanks | −$1.8B | −$1.9B | −$2.1B | – | – |
| Interest expense | $1.7B | $1.8B | $2.3B | $2.2B | $2.3B |
| Pre-tax income | $18.7B | $17B | $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 |
| Diluted EPS | 1.62 | 1.42 | 1.91 | 2.41 | 2.73 |
| Diluted shares | 8,415M | 8,202M | 8,108M | 8,081M | 8,022M |
Balance sheet
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | $14.8B | $8.6B | $9.9B | $9B | $10.7B |
| Receivables | $8.3B | $7.9B | $8.8B | $10B | $11.2B |
| Inventory | $56.5B | $56.6B | $54.9B | $56.4B | $58.9B |
| Current assets | $81.1B | $75.7B | $76.9B | $79.5B | $84.9B |
| Net PP&E | $94.5B | $101B | $111B | $120B | $136B |
| Goodwill | $29B | $28.2B | $28.1B | $28.8B | $28.7B |
| Total assets | $245B | $243B | $252B | $261B | $285B |
| Payables | $55.3B | $53.7B | $56.8B | $58.7B | $63.1B |
| Current liabilities | $87.4B | $92.2B | $92.4B | $96.6B | $107B |
| Short-term debt | $2.8B | $4.2B | $3.4B | $2.6B | $3.5B |
| Long-term debt | $34.9B | $34.6B | $36.1B | $33.4B | $34.6B |
| Shareholders' equity | $83.3B | $76.7B | $83.9B | $91B | $99.6B |
Cash flow
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| 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 | $12B | $15.1B | $12.7B | $14.9B |
| Depreciation & amortisation | $10.7B | $10.9B | $11.9B | $13B | $14.2B |
| Stock-based compensation | $1.2B | $1.6B | $2.1B | $2.8B | $3.6B |
| Acquisitions | $359M | $740M | $9M | $1.9B | $53M |
| Share buybacks | $9.8B | $9.9B | $2.8B | $4.5B | $8.1B |
| Dividends paid | $6.2B | $6.1B | $6.1B | $6.7B | $7.5B |
| Dividend per share | 0.73 | 0.75 | 0.76 | 0.83 | 0.94 |
Key ratios
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 6.7% | 6.1% | 5.0% | 4.7% |
| Operating income growth (YoY) | – | −21.3% | 32.2% | 8.6% | 1.6% |
| EPS growth (YoY) | – | −12.3% | 34.5% | 26.2% | 13.3% |
| Gross margin | 24.4% | 23.5% | 23.7% | 24.1% | 24.2% |
| Operating margin | 4.6% | 3.4% | 4.2% | 4.4% | 4.2% |
| Net margin | 2.4% | 1.9% | 2.4% | 2.9% | 3.1% |
| Return on equityBlank when equity is negative | 16.4% | 15.2% | 18.5% | 21.4% | 22.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 16.5% | 13.5% | 16.9% | 17.9% | 16.8% |
| Free cash flow margin | 2.0% | 2.0% | 2.4% | 1.9% | 2.1% |
| Cash conversion (CFO ÷ net income) | 1.77x | 2.47x | 2.30x | 1.88x | 1.90x |
| Receivable days | 5 | 5 | 5 | 5 | 6 |
| Inventory days | 48 | 45 | 41 | 40 | 40 |
| Payable days | 47 | 42 | 42 | 42 | 43 |
| Interest cover | 15.5x | 11.4x | 12.0x | 13.0x | 12.9x |
| Debt ÷ equity | 0.45x | 0.51x | 0.47x | 0.40x | 0.38x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $22.9B | $30.2B | $29.7B | $27B | $27.4B |
| Current ratio | 0.93x | 0.82x | 0.83x | 0.82x | 0.79x |
Recent filings
More in Retail-Variety Stores
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.