Walmart Inc. (WMT)
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In fiscal 2026 Walmart sold $706 billion worth of goods and kept 4.2 percent of that as operating income. Of those $29.8 billion, $6.75 billion came from membership fees and other income — at Sam's Club, more than the entire segment result. We work through the filings to show where this company's profit is actually made.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
AI Rating
ThreatenedDer Geschäftsbericht 10-K für das Geschäftsjahr 2026 nennt erstmals KI-gestützte Such- und Kaufplattformen sowie „agentische“ Einkaufswerkzeuge von Wettbewerbern als konkretes Risiko für die Kundenfrequenz in den eigenen Filialen und Clubs; KI ist bei Walmart selbst keine Umsatzquelle, sondern Werkzeug für Lieferkette, Personal und Einkaufserlebnis.
View the full file — quotes, sources, reviewed filings
„In addition, a greater concentration of eCommerce sales, including increasing online grocery sales and the increasing role of AI-enabled platforms in product search, discovery, advertising and purchasing, could result in a reduction in the amount of traffic in our stores and clubs, which would, in turn, reduce the opportunities for cross-store or cross-club sales of merchandise that such traffic creates and could reduce our sales within our stores and clubs and materially adversely affect our financial performance."
Darüber hinaus könnte eine stärkere Konzentration der Umsätze im Online-Handel — einschließlich steigender Online-Lebensmittelverkäufe und der wachsenden Rolle KI-gestützter Plattformen bei Produktsuche, Produktentdeckung, Werbung und Kauf — zu einem Rückgang der Kundenfrequenz in unseren Filialen und Clubs führen, was wiederum die Gelegenheiten für filial- und clubübergreifende Warenverkäufe verringern würde, die diese Frequenz schafft, und unsere Umsätze in Filialen und Clubs senken sowie unsere Ertragslage wesentlich beeinträchtigen könnte.
„The omnichannel retail landscape is highly competitive and rapidly evolving, and the entry of new, well-funded competitors, or more rapid development of AI capabilities and agentic tools by these competitors to enhance productivity and the shopping experience, may increase competitive pressures."
Das Omnichannel-Handelsumfeld ist hart umkämpft und verändert sich rasch; der Markteintritt neuer, gut finanzierter Wettbewerber oder eine schnellere Entwicklung von KI-Fähigkeiten und agentischen Werkzeugen durch diese Wettbewerber zur Steigerung der Produktivität und des Einkaufserlebnisses kann den Wettbewerbsdruck erhöhen.
„We continue to invest in AI to enhance our customers' shopping experience and our associate work experience and to improve efficiencies of our supply chain, operations, management functions and talent recruitment and development"
Wir investieren weiterhin in KI, um das Einkaufserlebnis unserer Kunden und die Arbeitserfahrung unserer Mitarbeiter zu verbessern und die Effizienz unserer Lieferkette, unseres Betriebs, unserer Verwaltungsfunktionen sowie der Personalgewinnung und -entwicklung zu steigern
Filings Reviewed: 10-Q 2026-05-29 · 10-K 2026-03-13 · 10-Q 2025-12-03 · 10-Q 2025-08-29 · 10-Q 2025-06-06 · 10-K 2025-03-14
Rated on July 29, 2026 · How the Rating Is Built
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2025: Q1 | 0.65 | -4.10 | 180,554 | 4.10 | 2.90 | 13,525 | 6,438 |
| 2025: Q2 | 0.56 | -11.70 | 165,609 | 2.50 | 2.70 | 5,411 | 425 |
| 2025: Q3 | 0.88 | 57.40 | 177,402 | 4.80 | 4.00 | 12,941 | 6,518 |
| 2025: Q4 | 0.77 | 35.40 | 179,496 | 5.80 | 3.40 | 9,100 | 1,882 |
| 2026: Q1 | 0.53 | -18.70 | 190,656 | 5.60 | 2.20 | 14,113 | 6,098 |
| 2026: Q2 | 0.71 | 26.70 | 177,751 | 7.30 | 3.20 | 4,738 | -1,946 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
The largest retailer in the world: $706,413 million of revenue in fiscal 2026, 10,955 locations across 19 countries, roughly 2.1 million associates. All three segments are growing and profitable; Walmart U.S. comparable sales rose 4.3 percent after 4.8 percent a year earlier, and global eCommerce sales passed $150 billion (Form 10-K fiscal 2026, DEF 14A dated April 23, 2026).
Of fiscal 2026 operating income of $29,825 million, $6,750 million — 22.6 percent — came from membership and other income. At Sam's Club the share is 103.4 percent, with merchandise contributing minus $83 million. That is commercially smart and high-margin, but it ties the result to member counts, advertising budgets and marketplace fees rather than to selling goods (Form 10-K fiscal 2026, segment disclosures).
Consolidated net income of $22,270 million includes a $2,075 million valuation gain on equity investments, whereas the prior years carried losses of $794 million and $3,027 million. That $2.9 billion swing in a single year has nothing to do with retailing. Working the other way, a $0.7 billion non-cash PhonePe charge and roughly $0.9 billion of higher self-insured claims expense weighed on the result (Form 10-K fiscal 2026, Note 7 and Item 7).
The balance sheet is solid: $99,617 million of shareholders' equity, $34,624 million of long-term debt and $41,565 million of operating cash flow as of January 31, 2026. But in fiscal 2026 the dividend ($7,507 million) and buybacks ($8,088 million) together came to $15,595 million, exceeding free cash flow of $14,923 million for the first time in three years, while capital expenditures rose to $26,642 million (Form 10-K fiscal 2026, statement of cash flows).
The fiscal 2026 annual report names AI-enabled search and purchasing platforms and "agentic" shopping tools as a risk to traffic in stores and clubs for the first time — and therefore to the add-on sales that traffic creates. The word "agentic" does not appear in the prior-year report. A company operating 4,611 U.S. stores has more to lose from a shift online than a pure online retailer does (Form 10-K fiscal 2026, Item 1A).
Walton Enterprises held 44.11 percent of the votes as of April 10, 2026 — in practice a controlling stake, even though the board is majority independent. Effective February 2026, John Furner succeeded Doug McMillon, who had led the company since 2014, as president and chief executive; Furner is the sixth CEO in company history and previously ran Walmart U.S. (DEF 14A dated April 23, 2026).
Walmart is the largest retailer in the world and runs a remarkably stable operating margin of 4.2 to 4.4 percent: $706,413 million of revenue, $29,825 million of operating income and $41,565 million of operating cash flow in fiscal 2026. What stands out is where the profit comes from: 22.6 percent of operating income is membership and other income, and at Sam's Club the figure is 103.4 percent. Add a $2,075 million valuation gain on equity investments, shareholder returns that exceeded free cash flow, and an annual report that names agentic shopping tools as a traffic risk for the first time. Not investment advice.
- Hook: ranking of the 100 largest U.S. stocks by market value (as of July 28, 2026); Walmart sat at number 13 and had no analysis yet.
- Fiscal year: Walmart's fiscal year ends on January 31. Fiscal 2026 ran from February 1, 2025 to January 31, 2026 and covers essentially calendar year 2025. Every annual figure in this analysis follows that convention.
- Data as of: annual figures from the Form 10-K for fiscal 2026 (filed March 13, 2026), quarterly figures from the Form 10-Q for the period ended April 30, 2026 (filed May 29, 2026) and the earnings release on Form 8-K dated May 21, 2026 (Item 2.02, Exhibit 99.1). Every filing from March 13, 2026 onward was reviewed. Valuation multiples as of July 29, 2026.
- One-off note: fiscal 2026 earnings include a $2,075 million valuation gain on equity investments and are weighed down by a $0.7 billion non-cash PhonePe charge. Neither item is suitable for extrapolation, which is why fiscal 2024 through 2026 appear in full in the article.
- Listing venue: the shares trade on the Nasdaq Global Select Market. Older sources and databases still show the New York Stock Exchange — the change was filed as a Form 25 on December 8, 2025.
- Easily confused: Walmart Inc. (WMT) is not Walmart de México y Centroamérica (Walmex), the majority-owned subsidiary separately listed in Mexico City. Older time series run under "Wal-Mart Stores Inc."
- Analyses are evergreen; a daily quote is not a buy argument.
About the Company
Walmart Inc. betreibt weltweit Einzelhandels- und Großhandelsgeschäfte und -Clubs, E-Commerce-Websites und mobile Anwendungen.
| CEO Insider Trades (12 Mo.) | selling own stock |
|---|---|
| Employees | 2,100,000 |
| Headquarters | Bentonville, AR |
| Website | stock.walmart.com |
| IPO Date | 25. Aug 1972 |
| Next Earnings | 20. Aug 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| John R. Furner | President, CEO & Director | 1975 |
| John David Rainey Jr. | Executive VP & CFO | 1970 |
| Suresh Kumar Ph.D. | Executive VP, Global CTO & Chief Development Officer | 1965 |
| C. Douglas McMillon | Executive Officer | 1966 |
| Daniel Danker | Executive Vice President of AI Acceleration, Product & Design | 1981 |
| Dwayne M. Milum | Senior VP, Controller & Principal Accounting Officer | 1976 |
| Stephanie Wissink | Senior Vice President of Investor Relations | – |
| Erin Nealy Cox J.D. | Executive VP of Global Governance, Chief Legal Officer & Corporate Secretary | 1970 |
| Allyson Park | Senior VP & Chief Communications Officer | – |
| Donna Catherine Morris | Executive VP & Chief People Officer | 1967 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 28, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.