WMTNasdaqRetail-Variety StoresFiscal year ends January 31
Walmart Inc.
Financials through Q2 FY2027, quarter ended Jul 31, 2026Last filing: 10-Q on Aug 28, 2026
$118.70−0.11 (-0.09%)
Close on Oct 19, 2026
- Market cap
- $946.99B
- P/E (TTM)
- 42.9
- Dividend yield
- 0.79%
Margins
Share of revenue, fiscal years 2012 to 2026
Gross margin
24.9%+0.1 pts over 5 years
Operating margin
4.2%+0.1 pts over 5 years
Net margin
3.1%+0.7 pts over 5 years
Growth rates
Compound annual growth to fiscal 2026
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +4.7% | +5.3% | +5.0% | +4.0% | |
| Gross profit | +5.0% | +6.4% | +5.1% | +3.9% | |
| Operating income | +1.6% | +13.4% | +5.8% | +2.2% | |
| Net income | +12.6% | +23.3% | +10.1% | +4.1% | |
| EPS, diluted | +13.3% | +24.3% | +11.5% | +6.0% | |
| Free cash flow | +17.9% | +7.6% | -10.4% | -0.7% | |
| Dividend per share | +13.3% | +8.0% | +5.5% | +3.7% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2021 | FY2026 | Trend |
|---|---|---|---|---|
| Return on equity | 17.2% | 17.4% | 23.0% | |
| Return on assets | 6.8% | 5.5% | 8.0% | |
| Current ratio | 0.86 | 0.97 | 0.79 | |
| Debt to equity | 0.51 | 0.55 | 0.45 | |
| Net debt to EBITDA | 0.98× | 0.79× | 0.77× | |
| Interest coverage | 11.1× | 11.4× | 12.9× | |
| Inventory turnover | 8.3× | 9.4× | 9.3× | |
| Capex to revenue | 2.2% | 1.8% | 3.7% | |
| Diluted shares | 9.34B | 8.54B | 8.02B |
Where the cash went
Fiscal 2022 to 2026, five years combined
Walmart generated $166.76B from operations and spent $168.66B on capital expenditure, dividends and share buybacks. 60% of that went back into the business.
Generated
$166.76B
Used
$168.66B
Capital expenditure$100.99B60%Dividends$32.60B19%Share buybacks$35.07B21%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin3.1%
×Asset turnover2.61×
×Equity multiplier2.86×
=Return on equity, FY202623.0%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2026 | 3.1% | 2.61× | 2.86× | 23.0% |
| FY2025 | 2.9% | 2.65× | 2.93× | 22.2% |
| FY2024 | 2.4% | 2.62× | 3.09× | 19.3% |
| FY2023 | 1.9% | 2.50× | 3.05× | 14.6% |
| FY2022 | 2.4% | 2.30× | 3.03× | 16.7% |
| FY2021 | 2.4% | 2.29× | 3.14× | 17.4% |
| FY2020 | 2.8% | 2.30× | 3.10× | 20.2% |
| FY2019 | 1.3% | 2.43× | 2.82× | 8.9% |
| FY2018 | 2.0% | 2.48× | 2.59× | 12.7% |
| FY2017 | 2.8% | 2.44× | 2.52× | 17.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2026 against fiscal 2025
8of 9 tests passed in fiscal 2026. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$21.89B
- Cash generatingOperating cash flow above zero$41.57B
- Return on assets improvedROA up on the prior year7.7% → 8.4%
- Earnings backed by cashOperating cash flow above net income$41.57B vs $21.89B
- Less leverageLong-term debt to assets fell12.8% → 12.2%
- Better liquidityCurrent ratio rose0.82 → 0.79
- No dilutionShare count did not rise8.08B → 8.02B
- Gross margin improvedGross margin up on the prior year24.85% → 24.93%
- More efficientAsset turnover rose2.70 → 2.73