Walmart Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Walmart Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	485,873	500,343	514,405	523,964	559,151	572,754	611,289	648,125	680,985	713,163
Cost of revenue	361,256	373,396	385,301	394,605	420,315	429,000	463,721	490,142	511,753	535,395
Gross profit	124,617	126,947	129,104	129,359	138,836	143,754	147,568	157,983	169,232	177,768
Selling, general and administrative	101,853	106,510	107,147	108,791	116,288	117,812	127,140	130,971	139,884	147,943
Operating income	22,764	20,437	21,957	20,568	22,548	25,942	20,428	27,012	29,348	29,825
Interest expense	2,044	1,978	1,975	2,262	1,976	1,674	1,787	2,259	2,249	2,318
Interest income	100	152	217	189	121	158	254	546	483	368
Other non-operating income	0	0	-8,368	1,958	210	-3,000	-1,538	-3,027	-794	2,075
Pre-tax income	20,497	15,123	11,460	20,116	20,564	18,696	17,016	21,848	26,309	29,469
Income tax	6,204	4,600	4,281	4,915	6,858	4,756	5,724	5,578	6,152	7,199
Income from continuing operations	13,643	9,862	6,670
Net income to minority interests	650	661	509	320	196	267	-388	759	721	377
Net income	13,643	9,862	6,670	14,881	13,510	13,673	11,680	15,511	19,436	21,893
EBITDA	32,844	30,966	32,635	31,555	33,700	36,600	31,373	38,865	42,321	44,028
EPS, basic	1.46	1.09	0.76	1.74	1.59	1.63	1.43	1.92	2.42	2.74
EPS, diluted	1.46	1.09	0.75	1.73	1.58	1.62	1.42	1.91	2.41	2.73
Shares, basic (weighted)	9,322	9,003	8,805	8,568	8,510	8,376	8,171	8,077	8,041	7,983
Shares, diluted (weighted)	9,355	9,049	8,853	8,622	8,559	8,415	8,202	8,108	8,081	8,022
Dividend per share	0.67	0.68	0.69	0.71	0.72	0.73	0.75	0.76	0.83	0.94

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	6,867	6,756	7,722	9,465	17,741	14,760	8,625	9,867	9,037	10,727
Receivables	5,835	5,614	6,283	6,284	6,516	8,280	7,933	8,796	9,975	11,172
Inventory	43,046	43,783	44,269	44,435	44,949	56,511	56,576	54,892	56,435	58,851
Other current assets	1,941	3,511	3,623	1,622	20,861	1,519	2,521	3,322	4,011	4,124
Total current assets	57,689	59,664	61,897	61,806	90,067	81,070	75,655	76,877	79,458	84,874
Property, plant and equipment	107,710	107,675	104,317	105,208	92,201	94,515	100,760	110,810	119,993	136,083
Lease right-of-use assets			0	17,424	13,642	13,758	13,555	13,673	13,599	14,750
Goodwill	17,037	18,242	31,181	31,073	28,983	29,014	28,174	28,113	28,792	28,735
Other non-current assets	9,921	11,798	14,822	16,567	23,598	22,152	20,134	17,071	12,869	14,103
Total assets	198,825	204,522	219,295	236,495	252,496	244,860	243,197	252,399	260,823	284,668
Accounts payable	41,433	46,092	47,060	46,973	49,141	55,261	53,742	56,812	58,666	63,061
Accrued liabilities	20,654	22,122	22,159	22,296	37,966	26,060	31,126	28,759	29,345	31,187
Short-term debt	2,256	3,738	1,876	5,362	3,115	2,803	4,191	3,447	2,598	3,542
Total current liabilities	66,928	78,521	77,477	77,790	92,645	87,379	92,198	92,415	96,584	107,469
Long-term debt	36,015	30,045	43,520	43,714	41,194	34,864	34,649	36,132	33,401	34,624
Lease liabilities			0	16,171	12,909	13,009	12,828	12,943	12,825	13,941
Total liabilities	118,290	123,700	139,661	154,943	164,965	152,969	159,443	162,050	163,402	178,781
Total debt	38,271	33,783	45,396	49,076	44,309	37,667	38,840	39,579	35,999	38,166
Paid-in capital	2,371	2,648	2,965	3,247	3,646	4,839	4,430	4,544	5,503	6,816
Retained earnings	89,354	85,107	80,785	83,943	88,763	86,904	83,135	89,814	98,313	104,774
Other comprehensive income	-14,232	-10,181	-11,542	-12,805	-11,766	-8,766	-11,680	-11,302	-13,605	-12,770
Shareholders' equity	77,798	77,869	72,496	74,669	80,925	83,253	76,693	83,861	91,013	99,617
Minority interests	2,737	2,953	7,138	6,883	6,606	8,638	7,061	6,488	6,408	6,270
Total equity	80,535	80,822	79,634	81,552	87,531	91,891	83,754	90,349	97,421	105,887
Total liabilities and equity	198,825	204,522	219,295	236,495	252,496	244,860	243,197	252,399	260,823	284,668

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	14,293	10,523	7,179	15,201	13,706	13,940	11,292	16,270	20,157	22,270
Depreciation and amortization	10,080	10,529	10,678	10,987	11,152	10,658	10,945	11,853	12,973	14,203
Stock-based compensation	596	626	773	854	1,169	1,163	1,578	2,093	2,769	3,603
Deferred income tax	745	-180	-470	329	1,998	-759	430	-171	-663	2,277
Change in payables	3,942	4,086	1,831	-274	6,966	5,520	-1,425	2,515	3,228	1,611
Cash from operations	31,673	28,337	27,753	25,255	36,074	24,181	28,841	35,726	36,443	41,565
Capital expenditures	-10,619	-10,051	-10,344	-10,705	-10,264	-13,106	-16,857	-20,606	-23,783	-26,642
Acquisitions	-2,463	-375	-14,656	-56	-180	-359	-740	-9	-1,896	-53
Cash from investing	-13,896	-9,079	-24,036	-9,128	-10,071	-6,015	-17,722	-21,287	-21,379	-26,350
Debt issued	137	7,476	15,872	5,492	0	6,945	5,041	4,967	0	3,983
Debt repaid	-2,055	-13,061	-3,784	-1,907	-5,382	-13,010	-2,689	-4,217	-3,468	-2,625
Share buybacks	-8,298	-8,296	-7,410	-5,717	-2,625	-9,787	-9,920	-2,779	-4,494	-8,088
Dividends paid	-6,216	-6,124	-6,102	-6,048	-6,116	-6,152	-6,114	-6,140	-6,688	-7,507
Cash from financing	-19,072	-19,875	-2,537	-14,299	-16,117	-22,828	-17,039	-13,414	-14,822	-13,553
Exchange rate effect	-452	487	-438	-69	235	-140	-73	69	-641	123
Net change in cash	-1,747	-130	742	1,759	10,121	-4,802	-5,993	1,094	-399	1,785
Free cash flow	21,054	18,286	17,409	14,550	25,810	11,075	11,984	15,120	12,660	14,923
Interest paid	2,351	2,450	2,348	2,464	2,216	2,237	2,051	2,519	2,739	2,793
Income taxes paid	4,507	6,179	3,982	3,616	5,271	5,918	3,310	5,879	5,884	5,364

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 31, 2026; growth uses fiscal years. Valuation uses the share price of $107.98 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	25.2%	Gross profit / revenue.
Operating margin	4.4%	Operating income / revenue.
EBITDA margin	6.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	4.0%	Pre-tax income / revenue.
Net margin	3.0%	Net income / revenue.
FCF margin	1.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.8%	Cash from operations / revenue.
Effective tax rate	23.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	22.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.5%	Net income / average total assets.
Return on invested capital (ROIC)	19.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	20.8%	Selling, general and administrative expense / revenue.
Capex / revenue	4.0%	Capital expenditures / revenue.
D&A / revenue	2.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	5.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	6.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	5.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	1.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	13.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	5.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	4.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	12.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	5.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	12.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	23.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	10.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	13.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	24.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	11.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	14.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	13.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	2.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	17.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	7.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-10.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	13.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	8.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	5.5%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	9.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	9.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	9.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.77x	Current assets / current liabilities.
Quick ratio	0.20x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.10x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.41x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	13.6%	Total debt / total assets.
Liabilities / assets	64.4%	Total liabilities / total assets.
Net debt	$28.40B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.60x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	17.4x	Operating income / interest expense.
Working capital	-$26.93B	Current assets - current liabilities.
Goodwill and intangibles / assets	9.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$69.98B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	2.50x	Revenue / average total assets.
Fixed asset turnover	5.16x	Revenue / average property, plant and equipment.
Inventory turnover	8.93x	Cost of revenue / average inventory.
Days inventory	41 days	365 x average inventory / cost of revenue.
Receivables turnover	66.4x	Revenue / average receivables.
Days sales outstanding	5 days	365 x average receivables / revenue.
Days payables	43 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	4 days	Days inventory + days sales outstanding - days payables.
FCF conversion	61.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	68.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.77	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$92.23	Revenue / diluted weighted shares.
FCF per share	$1.69	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.38	Cash from operations / diluted weighted shares.
Book value per share	$12.31	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$8.77	Tangible book value / shares outstanding.
Cash per share	$1.45	(Cash + short-term investments) / shares outstanding.
Payout ratio	34.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	57.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	51.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$859.31B	Share price x shares outstanding.
Enterprise value	$887.72B	Market cap + total debt - cash - short-term investments.
P/E	38.9x	Market cap / net income. Only when net income is positive.
P/S	1.17x	Market cap / revenue.
P/B	8.75x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	12.3x	Market cap / tangible book value, when positive.
P/FCF	63.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	20.0x	Market cap / cash from operations, when positive.
EV/Sales	1.21x	Enterprise value / revenue.
EV/EBIT	27.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	18.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	65.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.6%	Free cash flow / market cap.
Earnings yield	2.6%	Net income / market cap (the inverse of P/E).
Dividend yield	0.9%	Dividends paid over the period / market cap.
Shareholder yield	1.7%	(Dividends paid + share buybacks) / market cap.
PEG	1.60x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Walmart Inc.'s revenue in fiscal 2026?

Walmart Inc. reported revenue of $713.16B for fiscal 2026, 4.7% higher than the year before.

Was Walmart Inc. profitable in fiscal 2026?

Yes. Net income was $21.89B, a net margin of 3.1%.

How much free cash flow did Walmart Inc. generate in fiscal 2026?

Cash from operations of $41.57B minus capital expenditures of $26.64B left free cash flow of $14.92B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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