Walmart (WMT) financial statements
Walmart reported revenue of $706.4B in fiscal 2026, up 4.4% a year over 9 years.
Net income was $21.9B and the operating margin 4.2%, against 4.7% in 2017.
Free cash flow was $14.9B, and the company returned $7.5B in dividends and $8.1B in net buybacks.
The diluted share count fell 14% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Walmart's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $481.3B | $495.8B | $510.3B | $519.9B | $555.2B | $567.8B | $605.9B | $642.6B | $674.5B | $706.4B |
| Cost of revenue | $361.3B | $373.4B | $385.3B | $394.6B | $420.3B | $429.0B | $463.7B | $490.1B | $511.8B | $535.4B |
| Gross profit | $120.1B | $122.4B | $125.0B | $125.3B | $134.9B | $138.8B | $142.2B | $152.5B | $162.8B | $171.0B |
| Selling, general and admin | $101.9B | $106.5B | $107.1B | $108.8B | $116.3B | $117.8B | $127.1B | $131.0B | $139.9B | $147.9B |
| Operating income | $22.8B | $20.4B | $22.0B | $20.6B | $22.5B | $25.9B | $20.4B | $27.0B | $29.3B | $29.8B |
| Interest expense | $2.0B | $2.0B | $2.0B | $2.3B | $2.0B | $1.7B | $1.8B | $2.3B | $2.2B | $2.3B |
| Pre-tax income | $20.5B | $15.1B | $11.5B | $20.1B | $20.6B | $18.7B | $17.0B | $21.8B | $26.3B | $29.5B |
| Income tax | $6.2B | $4.6B | $4.3B | $4.9B | $6.9B | $4.8B | $5.7B | $5.6B | $6.2B | $7.2B |
| Net income | $13.6B | $9.9B | $6.7B | $14.9B | $13.5B | $13.7B | $11.7B | $15.5B | $19.4B | $21.9B |
| EPS (diluted) | $1.46 | $1.09 | $0.75 | $1.73 | $1.58 | $1.62 | $1.42 | $1.91 | $2.41 | $2.73 |
| Diluted shares | 9.34B | 9.03B | 8.84B | 8.60B | 8.54B | 8.41B | 8.20B | 8.11B | 8.08B | 8.02B |
| Gross margin | 24.9% | 24.7% | 24.5% | 24.1% | 24.3% | 24.4% | 23.5% | 23.7% | 24.1% | 24.2% |
| Operating margin | 4.7% | 4.1% | 4.3% | 4.0% | 4.1% | 4.6% | 3.4% | 4.2% | 4.4% | 4.2% |
| Net margin | 2.8% | 2.0% | 1.3% | 2.9% | 2.4% | 2.4% | 1.9% | 2.4% | 2.9% | 3.1% |
Balance sheet
Fiscal years, from Walmart's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $6.9B | $6.8B | $7.7B | $9.5B | $17.7B | $14.8B | $8.6B | $9.9B | $9.0B | $10.7B |
| Receivables | $5.8B | $5.6B | $6.3B | $6.3B | $6.5B | $8.3B | $7.9B | $8.8B | $10.0B | $11.2B |
| Inventory | $43.0B | $43.8B | $44.3B | $44.4B | $44.9B | $56.5B | $56.6B | $54.9B | $56.4B | $58.9B |
| Total current assets | $57.7B | $59.7B | $61.9B | $61.8B | $90.1B | $81.1B | $75.7B | $76.9B | $79.5B | $84.9B |
| Property, plant and equipment | $107.7B | $107.7B | $104.3B | $105.2B | $92.2B | $94.5B | $100.8B | $110.8B | $120.0B | $136.1B |
| Goodwill | $17.0B | $18.2B | $31.2B | $31.1B | $29.0B | $29.0B | $28.2B | $28.1B | $28.8B | $28.7B |
| Total assets | $198.8B | $204.5B | $219.3B | $236.5B | $252.5B | $244.9B | $243.2B | $252.4B | $260.8B | $284.7B |
| Total current liabilities | $66.9B | $78.5B | $77.5B | $77.8B | $92.6B | $87.4B | $92.2B | $92.4B | $96.6B | $107.5B |
| Long-term debt | $36.0B | $30.0B | $43.5B | $43.7B | $41.2B | $34.9B | $34.6B | $36.1B | $33.4B | $34.6B |
| Total liabilities | $118.3B | $123.7B | $139.7B | $154.9B | $165.0B | $153.0B | $159.4B | $162.1B | $163.4B | $178.8B |
| Shareholders' equity | $77.8B | $77.9B | $72.5B | $74.7B | $80.9B | $83.3B | $76.7B | $83.9B | $91.0B | $99.6B |
| Net debt | $31.4B | $27.0B | $37.7B | $39.6B | $26.6B | $22.9B | $30.2B | $29.7B | $27.0B | $27.4B |
Cash flow
Fiscal years, from Walmart's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $31.7B | $28.3B | $27.8B | $25.3B | $36.1B | $24.2B | $28.8B | $35.7B | $36.4B | $41.6B |
| Capital spending | $10.6B | $10.1B | $10.3B | $10.7B | $10.3B | $13.1B | $16.9B | $20.6B | $23.8B | $26.6B |
| Free cash flow | $21.1B | $18.3B | $17.4B | $14.6B | $25.8B | $11.1B | $12.0B | $15.1B | $12.7B | $14.9B |
| Stock-based compensation | $596M | $626M | $773M | $854M | $1.2B | $1.2B | $1.6B | $2.1B | $2.8B | $3.6B |
| Dividends paid | $6.2B | $6.1B | $6.1B | $6.0B | $6.1B | $6.2B | $6.1B | $6.1B | $6.7B | $7.5B |
| Share buybacks (net) | -$8.3B | -$8.3B | -$7.4B | -$5.7B | -$2.6B | -$9.8B | -$9.9B | -$2.8B | -$4.5B | -$8.1B |
| Net borrowing | -$3.6B | -$1.4B | $12.0B | -$1.1B | -$5.7B | -$5.9B | $2.3B | $1.3B | -$1.3B | $4.9B |
| Free cash flow margin | 4.4% | 3.7% | 3.4% | 2.8% | 4.6% | 2.0% | 2.0% | 2.4% | 1.9% | 2.1% |
| Dividends per share | $0.67 | $0.68 | $0.69 | $0.70 | $0.72 | $0.73 | $0.75 | $0.76 | $0.83 | $0.94 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for WMT.
Open WMT in InvestinglyQuestions
What was Walmart's revenue in 2026?
$706.4B in fiscal 2026, from its 10-K filing.
How much free cash flow does Walmart generate?
$14.9B in fiscal 2026 (operating cash flow minus capital spending).
From Walmart's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.