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Walmart

Walmart's online sales are growing far faster than the rest of its business

eCommerce sales were $150.4B in FY2026, up 24.4%, while total revenues rose 4.7% to $713.2B. Online is now 21% of the total.

Prepared from SEC filings · Latest annual report: 10-K for FY2026 (filed Mar 13, 2026) · Latest quarter: 10-Q for the quarter ended Jul 31, 2026 (filed Aug 28, 2026) · Data pulled Oct 25, 2026

Key facts

Walmart (Nasdaq: WMT) closed fiscal 2026 on Jan 31, 2026 with total revenues of $713.2B, up 4.7% from a year before; net income to Walmart came to $21.9B, up 12.6%. Its newest quarterly report covers the three months to Jul 31, 2026: total revenues of $187.9B, up 5.9% on the same stretch of the prior year, and net income of $6.4B. Broken down by segment, Walmart U.S. led with 68% of fiscal 2026 total revenues. Sources: 10-K for fiscal 2026 (filed Mar 13, 2026) and 10-Q for the quarter ended Jul 31, 2026 (filed Aug 28, 2026).

Total revenues$713.2BFY2026 · +4.7% vs FY2025
Net income to Walmart$21.9BFY2026 · +12.6% vs FY2025
Operating cash flow$41.6BFY2026 · +14.1% vs FY2025
Cash & equivalents$11.5Bat Jul 31, 2026 · +7.5% vs FY2026 end
Total debt$50.4Bat Jul 31, 2026 · +12.6% vs FY2026 end
Diluted shares8.02BFY2026 avg · −0.7% vs FY2025
Total revenues and net income to walmart, three fiscal yearsBy fiscal year, $bn
Total revenuesNet income to Walmart
Total revenues and net income to walmart by fiscal yearTotal revenues FY2024: $648.1B648.1Net income to Walmart FY2024: $15.5B15.5FY2024Total revenues FY2025: $681.0B681.0Net income to Walmart FY2025: $19.4B19.4FY2025Total revenues FY2026: $713.2B713.2Net income to Walmart FY2026: $21.9B21.9FY2026

Source: 10-K FY2026, filed Mar 13, 2026

Quarterly total revenues: fiscal 2027 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)
FY2026FY2027
Quarterly total revenues, fiscal 2027 vs 2026FY2026 Q1: $165.6B165.6FY2027 Q1: $177.8B177.8Q1FY2026 Q2: $177.4B177.4FY2027 Q2: $187.9B187.9Q2

Source: 10-Q filed May 29, 2026 · 10-Q filed Aug 28, 2026

How it makes money

FY2026 total by categoryWalmart U.S.: $485.6B (68%)Walmart International: $132.0B (19%)Sam's Club U.S.: $95.5B (13%)$713.2BFY2026 total

By segment, FY2026

  • LineAmountSharevs FY2025
  • Walmart U.S.$485.6B68%+4.4%
  • Walmart International$132.0B19%+7.0%
  • Sam's Club U.S.$95.5B13%+3.2%

Source: 10-K FY2026, XBRL breakdown

Walmart U.S. was 68% of FY2026 revenue, Walmart International 19% and Sam's Club U.S. 13%. Within Walmart U.S., grocery brought in $285.5B, far more than general merchandise ($115.1B) or health and wellness ($69.5B).

By segment: three-year mixShare of the total each fiscal year
Walmart U.S.Walmart InternationalSam's Club U.S.

Source: 10-K FY2026

What changed last quarter

Change from the same quarter a year earlierFiscal Q2 2027, quarter ended Jul 31, 2026 vs Jul 31, 2025
Company
Total revenues+5.9%$187.9B vs $177.4B
Net income−9.4%$6.4B vs $7.0B
By segment
Walmart U.S.+3.6%$125.9B vs $121.6B
Walmart International+12.8%$35.6B vs $31.6B
Sam's Club U.S.+8.7%$26.4B vs $24.3B
  • Cash & equivalents $11.5B at Jul 31, 2026, vs $10.7B at FY2026 end.
  • Total debt $50.4B at Jul 31, 2026, vs $44.8B at FY2026 end.
  • Operating cash flow, first 6 months of fiscal 2027: $19.7B vs $18.4B a year earlier.

Source: 10-Q, quarter ended Jul 31, 2026, filed Aug 28, 2026

The bull case and the bear case

The bull case

  • eCommerce sales across the three segments grew 24.4% in FY2026 to $150.4B. 10-K, FY2026
  • Health and wellness sales at Walmart U.S. rose 12.0% to $69.5B. 10-K, FY2026
  • Net income rose 12.6% in FY2026 to $21.9B, and operating cash flow rose 14.1% to $41.6B. 10-K, FY2026
  • Walmart International revenue was $35.6B in the quarter ended Jul 31, 2026, up 12.8% on a year earlier. 10-Q, quarter ended Jul 31, 2026

The bear case

  • Net income in the quarter ended Jul 31, 2026 was $6.4B, down 9.4% on a year earlier, even as revenue rose 5.9%. 10-Q, quarter ended Jul 31, 2026
  • General merchandise at Walmart U.S. grew just 1.0% in FY2026. 10-K, FY2026
  • Total debt rose to $50.4B at Jul 31, 2026, from $44.8B at the end of FY2026. 10-Q, quarter ended Jul 31, 2026
  • The 10-K warns that wage pressure, tariffs and trade policy and tough competition from other retailers and online sellers could squeeze results. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Walmart runs discount stores, supercenters, Sam's Club warehouse clubs and online stores in the US and abroad, selling groceries, general merchandise and health products.

Walmart reports three segments. Walmart U.S. covers its American stores and website, including pickup and delivery. Walmart International runs businesses such as Walmex in Mexico, Flipkart in India and Walmart Canada. Sam's Club U.S. is its membership warehouse chain.

Beyond retail sales it earns membership fees (Sam's Club and Walmart+), advertising and marketplace fees from third-party sellers. Its fiscal year ends on January 31, so FY2026 means the year to Jan 31, 2026.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in Walmart's latest 10-K. Read the original for the full list.

  1. Strategy and investmentIts spending on eCommerce, automation and new businesses may not pay off as planned.
  2. Consumers and the economyShifts in what shoppers want and how much they can spend affect sales and margins.
  3. CompetitionIt competes on price and convenience with other retailers, warehouse clubs and online marketplaces.
  4. Suppliers and safetyProblems at suppliers, or unsafe products sold in stores or on its marketplace, could hurt its reputation.
  5. Technology and dataIT failures, cyberattacks and data-privacy breaches are listed risks.
  6. WorkforceWage rates, benefit costs and staffing affect its expenses.
  7. International, trade and legalCurrency moves, tariffs, foreign laws and lawsuits, including opioid litigation, can raise costs.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2024FY2025FY2026
Total revenues$648.1B$681.0B$713.2B
Net income to Walmart$15.5B$19.4B$21.9B
Operating cash flow$35.7B$36.4B$41.6B
Cash & equivalents (year end)$9.9B$9.0B$10.7B
Total debt (year end)$40.5B$39.1B$44.8B
Diluted shares8.11B8.08B8.02B
  • Total revenues: Net sales plus membership and other income (mostly Sam's Club and Walmart+ membership fees).
  • Net income to Walmart: Consolidated net income attributable to Walmart, after the share belonging to minority owners of some subsidiaries.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: Short-term borrowings plus current and long-term debt, at carrying value. Excludes lease obligations.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

About these numbers

  • Total revenues include net sales plus membership and other income, so they are slightly higher than net sales alone.
  • eCommerce is Walmart's own measure of sales made online, summed here across Walmart U.S., Walmart International and Sam's Club U.S. It overlaps the segments, so it's shown on its own.

Recent filings

FormFiledPeriod
10-QAug 28, 2026Jul 31, 2026
10-QMay 29, 2026Apr 30, 2026
DEF 14AApr 23, 2026Jun 4, 2026
10-KMar 13, 2026Jan 31, 2026

Latest filings

  1. Oct 239:04 AM ET

    8-K

    Walmart files an 8-K on other events

    Walmart filed a Form 8-K on Oct 23, 2026 at 9:04 AM ET under Item 8.01 (Other Events).

  2. Oct 164:42 PM ET

    Form 4

    Walmart President & CEO John R. Furner reports selling 13,125 shares under a 10b5-1 plan

    The filing reports 13,125 shares in an open-market or private sale (code S) at weighted-average prices from $120.33 to $120.93, about $1.6 million in total.

  3. Oct 164:42 PM ET

    Form 4

    Walmart Executive Vice President Latriece Watkins reports selling 5,000 shares under a 10b5-1 plan

    The filing reports 5,000 shares in an open-market or private sale (code S) at $115.00, about $575,000 in total.

  4. Oct 164:42 PM ET

    Form 4

    Walmart Executive Vice President Christopher James Nicholas reports selling 2,900 shares under a 10b5-1 plan

    The filing reports 2,900 shares in an open-market or private sale (code S) at weighted-average prices from $120.33 to $120.95, about $349,751 in total.

  5. Oct 84:56 PM ET

    Form 4

    Walmart Executive Vice President Seth Dallaire reports about 387 shares withheld for taxes

    The filing reports about 387 shares withheld to pay the exercise price or tax (code F).

All Walmart filings notes →

Common questions about Walmart

How does Walmart make money?

Fiscal 2026 total revenues: $713.2B. Walmart U.S. was 68% of FY2026 revenue, Walmart International 19% and Sam's Club U.S. 13%. Within Walmart U.S., grocery brought in $285.5B, far more than general merchandise ($115.1B) or health and wellness ($69.5B). Source: 10-K for fiscal 2026, filed Mar 13, 2026.

What was Walmart's revenue in fiscal 2026?

$713.2B, up 4.7% from fiscal 2025 ($681.0B). The year ended Jan 31, 2026; for fiscal 2024 the figure was $648.1B. Source: 10-K for fiscal 2026, filed Mar 13, 2026.

Is Walmart profitable?

Net income to Walmart was $21.9B in fiscal 2026 (up 12.6%; fiscal 2025 was $19.4B). That counts as a GAAP profit. The latest quarter, ended Jul 31, 2026: net income was $6.4B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2026, filed Mar 13, 2026.

What did Walmart report in its latest quarterly filing?

For the three months to Jul 31, 2026: total revenues $187.9B (up 5.9% from $177.4B) and net income $6.4B (down 9.4% from $7.0B). Source: 10-Q for the quarter ended Jul 31, 2026, filed Aug 28, 2026.

How much cash and debt does Walmart have?

As of Jul 31, 2026: $11.5B of cash and cash equivalents, $50.4B of total debt. Total debt here is short-term borrowings plus current and long-term debt, at carrying value. Excludes lease obligations. Source: 10-Q filed Aug 28, 2026.

What are the main risks Walmart lists?

The risk factors are in Item 1A of the 10-K filed Mar 13, 2026. This page sorts them into 7 groups (Strategy and investment; consumers and the economy; competition; suppliers and safety; technology and data; workforce; international, trade and legal). The first group in plain English: Its spending on eCommerce, automation and new businesses may not pay off as planned. Source: 10-K, Item 1A Risk Factors.

Where do these Walmart numbers come from?

The 10-K filed Mar 13, 2026 (fiscal 2026) and the 10-Q filed Aug 28, 2026 (quarter ended Jul 31, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in WMT
The editor holds no position in Walmart (WMT). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell WMT from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold WMT, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
WalmartWMTFY2026$713.2B+4.7%$21.9B
CostcoCOSTFY2026$303.2B+10.1%$9.2B
AmazonAMZNFY2025$716.9B+12.4%$77.7B
Coca-ColaKOFY2025$47.9B+1.9%$13.1B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.