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Get filing alertsWalmart's consolidated net income rose 10.5% to $22.27B in fiscal 2026.
Filed March 13, 2026 · Period ending January 31, 2026 · Compared to 10-K Mar 14, 2025 · ~1 min read
Key Financials
SEC XBRL| Metric | PriorJan 31, 2025 | CurrentJan 31, 2026 | Δ |
|---|---|---|---|
| Revenue | $681.0B | $713.2B | ▲ +4.7% |
| Net income | $19.4B | $21.9B | ▲ +12.6% |
| Diluted EPS | $2.41 | $2.73 | ▲ +13.3% |
| Operating income | $29.3B | $29.8B | ▲ +1.6% |
| Cash & equivalents | $9.04B | $10.7B | ▲ +18.7% |
| Long-term debt (noncurrent) | $33.4B | $34.6B | ▲ +3.7% |
| Total assets | $260.8B | $284.7B | ▲ +9.1% |
As reported in XBRL by the filer · 10-K vs 10-K. Income figures cover the fiscal year; cash & assets are period-end balances. n/m = not meaningful (sign change; a % would mislead). about this table · verify on EDGAR →
Key Changes
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medium
Total revenues increased 4.7% to $713.16B, with Walmart U.S. comparable sales up 4.3% and Sam's Club U.S. comparable sales up 2.9%.
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medium
Operating income, which includes a $0.7 billion charge, rose 1.6% to $29.83B, while operating margin slipped to 4.2% from 4.3%.
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high
The company repurchased $8.09B of stock, up 80.0% from $4.49B, and in February 2026 approved a new $30.0 billion share repurchase authorization.
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medium
Walmart declared a fiscal 2027 annual dividend of $0.99 per share, an increase over the fiscal 2026 dividend of $0.94 per share.
Summary
Walmart delivered solid growth in fiscal 2026, with total revenues rising 4.7% to $713.16B. Walmart U.S. comparable sales increased 4.3%, while Sam's Club U.S. comparable sales rose 2.9%. Walmart U.S. eCommerce sales positively contributed approximately 4.3% to comparable sales.
Operating income, which includes a $0.7 billion charge, increased 1.6% to $29.83B, but operating margin declined to 4.2% from 4.3%. Consolidated net income rose 10.5% to $22.27B.
Cash flow remained strong, with net cash provided by operating activities up 14.1% to $41.57B. The company continued to return capital to shareholders, repurchasing $8.09B of stock and paying $7.51B in dividends. In February 2026, Walmart's board approved a new $30.0 billion share repurchase authorization and declared a fiscal 2027 annual dividend of $0.99 per share, up from $0.94 per share in fiscal 2026.
Section-by-Section Diff
MD&A
Walmart's MD&A now discloses a share-based compensation charge at PhonePe and a new share repurchase authorization, while removing the prior year's VIZIO acquisition discussion.
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a charge of $0.7 billion related to modification of certain share-based compensation arrangements for our PhonePe subsidiary
The current MD&A discloses a charge related to modification of certain share-based compensation arrangements for the PhonePe subsidiary, which was not present in the prior year's MD&A.
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All repurchases made during fiscal 2025 were made under the current $20.0 billion share repurchase program approved in November 2022, which has no expiration date or other restrictions limiting the period over which the Company can make repurchases.
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In February 2026, the Board of Directors approved a new $30.0 billion share repurchase authorization, which has no expiration date or other restrictions limiting the period over which the Company can make repurchases, and beginning February 23, 2026, replaced the remaining capacity under the prior authorization.
The company replaced its prior share repurchase program with a new authorization in February 2026, significantly increasing the amount available for buybacks.
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We expect continued uncertainty in our business and the global economy due to inflationary trends; tariffs and trade restrictions; fluctuations in global currencies; swings in macroeconomic conditions and their effect on consumer confidence; volatility in employment trends; and supply chain pressures, any of which may impact our results.
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While we operate in a highly dynamic tariff environment, less than one third of what we sell in the U.S. is imported, with most of our imports coming from China, Mexico, Vietnam, India and Canada.
The current MD&A adds specific disclosure about the tariff environment, stating that less than one third of U.S. sales are imported and identifying key source countries, whereas the prior year only mentioned tariffs as a general uncertainty.
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For the fiscal year ending January 31, 2026 ("fiscal 2026"), we project capital expenditures will be approximately $21 billion to $25 billion, with a focus on technology, supply chain and customer-facing initiatives.
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For the fiscal year ending January 31, 2027 ("fiscal 2027"), we project capital expenditures will be approximately $25 billion to $27 billion, with a focus on technology, supply chain and customer-facing initiatives.
The company increased its capital expenditure guidance for the upcoming fiscal year, indicating higher planned investment.
Show 2 minor / wording changes
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Effective February 20, 2025, the Company approved the fiscal 2026 annual dividend of $0.94 per share, an increase over the fiscal 2025 annual dividend of $0.83 per share.
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Effective February 19, 2026, the Company approved the fiscal 2027 annual dividend of $0.99 per share, an increase over the fiscal 2026 annual dividend of $0.94 per share.
The annual dividend per share increased, consistent with the company's history of dividend growth.
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As of January 31, 2025, the Company has $37.2 billion of unrecorded purchase obligations outstanding, of which $15.9 billion is due within one year.
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As of January 31, 2026, the Company has $41.4 billion of unrecorded purchase obligations outstanding, of which $18.3 billion is due within one year.
Unrecorded purchase obligations increased, with the amount due within one year also rising, indicating higher committed future spending.
Risk Factors
Walmart's risk factors now emphasize AI and agentic platforms, tariffs, and new litigation, while removing opioid and driver platform litigation details.
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Price transparency, assortment of products, customer experience, convenience, ease and the speed and cost of shipping are of primary importance to customers and continue to increase in importance, particularly as a result of digital tools and social media available to consumers and the choices available to consumers for purchasing products.
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Customers are using digital means, including websites, captive and third-party digital applications, social media, and emerging agentic platforms to shop with us and our competitors and to do comparison shopping, and we use these digital means along with digital advertising, text messages and email to interact with our customers and enhance their shopping experience.
The current filing adds references to emerging agentic platforms and AI-powered search and discovery, reflecting increased reliance on AI in customer interactions and the associated risks.
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We have been responding to subpoenas, information requests and investigations from governmental entities related to nationwide controlled substance dispensing and distribution practices involving opioids. We are a defendant in numerous litigation proceedings related to opioids, including the multidistrict litigation entitled In re National Prescription Opiate Litigation (MDL No. 2804) currently pending in the U.S. District Court for the Northern District of Ohio, cases pending in various state and federal courts, and a lawsuit filed against us by the U.S. Department of Justice in the District of Delaware in 2020.
The detailed discussion of opioid-related litigation and investigations has been removed from the risk factors, possibly indicating resolution or a change in disclosure strategy.
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In addition, we have been responding to subpoenas, information requests and investigations from governmental entities regarding the independent contractor classification of drivers and payment and operational practices with respect to our driver platform, as well as defending putative class and representative action civil litigation relating to driver classification and defending other civil litigation and arbitration claims in connection with the driver platform. On December 23, 2024, the Consumer Financial Protection Bureau ("CFPB") filed a lawsuit against the Company and Branch Messenger, Inc. in the District of Minnesota alleging the Company violated the Consumer Financial Protection Act by allegedly requiring independent contractor drivers on the Spark platform to receive payments through a financial product offered by Branch.
The specific discussion of driver platform litigation and the CFPB lawsuit has been removed, suggesting the matter may have been resolved or is no longer considered material.
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We are increasingly named as a defendant in cases that allege novel theories of personal injury or economic loss from consumer products, including multidistrict litigation relating to acetaminophen and baby food. We are a defendant in a number of cases containing class, representative or collective action allegations in which the plaintiffs have brought claims under federal, state and local wage and hour and employment laws, as well as a number of cases containing class-action allegations in which the plaintiffs have brought claims under federal and state competition and consumer protection laws.
The current filing adds new examples of litigation, including multidistrict litigation relating to acetaminophen and baby food, and cases involving retail prices and supplier costs.
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We acquired VIZIO Holding Corp. and its subsidiaries (collectively "VIZIO") in December 2024. As part of its business, VIZIO collects certain consumer data, including viewing data from its opted-in internet-connected televisions. In 2017, VIZIO stipulated to the entry of a judgment in federal district court with the Federal Trade Commission and the New Jersey Attorney General to settle alleged violations related to certain of its business practices (the "VIZIO Order").
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VIZIO Holding Corp. and its subsidiaries (collectively "VIZIO") are subject to a stipulated order with the Federal Trade Commission and the New Jersey Attorney General until 2037 that requires VIZIO to comply with specified obligations related to VIZIO's collection and use of certain consumer data and information collected from a VIZIO internet-connected device.
The current filing updates the VIZIO disclosure to reflect the ongoing stipulated order and compliance obligations, removing the acquisition context and emphasizing the order's requirements.
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We experienced the impacts noted above during fiscal 2026 as a result of incremental import tariffs. We expect the dynamic tariff environment to continue, including in fiscal 2027, and cannot predict with certainty the future impact that this environment will have on our results of operations or financial performance, which could be material.
Notes
Walmart's notes disclose a new settlement with the FTC and states over its Spark Driver platform and the removal of opioid-related securities class actions and shareholder derivative litigation that were resolved in the prior year.
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On December 23, 2024, the Consumer Financial Protection Bureau ("CFPB") filed a lawsuit against the Company and Branch Messenger, Inc. in the District of Minnesota alleging the Company violated the Consumer Financial Protection Act by allegedly requiring independent contractor drivers on the Spark platform to receive payments through a financial product offered by Branch. The CFPB seeks an injunction and unspecified restitution, damages, and civil penalties. On February 20, 2025, the Court entered an order that indefinitely stays the case and vacates all deadlines.
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The Company, the Federal Trade Commission ("FTC") and certain states have reached a settlement regarding investigations into payment and operational practices of its Spark Driver platform pursuant to a stipulated order entered on March 3, 2026. Pursuant to the settlement and without admitting liability, the Company agreed to entry of a judgment of $100 million and to maintain certain programmatic practices and reporting obligations for a period of 10 years. Approximately $63 million of the judgment was suspended, pursuant to the terms of the stipulated order (reflecting amounts that have already been paid to drivers and other considerations reflected in the settlement), and the Company accrued the remainder of approximately $37 million as of January 31, 2026.
The Company replaced the CFPB lawsuit disclosure with a new settlement with the FTC and certain states, agreeing to a judgment and accruing a portion as of January 31, 2026. The settlement also imposes programmatic practices and reporting obligations for 10 years.
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The Company is the subject of two securities class actions alleging violations of the federal securities laws regarding the Company's disclosures with respect to opioids purportedly on behalf of a class of investors who acquired Walmart stock from March 31, 2017 through December 22, 2020. Those actions were filed in the U.S. District Court for the District of Delaware in 2021 and later consolidated. On April 8, 2024, the Court granted the Company's motion to dismiss these actions. On April 29, 2024, the plaintiffs appealed to the Third Circuit Court of Appeals, where the matter remains pending.
The disclosure of the opioid-related securities class actions was removed from the notes, indicating the matter has been resolved or is no longer considered material.
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Three shareholders of the Company filed a derivative action in the Delaware Court of Chancery alleging that certain current and former directors and officers breached their fiduciary duties by failing to adequately oversee the Company's distribution and dispensing of prescription opioids. This action was entitled Ontario Provincial Council of Carpenters' Pension Trust Fund, et al. v. Walton, et al., Delaware Court of Chancery, Case No. 2021-0827-JTL ("Ontario Action"). Other shareholders of the Company filed two derivative actions alleging that certain current and former directors and officers breached fiduciary duties and violated federal securities laws in connection with the Company's distribution and dispensing of prescription opioids. Those actions were entitled Abt v. Alvarez, et al., U.S. District Court for the District of Delaware, Case No. 21-cv-00172-CFC and Nguyen v. McMillon, et al., U.S. District Court for the District of Delaware, Case No. 21-cv-00551-CFC (collectively with the Ontario Action, the "Derivative Actions"). On May 5, 2023, the Walmart Board of Directors adopted resolutions creating a special litigation committee ("SLC") to investigate, review, and analyze the facts and circumstances surrounding the claims and allegations in the Derivative Actions and determine whether the prosecution of such claims is in Walmart's best interest.
The derivative litigation disclosure was removed, consistent with the settlement approved in December 2024 and dismissal of the actions in January 2025.
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The Company has responded to grand jury subpoenas issued by the United States Attorney's Office for the Middle District of Pennsylvania on behalf of the DOJ seeking documents regarding the Company's consumer fraud prevention program and anti-money laundering compliance related to the Company's money transfer services, where Walmart is an agent. The most recent subpoena was issued in August 2020. Walmart's responses to DOJ's subpoenas have been complete since 2021. The Company continues to cooperate with the DOJ's review. The Company has also responded to civil investigative demands from the United States Federal Trade Commission (the "FTC") in connection with the FTC's investigation related to money transfers and the Company's anti-fraud program in its capacity as an agent.
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The Company has responded to grand jury subpoenas issued by the United States Attorney's Office for the Middle District of Pennsylvania on behalf of the DOJ seeking documents regarding the Company's consumer fraud prevention program and anti-money laundering compliance related to the Company's money transfer services, where Walmart is an agent. The most recent subpoena was issued in August 2020. Walmart's responses to DOJ's subpoenas have been complete since 2021. While it has cooperated with the DOJ's review, the Company intends to vigorously defend this matter should the DOJ decide to pursue it further.
The FTC civil investigative demands and related complaint are no longer mentioned; the Company now states it will vigorously defend the DOJ matter if pursued.
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The Florida Health Sciences Center case pending in state court in Florida asserts claims on behalf of several hospital systems against the Company and other defendants, and this matter is scheduled for jury trial beginning on September 18, 2025.
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A jury trial in this matter commenced on September 18, 2025 and ended on December 8, 2025, at which time the Court declared a mistrial. The Court has scheduled retrial to commence on August 27, 2026.
The Florida Health Sciences Center case went to trial, ended in a mistrial, and a retrial is scheduled for August 27, 2026.
Show 2 minor / wording changes
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in addition to more recent requests for information from the Directorate of Enforcement to Flipkart for periods prior and subsequent to April 2016 regarding the Rules, including the most recent request in February 2025 (the "Requests").
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In addition, there have been more recent requests for information from the Directorate of Enforcement to Flipkart for periods prior and subsequent to April 2016 regarding the Rules, including the most recent request in April 2025 (the "Requests"), to which Flipkart has been responding.
The most recent request date was updated from February 2025 to April 2025, indicating ongoing regulatory activity.
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The Company intends to file a renewed motion to dismiss.
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The Company has filed a renewed motion to dismiss that is currently pending with the Court.
The Company has now filed the renewed motion to dismiss, which is pending.
Financial Statements
Primary statements as printed on the EDGAR filing (iXBRL face). Companyfacts is used only when a statement is not on the HTML face. Not generated by the model.
Consolidated Statements of Income
(Amounts in millions, except per share data)
| Description | Fiscal years ended January 31, 2026 | Fiscal years ended January 31, 2025 | Fiscal years ended January 31, 2024 |
|---|---|---|---|
| Revenues: | |||
| Net sales | 706,413 | 674,538 | 642,637 |
| Membership and other income | 6,750 | 6,447 | 5,488 |
| Total revenues | 713,163 | 680,985 | 648,125 |
| Costs and expenses: | |||
| Cost of sales | 535,395 | 511,753 | 490,142 |
| Operating, selling, general and administrative expenses | 147,943 | 139,884 | 130,971 |
| Operating income | 29,825 | 29,348 | 27,012 |
| Interest: | |||
| Debt | 2,318 | 2,249 | 2,259 |
| Finance lease | 481 | 479 | 424 |
| Interest income | (368) | (483) | (546) |
| Interest, net | 2,431 | 2,245 | 2,137 |
| Other (gains) and losses | (2,075) | 794 | 3,027 |
| Income before income taxes | 29,469 | 26,309 | 21,848 |
| Provision for income taxes | 7,199 | 6,152 | 5,578 |
| Consolidated net income | 22,270 | 20,157 | 16,270 |
| Consolidated net income attributable to noncontrolling interest | (377) | (721) | (759) |
| Consolidated net income attributable to Walmart | 21,893 | 19,436 | 15,511 |
| Net income per common share: | |||
| Basic net income per common share attributable to Walmart | 2.74 | 2.42 | 1.92 |
| Diluted net income per common share attributable to Walmart | 2.73 | 2.41 | 1.91 |
| Weighted-average common shares outstanding: | |||
| Basic | 7,983 | 8,041 | 8,077 |
| Diluted | 8,022 | 8,081 | 8,108 |
| Dividends declared per common share | 0.94 | 0.83 | 0.76 |
Consolidated Balance Sheets
(Amounts in millions)
| Description | As of January 31, 2026 | As of January 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 10,727 | 9,037 |
| Receivables, net | 11,172 | 9,975 |
| Inventories | 58,851 | 56,435 |
| Prepaid expenses and other | 4,124 | 4,011 |
| Total current assets | 84,874 | 79,458 |
| Property and equipment, net | 136,083 | 119,993 |
| Operating lease right-of-use assets | 14,750 | 13,599 |
| Finance lease right-of-use assets, net | 6,123 | 6,112 |
| Goodwill | 28,735 | 28,792 |
| Other long-term assets | 14,103 | 12,869 |
| Total assets | 284,668 | 260,823 |
| LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND SHAREHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Short-term borrowings | 6,596 | 3,068 |
| Accounts payable | 63,061 | 58,666 |
| Accrued liabilities | 31,187 | 29,345 |
| Accrued income taxes | 596 | 608 |
| Long-term debt due within one year | 3,542 | 2,598 |
| Operating lease obligations due within one year | 1,631 | 1,499 |
| Finance lease obligations due within one year | 856 | 800 |
| Total current liabilities | 107,469 | 96,584 |
| Long-term debt | 34,624 | 33,401 |
| Long-term operating lease obligations | 13,941 | 12,825 |
| Long-term finance lease obligations | 5,905 | 5,923 |
| Deferred income taxes and other | 16,549 | 14,398 |
| Commitments and contingencies | ||
| Redeemable noncontrolling interest | 293 | 271 |
| Shareholders' equity: | ||
| Common stock | 797 | 802 |
| Capital in excess of par value | 6,816 | 5,503 |
| Retained earnings | 104,774 | 98,313 |
| Accumulated other comprehensive loss | (12,770) | (13,605) |
| Total Walmart shareholders' equity | 99,617 | 91,013 |
| Nonredeemable noncontrolling interest | 6,270 | 6,408 |
| Total shareholders' equity | 105,887 | 97,421 |
| Total liabilities, redeemable noncontrolling interest, and shareholders' equity | 284,668 | 260,823 |
Consolidated Statements of Cash Flows
(Amounts in millions)
| Description | Fiscal years ended January 31, 2026 | Fiscal years ended January 31, 2025 | Fiscal years ended January 31, 2024 |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Consolidated net income | 22,270 | 20,157 | 16,270 |
| Adjustments to reconcile consolidated net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 14,203 | 12,973 | 11,853 |
| Investment (gains) and losses, net | (2,016) | 878 | 3,193 |
| Deferred income taxes | 2,277 | (635) | (175) |
| Other operating activities | 4,079 | 2,889 | 2,642 |
| Changes in certain assets and liabilities, net of effects of acquisitions and dispositions: | |||
| Receivables, net | (1,136) | (1,106) | (797) |
| Inventories | (1,443) | (2,755) | 2,017 |
| Accounts payable | 1,611 | 3,228 | 2,515 |
| Accrued liabilities | 1,607 | 379 | (1,324) |
| Accrued income taxes | 113 | 435 | (468) |
| Net cash provided by operating activities | 41,565 | 36,443 | 35,726 |
| Cash flows from investing activities: | |||
| Payments for property and equipment | (26,642) | (23,783) | (20,606) |
| Proceeds from the disposal of property and equipment | 106 | 432 | 250 |
| Proceeds from disposal of certain strategic investments | 927 | 4,080 | — |
| Payments for business acquisitions, net of cash acquired | (53) | (1,896) | (9) |
| Other investing activities | (688) | (212) | (922) |
| Net cash used in investing activities | (26,350) | (21,379) | (21,287) |
| Cash flows from financing activities: | |||
| Net change in short-term borrowings | 3,523 | 2,212 | 512 |
| Proceeds from issuance of long-term debt | 3,983 | — | 4,967 |
| Repayments of long-term debt | (2,625) | (3,468) | (4,217) |
| Dividends paid | (7,507) | (6,688) | (6,140) |
| Purchase of Company stock | (8,088) | (4,494) | (2,779) |
| Dividends paid to noncontrolling interest | (439) | (576) | (763) |
| Purchase of noncontrolling interest | — | — | (3,462) |
| Sale of subsidiary stock | 111 | 362 | 716 |
| Other financing activities | (2,511) | (2,170) | (2,248) |
| Net cash used in financing activities | (13,553) | (14,822) | (13,414) |
| Effect of exchange rates on cash, cash equivalents and restricted cash | 123 | (641) | 69 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 1,785 | (399) | 1,094 |
| Cash, cash equivalents and restricted cash at beginning of year | 9,536 | 9,935 | 8,841 |
| Cash, cash equivalents and restricted cash at end of year | 11,321 | 9,536 | 9,935 |
| Supplemental disclosure of cash flow information: | |||
| Income taxes paid | 5,364 | 5,884 | 5,879 |
| Interest paid | 2,793 | 2,739 | 2,519 |
Amounts as printed on the EDGAR/iXBRL face — (Amounts in millions, except per share data); (Amounts in millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
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