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NASDAQ: WMT Walmart Inc. 10-Q

Walmart's total revenues rose 7.3% to $177.75B in the fiscal first quarter, and diluted earnings per share increased 19.6% to $0.67.

Filed May 29, 2026 · Period ending April 30, 2026 · Compared to 10-Q Jun 6, 2025 · ~1 min read

Key Financials

SEC XBRL
Metric PriorApr 30, 2025 CurrentApr 30, 2026 Δ
Revenue $165.6B $177.8B ▲ +7.3%
Net income $4.49B $5.33B ▲ +18.8%
Diluted EPS $0.56 $0.67 ▲ +19.6%
Operating income $7.13B $7.49B ▲ +5.0%
Cash & equivalents $9.31B $10.7B ▲ +15.2%
Long-term debt (noncurrent) $36.5B $36.9B ▲ +1.0%
Total assets $262.4B $289.6B ▲ +10.4%

As reported in XBRL by the filer · 10-Q vs 10-Q. Income figures cover the fiscal quarter (not year-to-date); cash & assets are period-end balances. n/m = not meaningful (sign change; a % would mislead). about this table · verify on EDGAR →

Key Number Changes

Share repurchase program authorization MD&A

Prior filing · verify on EDGAR →

All repurchases made during the three months ended April 30, 2025 were made under the current $20 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. As of April 30, 2025, authorization for $7.5 billion of share repurchases remained under the share repurchase program.

Current filing · verify on EDGAR →

In February 2026, the Company approved a new $30 billion share repurchase program, which beginning on February 23, 2026, replaced the previous share repurchase program. As of April 30, 2026, authorization for $28.2 billion of share repurchases remained under the current share repurchase program.

Dividend increase MD&A

Prior filing · verify on EDGAR →

Effective February 20, 2025, the Company approved the fiscal 2026 annual dividend of $0.94 per share, a 13% increase over the fiscal 2025 annual dividend of $0.83 per share.

Current filing · verify on EDGAR →

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.

3 key changes 1 high relevance 2 sections

Key Changes

  • medium

    Total revenues increased 7.3% to $177.75B.

    view on EDGAR →
  • high

    Net cash provided by operating activities fell 12.4% to $4.74B.

    view on EDGAR →
  • medium

    The company repurchased $2.08B of stock, down 54.3% from $4.56B a year earlier, and had $28.2 billion remaining under its new $30 billion share repurchase program.

    view on EDGAR →

Summary

Walmart's total revenues rose 7.3% to $177.75B in the fiscal first quarter, with net sales up 7.1% to $175.68B. Membership and other income increased 27.0% to $2.07B, reflecting 17.4% growth in membership fee revenue.

The company attributes the margin decline to certain business reorganization charges of $0.2 billion within the Walmart U.S. segment and Corporate and support related to strategic efforts to align our global platforms, as well as higher associate healthcare benefit costs related to increased enrollment and medical cost inflation in the U.S..

Net cash provided by operating activities decreased 12.4% to $4.74B, which the company attributes to timing of inventory receipts, partially offset by timing of certain payments and an increase in cash provided by operating income. Free cash flow was negative $1.9 billion, down from positive $425 million a year earlier. The company repurchased $2.08B of stock, down 54.3% from $4.56B, and had $28.2 billion remaining under its new $30 billion share repurchase program.

Section-by-Section Diff

MD&A

~8,200 words (+4% vs prior)

Walmart's MD&A now discloses participation in a U.S. Customs and Border Protection process for refunds of tariffs paid under the International Emergency Economic Powers Act, with no amounts recognized in the quarter.

1 Added 2 Modified 2 Numbers
Added Tariff refund claims high

Added in current filing · verify on EDGAR →

The Company is participating in the process established by the U.S. Customs and Border Protection for refunds of tariffs that the Company paid as the importer of record under the International Emergency Economic Powers Act. The timing, amounts and ultimate resolution of any refunds remain uncertain and subject to ongoing legal and administrative developments. Accordingly, the Company did not recognize any amounts related to these claims in the three months ended April 30, 2026.

The current MD&A adds a new disclosure that Walmart is seeking refunds of tariffs paid under IEEPA through a U.S. Customs and Border Protection process, but has not recognized any amounts due to uncertainty. This is a new contingent asset that could materially affect future results if refunds are received.

Substantive Edit Segment allocation methodology medium

Added in current filing · verify on EDGAR →

Beginning in February 2026, the Company updated its segment allocation methodology for certain corporate overhead allocations and, accordingly, revised the prior period amounts for comparability.

The current MD&A discloses a change in segment allocation methodology for corporate overhead, with prior period amounts revised. This affects comparability of segment operating income and should be considered when analyzing segment trends.

Number Change Share repurchase program authorization high

Previous filing · verify on EDGAR →

All repurchases made during the three months ended April 30, 2025 were made under the current $20 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. As of April 30, 2025, authorization for $7.5 billion of share repurchases remained under the share repurchase program.

Current filing · verify on EDGAR →

In February 2026, the Company approved a new $30 billion share repurchase program, which beginning on February 23, 2026, replaced the previous share repurchase program. As of April 30, 2026, authorization for $28.2 billion of share repurchases remained under the current share repurchase program.

Walmart replaced its $20 billion share repurchase program with a new $30 billion program, significantly increasing the authorized amount.

Number Change Dividend increase medium

Previous filing · verify on EDGAR →

Effective February 20, 2025, the Company approved the fiscal 2026 annual dividend of $0.94 per share, a 13% increase over the fiscal 2025 annual dividend of $0.83 per share.

Current filing · verify on EDGAR →

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 from $0.94 to $0.99, continuing Walmart's history of dividend growth.

Substantive Edit Sam's Club membership fee increase medium

Added in current filing · verify on EDGAR →

Effective May 1, 2026, Sam's Club U.S. increased its annual membership fees for Club and Plus memberships from $50 to $60 and from $110 to $120, respectively. The fee increase will benefit membership and other income in future periods, as membership fees are deferred and recognized ratably over the one-year membership term.

The current MD&A discloses a Sam's Club membership fee increase effective May 1, 2026, which will boost membership income in future periods. This is a new pricing action that could affect member retention and revenue.

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.

As filed

Condensed Consolidated Statements of Income (Unaudited)

(Amounts in millions, except per share data)

Description Three months ended April 30, 2026 Three months ended April 30, 2025
Revenues:
Net sales 175,684 163,981
Membership and other income 2,067 1,628
Total revenues 177,751 165,609
Costs and expenses:
Cost of sales 133,058 124,303
Operating, selling, general and administrative expenses 37,200 34,171
Operating income 7,493 7,135
Interest:
Debt 574 519
Finance lease 125 118
Interest income (79) (93)
Interest, net 620 544
Other (gains) and losses (275) 597
Income before income taxes 7,148 5,994
Provision for income taxes 1,658 1,355
Consolidated net income 5,490 4,639
Consolidated net income attributable to noncontrolling interest (160) (152)
Consolidated net income attributable to Walmart 5,330 4,487
Net income per common share:
Basic net income per common share attributable to Walmart 0.67 0.56
Diluted net income per common share attributable to Walmart 0.67 0.56
Weighted-average common shares outstanding:
Basic 7,969 8,011
Diluted 7,999 8,051
Dividends declared per common share 0.99 0.94

Condensed Consolidated Balance Sheets (Unaudited)

(Amounts in millions)

Description April 30, 2026 January 31, 2026 April 30, 2025
ASSETS
Current assets:
Cash and cash equivalents 10,729 10,727 9,311
Receivables, net 10,662 11,172 9,686
Inventories 62,570 58,851 57,467
Prepaid expenses and other 4,433 4,124 3,789
Total current assets 88,394 84,874 80,253
Property and equipment, net 137,789 136,083 121,261
Operating lease right-of-use assets 15,220 14,750 13,567
Finance lease right-of-use assets, net 6,033 6,123 6,056
Goodwill 28,152 28,735 28,866
Other long-term assets 14,019 14,103 12,369
Total assets 289,607 284,668 262,372
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term borrowings 10,673 6,596 5,595
Accounts payable 62,876 63,061 57,700
Dividends payable 5,921 — 5,660
Accrued liabilities 27,530 31,187 26,085
Accrued income taxes 1,174 596 1,465
Long-term debt due within one year 3,896 3,542 4,085
Operating lease obligations due within one year 1,662 1,631 1,539
Finance lease obligations due within one year 851 856 791
Total current liabilities 114,583 107,469 102,920
Long-term debt 36,887 34,624 36,520
Long-term operating lease obligations 14,388 13,941 12,797
Long-term finance lease obligations 5,822 5,905 5,878
Deferred income taxes and other 16,952 16,549 13,609
Commitments and contingencies
Redeemable noncontrolling interest 293 293 307
Shareholders' equity:
Common stock 796 797 799
Capital in excess of par value 6,898 6,816 5,441
Retained earnings 100,241 104,774 90,849
Accumulated other comprehensive loss (13,605) (12,770) (13,296)
Total Walmart shareholders' equity 94,330 99,617 83,793
Nonredeemable noncontrolling interest 6,352 6,270 6,548
Total shareholders' equity 100,682 105,887 90,341
Total liabilities, redeemable noncontrolling interest, and shareholders' equity 289,607 284,668 262,372

Condensed Consolidated Statements of Cash Flows (Unaudited)

(Amounts in millions)

Description Three months ended April 30, 2026 Three months ended April 30, 2025
Cash flows from operating activities:
Consolidated net income 5,490 4,639
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization 3,821 3,369
Investment (gains) and losses, net (260) 551
Deferred income taxes 640 (76)
Other operating activities 411 501
Changes in certain assets and liabilities, net of effects of acquisitions and dispositions:
Receivables, net 395 268
Inventories (3,833) (807)
Accounts payable 1,177 (310)
Accrued liabilities (3,351) (3,627)
Accrued income taxes 248 903
Net cash provided by operating activities 4,738 5,411
Cash flows from investing activities:
Payments for property and equipment (6,684) (4,986)
Proceeds from disposal of property and equipment 36 25
Other investing activities (89) (132)
Net cash used in investing activities (6,737) (5,093)
Cash flows from financing activities:
Net change in short-term borrowings 4,130 2,521
Proceeds from issuance of long-term debt 4,230 3,983
Repayments of long-term debt (1,504) —
Dividends paid (1,972) (1,880)
Purchase of Company stock (2,080) (4,555)
Other financing activities (476) (61)
Net cash provided by financing activities 2,328 8
Effect of exchange rates on cash, cash equivalents and restricted cash (331) 70
Net increase (decrease) in cash, cash equivalents and restricted cash (2) 396
Cash, cash equivalents and restricted cash at beginning of year 11,321 9,536
Cash, cash equivalents and restricted cash at end of period 11,319 9,932

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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View original filing on SEC.gov View full financials on EDGAR ↗

Figures/quotes linked to EDGAR · Narrative written by AI · May 29, 2026 · How we verify