Revenue growth has been consistently positive, ranging from 2.5% to 7.3% over the last ten quarters, while gross margin has expanded from 24.6% in 2025Q4 to 26.1% in 2027Q2, indicating successful cost management despite a structurally thin operating margin of 5.0%.
Walmart Inc. (WMT) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 | Jan'08 | Jan'07 | Jan'06 | Jan'05 | Jan'04 | Jan'03 | Jan'02 | Jan'01 | Jan'00 | Jan'99 | Jan'98 | Jan'97 |
|---|
| Sales/Revenue | 735.84B | 713.16B | 680.99B | 648.13B | 611.29B | 572.75B | 559.15B | 523.96B | 514.4B | 500.34B | 485.87B | 482.13B | 485.65B | 476.29B | 468.65B | 446.51B | 421.85B | 408.08B | 404.25B | 377.02B | 348.65B | 312.1B | 284.31B | 258.68B | 246.53B | 205.82B | 193.29B | 166.81B | 139.21B | 119.3B | 106.15B |
| Revenue Growth % | 6.16% | 4.73% | 5.07% | 6.03% | 6.73% | 2.43% | 6.72% | 1.86% | 2.81% | 2.98% | 0.78% | -0.73% | 1.96% | 1.63% | 4.96% | 5.85% | 3.37% | 0.95% | 7.22% | 8.14% | 11.71% | 9.77% | 9.91% | 4.93% | 19.78% | 6.48% | 15.88% | 19.83% | 16.69% | 12.39% | 12.03% |
| Cost of Goods Sold | 550.18B | 535.39B | 511.75B | 490.14B | 463.72B | 429B | 420.31B | 394.61B | 385.3B | 373.4B | 361.26B | 360.98B | 365.09B | 358.07B | 352.3B | 334.99B | 314.95B | 304.11B | 303.94B | 284.14B | 264.15B | 237.65B | 216.83B | 198.75B | 191.84B | 159.1B | 150.25B | 129.66B | 108.72B | 93.44B | 83.66B |
| COGS % of Revenue | - | 75.07% | 75.15% | 75.62% | 75.86% | 74.9% | 75.17% | 75.31% | 74.9% | 74.63% | 74.35% | 74.87% | 75.17% | 75.18% | 75.17% | 75.02% | 74.66% | 74.52% | 75.19% | 75.36% | 75.76% | 76.14% | 76.27% | 76.83% | 77.82% | 77.3% | 77.73% | 77.73% | 78.1% | 78.32% | 78.82% |
| Gross Profit | 185.66B | 177.77B | 169.23B | 157.98B | 147.57B | 143.75B | 138.84B | 129.36B | 129.1B | 126.95B | 124.62B | 121.15B | 120.56B | 118.22B | 116.35B | 111.52B | 106.9B | 103.98B | 100.31B | 92.89B | 84.5B | 74.45B | 67.48B | 59.93B | 54.69B | 46.73B | 43.04B | 37.15B | 30.48B | 25.86B | 22.48B |
| Gross Margin % | 25.23% | 24.93% | 24.85% | 24.38% | 24.14% | 25.1% | 24.83% | 24.69% | 25.1% | 25.37% | 25.65% | 25.13% | 24.83% | 24.82% | 24.83% | 24.98% | 25.34% | 25.48% | 24.81% | 24.64% | 24.24% | 23.86% | 23.73% | 23.17% | 22.18% | 22.7% | 22.27% | 22.27% | 21.9% | 21.68% | 21.18% |
| Gross Profit Growth % | - | 5.04% | 7.12% | 7.06% | 2.65% | 3.54% | 7.33% | 0.2% | 1.7% | 1.87% | 2.87% | 0.48% | 1.98% | 1.61% | 4.34% | 4.32% | 2.81% | 3.65% | 8% | 9.93% | 13.49% | 10.34% | 12.59% | 9.59% | 17.04% | 8.56% | 15.87% | 21.85% | 17.87% | 15.02% | 11.38% |
| Operating Expenses | 153.38B | 147.94B | 139.88B | 130.97B | 127.14B | 117.81B | 116.29B | 108.79B | 107.15B | 106.51B | 101.85B | 97.04B | 93.42B | 91.35B | 88.63B | 85.03B | 81.36B | 79.98B | 77.55B | 70.93B | 63.89B | 55.74B | 50.18B | 44.91B | 41.04B | 35.15B | 31.55B | 28.84B | 23.94B | 20.7B | 18.27B |
| OpEx % of Revenue | - | 20.74% | 20.54% | 20.21% | 20.8% | 20.57% | 20.8% | 20.76% | 20.83% | 21.29% | 20.96% | 20.13% | 19.24% | 19.18% | 18.91% | 19.04% | 19.29% | 19.6% | 19.18% | 18.81% | 18.33% | 17.86% | 17.65% | 17.36% | 16.65% | 17.08% | 16.32% | 17.29% | 17.2% | 17.35% | 17.21% |
| Selling, General & Admin | 153.38B | 147.94B | 139.88B | 130.97B | 127.14B | 117.81B | 116.29B | 108.79B | 107.15B | 106.51B | 101.85B | 97.04B | 93.42B | 91.35B | 88.63B | 85.03B | 81.36B | 79.98B | 77.55B | 70.93B | 63.89B | 55.74B | 50.18B | 44.91B | 41.04B | 35.15B | 31.55B | 27.04B | 22.36B | 19.36B | 16.79B |
| SG&A % of Revenue | - | 20.74% | 20.54% | 20.21% | 20.8% | 20.57% | 20.8% | 20.76% | 20.83% | 21.29% | 20.96% | 20.13% | 19.24% | 19.18% | 18.91% | 19.04% | 19.29% | 19.6% | 19.18% | 18.81% | 18.33% | 17.86% | 17.65% | 17.36% | 16.65% | 17.08% | 16.32% | 16.21% | 16.06% | 16.23% | 15.82% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 32.28B | 29.82B | 29.35B | 27.01B | 20.43B | 25.94B | 22.55B | 20.57B | 21.96B | 20.44B | 22.76B | 24.11B | 27.15B | 26.87B | 27.73B | 26.49B | 25.54B | 24B | 22.77B | 21.95B | 20.5B | 18.71B | 17.3B | 15.03B | 13.29B | 11.58B | 11.31B | 8.31B | 6.55B | 5.16B | 4.41B |
| Operating Margin % | 4.39% | 4.18% | 4.31% | 4.17% | 3.34% | 4.53% | 4.03% | 3.93% | 4.27% | 4.08% | 4.69% | 5% | 5.59% | 5.64% | 5.92% | 5.93% | 6.05% | 5.88% | 5.63% | 5.82% | 5.88% | 6% | 6.08% | 5.81% | 5.39% | 5.63% | 5.85% | 4.98% | 4.7% | 4.33% | 4.15% |
| Operating Income Growth % | - | 1.63% | 8.65% | 32.23% | -21.26% | 15.05% | 9.63% | -6.33% | 7.44% | -10.22% | -5.56% | -11.21% | 1.02% | -3.08% | 4.66% | 3.72% | 6.42% | 5.42% | 3.71% | 7.1% | 9.53% | 8.17% | 15.14% | 13.01% | 14.82% | 2.37% | 36.13% | 26.93% | 26.81% | 17.11% | 7.2% |
| EBITDA | 38.87B | 44.03B | 42.32B | 38.87B | 31.37B | 36.6B | 33.7B | 31.55B | 32.63B | 30.97B | 32.84B | 33.56B | 36.32B | 35.74B | 36.2B | 34.6B | 33.18B | 31.16B | 29.51B | 28.27B | 25.96B | 23.36B | 21.48B | 18.88B | 16.73B | 14.87B | 14.18B | 10.68B | 8.42B | 6.8B | 5.87B |
| EBITDA Margin % | 5.28% | 6.17% | 6.21% | 6% | 5.13% | 6.39% | 6.03% | 6.02% | 6.34% | 6.19% | 6.76% | 6.96% | 7.48% | 7.5% | 7.72% | 7.75% | 7.87% | 7.64% | 7.3% | 7.5% | 7.44% | 7.48% | 7.56% | 7.3% | 6.79% | 7.22% | 7.34% | 6.4% | 6.05% | 5.7% | 5.53% |
| EBITDA Growth % | -8.49% | 4.03% | 8.89% | 23.88% | -14.28% | 8.61% | 6.8% | -3.31% | 5.39% | -5.72% | -2.13% | -7.6% | 1.62% | -1.27% | 4.64% | 4.26% | 6.5% | 5.6% | 4.38% | 8.91% | 11.12% | 8.72% | 13.82% | 12.85% | 12.5% | 4.87% | 32.71% | 26.92% | 23.87% | 15.76% | 8.4% |
| D&A (Non-Cash Add-back) | 7.35B | 14.2B | 12.97B | 11.85B | 10.95B | 10.66B | 11.15B | 10.99B | 10.68B | 10.53B | 10.08B | 9.45B | 9.17B | 8.87B | 8.48B | 8.11B | 7.64B | 7.16B | 6.74B | 6.32B | 5.46B | 4.64B | 4.18B | 3.85B | 3.43B | 3.29B | 2.87B | 2.38B | 1.87B | 1.63B | 1.46B |
| EBIT | 31.67B | 32.27B | 29.04B | 24.53B | 19.14B | 20.69B | 22.88B | 22.71B | 13.86B | 17.45B | 22.86B | 24.19B | 27.26B | 26.99B | 27.91B | 26.65B | 25.74B | 24.18B | 23.05B | 22.26B | 20.78B | 18.95B | 17.5B | 15.19B | 13.43B | 11.75B | 11.5B | 10.11B | 8.12B | 6.5B | 5.72B |
| Net Interest Income | -2B | -2.43B | -2.25B | -2.14B | -1.87B | -1.84B | -2.19B | -2.41B | -2.13B | -2.18B | -2.27B | -2.47B | -2.35B | -2.22B | -2.06B | -2.16B | -2B | -1.88B | -1.9B | -1.79B | -1.53B | -1.18B | -986M | -832M | -927M | -1.18B | -1.2B | -1.02B | -797M | -784M | -845M |
| Interest Income | 352M | 368M | 483M | 546M | 254M | 158M | 121M | 189M | 217M | 152M | 100M | 81M | 113M | 119M | 187M | 162M | 201M | 181M | 284M | 305M | 280M | 242M | 204M | 164M | 138M | 171M | 188M | 0 | 0 | 0 | 0 |
| Interest Expense | 2.35B | 2.8B | 2.73B | 2.68B | 2.13B | 1.99B | 2.31B | 2.6B | 2.35B | 2.33B | 2.37B | 2.55B | 2.46B | 2.33B | 2.25B | 2.32B | 2.21B | 2.06B | 2.18B | 2.1B | 1.81B | 1.42B | 1.19B | 996M | 1.06B | 1.35B | 1.38B | 1.02B | 797M | 784M | 845M |
| Other Income/Expense | -2.96B | -356M | -3.04B | -5.16B | -3.41B | -7.25B | -1.98B | -452M | -10.5B | -5.31B | -2.27B | -2.47B | -2.35B | -2.22B | -2.06B | -2.16B | -2B | -1.88B | -1.9B | -1.79B | -1.53B | -1.18B | -980M | -832M | -927M | -1.18B | -1.2B | 774M | 777M | 557M | 474M |
| Pretax Income | 29.32B | 29.47B | 26.31B | 21.85B | 17.02B | 18.7B | 20.56B | 20.12B | 11.46B | 15.12B | 20.5B | 21.64B | 24.8B | 24.66B | 25.66B | 24.33B | 23.54B | 22.12B | 20.87B | 20.16B | 18.97B | 17.54B | 16.32B | 14.19B | 12.37B | 10.4B | 10.12B | 9.08B | 7.32B | 5.72B | 4.88B |
| Pretax Margin % | 3.98% | 4.13% | 3.86% | 3.37% | 2.78% | 3.26% | 3.68% | 3.84% | 2.23% | 3.02% | 4.22% | 4.49% | 5.11% | 5.18% | 5.48% | 5.45% | 5.58% | 5.42% | 5.16% | 5.35% | 5.44% | 5.62% | 5.74% | 5.49% | 5.02% | 5.05% | 5.23% | 5.45% | 5.26% | 4.79% | 4.59% |
| Income Tax | 6.82B | 7.2B | 6.15B | 5.58B | 5.72B | 4.76B | 6.86B | 4.92B | 4.28B | 4.6B | 6.2B | 6.56B | 7.99B | 8.11B | 7.96B | 7.92B | 7.58B | 7.16B | 7.13B | 6.89B | 6.37B | 5.8B | 5.59B | 5.12B | 4.36B | 3.77B | 3.69B | 3.34B | 2.74B | 2.12B | 1.79B |
| Effective Tax Rate % | 23.25% | 24.43% | 23.38% | 25.53% | 33.64% | 25.44% | 33.35% | 24.43% | 37.36% | 30.42% | 30.27% | 30.31% | 32.2% | 32.87% | 31.01% | 32.57% | 32.2% | 32.35% | 34.18% | 34.18% | 33.56% | 33.09% | 34.25% | 36.06% | 35.23% | 36.22% | 36.5% | 36.75% | 37.42% | 36.98% | 36.78% |
| Net Income | 22.4B | 21.89B | 19.44B | 15.51B | 11.68B | 13.67B | 13.51B | 14.88B | 6.67B | 9.86B | 13.64B | 14.69B | 16.36B | 16.02B | 17B | 15.7B | 16.39B | 14.37B | 13.38B | 12.73B | 11.28B | 11.23B | 10.27B | 9.05B | 7.96B | 6.59B | 6.29B | 5.58B | 4.43B | 3.53B | 3.06B |
| Net Margin % | 3.04% | 3.07% | 2.85% | 2.39% | 1.91% | 2.39% | 2.42% | 2.84% | 1.3% | 1.97% | 2.81% | 3.05% | 3.37% | 3.36% | 3.63% | 3.52% | 3.89% | 3.52% | 3.31% | 3.38% | 3.24% | 3.6% | 3.61% | 3.5% | 3.23% | 3.2% | 3.26% | 3.34% | 3.18% | 2.96% | 2.88% |
| Net Income Growth % | 4.93% | 12.64% | 25.3% | 32.8% | -14.58% | 1.21% | -9.21% | 123.1% | -32.37% | -27.71% | -7.15% | -10.2% | 2.13% | -5.75% | 8.28% | -4.21% | 14.05% | 7.39% | 5.11% | 12.82% | 0.47% | 9.39% | 13.4% | 13.82% | 20.68% | 4.72% | 12.91% | 25.85% | 25.64% | 15.38% | 11.53% |
| Net Income (Continuing) | 22.5B | 22.27B | 20.16B | 16.27B | 11.29B | 13.94B | 13.71B | 15.2B | 7.18B | 10.52B | 14.29B | 15.08B | 16.81B | 16.55B | 17.7B | 16.41B | 15.96B | 14.96B | 13.73B | 13.27B | 12.61B | 11.73B | 10.73B | 9.07B | 8.01B | 6.63B | 6.42B | 5.75B | 4.58B | 3.6B | 3.08B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 181M | 144M | 52M | -21M | 1.03B | -79M | 146M | -132M | -905M | -177M | -215M | 193M | 137M | 144M | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 6.27B | 6.56B | 6.68B | 6.71B | 7.3B | 8.64B | 6.61B | 6.88B | 7.14B | 2.95B | 2.74B | 3.06B | 4.54B | 6.58B | 5.91B | 4.85B | 3.11B | 2.49B | 2.19B | 1.94B | 2.16B | 1.47B | 1.34B | 1.48B | 1.36B | 1.21B | 1.14B | 1.28B | 1.8B | 1.94B | 1.02B |
| EPS (Diluted) | 2.81 | 2.73 | 2.41 | 1.91 | 1.42 | 1.62 | 1.62 | 1.73 | 0.75 | 1.09 | 1.46 | 1.52 | 1.68 | 1.63 | 1.67 | 1.51 | 1.49 | 1.23 | 1.13 | 1.04 | 0.90 | 0.89 | 0.80 | 0.69 | 0.60 | 0.49 | 0.47 | 0.40 | 0.33 | 0.26 | 0.22 |
| EPS Growth % | 4.14% | 13.28% | 26.18% | 34.51% | -12.35% | 0% | -6.36% | 130.67% | -31.19% | -25.34% | -3.95% | -9.52% | 3.07% | -2.4% | 10.6% | 1.34% | 21.14% | 8.85% | 8.65% | 15.56% | 1.12% | 11.25% | 15.94% | 15% | 22.45% | 4.26% | 17.5% | 21.21% | 26.92% | 18.18% | 10% |
| EPS (Basic) | - | 2.74 | 2.42 | 1.92 | 1.43 | 1.63 | 1.63 | 1.74 | 0.76 | 1.10 | 1.47 | 1.53 | 1.69 | 1.63 | 1.68 | 1.51 | 1.49 | 1.24 | 1.13 | 1.04 | 0.90 | 0.89 | 0.80 | 0.69 | 0.60 | 0.49 | 0.47 | 0.40 | 0.33 | 0.26 | 0.22 |
| Diluted Shares Outstanding | 7.98B | 8.02B | 8.08B | 8.11B | 8.2B | 8.41B | 8.54B | 8.6B | 8.84B | 9.03B | 9.34B | 9.65B | 9.73B | 9.85B | 10.17B | 10.42B | 11.01B | 11.63B | 11.85B | 12.22B | 12.5B | 12.56B | 12.8B | 13.12B | 13.34B | 13.44B | 13.45B | 13.42B | 13.46B | 13.6B | 13.78B |
| Basic Shares Outstanding | 7.95B | 7.98B | 8.04B | 8.08B | 8.17B | 8.38B | 8.49B | 8.55B | 8.79B | 8.98B | 9.3B | 9.62B | 9.69B | 9.81B | 10.12B | 10.38B | 10.97B | 11.6B | 11.82B | 12.2B | 12.49B | 12.55B | 12.78B | 13.09B | 13.29B | 13.39B | 13.39B | 13.35B | 13.39B | 13.55B | 13.76B |
| Dividend Payout Ratio | - | 34.29% | 34.41% | 39.58% | 52.35% | 44.99% | 45.27% | 40.64% | 91.48% | 62.1% | 45.56% | 42.83% | 37.8% | 38.32% | 31.54% | 32.15% | 27.07% | 29.35% | 27.99% | 28.17% | 24.83% | 22.36% | 21.56% | 17.33% | 16.69% | 18.95% | 17% | 15.96% | 15.64% | 17.33% | 15.74% |
Quick answers to the most common questions about buying WMT stock.
For fiscal year 2026, Walmart Inc. (WMT) reported total revenue of $713.16B. This represents a 571.9% increase compared to $106.15B in 1997.
Walmart Inc. (WMT) is profitable, generating $21.89B in net income for the fiscal year ending 2026 with a net profit margin of 3.1%.
Walmart Inc. (WMT) reported an operating income of $29.82B, resulting in an operating profit margin of 4.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Walmart Inc. (WMT) generated $177.77B in gross profit for the year, representing a gross profit margin of 24.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin pressure from fulfillment costs
Metrics are mathematically derived from official filings.
Steady Growth Amidst Inflationary Tailwinds
Walmart's revenue growth has remained consistently positive, ranging from 2.5% to 7.3% over the last ten quarters, suggesting a stable demand profile for its essential goods mix. According to recent SEC filings, the company's growth appears driven by a combination of transaction volume and inflationary pricing, rather than a significant acceleration in unit demand.
The growth trajectory is remarkably stable, avoiding the sharp decelerations seen in more discretionary retail peers. This consistency underscores the defensive nature of Walmart's grocery-heavy basket, which provides a non-cyclical revenue base. However, the lack of significant acceleration suggests the company is capturing market share at a steady, rather than explosive, pace, and that future growth may be more dependent on digital and membership initiatives than on core store expansion.
Structural Margin Ceiling with Recent Expansion
Walmart's consolidated gross margin has expanded from 24.6% in 2025Q4 to 26.1% in 2027Q2, a notable improvement for a business of its scale. As reported in financial statements, this expansion suggests successful cost management and a favorable product mix, though the operating margin remains structurally thin at 5.0%.
The gross margin improvement is a positive signal, potentially indicating better procurement terms or a shift toward higher-margin categories like general merchandise and services. However, the operating margin's sensitivity is evident; a 100-basis-point move in gross margin translates to a significant percentage change in operating income. This highlights that Walmart's profitability is highly leveraged to small changes in input costs and pricing execution, making its 'Everyday Low Price' strategy a constant balancing act.
Operating Leverage Demonstrated in Recent Quarter
In 2027Q2, operating income grew 25.3% year-over-year on 5.9% revenue growth, indicating strong operating leverage. Based on EDBL's reported figures, this suggests that SG&A expenses grew at a slower rate than gross profit, allowing incremental revenue to flow more efficiently to the bottom line.
The leverage appears driven by disciplined overhead control, as SG&A as a percentage of revenue has trended slightly downward from 20.7% in 2025Q1 to 21.2% in 2027Q2, despite inflationary pressures. This operational efficiency is critical for a low-margin business, as it demonstrates management's ability to scale the cost structure. The durability of this leverage will depend on whether it stems from permanent productivity gains or temporary cost deferrals, particularly in labor and technology investments.
Volatile EPS Driven by Non-Operating Items
Diluted EPS has shown significant volatility, swinging from -42.3% growth in 2025Q2 to +57.1% in 2026Q2, despite more stable operating income trends. This pattern suggests that non-operating items, such as taxes, interest, or one-time gains/losses, are materially impacting reported profitability.
The disconnect between operating income growth and EPS growth indicates that the quality of earnings is influenced by factors outside core operations. Investors should scrutinize the tax rate and non-operating income line items to understand the sustainability of net income. The absence of stock-based compensation in the data is notable for a company of this size, which may simplify the earnings quality analysis but also warrants verification against official filings.
COGS Dominance and SG&A Discipline
Cost of Goods Sold consistently represents approximately 74% of total revenue, defining Walmart's high-volume, low-margin model. As reported in financial statements, the company has maintained SG&A expenses between 19-21% of revenue, demonstrating cost discipline despite investments in e-commerce and wage increases.
The cost structure is fundamentally fixed around the massive COGS line, leaving limited room for error. The primary lever for margin expansion is therefore SG&A efficiency and the growth of high-margin ancillary revenues like advertising and membership fees. The data shows no R&D expense, which is consistent with a retailer's profile but also implies that innovation is likely captured within SG&A or capital expenditures, requiring a closer look at the cash flow statement for a full picture of investment intensity.
Margin Expansion May Be Transitory
The recent improvement in gross and operating margins could be vulnerable to reversal if inflationary pressures re-accelerate or if the company is forced to increase promotional activity to defend market share. Based on reported figures, the margin gains have coincided with a period of strong revenue growth, which may not be sustainable.
A short-seller would focus on the risk that Walmart's margin expansion is cyclical rather than structural. The company's core strategy of Everyday Low Prices means it cannot perpetually widen margins without risking its value proposition. Furthermore, the heavy investment in fulfillment and automation, while necessary for long-term competitiveness, represents a significant capital drag that could pressure returns on invested capital if digital sales growth does not accelerate sufficiently to justify the spend.