Walmart Inc. (WMT) Q2 FY2027 Financial Statements: Revenue $187.94B, Net income $6.37B
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PeriodQ2 FY2027Q1 FY2027
Published
Walmart Inc. reported $187.94 billion in total revenues for Q2 FY2027, the quarter ended July 31, 2026, up 5.9% from a year earlier, and diluted earnings per share of $0.80. Operating income rose to $9.38 billion, up 28.8%, helped by approximately $2.9 billion of tariff refunds Walmart received during the quarter and recorded as a reduction of cost of sales, which lifted the gross margin on net sales to 25.4%. Net income attributable to Walmart still fell to $6.37 billion, down 9.4%, because other gains and losses below the operating line swung from a net gain a year earlier to a net loss on equity and other investments.
| Metric | Amount | vs. year ago |
|---|---|---|
| Revenue | $187,937,000,000 | up 5.9% |
| Net income | $6,366,000,000 | down 9.4% |
| Diluted EPS | $0.80 | down 9.1% |
| Operating income | $9,383,000,000 | up 28.8% |
| Gross margin on net sales | 25.4% | up 1.0 points |
| Tariff refunds in cost of sales | $2,900,000,000 |
About this file
| Ticker | WMT |
|---|---|
| CIK | 0000104169 |
| Company | Walmart Inc. |
| Business type | retailer |
| Reporting currency | USD |
| Converted to USD | no |
| Units | actual dollars (not millions); share counts in actual shares; per-share amounts in dollars |
WMT annual income statement, balance sheet and cash flow
| FY2026 (fiscal year ended January 31, 2026) | FY2025 (fiscal year ended January 31, 2025) | FY2024 (fiscal year ended January 31, 2024) | |
|---|---|---|---|
| Fiscal year | 2026 | 2025 | 2024 |
| Label | FY2026 (fiscal year ended January 31, 2026) | FY2025 (fiscal year ended January 31, 2025) | FY2024 (fiscal year ended January 31, 2024) |
| Period start | 2025-02-01 | 2024-02-01 | 2023-02-01 |
| Period end | 2026-01-31 | 2025-01-31 | 2024-01-31 |
| Period type | fiscal year | fiscal year | fiscal year |
| Source accession | 0000104169-26-000055 | 0000104169-26-000055 | 0000104169-26-000055 |
| Source form | 10-K filed 2026-03-13 | 10-K filed 2026-03-13 (comparative column) | 10-K filed 2026-03-13 (comparative column) |
| Income statement | |||
| Net sales | 706,413,000,000 | 674,538,000,000 | 642,637,000,000 |
| Membership and other income | 6,750,000,000 | 6,447,000,000 | 5,488,000,000 |
| Total revenues | 713,163,000,000 | 680,985,000,000 | 648,125,000,000 |
| Cost of sales | 535,395,000,000 | 511,753,000,000 | 490,142,000,000 |
| Gross profit derived | 171,018,000,000 | 162,785,000,000 | 152,495,000,000 |
| Gross margin on net sales % | 24.21% | 24.13% | 23.73% |
| Operating selling general and administrative expenses | 147,943,000,000 | 139,884,000,000 | 130,971,000,000 |
| Operating income | 29,825,000,000 | 29,348,000,000 | 27,012,000,000 |
| Operating margin on total revenues % | 4.18% | 4.31% | 4.17% |
| Interest on debt | 2,318,000,000 | 2,249,000,000 | 2,259,000,000 |
| Interest on finance leases | 481,000,000 | 479,000,000 | 424,000,000 |
| Interest income | -368,000,000 | -483,000,000 | -546,000,000 |
| Interest net | 2,431,000,000 | 2,245,000,000 | 2,137,000,000 |
| Other gains and losses | -2,075,000,000 | 794,000,000 | 3,027,000,000 |
| Income before income taxes | 29,469,000,000 | 26,309,000,000 | 21,848,000,000 |
| Provision for income taxes | 7,199,000,000 | 6,152,000,000 | 5,578,000,000 |
| Effective tax rate % | 24.43% | 23.38% | 25.53% |
| Consolidated net income | 22,270,000,000 | 20,157,000,000 | 16,270,000,000 |
| Net income attributable to noncontrolling interest | 377,000,000 | 721,000,000 | 759,000,000 |
| Net income attributable to walmart | 21,893,000,000 | 19,436,000,000 | 15,511,000,000 |
| Basic EPS | 2.74 | 2.42 | 1.92 |
| Diluted EPS | 2.73 | 2.41 | 1.91 |
| Weighted average basic shares | 7,983,000,000 | 8,041,000,000 | 8,077,000,000 |
| Weighted average diluted shares | 8,022,000,000 | 8,081,000,000 | 8,108,000,000 |
| Dividends declared per share | 0.94 | 0.83 | 0.76 |
| Balance sheet | |||
| Cash and cash equivalents | 10,727,000,000 | 9,037,000,000 | |
| Receivables net | 11,172,000,000 | 9,975,000,000 | |
| Inventories | 58,851,000,000 | 56,435,000,000 | |
| Prepaid expenses and other | 4,124,000,000 | 4,011,000,000 | |
| Total current assets | 84,874,000,000 | 79,458,000,000 | |
| Property and equipment net | 136,083,000,000 | 119,993,000,000 | |
| Operating lease right of use assets | 14,750,000,000 | 13,599,000,000 | |
| Finance lease right of use assets net | 6,123,000,000 | 6,112,000,000 | |
| Goodwill | 28,735,000,000 | 28,792,000,000 | |
| Other long term assets | 14,103,000,000 | 12,869,000,000 | |
| Total assets | 284,668,000,000 | 260,823,000,000 | 252,399,000,000 |
| Short term borrowings | 6,596,000,000 | 3,068,000,000 | |
| Accounts payable | 63,061,000,000 | 58,666,000,000 | |
| Accrued liabilities | 31,187,000,000 | 29,345,000,000 | |
| Accrued income taxes | 596,000,000 | 608,000,000 | |
| Long term debt due within one year | 3,542,000,000 | 2,598,000,000 | |
| Operating lease obligations due within one year | 1,631,000,000 | 1,499,000,000 | |
| Finance lease obligations due within one year | 856,000,000 | 800,000,000 | |
| Total current liabilities | 107,469,000,000 | 96,584,000,000 | |
| Long term debt | 34,624,000,000 | 33,401,000,000 | |
| Long term operating lease obligations | 13,941,000,000 | 12,825,000,000 | |
| Long term finance lease obligations | 5,905,000,000 | 5,923,000,000 | |
| Deferred income taxes and other | 16,549,000,000 | 14,398,000,000 | |
| Total liabilities derived | 178,488,000,000 | 163,131,000,000 | |
| Redeemable noncontrolling interest | 293,000,000 | 271,000,000 | |
| Common stock | 797,000,000 | 802,000,000 | 805,000,000 |
| Capital in excess of par value | 6,816,000,000 | 5,503,000,000 | 4,544,000,000 |
| Retained earnings | 104,774,000,000 | 98,313,000,000 | 89,814,000,000 |
| Accumulated other comprehensive loss | -12,770,000,000 | -13,605,000,000 | -11,302,000,000 |
| Total walmart shareholders equity | 99,617,000,000 | 91,013,000,000 | 83,861,000,000 |
| Nonredeemable noncontrolling interest | 6,270,000,000 | 6,408,000,000 | 6,488,000,000 |
| Total shareholders equity | 105,887,000,000 | 97,421,000,000 | 90,349,000,000 |
| Total debt borrowings only derived | 44,762,000,000 | 39,067,000,000 | |
| Total debt including finance leases derived | 51,523,000,000 | 45,790,000,000 | |
| Total debt including finance and operating leases derived | 67,095,000,000 | 60,114,000,000 | |
| Working capital derived | -22,595,000,000 | -17,126,000,000 | |
| Long term debt including amounts due within one year carrying value | 38,166,000,000 | 35,999,000,000 | |
| Long term debt including amounts due within one year fair value | 36,777,000,000 | 33,790,000,000 | |
| Coverage note | The FY2026 10-K's balance sheet presents only January 31, 2026 and January 31, 2025. These January 31, 2024 amounts are the ones that same 10-K does disclose elsewhere - total assets in the segment note and the equity components in the Consolidated Statements of Shareholders' Equity. A full January 31, 2024 balance sheet is not on the face of this filing. | ||
| Cash flow | |||
| Consolidated net income | 22,270,000,000 | 20,157,000,000 | 16,270,000,000 |
| Depreciation and amortization | 14,203,000,000 | 12,973,000,000 | 11,853,000,000 |
| Investment gains and losses net | -2,016,000,000 | 878,000,000 | 3,193,000,000 |
| Deferred income taxes | 2,277,000,000 | -635,000,000 | -175,000,000 |
| Other operating activities | 4,079,000,000 | 2,889,000,000 | 2,642,000,000 |
| Change in receivables net | -1,136,000,000 | -1,106,000,000 | -797,000,000 |
| Change in inventories | -1,443,000,000 | -2,755,000,000 | 2,017,000,000 |
| Change in accounts payable | 1,611,000,000 | 3,228,000,000 | 2,515,000,000 |
| Change in accrued liabilities | 1,607,000,000 | 379,000,000 | -1,324,000,000 |
| Change in accrued income taxes | 113,000,000 | 435,000,000 | -468,000,000 |
| Net cash provided by operating activities | 41,565,000,000 | 36,443,000,000 | 35,726,000,000 |
| Payments for property and equipment capex | -26,642,000,000 | -23,783,000,000 | -20,606,000,000 |
| Proceeds from disposal of property and equipment | 106,000,000 | 432,000,000 | 250,000,000 |
| Proceeds from disposal of certain strategic investments | 927,000,000 | 4,080,000,000 | n/a |
| Payments for business acquisitions net of cash acquired | -53,000,000 | -1,896,000,000 | -9,000,000 |
| Other investing activities | -688,000,000 | -212,000,000 | -922,000,000 |
| Net cash used in investing activities | -26,350,000,000 | -21,379,000,000 | -21,287,000,000 |
| Net change in short term borrowings | 3,523,000,000 | 2,212,000,000 | 512,000,000 |
| Proceeds from issuance of long term debt | 3,983,000,000 | n/a | 4,967,000,000 |
| Repayments of long term debt | -2,625,000,000 | -3,468,000,000 | -4,217,000,000 |
| Dividends paid | -7,507,000,000 | -6,688,000,000 | -6,140,000,000 |
| Purchase of company stock | -8,088,000,000 | -4,494,000,000 | -2,779,000,000 |
| Dividends paid to noncontrolling interest | -439,000,000 | -576,000,000 | -763,000,000 |
| Purchase of noncontrolling interest | n/a | n/a | -3,462,000,000 |
| Sale of subsidiary stock | 111,000,000 | 362,000,000 | 716,000,000 |
| Other financing activities | -2,511,000,000 | -2,170,000,000 | -2,248,000,000 |
| Net cash used in financing activities | -13,553,000,000 | -14,822,000,000 | -13,414,000,000 |
| Effect of exchange rates on cash | 123,000,000 | -641,000,000 | 69,000,000 |
| Net increase decrease in cash and restricted cash | 1,785,000,000 | -399,000,000 | 1,094,000,000 |
| Cash and restricted cash beginning of year | 9,536,000,000 | 9,935,000,000 | 8,841,000,000 |
| Cash and restricted cash end of year | 11,321,000,000 | 9,536,000,000 | 9,935,000,000 |
| Income taxes paid | 5,364,000,000 | 5,884,000,000 | 5,879,000,000 |
| Interest paid | 2,793,000,000 | 2,739,000,000 | 2,519,000,000 |
| Free cash flow | 14,923,000,000 | 12,660,000,000 | 15,120,000,000 |
| Free cash flow as reconciled by the company | 14,923,000,000 | 12,660,000,000 | 15,120,000,000 |
| Segments | |||
| Walmart US | |||
| Net sales | 482,975,000,000 | 462,415,000,000 | 441,817,000,000 |
| Membership and other income | 2,624,000,000 | 2,594,000,000 | 1,985,000,000 |
| Total revenues | 485,599,000,000 | 465,009,000,000 | 443,802,000,000 |
| Cost of sales | 350,360,000,000 | 336,451,000,000 | 323,563,000,000 |
| Operating selling general and administrative expenses | 110,081,000,000 | 104,676,000,000 | 98,085,000,000 |
| Operating income | 25,158,000,000 | 23,882,000,000 | 22,154,000,000 |
| Operating margin on total revenues % | 5.18% | 5.14% | 4.99% |
| Walmart international | |||
| Net sales | 130,423,000,000 | 121,885,000,000 | 114,641,000,000 |
| Membership and other income | 1,565,000,000 | 1,478,000,000 | 1,408,000,000 |
| Total revenues | 131,988,000,000 | 123,363,000,000 | 116,049,000,000 |
| Cost of sales | 102,576,000,000 | 95,267,000,000 | 89,831,000,000 |
| Operating selling general and administrative expenses | 24,309,000,000 | 22,595,000,000 | 21,309,000,000 |
| Operating income | 5,103,000,000 | 5,501,000,000 | 4,909,000,000 |
| Operating margin on total revenues % | 3.87% | 4.46% | 4.23% |
| Sams club US | |||
| Net sales | 93,015,000,000 | 90,238,000,000 | 86,179,000,000 |
| Membership and other income | 2,525,000,000 | 2,323,000,000 | 2,051,000,000 |
| Total revenues | 95,540,000,000 | 92,561,000,000 | 88,230,000,000 |
| Cost of sales | 82,459,000,000 | 80,035,000,000 | 76,748,000,000 |
| Operating selling general and administrative expenses | 10,639,000,000 | 10,122,000,000 | 9,290,000,000 |
| Operating income | 2,442,000,000 | 2,404,000,000 | 2,192,000,000 |
| Operating margin on total revenues % | 2.56% | 2.6% | 2.48% |
| Corporate and support | |||
| Membership and other income | 36,000,000 | 52,000,000 | 44,000,000 |
| Operating selling general and administrative expenses | 2,914,000,000 | 2,491,000,000 | 2,287,000,000 |
| Operating loss | -2,878,000,000 | -2,439,000,000 | -2,243,000,000 |
| Segment assets da and capex | |||
| Walmart US | |||
| Total assets | 165,627,000,000 | 150,006,000,000 | 137,782,000,000 |
| Depreciation and amortization | 9,390,000,000 | 8,549,000,000 | 7,671,000,000 |
| Capital expenditures | 20,157,000,000 | 16,466,000,000 | 13,877,000,000 |
| Walmart international | |||
| Total assets | 86,093,000,000 | 80,016,000,000 | 86,136,000,000 |
| Depreciation and amortization | 2,304,000,000 | 2,260,000,000 | 2,159,000,000 |
| Capital expenditures | 3,197,000,000 | 3,178,000,000 | 2,911,000,000 |
| Sams club US | |||
| Total assets | 17,186,000,000 | 16,862,000,000 | 15,682,000,000 |
| Depreciation and amortization | 782,000,000 | 706,000,000 | 642,000,000 |
| Capital expenditures | 914,000,000 | 1,212,000,000 | 1,041,000,000 |
| Corporate and support | |||
| Total assets | 15,762,000,000 | 13,939,000,000 | 12,799,000,000 |
| Depreciation and amortization | 1,727,000,000 | 1,458,000,000 | 1,381,000,000 |
| Capital expenditures | 2,374,000,000 | 2,927,000,000 | 2,777,000,000 |
| Disaggregated revenue | |||
| Walmart US net sales by merchandise category | |||
| Grocery | 285,482,000,000 | 276,003,000,000 | 264,210,000,000 |
| General merchandise | 115,060,000,000 | 113,921,000,000 | 113,985,000,000 |
| Health and wellness | 69,547,000,000 | 62,092,000,000 | 54,898,000,000 |
| Other | 12,886,000,000 | 10,399,000,000 | 8,724,000,000 |
| Total | 482,975,000,000 | 462,415,000,000 | 441,817,000,000 |
| Walmart US ecommerce net sales approx | 99,600,000,000 | 79,300,000,000 | 65,400,000,000 |
| Walmart international net sales by market | |||
| Mexico and central america | 52,492,000,000 | 51,970,000,000 | 49,726,000,000 |
| China | 24,623,000,000 | 19,975,000,000 | 17,011,000,000 |
| Canada | 23,724,000,000 | 23,035,000,000 | 22,639,000,000 |
| Other | 29,584,000,000 | 26,905,000,000 | 25,265,000,000 |
| Total | 130,423,000,000 | 121,885,000,000 | 114,641,000,000 |
| Walmart international ecommerce net sales approx | 35,800,000,000 | 29,500,000,000 | 24,800,000,000 |
| Sams club US net sales by merchandise category | |||
| Grocery | 64,706,000,000 | 61,253,000,000 | 57,565,000,000 |
| Fuel and other | 11,570,000,000 | 12,960,000,000 | 13,707,000,000 |
| General merchandise | 11,549,000,000 | 11,215,000,000 | 10,947,000,000 |
| Health and wellness | 5,190,000,000 | 4,810,000,000 | 3,960,000,000 |
| Total | 93,015,000,000 | 90,238,000,000 | 86,179,000,000 |
| Sams club US ecommerce net sales approx | 15,000,000,000 | 12,100,000,000 | 9,900,000,000 |
| Operating metrics | |||
| Calendar comparable sales with fuel % | |||
| Walmart US | 4.3 | 4.8 | 5.5 |
| Sams club US | 2.9 | 4.7 | 2.3 |
| Calendar comparable sales fuel impact % | |||
| Walmart US | 0.0 | -0.1 | |
| Sams club US | -1.9 | -1.5 | |
| Ecommerce contribution to comparable sales % | |||
| Walmart US | 4.3 | 2.9 | |
| Sams club US | 3.3 | 2.3 | |
| Revenues by geography | |||
| US operations | 581,175,000,000 | 557,622,000,000 | 532,076,000,000 |
| Non US operations | 131,988,000,000 | 123,363,000,000 | 116,049,000,000 |
| Total | 713,163,000,000 | 680,985,000,000 | 648,125,000,000 |
| Long lived assets by geography | |||
| US operations | 128,366,000,000 | 115,250,000,000 | 104,480,000,000 |
| Non US operations | 28,590,000,000 | 24,455,000,000 | 25,858,000,000 |
| Total | 156,956,000,000 | 139,705,000,000 | 130,338,000,000 |
| Retail unit counts as of 2026 01 31 | |||
| Walmart US supercenters | 3,566 | ||
| Walmart US discount stores | 351 | ||
| Walmart US neighborhood markets and other small formats | 694 | ||
| Walmart US total | 4,611 | ||
| Sams club US | 601 | ||
| US total | 5,212 | ||
| Walmart international retail | 5,398 | ||
| Walmart international wholesale | 345 | ||
| Walmart international total | 5,743 | ||
| Square feet thousands as of 2026 01 31 | |||
| Walmart US total | 698,708 | ||
| Sams club US | 80,502 | ||
| US total | 779,210 | ||
| Walmart international total | 277,619 | ||
| Sams club US total fuel related expenses | 8,700,000,000 | 9,900,000,000 | 10,600,000,000 |
WMT quarterly income statement, balance sheet and cash flow
| Q2 fiscal 2027 (three months ended July 31, 2026) | Q2 fiscal 2026 (three months ended July 31, 2025) - prior-year comparative | |
|---|---|---|
| Fiscal year | 2027 | 2026 |
| Fiscal quarter | Q2 | Q2 |
| Label | Q2 fiscal 2027 (three months ended July 31, 2026) | Q2 fiscal 2026 (three months ended July 31, 2025) - prior-year comparative |
| Period start | 2026-05-01 | 2025-05-01 |
| Period end | 2026-07-31 | 2025-07-31 |
| Period type | three months | three months |
| Source accession | 0000104169-26-000154 | 0000104169-26-000154 |
| Source form | 10-Q filed 2026-08-28 | 10-Q filed 2026-08-28 (comparative column) |
| Income statement | ||
| Net sales | 186,100,000,000 | 175,750,000,000 |
| Membership and other income | 1,837,000,000 | 1,652,000,000 |
| Total revenues | 187,937,000,000 | 177,402,000,000 |
| Cost of sales | 138,804,000,000 | 132,771,000,000 |
| Gross profit derived | 47,296,000,000 | 42,979,000,000 |
| Gross margin on net sales % | 25.41% | 24.45% |
| Operating selling general and administrative expenses | 39,750,000,000 | 37,345,000,000 |
| Operating income | 9,383,000,000 | 7,286,000,000 |
| Operating margin on total revenues % | 4.99% | 4.11% |
| Interest on debt | 137,000,000 | 651,000,000 |
| Interest on finance leases | 126,000,000 | 118,000,000 |
| Interest income | -92,000,000 | -94,000,000 |
| Interest net | 171,000,000 | 675,000,000 |
| Other gains and losses | 1,200,000,000 | -2,708,000,000 |
| Income before income taxes | 8,012,000,000 | 9,319,000,000 |
| Provision for income taxes | 1,483,000,000 | 2,168,000,000 |
| Effective tax rate % | 18.51% | 23.26% |
| Consolidated net income | 6,529,000,000 | 7,151,000,000 |
| Net income attributable to noncontrolling interest | 163,000,000 | 125,000,000 |
| Net income attributable to walmart | 6,366,000,000 | 7,026,000,000 |
| Basic EPS | 0.8 | 0.88 |
| Diluted EPS | 0.8 | 0.88 |
| Weighted average basic shares | 7,954,000,000 | 7,978,000,000 |
| Weighted average diluted shares | 7,978,000,000 | 8,016,000,000 |
| Dividends declared per share | 0.0 | 0.0 |
| Balance sheet | ||
| Cash and cash equivalents | 11,529,000,000 | 9,431,000,000 |
| Receivables net | 11,075,000,000 | 10,518,000,000 |
| Inventories | 61,600,000,000 | 57,729,000,000 |
| Prepaid expenses and other | 4,499,000,000 | 4,355,000,000 |
| Total current assets | 88,703,000,000 | 82,033,000,000 |
| Property and equipment net | 142,482,000,000 | 125,476,000,000 |
| Operating lease right of use assets | 15,650,000,000 | 13,953,000,000 |
| Finance lease right of use assets net | 6,178,000,000 | 6,128,000,000 |
| Goodwill | 28,260,000,000 | 29,060,000,000 |
| Other long term assets | 12,641,000,000 | 14,187,000,000 |
| Total assets | 293,914,000,000 | 270,837,000,000 |
| Short term borrowings | 10,479,000,000 | 3,837,000,000 |
| Accounts payable | 64,318,000,000 | 60,086,000,000 |
| Dividends payable | 3,949,000,000 | 3,783,000,000 |
| Accrued liabilities | 30,074,000,000 | 28,821,000,000 |
| Accrued income taxes | 746,000,000 | 620,000,000 |
| Long term debt due within one year | 3,470,000,000 | 4,011,000,000 |
| Operating lease obligations due within one year | 1,714,000,000 | 1,580,000,000 |
| Finance lease obligations due within one year | 880,000,000 | 828,000,000 |
| Total current liabilities | 115,630,000,000 | 103,566,000,000 |
| Long term debt | 36,462,000,000 | 35,640,000,000 |
| Long term operating lease obligations | 14,798,000,000 | 13,171,000,000 |
| Long term finance lease obligations | 5,952,000,000 | 5,947,000,000 |
| Deferred income taxes and other | 16,273,000,000 | 15,656,000,000 |
| Total liabilities derived | 189,115,000,000 | 173,980,000,000 |
| Redeemable noncontrolling interest | 293,000,000 | 307,000,000 |
| Common stock | 794,000,000 | 797,000,000 |
| Capital in excess of par value | 7,046,000,000 | 5,718,000,000 |
| Retained earnings | 103,601,000,000 | 96,328,000,000 |
| Accumulated other comprehensive loss | -13,203,000,000 | -12,733,000,000 |
| Total walmart shareholders equity | 98,238,000,000 | 90,110,000,000 |
| Nonredeemable noncontrolling interest | 6,268,000,000 | 6,440,000,000 |
| Total shareholders equity | 104,506,000,000 | 96,550,000,000 |
| Total debt borrowings only derived | 50,411,000,000 | 43,488,000,000 |
| Total debt including finance leases derived | 57,243,000,000 | 50,263,000,000 |
| Total debt including finance and operating leases derived | 73,755,000,000 | 65,014,000,000 |
| Working capital derived | -26,927,000,000 | -21,533,000,000 |
| Long term debt including amounts due within one year carrying value | 39,932,000,000 | |
| Long term debt including amounts due within one year fair value | 37,267,000,000 | |
| Supplier financing program obligations outstanding | 6,400,000,000 | 5,700,000,000 |
| Segments | ||
| Walmart US | ||
| Net sales | 125,189,000,000 | 120,911,000,000 |
| Membership and other income | 750,000,000 | 649,000,000 |
| Total revenues | 125,939,000,000 | 121,560,000,000 |
| Cost of sales | 88,351,000,000 | 87,237,000,000 |
| Operating selling general and administrative expenses | 29,468,000,000 | 27,591,000,000 |
| Operating income | 8,120,000,000 | 6,732,000,000 |
| Operating margin on total revenues % | 6.45% | 5.54% |
| Walmart international | ||
| Net sales | 35,198,000,000 | 31,201,000,000 |
| Membership and other income | 426,000,000 | 381,000,000 |
| Total revenues | 35,624,000,000 | 31,582,000,000 |
| Cost of sales | 27,659,000,000 | 24,472,000,000 |
| Operating selling general and administrative expenses | 6,526,000,000 | 5,876,000,000 |
| Operating income | 1,439,000,000 | 1,234,000,000 |
| Operating margin on total revenues % | 4.04% | 3.91% |
| Sams club US | ||
| Net sales | 25,713,000,000 | 23,638,000,000 |
| Membership and other income | 654,000,000 | 617,000,000 |
| Total revenues | 26,367,000,000 | 24,255,000,000 |
| Cost of sales | 22,794,000,000 | 21,062,000,000 |
| Operating selling general and administrative expenses | 2,895,000,000 | 2,723,000,000 |
| Operating income | 678,000,000 | 470,000,000 |
| Operating margin on total revenues % | 2.57% | 1.94% |
| Corporate and support | ||
| Membership and other income | 7,000,000 | 5,000,000 |
| Operating selling general and administrative expenses | 861,000,000 | 1,155,000,000 |
| Operating loss | -854,000,000 | -1,150,000,000 |
| Segment assets da and capex | ||
| Walmart US | ||
| Total assets | 172,301,000,000 | |
| Depreciation and amortization | 2,602,000,000 | 2,299,000,000 |
| Capital expenditures | 5,442,000,000 | 4,775,000,000 |
| Walmart international | ||
| Total assets | 87,968,000,000 | |
| Depreciation and amortization | 632,000,000 | 572,000,000 |
| Capital expenditures | 991,000,000 | 746,000,000 |
| Sams club US | ||
| Total assets | 18,203,000,000 | |
| Depreciation and amortization | 205,000,000 | 195,000,000 |
| Capital expenditures | 390,000,000 | 194,000,000 |
| Corporate and support | ||
| Total assets | 15,442,000,000 | |
| Depreciation and amortization | 486,000,000 | 421,000,000 |
| Capital expenditures | 674,000,000 | 708,000,000 |
| Consolidated | ||
| Total assets | 293,914,000,000 | |
| Depreciation and amortization | 3,925,000,000 | 3,487,000,000 |
| Capital expenditures | 7,497,000,000 | 6,423,000,000 |
| Disaggregated revenue | ||
| Walmart US net sales by merchandise category | ||
| Grocery | 74,130,000,000 | 71,092,000,000 |
| General merchandise | 29,728,000,000 | 29,458,000,000 |
| Health and wellness | 16,942,000,000 | 17,248,000,000 |
| Other | 4,389,000,000 | 3,113,000,000 |
| Total | 125,189,000,000 | 120,911,000,000 |
| Walmart US ecommerce net sales approx | 29,400,000,000 | 23,700,000,000 |
| Walmart international net sales by market | ||
| Mexico and central america | 14,331,000,000 | 12,546,000,000 |
| China | 7,416,000,000 | 5,786,000,000 |
| Canada | 6,379,000,000 | 6,114,000,000 |
| Other | 7,072,000,000 | 6,755,000,000 |
| Total | 35,198,000,000 | 31,201,000,000 |
| Walmart international ecommerce net sales approx | 9,900,000,000 | 8,300,000,000 |
| Sams club US net sales by merchandise category | ||
| Grocery | 17,223,000,000 | 16,417,000,000 |
| Fuel and other | 4,192,000,000 | 3,064,000,000 |
| General merchandise | 3,042,000,000 | 2,877,000,000 |
| Health and wellness | 1,256,000,000 | 1,280,000,000 |
| Total | 25,713,000,000 | 23,638,000,000 |
| Sams club US ecommerce net sales approx | 4,700,000,000 | 3,700,000,000 |
| Operating metrics | ||
| Calendar comparable sales with fuel % | ||
| Walmart US | 3.3 | 4.7 |
| Sams club US | 8.6 | 3.3 |
| Calendar comparable sales fuel impact % | ||
| Walmart US | 0.4 | -0.1 |
| Sams club US | 4.2 | -2.6 |
| Ecommerce contribution to comparable sales % | ||
| Walmart US | 4.9 | |
| Sams club US | 3.1 | |
| Unit counts at period end | ||
| Consolidated | 11,000 | 10,797 |
| Walmart US | 4,615 | 4,606 |
| Walmart international | 5,783 | 5,591 |
| Sams club US | 602 | 600 |
| Retail square feet millions at period end | ||
| Consolidated | 1,058 | 1,052 |
| Walmart US | 699 | 698 |
| Walmart international | 278 | 274 |
| Sams club US | 81 | 80 |
| Sams club US total fuel related cost of sales and sgna | 3,400,000,000 | 2,300,000,000 |
| Sams club US excluding fuel net sales | 22,139,000,000 | 21,185,000,000 |
| Sams club US excluding fuel operating income | 485,000,000 | 314,000,000 |
| Tariff refunds received recorded as reduction of cost of sales | 2,900,000,000 | |
| Non GAAP measures | ||
| Source accession | 0000104169-26-000145 | 0000104169-26-000145 |
| Source form | 8-K filed 2026-08-20, Exhibit 99.1 second quarter fiscal 2027 earnings release | 8-K filed 2026-08-20, Exhibit 99.1 second quarter fiscal 2027 earnings release (prior-year comparative) |
| Adjusted operating income | 9,383,000,000 | 7,876,000,000 |
| Adjusted operating income constant currency | 9,248,000,000 | |
| Adjusted operating income constant currency change % | 17.4% | |
| Adjusted diluted EPS | 0.81 | 0.68 |
| Adjusted effective tax rate % | 24.8% | 24.3% |
| Total revenues constant currency | 186,394,000,000 | |
| Net sales constant currency | 184,574,000,000 | |
| Operating income constant currency | 9,248,000,000 | |
| Currency exchange rate impact on total revenues | 1,543,000,000 | |
| Currency exchange rate impact on net sales | 1,526,000,000 | |
| Currency exchange rate impact on operating income | 135,000,000 | |
| Retail calendar comparable sales excluding fuel % | ||
| Walmart US | 2.6 | |
| Certain legal matters charge excluded | 440,000,000 | |
| Business reorganization charges excluded | 150,000,000 | |
| Shares outstanding on cover | 7,933,746,241 | |
| Shares outstanding as of | 2026-08-26 | |
| Cash flow availability note | Walmart's second-quarter Form 10-Q presents the condensed consolidated statement of cash flows for the six months ended July 31 only, and the second-quarter earnings release does the same, so no three-month cash flow statement is published for this quarter. The six-month cash flows are reported in the year_to_date block. Capital expenditures for the three months alone are published in the segment note and are shown above. | No three-month cash flow statement is published for this quarter either; the comparative six-month cash flows appear inside the year_to_date block. |
WMT year-to-date income statement and cash flow
| First half fiscal 2027 (six months ended July 31, 2026) | |
|---|---|
| Fiscal year | 2027 |
| Label | First half fiscal 2027 (six months ended July 31, 2026) |
| Period start | 2026-02-01 |
| Period end | 2026-07-31 |
| Period type | six months |
| Source accession | 0000104169-26-000154 |
| Source form | 10-Q filed 2026-08-28 |
| Income statement | |
| Net sales | 361,784,000,000 |
| Membership and other income | 3,904,000,000 |
| Total revenues | 365,688,000,000 |
| Cost of sales | 271,862,000,000 |
| Gross profit derived | 89,922,000,000 |
| Gross margin on net sales % | 24.86% |
| Operating selling general and administrative expenses | 76,950,000,000 |
| Operating income | 16,876,000,000 |
| Operating margin on total revenues % | 4.61% |
| Interest on debt | 711,000,000 |
| Interest on finance leases | 251,000,000 |
| Interest income | -171,000,000 |
| Interest net | 791,000,000 |
| Other gains and losses | 925,000,000 |
| Income before income taxes | 15,160,000,000 |
| Provision for income taxes | 3,141,000,000 |
| Effective tax rate % | 20.72% |
| Consolidated net income | 12,019,000,000 |
| Net income attributable to noncontrolling interest | 323,000,000 |
| Net income attributable to walmart | 11,696,000,000 |
| Basic EPS | 1.47 |
| Diluted EPS | 1.46 |
| Weighted average basic shares | 7,962,000,000 |
| Weighted average diluted shares | 7,989,000,000 |
| Dividends declared per share | 0.99 |
| Cash flow | |
| Consolidated net income | 12,019,000,000 |
| Depreciation and amortization | 7,746,000,000 |
| Investment gains and losses net | 947,000,000 |
| Deferred income taxes | 845,000,000 |
| Other operating activities | 816,000,000 |
| Change in receivables net | 9,000,000 |
| Change in inventories | -2,660,000,000 |
| Change in accounts payable | 1,648,000,000 |
| Change in accrued liabilities | -1,449,000,000 |
| Change in accrued income taxes | -211,000,000 |
| Net cash provided by operating activities | 19,710,000,000 |
| Payments for property and equipment capex | -14,181,000,000 |
| Proceeds from disposal of property and equipment | 124,000,000 |
| Proceeds from disposal of certain strategic investments | 42,000,000 |
| Other investing activities | -249,000,000 |
| Net cash used in investing activities | -14,264,000,000 |
| Net change in short term borrowings | 3,923,000,000 |
| Proceeds from issuance of long term debt | 4,230,000,000 |
| Repayments of long term debt | -2,303,000,000 |
| Dividends paid | -3,945,000,000 |
| Purchase of company stock | -5,104,000,000 |
| Other financing activities | -1,643,000,000 |
| Net cash used in financing activities | -4,842,000,000 |
| Effect of exchange rates on cash | 67,000,000 |
| Net increase decrease in cash and restricted cash | 671,000,000 |
| Cash and restricted cash beginning of period | 11,321,000,000 |
| Cash and restricted cash end of period | 11,992,000,000 |
| Free cash flow | 5,529,000,000 |
| Free cash flow as reconciled by the company | 5,529,000,000 |
| Segments | |
| Walmart US | |
| Net sales | 242,358,000,000 |
| Membership and other income | 1,676,000,000 |
| Total revenues | 244,034,000,000 |
| Cost of sales | 172,991,000,000 |
| Operating selling general and administrative expenses | 57,026,000,000 |
| Operating income | 14,017,000,000 |
| Operating margin on total revenues % | 5.74% |
| Walmart international | |
| Net sales | 70,308,000,000 |
| Membership and other income | 851,000,000 |
| Total revenues | 71,159,000,000 |
| Cost of sales | 55,346,000,000 |
| Operating selling general and administrative expenses | 12,772,000,000 |
| Operating income | 3,041,000,000 |
| Operating margin on total revenues % | 4.27% |
| Sams club US | |
| Net sales | 49,118,000,000 |
| Membership and other income | 1,328,000,000 |
| Total revenues | 50,446,000,000 |
| Cost of sales | 43,525,000,000 |
| Operating selling general and administrative expenses | 5,569,000,000 |
| Operating income | 1,352,000,000 |
| Operating margin on total revenues % | 2.68% |
| Corporate and support | |
| Membership and other income | 49,000,000 |
| Operating selling general and administrative expenses | 1,583,000,000 |
| Operating loss | -1,534,000,000 |
| Segment da and capex | |
| Walmart US | |
| Depreciation and amortization | 5,111,000,000 |
| Capital expenditures | 10,453,000,000 |
| Walmart international | |
| Depreciation and amortization | 1,263,000,000 |
| Capital expenditures | 1,812,000,000 |
| Sams club US | |
| Depreciation and amortization | 408,000,000 |
| Capital expenditures | 664,000,000 |
| Corporate and support | |
| Depreciation and amortization | 964,000,000 |
| Capital expenditures | 1,252,000,000 |
| Consolidated | |
| Depreciation and amortization | 7,746,000,000 |
| Capital expenditures | 14,181,000,000 |
| US capital expenditures by purpose | |
| Supply chain customer facing initiatives technology and other | 7,659,000,000 |
| Store and club remodels | 3,623,000,000 |
| New stores and clubs including expansions and relocations | 1,087,000,000 |
| Total US | 12,369,000,000 |
| Disaggregated revenue | |
| Walmart US net sales by merchandise category | |
| Grocery | 144,826,000,000 |
| General merchandise | 56,148,000,000 |
| Health and wellness | 33,297,000,000 |
| Other | 8,087,000,000 |
| Total | 242,358,000,000 |
| Walmart US ecommerce net sales approx | 56,400,000,000 |
| Walmart international net sales by market | |
| Mexico and central america | 28,178,000,000 |
| China | 15,870,000,000 |
| Canada | 12,106,000,000 |
| Other | 14,153,000,000 |
| Total | 70,307,000,000 |
| Walmart international ecommerce net sales approx | 19,600,000,000 |
| Sams club US net sales by merchandise category | |
| Grocery | 33,325,000,000 |
| Fuel and other | 7,635,000,000 |
| General merchandise | 5,691,000,000 |
| Health and wellness | 2,467,000,000 |
| Total | 49,118,000,000 |
| Sams club US ecommerce net sales approx | 8,800,000,000 |
| Operating metrics | |
| Calendar comparable sales with fuel % | |
| Walmart US | 3.8 |
| Sams club US | 7.3 |
| Calendar comparable sales fuel impact % | |
| Walmart US | 0.3 |
| Sams club US | 3.2 |
| Ecommerce contribution to comparable sales % | |
| Walmart US | 5.1 |
| Sams club US | 3.1 |
| Sams club US total fuel related cost of sales and sgna | 6,100,000,000 |
| Sams club US excluding fuel net sales | 42,656,000,000 |
| Sams club US excluding fuel operating income | 1,000,000,000 |
| Shares repurchased millions | 42.3 |
| Average price paid per share repurchased | 120.71 |
| Total amount paid for share repurchases | 5,104,000,000 |
| Share repurchase authorization remaining | 25,100,000,000 |
| Prior year comparative | |
| Fiscal year | 2026 |
| Label | First half fiscal 2026 (six months ended July 31, 2025) |
| Period start | 2025-02-01 |
| Period end | 2025-07-31 |
| Period type | six months |
| Source accession | 0000104169-26-000154 |
| Source form | 10-Q filed 2026-08-28 (comparative column) |
| Income statement | |
| Net sales | 339,731,000,000 |
| Membership and other income | 3,280,000,000 |
| Total revenues | 343,011,000,000 |
| Cost of sales | 257,074,000,000 |
| Gross profit derived | 82,657,000,000 |
| Gross margin on net sales % | 24.33% |
| Operating selling general and administrative expenses | 71,516,000,000 |
| Operating income | 14,421,000,000 |
| Operating margin on total revenues % | 4.2% |
| Interest on debt | 1,170,000,000 |
| Interest on finance leases | 236,000,000 |
| Interest income | -187,000,000 |
| Interest net | 1,219,000,000 |
| Other gains and losses | -2,111,000,000 |
| Income before income taxes | 15,313,000,000 |
| Provision for income taxes | 3,523,000,000 |
| Effective tax rate % | 23.01% |
| Consolidated net income | 11,790,000,000 |
| Net income attributable to noncontrolling interest | 277,000,000 |
| Net income attributable to walmart | 11,513,000,000 |
| Basic EPS | 1.44 |
| Diluted EPS | 1.43 |
| Weighted average basic shares | 7,994,000,000 |
| Weighted average diluted shares | 8,033,000,000 |
| Dividends declared per share | 0.94 |
| Cash flow | |
| Consolidated net income | 11,790,000,000 |
| Depreciation and amortization | 6,856,000,000 |
| Investment gains and losses net | -2,066,000,000 |
| Deferred income taxes | 1,551,000,000 |
| Other operating activities | 1,370,000,000 |
| Change in receivables net | -405,000,000 |
| Change in inventories | -659,000,000 |
| Change in accounts payable | 1,302,000,000 |
| Change in accrued liabilities | -1,453,000,000 |
| Change in accrued income taxes | 66,000,000 |
| Net cash provided by operating activities | 18,352,000,000 |
| Payments for property and equipment capex | -11,409,000,000 |
| Proceeds from disposal of property and equipment | 41,000,000 |
| Proceeds from disposal of certain strategic investments | 775,000,000 |
| Other investing activities | -606,000,000 |
| Net cash used in investing activities | -11,199,000,000 |
| Net change in short term borrowings | 759,000,000 |
| Proceeds from issuance of long term debt | 3,983,000,000 |
| Repayments of long term debt | -875,000,000 |
| Dividends paid | -3,755,000,000 |
| Purchase of company stock | -6,200,000,000 |
| Other financing activities | -905,000,000 |
| Net cash used in financing activities | -6,993,000,000 |
| Effect of exchange rates on cash | 181,000,000 |
| Net increase decrease in cash and restricted cash | 341,000,000 |
| Cash and restricted cash beginning of period | 9,536,000,000 |
| Cash and restricted cash end of period | 9,877,000,000 |
| Free cash flow | 6,943,000,000 |
| Free cash flow as reconciled by the company | 6,943,000,000 |
WMT trailing twelve month income statement and cash flow
| Trailing twelve months ended July 31, 2026 | |
|---|---|
| Label | Trailing twelve months ended July 31, 2026 |
| Period start | 2025-08-01 |
| Period end | 2026-07-31 |
| Period type | trailing twelve months |
| Source accession | 0000104169-26-000154 |
| Source form | derived from the FY2026 10-K (accession 0000104169-26-000055) and the Q2 FY2027 10-Q (accession 0000104169-26-000154) |
| Derivation | Fiscal 2026 full year plus the six months ended July 31, 2026 less the six months ended July 31, 2025, except for depreciation and amortization, which is taken directly from the trailing twelve month column Walmart prints in the 10-Q's return on investment table. |
| Income statement | |
| Net sales | 728,466,000,000 |
| Membership and other income | 7,374,000,000 |
| Total revenues | 735,840,000,000 |
| Cost of sales | 550,183,000,000 |
| Gross profit derived | 178,283,000,000 |
| Gross margin on net sales % | 24.47% |
| Operating selling general and administrative expenses | 153,377,000,000 |
| Operating income | 32,280,000,000 |
| Operating margin on total revenues % | 4.39% |
| Interest on debt | 1,859,000,000 |
| Interest on finance leases | 496,000,000 |
| Interest income | -352,000,000 |
| Interest net | 2,003,000,000 |
| Other gains and losses | 961,000,000 |
| Income before income taxes | 29,316,000,000 |
| Provision for income taxes | 6,817,000,000 |
| Effective tax rate % | 23.25% |
| Consolidated net income | 22,499,000,000 |
| Net income attributable to noncontrolling interest | 423,000,000 |
| Net income attributable to walmart | 22,076,000,000 |
| Basic EPS | 2.77 |
| Diluted EPS | 2.76 |
| Cash flow | |
| Depreciation and amortization | 15,094,000,000 |
| Net cash provided by operating activities | 42,923,000,000 |
| Payments for property and equipment capex | -29,414,000,000 |
| Free cash flow | 13,509,000,000 |
| Dividends paid | -7,697,000,000 |
| Purchase of company stock | -6,992,000,000 |
| Returns | |
| Return on assets % | 8.0% |
| Return on investment % | 15.4% |
| Average total assets | 282,376,000,000 |
| Average invested capital | 325,566,000,000 |
| Roi operating income | 50,285,000,000 |
| Prior year trailing twelve months return on assets % | 8.3% |
| Prior year trailing twelve months return on investment % | 15.1% |
Adjustments
| Value | |
|---|---|
| Splits applied | none |
| ADR ratio | n/a |
| FX | n/a |
Notes
- All figures are stated in actual dollars. Both source filings present their statements in millions: the FY2026 10-K income statement is headed '(Amounts in millions, except per share data)' and its balance sheet and cash flow statement '(Amounts in millions)'; the Q2 fiscal 2027 10-Q uses the same headings on its condensed statements. Every dollar amount here is the figure printed in the filing restated in full dollars. Per-share amounts and the cover-page share count stand at face value, being already expressed in dollars and whole shares.
- Coverage is exactly what the two source filings put on their face. The FY2026 10-K (accession 0000104169-26-000055) presents three years of income statement and cash flow (fiscal 2026, 2025 and 2024) and two balance sheet dates (January 31, 2026 and January 31, 2025); for January 31, 2024 only the items that 10-K discloses elsewhere are carried - total assets from the segment note and the equity components from the Consolidated Statements of Shareholders' Equity. The Q2 fiscal 2027 10-Q (accession 0000104169-26-000154) presents the three months ended July 31, 2026 and July 31, 2025, the six months ended those same dates, and balance sheets as of July 31, 2026, January 31, 2026 and July 31, 2025. The first quarter of fiscal 2027 is not a column in either filing and is therefore not repeated here; it remains published in its own quarterly record.
- Discrete three-month periods are held in the quarterly list; the six-month cumulative view is in the year_to_date block with its prior-year comparative nested inside it, and the twelve months ended July 31, 2026 are in the trailing_twelve_months block. The three annual figures come from the FY2026 10-K.
- Walmart's second-quarter 10-Q presents its condensed consolidated statement of cash flows for the six months ended July 31 only, and the second-quarter earnings release furnished with the 8-K of August 20, 2026 (accession 0000104169-26-000145) presents the same six-month view. No three-month statement of cash flows, and therefore no three-month operating cash flow or free cash flow, is published for this quarter by either filing. Rather than derive one by subtraction and present it as reported, the two quarterly entries carry no cash flow block; the six-month cash flows sit in the year_to_date block where they belong. Capital expenditures for the three months alone (7,497 million dollars in fiscal 2027 and 6,423 million a year earlier) are published in the 10-Q segment note and are recorded with the segment depreciation figures.
- The quarter's results are dominated by tariff refunds. Walmart received approximately $2.9 billion of refunds of tariffs it had paid as importer of record under the International Emergency Economic Powers Act during the three months ended July 31, 2026, recorded as a reduction of cost of sales, primarily in the Walmart U.S. segment. This is the main reason the consolidated gross profit rate rose 96 basis points to 25.4% of net sales and operating income grew 28.8%. The company states a significant portion of the refunds was reinvested into price during the quarter.
- Consolidated net income fell 8.7% to $6,529 million in the quarter even though operating income rose 28.8%, because other (gains) and losses swung from a $2,708 million net gain a year earlier to a $1,200 million net loss. Walmart states these are mainly changes in the fair value of its equity and other investments, driven by the underlying stock prices; the fair value of those investments fell $1.1 billion in the quarter. This is an investment-mark line, not an operating result.
- Interest on debt of $137 million for the quarter is unusually low against $651 million a year earlier. The 10-Q states that during the quarter the company recorded a $0.4 billion benefit to income tax expense and a $0.5 billion reduction of interest expense relating to changes in unrecognized tax benefits. The same matter is why the effective tax rate for the quarter was 18.5% against 23.3% a year earlier.
- Walmart does not present a gross profit line on the face of its income statement. The 'gross_profit_derived' figure is net sales less cost of sales, which is the company's own definition as stated in its results of operations tables, and it agrees with the gross profit those tables print ($47,296 million for the quarter and $89,922 million for the six months). Gross margin is expressed against net sales, not total revenues, because membership and other income carries no cost of sales. The company's cost of sales includes merchandise cost, inbound and outbound transportation and the cost of warehousing for Sam's Club, while store and club operating costs sit in operating, selling, general and administrative expenses.
- Total debt is not a line item in the filings. Three derived measures are given for each balance sheet date: borrowings only (short-term borrowings plus long-term debt due within one year plus long-term debt); borrowings plus finance lease obligations; and borrowings plus finance and operating lease obligations. At July 31, 2026 these are $50.4 billion, $57.2 billion and $73.8 billion respectively; the middle figure is the one the earnings release quotes as total debt. The 10-Q separately discloses that long-term debt including amounts due within one year had a carrying value of $39,932 million and a fair value of $37,267 million at July 31, 2026.
- Total liabilities is also derived, as the sum of the printed liability captions. Walmart's balance sheet totals assets against liabilities plus the redeemable noncontrolling interest plus shareholders' equity, so total assets exceed derived liabilities plus total shareholders' equity by the redeemable noncontrolling interest of $293 million at July 31, 2026 and $307 million at July 31, 2025.
- Free cash flow is Walmart's own non-GAAP definition - net cash provided by operating activities less payments for property and equipment - and the 10-Q reconciles it to $5,529 million for the six months ended July 31, 2026 against $6,943 million a year earlier. The decline is entirely capital spending: operating cash flow rose $1.4 billion while capital expenditures rose $2.8 billion.
- The trailing-twelve-month figures are derived here as fiscal 2026 plus the six months ended July 31, 2026 less the six months ended July 31, 2025, except for depreciation and amortization, which is taken directly from the trailing twelve month column Walmart prints in the 10-Q's return on investment table. Four figures in total tie to that column: consolidated net income of $22,499 million, operating income of $32,280 million and interest income of $352 million, each derived here and agreeing exactly, plus depreciation and amortization of $15,094 million taken from the column itself.
- Beginning in February 2026 the company updated its segment allocation methodology for certain corporate overhead allocations and revised the prior-period amounts for comparability. The quarterly and six-month segment operating income shown here for the fiscal 2026 periods is therefore the revised figure as presented in the Q2 fiscal 2027 10-Q, which will not tie to what was originally reported for those periods a year earlier. Consolidated operating income is unaffected. The annual segment figures come from the FY2026 10-K and are on the pre-revision basis.
- Comparable sales percentages in the quarterly, year_to_date and annual blocks are Walmart's calendar comparable sales, calculated on the company's fiscal calendar, as presented in the 10-K and 10-Q. The company notes these differ from the retail (4-5-4) calendar comparable sales it gives in its quarterly earnings releases; the retail-calendar figure of 2.6% excluding fuel for Walmart U.S. is recorded separately in the non-GAAP block for the quarter so the two bases are not confused.
- The non_gaap_measures blocks come from Exhibit 99.1 to the 8-K filed August 20, 2026 (accession 0000104169-26-000145), not from the 10-Q, and each block names that accession. Adjusted EPS of $0.81 for the quarter excludes a net $0.12 loss on equity and other investments and an $0.11 net benefit from the unrecognized tax benefit matter; adjusted operating income for the quarter equals reported operating income because there were no operating adjustments in the period.
- eCommerce net sales are disclosed by the company as approximate amounts stated to the nearest $0.1 billion (for example, 'approximately $29.4 billion' for Walmart U.S. in the quarter). They are recorded here at that stated precision and should be read as approximations, not as exact reported amounts.
- Walmart's 3-for-1 forward stock split took effect February 26, 2024. Both source filings present all per-share amounts and weighted-average share counts on a post-split basis, including the fiscal 2024 comparative column whose year ended January 31, 2024 - before the split date. No additional split adjustment has been applied here, and the per-share history is comparable across all periods shown. No currency conversion applies: Walmart reports in U.S. dollars. Walmart is not an American depositary receipt issuer, so no depositary ratio applies.
- Dividends declared per share is zero in both quarterly entries because Walmart declares its dividend once a year, in February, and pays it in four installments; the full $0.99 fiscal 2027 declaration falls in the first quarter and appears in the year_to_date block. Dividends paid of $3,945 million in the six months reflects the installments actually paid.
- Effective tax rate is derived as the provision for income taxes divided by income before income taxes, and agrees with the rates the 10-Q states: 18.5% and 20.7% for the three and six months ended July 31, 2026, against 23.3% and 23.0% a year earlier.
Uncertainties
- No three-month statement of cash flows exists for either second quarter. Operating cash flow, investing and financing cash flows and free cash flow for the discrete quarter cannot be read from any filing and have deliberately not been estimated by differencing. Only the six-month figures, in the year_to_date block, are reported amounts.
- In the 10-Q's disaggregated revenue table, Walmart International's six-month net sales by market total to $70,307 million, while the segment table and the results of operations discussion both print $70,308 million for the same period. The $1 million difference is rounding within the market-level breakdown. The consolidated and segment figures used here are the $70,308 million ones; the market breakdown is recorded as printed, so its own total reads $70,307 million.
- Trailing-twelve-month depreciation and amortization derived by period arithmetic is $15,093 million, while the 10-Q's return on investment table shows $15,094 million for the trailing twelve months ended July 31, 2026. The one million dollar difference is rounding in the underlying period figures. The figure recorded here is the $15,094 million the company prints.
- Trailing-twelve-month basic and diluted earnings per share of $2.77 and $2.76 are the sums of the reported period figures. They will differ slightly from net income divided by a trailing weighted-average share count, because the share count changed across the periods, and no such trailing weighted-average count is published; none is stated here.
- No full balance sheet as of January 31, 2024 appears in either filing, because the FY2026 10-K presents only two balance sheet dates. The fiscal 2024 balance sheet block is therefore partial - total assets and the equity components only - and cash, inventories, debt and the remaining line items for that date are not available from these filings.
- Segment operating income for the three and six months ended July 31, 2025 reflects the revised corporate-overhead allocation methodology adopted in February 2026. Comparing those periods' segment margins against the annual fiscal 2026 segment figures, which are on the earlier basis, is not strictly like for like. The size of the reallocation is not quantified in the 10-Q.
- Segment total assets are disclosed only as of July 31, 2026 and January 31, 2026, so the prior-year quarter carries segment depreciation and capital expenditures but no segment asset figures.
- The approximately $2.9 billion of tariff refunds received in the quarter are accounted for as gain contingencies recognized on realization. Walmart states these represent substantially all of the refunds it requested, but the timing and amount of anything further remains uncertain, and the company does not quantify how much of the refund was offset by the price investment it says it funded with it. The refund is not separately shown as a line item; it is embedded in cost of sales.
- The tariff refund and the unrecognized tax benefit release are both non-recurring, so the quarter's 25.4% gross margin, 5.0% operating margin, 18.5% tax rate and $137 million of debt interest are not a run rate.
- Retail unit counts and square footage are as of the period end dates given in the 10-Q's results of operations tables and are stated in whole units and millions of square feet respectively, as printed.
Company details
| Value | |
|---|---|
| Name | Walmart Inc. |
| Ticker | WMT |
| CIK | 0000104169 |
| Exchange | Nasdaq |
| State | Arkansas |
| Incorporation | Delaware |
| SIC | 5331 |
| Office | Trade & Services |
| Industry | Retail-Variety Stores |
Fiscal period
| FY2027 | |
|---|---|
| Fiscal year | 2027 |
| Fiscal period | Q2 |
| Tag | FY27Q2 |
| Period end | 2026-07-31 |
| Form | 10-Q |
| Accession | 0000104169-26-000154 |
| Fiscal year end | 0131 |
| Source | facts |
FAQ · Walmart financial statements
How much revenue did Walmart report in Q2 FY2027?
Walmart Inc. reported $187.94 billion in total revenues for Q2 FY2027, the quarter ended July 31, 2026. That is up 5.9% from $177.40 billion in the same quarter a year earlier.
Why did Walmart's net income fall in Q2 FY2027?
Net income attributable to Walmart was $6.37 billion in Q2 FY2027, down 9.4% from $7.03 billion a year earlier, even though operating income rose to $9.38 billion. The decline came from below the operating line, where other gains and losses swung from a net gain a year earlier to a net loss on fair value changes in equity and other investments.
How much did tariff refunds help Walmart in Q2 FY2027?
Walmart received approximately $2.9 billion of tariff refunds during Q2 FY2027 and recorded them as a reduction of cost of sales, lifting the gross margin on net sales to 25.4% and helping operating income reach $9.38 billion, up 28.8%. Walmart said a significant portion of the refunds was reinvested during the quarter, primarily through price investment.
What was Walmart's earnings per share in Q2 FY2027?
Walmart Inc. reported diluted earnings per share of $0.80 for Q2 FY2027, the quarter ended July 31, 2026, down 9.1% from $0.88 a year earlier. Net income attributable to Walmart was $6.37 billion on total revenues of $187.94 billion.
Where can I get Walmart Inc. (WMT) financial data in machine-readable form?
Ticker Scout publishes Walmart Inc.'s financial statements as JSON at https://tickerscout.ai/wmt/financials.json, free, with no API key and no signup. The 10-K and 10-Q narrative and the 8-K events digest are published as Markdown at https://tickerscout.ai/wmt/narrative.md and https://tickerscout.ai/wmt/events.md. Walmart Inc.'s SEC CIK is 0000104169. Every figure cites the SEC accession number it came from, so it can be checked against sec.gov.
When does Walmart Inc. (WMT) next file with the SEC?
Walmart Inc. (WMT) is expected to file its next Form 10-Q with the SEC on or around December 2, 2026. That date is a projection rather than a company-announced date: it is derived from Walmart Inc.'s own filing history with the SEC, by taking the date the company filed the same fiscal period a year earlier and adding 52 weeks. The most recent periodic report on file is the 10-Q for Q2 FY2027, the period ended 2026-07-31, SEC accession 0000104169-26-000154.
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How this page was built
This page was built from three of Walmart Inc.'s own filings with the SEC, read one at a time. Nothing on it is taken from a pre-tagged dataset, a data vendor or another website. The figures are on the company's own fiscal calendar and in actual dollars, as the filings report them. Where the filings do not support a figure, the record says so instead of reporting a zero; this period names 10 such gaps.
A single company files thousands of pages with the SEC in a year, and no two companies file them the same way, so the reading and the assembly here are done by AI rather than by rules that break on the differences. Every pass is then audited back against the filings it came from before the page is published, and anything the filings do not support is left out and named rather than filled in. AI can still make mistakes. That is why the accession numbers are printed: the filing is the authority, and this page is a route to it.
Published by Ticker Scout, an independent publisher of company filings data. About Ticker Scout · Disclaimer
Built from Walmart Inc.'s SEC filings by Ticker Scout; accession numbers are cited throughout so every figure can be checked against sec.gov. Free to cite with attribution: Ticker Scout (tickerscout.ai). Not investment advice, see the Disclaimer.