Walmart (WMT) revenue and profit, from its SEC filings
Every figure below is as Walmart Inc. filed it with the U.S. Securities and Exchange Commission in its annual (10-K) and quarterly (10-Q) reports. Latest filing: 10-Q filed August 28, 2026. Walmart's fiscal year ends on 31 January, so fiscal 2026 is mostly calendar 2025.
In short
Walmart is one of the largest companies in the world by revenue. It runs three segments: Walmart U.S., Walmart International and Sam's Club.
It sells at thin margins — a few cents of profit on every dollar of sales — so a small change in margin moves its profit a lot. Its revenue includes membership fees from Sam's Club and Walmart+.
Revenue went from $567.8B in fiscal 2022 to $706.4B in fiscal 2026 — growth of 5.6% a year on average.
In fiscal 2026 it was 4.7% higher than the year before.
Walmart kept 3.1% of its revenue as net profit in fiscal 2026, against 2.4% in fiscal 2022.
Free cash flow — operating cash flow minus capital expenditure — was $14.9B, less than its net income.
In its latest quarter (Q2 FY2027, to July 31, 2026) revenue was $186.1B, 5.9% more than a year earlier.
Revenue and profit by year
| Period | Revenue | Gross profit | Operating income | Net income | Net margin | Free cash flow | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|
| FY2026 to January 31, 2026 | $706.4B | $171.0B | $29.8B | $21.9B | 3.1% | $14.9B | $44.8B | $10.7B |
| FY2025 to January 31, 2025 | $674.5B | $162.8B | $29.3B | $19.4B | 2.9% | $12.7B | $39.1B | $9.04B |
| FY2024 to January 31, 2024 | $642.6B | $152.5B | $27.0B | $15.5B | 2.4% | $15.1B | $40.5B | $9.87B |
| FY2023 to January 31, 2023 | $605.9B | $142.2B | $20.4B | $11.7B | 1.9% | $12.0B | $39.2B | $8.63B |
| FY2022 to January 31, 2022 | $567.8B | $138.8B | $25.9B | $13.7B | 2.4% | $11.1B | $38.1B | $14.8B |
The latest quarters
| Period | Revenue | Gross profit | Operating income | Net income | Net margin | Free cash flow | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|
| Q2 FY2027 to July 31, 2026 | $186.1B | $47.3B | $9.38B | $6.37B | 3.4% | $7.47B | $50.4B | $11.5B |
| Q1 FY2027 to April 30, 2026 | $175.7B | $42.6B | $7.49B | $5.33B | 3.0% | −$1.95B | $51.5B | $10.7B |
| Q4 FY2026 to January 31, 2026 | $188.9B | $45.3B | $8.71B | $4.24B | 2.2% | $6.10B | $44.8B | $10.7B |
| Q3 FY2026 to October 31, 2025 | $177.8B | $43.1B | $6.70B | $6.14B | 3.5% | $1.88B | $46.4B | $10.6B |
| Q2 FY2026 to July 31, 2025 | $175.8B | $43.0B | $7.29B | $7.03B | 4.0% | $6.52B | $43.5B | $9.43B |
A quarter is taken as filed where the report states it; otherwise it is the year-to-date figure minus the one before it, which is how the fourth quarter (never filed on its own) is found.
What to watch in Walmart's statements
- Net margin, measured in fractions of a percent: that is where Walmart's profit is decided.
- Revenue growth in a mature business, where a few percent a year is a lot of dollars.
- Debt and cash, which a retailer this size uses to fund stores, stock and online delivery.
How to read these figures
- Revenue vs profit — why the top line and the bottom line tell different stories.
- Reading an earnings report — where these figures come from each quarter.
- How to read a company — what to look at first.
- P/E and its traps — and why this page shows no P/E: it needs the share price, which our licences keep inside the app.
Source: the company's filings with the U.S. Securities and Exchange Commission (EDGAR). Free cash flow is operating cash flow minus capital expenditure; total debt adds long-term debt (current and non-current), commercial paper and short-term borrowings, each as filed. A dash means the company did not file that line for the period. No share price, market value or estimate appears here: those are licensed market data, shown to members in the app.
Other companies
Questions
What was Walmart's revenue in fiscal 2026?
Walmart reported revenue of $706.4B for fiscal 2026, the year that ended on January 31, 2026, in its annual report (10-K) filed with the SEC.
Is Walmart profitable?
Yes. It reported net income of $21.9B in fiscal 2026, a net margin of 3.1% — 3 cents kept as profit from every dollar of revenue.
Has Walmart made a profit every year?
In each of the 5 fiscal years shown (fiscal 2022 to 2026), it reported a net profit.
What is Walmart's profit margin?
In fiscal 2026 its gross margin was 24.2% (revenue minus the direct cost of what it sold) and its net margin 3.1% (what was left after every cost, interest and tax).
How much debt does Walmart have?
At the end of fiscal 2026 it reported $44.8B of debt — long-term debt, including the part due within a year, plus commercial paper and short-term borrowings as filed — against $10.7B of cash and cash equivalents.
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