Walmart Inc. (WMT) — Company Research

Last Updated: 30 Sep 2026

Walmart Inc. (Nasdaq: WMT) is the world's largest retailer by revenue. It runs about 4,600 Walmart U.S. stores, about 5,700 international stores in 18 countries, 601 Sam's Club warehouse clubs, and a fast-growing eCommerce, marketplace and advertising business. The company is based in Bentonville, Arkansas, and moved its stock listing from the NYSE to Nasdaq on 9 Dec 2025.

In FY2026 (year to 31 Jan 2026), total revenues rose 4.7% to $713,163m and global eCommerce reached about $150bn. Q2 FY2027 revenue rose 5.9% to $187,937m and adjusted EPS was $0.81. On 20 Aug 2026 Walmart raised its full-year guidance, but US comparable sales slowed to 2.6% and the shares fell about 9% that day. John Furner became CEO on 1 Feb 2026, succeeding Doug McMillon.

This refresh draws on Walmart earnings releases (SEC 8-K exhibits), the FY2026 Form 10-K, the Q2 FY2027 Form 10-Q, SEC XBRL company facts and Form 4 filings, all retrieved on 30 Sep 2026. Follow the price on ChartsView Live Charts.

1. Company Snapshot

Field	Value
Full name	Walmart Inc.
Ticker	WMT (Nasdaq Global Select Market since 9 Dec 2025)
Sector	Consumer & Retail
Industry	Discount retail, warehouse clubs, eCommerce and retail media
Headquarters	Bentonville, Arkansas
Founded	1962 (first store in Rogers, Arkansas)
CEO / Leadership	John Furner (President and CEO since 1 Feb 2026); John David Rainey (EVP and CFO)
Market cap	~$847.3bn (7.93bn shares × $106.80 at the 29 Sep 2026 close)
Revenue (FY2026)	$713,163m total revenues (+4.7% YoY); net sales $706,413m
Net income (FY2026)	$21,893m GAAP (attributable to Walmart); diluted EPS $2.73
Employees	About 2.1 million associates at 31 Jan 2026 (about 1.6m US), per the FY2026 10-K
Dividend	$0.99 per share for FY2027 ($0.2475 quarterly), the 53rd consecutive annual increase

2. Bull Case vs Bear Case

Distilled from the full report below. Factual only, no ratings.

Bull Case

• High-margin growth engines: In Q2 FY2027 global eCommerce grew 23%, advertising 38% and membership fee revenue 17%. FY2026 advertising revenue was nearly $6.4bn.
• Guidance raised: On 20 Aug 2026 Walmart raised FY2027 guidance to net sales growth of 4.0–5.0% and adjusted EPS of $2.80–$2.87. Q2 operating income rose 28.8%.
• Scale and fulfilment: Stores fulfil about 80% of eCommerce orders. Delivery in under 30 minutes is available in 38 US markets, and drone delivery is expanding to about 20 markets.
• Steady capital returns: The dividend has risen for 53 years in a row. A $30bn buyback approved in Feb 2026 had $25.1bn remaining at 31 Jul 2026.

Bear Case

• Slowing US comparable sales: US comparable sales growth fell to 2.6% in Q2 FY2027, which CBS reported as the slowest in six years. The Q3 guide calls for net sales growth of just 3.0–3.75%.
• Premium valuation: The shares trade at about 39x trailing GAAP earnings and about 63x trailing free cash flow, high multiples for a grocery-led retailer.
• Tariff refund flattering margins: Q2 operating income included about $2.9bn of IEEPA tariff refunds. Walmart is putting that money back into lower prices, and a class action claims it should go to consumers.
• Rising capex, falling cash conversion: Capex guidance rose to about 4% of sales. Q2 free cash flow fell $1.4bn, and insiders, led by the Walton trust, sold more than $2bn of stock in 2026.

3. What Does This Company Actually Do?

Walmart sells groceries, general merchandise, health and wellness products and services. It sells through supercentres, neighbourhood markets, Sam's Club warehouses, online (walmart.com, Flipkart in India, and others) and a third-party marketplace. It also earns membership fees (Walmart+ and Sam's Club), advertising revenue (Walmart Connect, VIZIO and Vibe.co) and financial-services income.

Segment	% of revenue	What it is
Walmart U.S.	68.4% ($482,975m, +4.4%)	4,611 US supercentres, discount stores and neighbourhood markets, plus walmart.com, the marketplace and US advertising
Walmart International	18.5% ($130,423m, +7.0%)	About 5,743 stores across 18 countries, including Walmex (Mexico and Central America), Flipkart and PhonePe (India), Canada and China
Sam's Club U.S.	13.2% ($93,015m, +3.1%)	601 membership warehouse clubs and samsclub.com

Shares of FY2026 consolidated net sales of $706,413m, per the FY2026 Q4 release and 10-K. Total revenues of $713,163m also include $6,750m of membership and other income. International operating income fell to $5.1bn from $5.5bn, including an approximately $0.7bn non-cash PhonePe share-based charge.

4. The Business Model

How it makes money. Walmart runs a high-volume, low-margin model: everyday low prices, huge purchasing scale and fast inventory turnover. FY2026 operating income was $29,825m on $713bn of revenue, a margin of about 4.2%. Profit growth is increasingly coming from higher-margin income streams built on top of store traffic: advertising, membership fees, marketplace seller fees and fulfilment services.

Where the moat sits. Walmart's advantage rests on three things:

• logistics density: about 4,600 US stores within reach of most Americans, and 192 US distribution facilities;
• buying power as the largest US grocer;
• a customer base of its size, which makes its first-party shopper data valuable to advertisers.

Heavy automation spending is intended to lower unit costs further.

What changed in 2025–2026.

• Walmart moved its listing to Nasdaq in Dec 2025.
• John Furner became CEO on 1 Feb 2026.
• The company has leaned into AI shopping agents, including its Sparky assistant inside ChatGPT and a partnership with Google Gemini.
• After the Supreme Court struck down the IEEPA tariffs on 20 Feb 2026, Walmart received about $2.9bn of refunds, which it is reinvesting in lower prices.

5. Financial Health

Sources: Walmart quarterly and annual earnings releases (SEC 8-K exhibits), the FY2026 Form 10-K, the Q2 FY2027 Form 10-Q, and SEC XBRL company facts (data.sec.gov) for debt, cash, cash flow, D&A and operating income. The fiscal year ends 31 January. Per-share figures are adjusted for the 3-for-1 stock split in Feb 2024.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2022	$572,754m	+2.4%	$1.62	$2.15†	$0.73	$34,864m
FY2023	$611,289m	+6.7%	$1.42	$2.10†	$0.75	$34,649m
FY2024	$648,125m	+6.0%	$1.91	$2.22	$0.76	$36,132m
FY2025	$680,985m	+5.1%	$2.41	$2.51	$0.83	$33,401m
FY2026	$713,163m	+4.7%	$2.73	$2.64	$0.94	$34,624m

Revenue is total revenues (net sales plus membership and other income). FY2021 total revenues were $559,151m (the base for the FY2022 YoY). † FY2022 and FY2023 adjusted EPS are the reported pre-split figures ($6.46 and $6.29) divided by 3. Dividend/share is dividends declared per share in the fiscal year, split-adjusted. Long-term debt is the noncurrent portion at year-end, from SEC XBRL (LongTermDebtNoncurrent), excluding lease obligations.

Quarterly results (most recent first)

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q2 FY2027 (to 31 Jul 2026)	$187,937m	$0.81	$0.80
Q1 FY2027 (to 30 Apr 2026)	$177,751m	$0.66	$0.67
Q4 FY2026 (to 31 Jan 2026)	$190,656m	$0.74	$0.53
Q3 FY2026 (to 31 Oct 2025)	$179,496m	$0.62	$0.77
H1 FY2026 (Q1 + Q2)‡	$343,011m	$1.28	$1.43
FY2026 total	$713,163m	$2.64	$2.73

‡ H1 FY2026 revenue and GAAP EPS are from the Q2 FY2026 10-Q. H1 adjusted EPS is derived as the FY2026 total less Q3 and Q4, so it is approximate. Walmart U.S. comparable sales: Q2 FY2027 +2.6%, Q1 FY2027 +4.1%.

Cash flow and balance sheet.

• Cash flow (FY2026).
  • Operating cash flow was $41,565m and capital expenditure $26,642m, giving free cash flow of $14,923m.
  • Depreciation and amortisation was $14,203m, and operating income was $29,825m.
  • Walmart bought back 85.0m shares for $8.1bn.
• Cash flow (H1 FY2027). Operating cash flow was $19,710m and capex $14,181m, against $11,409m a year earlier.
• Balance sheet at 31 Jul 2026.
  • Cash and cash equivalents were $11,529m.
  • Short-term borrowings were $10,479m, long-term debt due within one year $3,470m and noncurrent long-term debt $36,462m, a total of about $50.4bn.
  • Noncurrent finance lease obligations of $5,952m are excluded from that total.
• FY2027 guidance (raised 20 Aug 2026, constant currency):
  • net sales growth of 4.0–5.0%;
  • adjusted operating income growth of 7.0–8.5%;
  • adjusted EPS of $2.80–$2.87;
  • capex of about 4.0% of net sales.

6. Valuation & Market Data

Raw metrics, September 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$847.3bn (7.93bn shares × $106.80 at the 29 Sep 2026 close)
Enterprise value	~$886.2bn. Calculated as market cap ~$847.3bn + total debt ~$50.4bn (short-term borrowings $10.5bn + current long-term debt $3.5bn + noncurrent long-term debt $36.5bn) − cash ~$11.5bn, per the 31 Jul 2026 balance sheet. Lease liabilities are excluded
Trailing P/E (GAAP)	~38.7x ($106.80 / TTM GAAP diluted EPS of $2.76, Q3 FY2026 to Q2 FY2027). On TTM adjusted EPS of about $2.83 the multiple is ~37.7x
P/E (forward)	~37.7x ($106.80 / midpoint of FY2027 adjusted EPS guidance, $2.835)
P/S (TTM)	~1.15x (market cap / TTM total revenues of $735.8bn, Q3 FY2026 to Q2 FY2027)
EV/EBITDA (TTM)	~18.7x (EV ~$886.2bn / TTM EBITDA ~$47.4bn). EBITDA = TTM operating income $32.3bn + TTM depreciation and amortisation $15.1bn, from XBRL. TTM operating income includes the Q2 FY2027 tariff-refund benefit, which Walmart says it is reinvesting in price
P/FCF	~63x. Calculated as market cap ~$847.3bn / TTM FCF ~$13.5bn, where FCF = operating CF $42.9bn − capex $29.4bn (FY2026 less H1 FY2026 plus H1 FY2027). On FY2026 FCF of $14.9bn the multiple is ~57x
52-week high	$135.16
52-week low	$98.88
Short interest (% of float)	1.02% (80.6m shares, settlement date 15 Sep 2026, per MarketBeat)
Days to cover	3.9 (MarketBeat, 15 Sep 2026)
Dividend yield	~0.93% ($0.99 annual / $106.80)

Share-price-based metrics use the 29 Sep 2026 close, when the shares were about 21% below their 52-week high. For live prices see ChartsView Live Charts.

7. What Are They Building

An automated supply chain. FY2026 capex was $26.6bn, and FY2027 capex is guided at about 4% of net sales. Most of this goes to supply-chain automation and technology. Walmart has started combining the Sam's Club and Walmart U.S. supply chains. Stores fulfil about 80% of eCommerce orders, and delivery in under 30 minutes is available in 38 US markets.

AI and agentic commerce. Walmart's Sparky assistant has run inside ChatGPT since late Mar 2026, and a Google Gemini partnership was announced on 11 Jan 2026. Walmart says Sparky users spend about 40% more per order. In India, Google began testing direct purchases from Flipkart inside Gemini and AI Mode on 26 Sep 2026. As it expands digital shelf labels, Furner has said Walmart will not use personal data to set prices.

Drone delivery. With Wing, Walmart plans 150 more drone-delivery stores in 2026 and a network of more than 270 locations reaching over 40 million Americans by 2027. Seven new metro areas were added on 8 Jun 2026.

Advertising and marketplace. Walmart Connect grew 43% in Q2 FY2027, excluding VIZIO. Walmart completed its purchase of Vibe.co, a self-serve streaming-TV advertising platform, on 4 Aug 2026 (the WSJ reported a price of about $1.4bn). Marketplace growth was above 50% in early 2026, per management at a Sep 2026 investor conference.

8. Competitive Landscape

Peer	Market cap (Sep 2026)	Key 2025 metric
Amazon (AMZN)	~$2.66tn (29 Sep 2026)	2025 net sales $716.9bn, +12% (Amazon Q4 2025 release)
Costco (COST)	~$409.0bn (25 Sep 2026)	FY2025 (to 31 Aug 2025) net sales $269.9bn, +8.1% (Costco FY2025 release)
Target (TGT)	~$70.9bn (about 25 Sep 2026)	FY2025 net sales $104.8bn, −1.7%; comparable sales −2.6% (Target FY2025 release)
Kroger (KR)	~$36.3bn (14 Sep 2026)	FY2025 identical sales ex-fuel +2.9%; adjusted EPS $4.85 (Kroger FY2025 release)

Market caps are from stockanalysis.com quote pages on the dates shown. Walmart's FY2026 total revenues of $713.2bn are close to Amazon's 2025 net sales. Walmart competes with Amazon in eCommerce and advertising, with Costco through Sam's Club, and with Target and Kroger in general merchandise and grocery.

9. Leadership and Ownership

John Furner has been President and CEO since 1 Feb 2026, succeeding Doug McMillon, who stayed on the board until the 2026 annual meeting. John David Rainey is EVP and CFO, and Dave Guggina leads Walmart U.S. The Walton family remains the controlling holder; the Walton Family Holdings Trust held about 502.3m shares after its June 2026 sales. Every insider transaction found in 2026 was a sale; there were no open-market purchases.

Name	Date	Type	Shares	Price	Value	Plan Type
John Furner (President and CEO)	17 Sep 2026	Sale	13,125	~$106.66	~$1.40m	10b5-1
Christopher Nicholas (EVP)	17 Sep 2026	Sale	2,900	~$106.65	~$0.31m	10b5-1
Daniel Bartlett (EVP)	01 Sep 2026	Sale	3,950	$105.14	~$0.42m	10b5-1
Daniel Danker (EVP)	26 Aug 2026	Sale	50,644	$105.35	~$5.34m	10b5-1
Christopher Nicholas (EVP)	20 Aug 2026	Sale	2,900	$106.34	~$0.31m	Not confirmed
Daniel Bartlett (EVP)	03 Aug 2026	Sale	3,710	$113.10	~$0.42m	Not confirmed
Walton Family Holdings Trust (10% owner)	16 Jun 2026	Sale	4,424,704	$120.99–$122.42	~$535.8m	No 10b5-1 footnote

Sources: SEC Form 4 filings via EDGAR and openinsider.com. The Walton trust also sold stock on eight earlier dates between 23 Feb and 2 Jun 2026.

10. Risks and Challenges

• Consumer weakness and fuel (Macro): Management saw shoppers trading down in June, when petrol topped $4. Incremental fuel costs are about $2bn, and US comparable sales slowed to 2.6% in Q2 FY2027.
• Tariffs and the refund dispute (Regulatory): The $2.9bn tariff refund boosted Q2 margins, but Walmart is reinvesting it in price during the second half. The class action Glase v. Walmart (N.D. Ohio, filed 27 Apr 2026) claims Walmart could keep about $10.2bn of refunds after passing tariffs on to shoppers.
• Margin pressure (Financial): Operating expenses deleveraged 72bp in Q2 FY2027 on claims, depreciation and healthcare costs. Pharmacy maximum-fair-price rules cost 125bp of US comparable sales, and rising capex is squeezing free cash flow.
• Competition (Competitive): Amazon is investing heavily in faster grocery and local delivery, Costco competes directly with Sam's Club, and AI shopping agents may weaken store loyalty.
• Litigation and regulatory scrutiny (Legal): Recent matters include:
  • a $100m FTC settlement over Spark Driver pay claims (Feb 2026);
  • a $50m DOJ opioid settlement (28 Aug 2026);
  • a request from two US senators, on 17 Sep 2026, for an FTC probe of AI chatbot “Made in USA” labelling;
  • scrutiny of digital pricing.
• Holder selling (Market): The Walton family trust sold more than $2.3bn of stock in 2026 filings, and GuruFocus shows about $2.9bn of insider sales over 12 months with no purchases.

11. Recent Developments

• 29 Sep 2026 — Shares slip. The stock fell 1.8% to $106.80. Business Insider reported that Walmart has banned AI-generated display signage in stores.
• 26 Sep 2026 — Flipkart in Gemini. Google began testing purchases from Walmart-owned Flipkart inside Gemini and AI Mode in India, with a wider rollout planned for October.
• 25 Sep 2026 — No personalised pricing. In a memo on digital shelf labels, CEO John Furner said Walmart will not use AI or personal data to set individual prices.
• 17 Sep 2026 — Senators seek FTC probe. Two US senators asked the FTC to examine Walmart and Amazon AI shopping chatbots over “Made in USA” labelling.
• 16 Sep 2026 — Medicare Advantage plan. Walmart and SCAN Health Plan announced a co-branded Medicare Advantage plan in two states, pending approval.
• 28 Aug 2026 — Opioid settlement. Walmart settled the DOJ opioid lawsuit for $50m without admitting liability.
• 20 Aug 2026 — Q2 FY2027 results.
  • Revenue was $187,937m (+5.9%) and adjusted EPS $0.81.
  • Guidance was raised, but US comparable sales slowed to 2.6% and the shares fell about 9% intraday.
• 04 Aug 2026 — Vibe.co acquisition completed. The deal adds self-serve connected-TV advertising to Walmart Connect.

12. Key Dates Coming Up

• 15 Oct 2026 — Enrolment is scheduled to open for the Walmart–SCAN Medicare Advantage plan, subject to approval.
• 19 Nov 2026 — Q3 FY2027 results: materials at about 6:00am CT, call at 7:00am CT.
• 11 Dec 2026 — Record date for the next $0.2475 quarterly dividend.
• 04 Jan 2027 — Dividend payment date.
• 31 Jan 2027 — FY2027 year-end.
• Expected Feb 2027 — Q4 FY2027 results, FY2028 guidance and the FY2028 dividend. The date has not yet been announced.

Macro events are on the ChartsView Economic Calendar, and you can discuss Walmart on the ChartsView Forum.

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