Walmart $WMT

Company profile

Walmart Inc. describes itself in its Form 10-K for fiscal 2026 as a people-led, technology-powered omnichannel retailer that helps people save money and live better through its retail stores, eCommerce and other service offerings. Each week it serves approximately 280 million customers who visit more than 10,900 stores in 19 countries and its eCommerce websites and mobile applications. Its pricing philosophy is everyday low prices (EDLP), backed by everyday low cost (EDLC), its commitment to control expenses so that savings can be passed on to customers. Walmart's fiscal year ends on January 31, so fiscal 2026 is the year ended January 31, 2026. It had approximately 2.1 million associates at that date, about 1.6 million of them in the U.S., and its principal offices are in Bentonville, Arkansas.

Walmart reports three segments: Walmart U.S., Walmart International and Sam's Club U.S. In fiscal 2026 total revenues were $713,163 million, made up of net sales of $706,413 million and membership and other income of $6,750 million; operating income was $29,825 million and consolidated net income attributable to Walmart was $21,893 million, or $2.73 per diluted share. Walmart U.S. accounted for 68% of net sales, Walmart International 19% and Sam's Club U.S. 13%. eCommerce net sales, which include orders placed digitally and fulfilled through a store or club as well as certain advertising, fulfillment and data offerings, were approximately $99.6 billion at Walmart U.S., $35.8 billion at Walmart International and $15.0 billion at Sam's Club U.S. Operating expenses rose as a share of net sales mainly because of approximately $0.9 billion of higher self-insured general liability claims expense in the U.S., a $0.7 billion charge after its PhonePe subsidiary modified certain share-based payment arrangements in contemplation of a potential initial public offering, and higher depreciation. As certain PhonePe employee-held options were then vested and exercised, Walmart's ownership of PhonePe fell from approximately 84% at January 31, 2025 to approximately 73% at January 31, 2026.

C. Douglas McMillon retired as president and chief executive officer at the close of business on January 31, 2026, and John R. Furner, chief executive of Walmart U.S. since November 2019, became president and chief executive officer on February 1, 2026, according to a Form 8-K, which said McMillon would continue to be employed as an associate through January 31, 2027 and serve as a director until the June 2026 annual meeting. The eleven directors elected at the June 4, 2026 Annual Shareholders' Meeting did not include him, according to a Form 8-K. Also from February 2026, David Guggina leads Walmart U.S., Christopher Nicholas leads Walmart International and Latriece Watkins leads Sam's Club U.S., and since December 9, 2025 Walmart's common stock has been listed on the Nasdaq Global Select Market rather than the New York Stock Exchange, still under the symbol WMT, according to the 10-K.

According to its 10-Q for the quarter ended July 31, 2026 (unaudited), total revenues were $187,937 million for the quarter and $365,688 million for the six months, operating income for the quarter was $9,383 million, and eCommerce net sales grew 23% in the quarter. In the quarter Walmart received approximately $2.9 billion of refunds of tariffs it had paid as importer of record under the International Emergency Economic Powers Act, through the U.S. Customs and Border Protection refund process; it recorded them as a reduction to cost of sales, said they were substantially all of the refunds it had requested, and said a significant portion was invested in customer-focused initiatives during the quarter, primarily through price investment. Consolidated net income attributable to Walmart was $6,366 million for the quarter, compared with $7,026 million a year earlier; other gains and losses were a net loss of $1.2 billion, against a net gain of $2.7 billion a year earlier, primarily from changes in the fair value of equity and other investments (unaudited). In April 2026 Walmart issued senior unsecured notes in five tranches due 2029 to 2036, for net proceeds of $4,230 million.

In its August 20, 2026 results release, furnished with a Form 8-K, Walmart said its global advertising business grew 38% in the quarter and raised its outlook for fiscal 2027 (the year ending January 31, 2027): it expects net sales to grow 4.0% to 5.0% in constant currency and adjusted earnings per share of $2.80 to $2.87, a non-GAAP measure. These are company projections, not reported results.

Summary sources:¹²³⁴⁵

Revenue by fiscal year, as reported in 10-K

Products

Walmart U.S.

Walmart International

Sam's Club U.S.

Segments and products

• Walmart U.S.: The largest segment: 4,611 stores in all 50 states, Washington D.C. and Puerto Rico under the Walmart and Walmart Neighborhood Market brands, plus walmart.com and the Walmart app, with other offerings including advertising, marketplace and fulfillment services, fuel and financial services. Net sales were $482,975 million in fiscal 2026, $462,415 million in fiscal 2025 and $441,817 million in fiscal 2024, and operating income was $25,158 million in fiscal 2026 and $23,882 million in fiscal 2025, as reported in the 10-K for fiscal 2026. By merchandise category, fiscal 2026 net sales were $285,482 million in grocery, $115,060 million in general merchandise, $69,547 million in health and wellness and $12,886 million in other. Calendar comparable sales increased 4.3%, with eCommerce contributing approximately 4.3%.¹
• Walmart International: 5,743 stores in 18 countries outside the U.S., through wholly-owned subsidiaries in Canada, Chile, China and Africa and majority-owned subsidiaries in India (including Flipkart and PhonePe) and in Mexico and Central America, in retail and wholesale formats and through eCommerce. Net sales were $130,423 million in fiscal 2026, $121,885 million in fiscal 2025 and $114,641 million in fiscal 2024, with currency exchange rate fluctuations reducing fiscal 2026 net sales by $2.8 billion. Operating income was $5,103 million in fiscal 2026 and $5,501 million in fiscal 2025, the fiscal 2026 figure including the $0.7 billion PhonePe share-based payment charge. By market, fiscal 2026 net sales were $52,492 million in Mexico and Central America, $24,623 million in China, $23,724 million in Canada and $29,584 million in other markets.¹
• Sam's Club U.S.: A membership-only warehouse club operating 601 clubs in 44 states and Puerto Rico, plus samsclub.com and the Sam's Club app; membership income is a significant part of its operating income. Net sales including fuel were $93,015 million in fiscal 2026, $90,238 million in fiscal 2025 and $86,179 million in fiscal 2024, and $83,744 million in fiscal 2026 excluding fuel. Operating income was $2,442 million in fiscal 2026 and $2,404 million in fiscal 2025. By category, fiscal 2026 net sales were $64,706 million in grocery, $11,570 million in fuel and other, $11,549 million in general merchandise and $5,190 million in health and wellness. The 10-K lists annual fees of $50 for Club and $110 for Plus membership.¹
• Sam's Club U.S. membership fees from May 2026 (unaudited): Effective May 1, 2026, Sam's Club U.S. raised its annual membership fees from $50 to $60 for Club and from $110 to $120 for Plus memberships. Walmart said the increase will benefit membership and other income in future periods, as fees are deferred and recognized ratably over the one-year membership term.⁹
• Segments in the first half of fiscal 2027 (unaudited): For the six months ended July 31, 2026, net sales were $242,358 million at Walmart U.S., $70,308 million at Walmart International and $49,118 million at Sam's Club U.S., with operating income of $14,017 million, $3,041 million and $1,352 million respectively. Beginning in February 2026 Walmart updated its segment allocation methodology for certain corporate overhead allocations and revised prior-period amounts for comparability. Walmart U.S. health and wellness sales decreased in the quarter, primarily due to maximum fair price regulation on certain prescription drugs that took effect in January 2026.⁴

Risks

• Intense competition: Walmart says each of its segments competes with local, regional, national and global physical, eCommerce and omnichannel retailers, social commerce platforms, wholesale club operators and emerging agentic shopping tools and platforms, as well as companies offering digital advertising, fulfillment and delivery, health and wellness and financial services. It says the landscape is highly competitive and rapidly evolving, that new, well-funded competitors or faster development of AI and agentic tools by competitors may increase pressure, and that consolidation in parts of retail could leave competitors with improved financial resources and greater market penetration.¹
• Tariffs and trade policy: In fiscal 2026 the Walmart U.S. and Sam's Club U.S. segments generated approximately 82% of consolidated net sales, and a significant portion of the general merchandise sold in U.S. stores and clubs is made in other countries. Walmart says changes in tariffs, trade barriers and trade policy can impact, and have impacted, its costs, prices and profit margins; it experienced these impacts in fiscal 2026 from incremental import tariffs and expects the dynamic tariff environment to continue, including in fiscal 2027, with an effect it cannot predict and that could be material. It also says less than one third of what it sells in the U.S. is imported, mostly from China, Mexico, Vietnam, India and Canada.¹
• Executing the omnichannel strategy: Walmart says its strategy depends on investments in eCommerce, technology, AI, talent, supply chain automation, advertising, acquisitions and new and remodeled stores and clubs, which may not let it keep growing its omnichannel business or maintain or grow its market position. It says the cost of certain of these investments, including any operating losses, will adversely affect its financial performance in the short term, and that a greater concentration of eCommerce sales, including the growing role of AI-enabled platforms in product search and purchasing, could reduce traffic in its stores and clubs and the cross-selling that traffic creates.¹
• Pharmacy reimbursement and drug pricing: Walmart runs retail pharmacies in its Walmart U.S. and Sam's Club U.S. segments, and a large majority of its retail pharmacy sales are paid for by third-party payers such as private insurers, government agencies and pharmacy benefit managers. It lists risks including lower reimbursement rates, changes in payer mix and drug formularies, exclusion from pharmacy networks, higher drug costs, increased government focus on reducing drug prices including most favored nation pricing policies and maximum fair price negotiations, and changes to Medicare Part D or Medicaid drug programs.¹
• Labor costs and leadership transition: Walmart says it must attract and retain a large and growing number of qualified associates while controlling wage and related costs, which depend on factors such as unemployment, prevailing wage rates, health and other insurance costs and new or revised employment laws. It says executing organizational changes, including management transitions within its senior leadership, is critical, and that failing to manage a leadership transition successfully could lower the quality of its service and its financial performance.¹
• International operations and currencies: Walmart International generated approximately 19% of consolidated net sales in fiscal 2026. Walmart cites risks including political and economic conditions, regulatory restrictions such as foreign ownership limits on eCommerce and retail in markets such as India, antitrust matters underway in Canada, Mexico and India (relating to its Flipkart subsidiary), trade protection measures and nationalization. Because foreign results are translated into U.S. dollars, unfavorable currency moves reduce reported results; currency fluctuations reduced net sales by $2.8 billion in fiscal 2026.¹
• Cybersecurity and data: Walmart processes personal and payment information about customers and members, and its health and wellness operations hold protected health information. It says some of its information systems and those of its third-party service providers have experienced cybersecurity incidents or breaches, including during fiscal 2026, which so far have not had a material adverse effect, and that advances in AI have intensified cyber threats by enabling faster and more automated attacks. A successful attack could lead to fines, lost sales, reputational damage and liability.¹
• Litigation and regulatory matters: Walmart's 10-Q for the quarter ended July 31, 2026 (unaudited) says it continues to defend opioid-related claims, with approximately 118 cases against it in the federal multidistrict litigation as of August 21, 2026; in the Florida Health Sciences Center case the court granted a directed verdict and entered judgment for Walmart and other defendants after a mistrial, and the plaintiffs have appealed. Without admitting liability, it settled the Department of Justice opioid civil suit and a related False Claims Act case for immaterial amounts. Under a March 2026 settlement with the FTC and certain states over its Spark Driver platform, it agreed to a $100 million judgment, about $63 million of it suspended, and it still faces driver classification litigation and, at Flipkart, foreign direct investment and competition proceedings in India.⁴

Frequently asked questions

What does Walmart do?

Walmart is an omnichannel retailer: it sells groceries, general merchandise and health and wellness products through more than 10,900 stores in 19 countries and through eCommerce sites and apps, and also runs advertising, marketplace and fulfillment, membership and financial services businesses, according to its Form 10-K for fiscal 2026. It reports three segments: Walmart U.S., Walmart International and Sam's Club U.S.

What was Walmart's revenue in fiscal 2026?

Walmart reported total revenues of $713,163 million (about $713.2 billion) for fiscal 2026, the year ended January 31, 2026, in its Form 10-K filed on March 13, 2026, compared with $680,985 million for fiscal 2025. Net sales were $706,413 million, and consolidated net income attributable to Walmart was $21,893 million, or $2.73 per diluted share.

When does Walmart's fiscal year end?

On January 31. Walmart's 10-K for fiscal 2026 defines fiscal 2026 as the fiscal year ended January 31, 2026, and its 10-Q for the quarter ended July 31, 2026 calls the year ending January 31, 2027 fiscal 2027. According to the 10-K, its U.S. and Canadian operations use that year end, while most other international operations are consolidated with a one-month lag on a calendar-year basis.

How big is Walmart's eCommerce business?

In fiscal 2026, eCommerce net sales were approximately $99.6 billion at Walmart U.S., $35.8 billion at Walmart International and $15.0 billion at Sam's Club U.S., according to the 10-K; Walmart counts orders placed digitally and fulfilled through a store or club, and certain advertising, fulfillment and data offerings, as eCommerce. In the quarter ended July 31, 2026, eCommerce net sales grew 23% (10-Q, unaudited).

Who is Walmart's CEO?

John R. Furner has been president and chief executive officer since February 1, 2026, succeeding C. Douglas McMillon, who retired from the role on January 31, 2026, according to a Form 8-K filed on November 14, 2025. Furner joined Walmart as an hourly associate in 1993 and led Walmart U.S. from November 2019. Furner and John David Rainey, executive vice president and chief financial officer, signed Walmart's 10-Q for the quarter ended July 31, 2026, and Gregory B. Penner signed the fiscal 2026 10-K as Chairman of the Board.

Where is Walmart stock listed?

On the Nasdaq Global Select Market under the symbol WMT, since December 9, 2025; before that it was listed on the New York Stock Exchange, according to Walmart's 10-K for fiscal 2026. Walmart effected a 3-for-1 stock split on February 23, 2024, according to its 10-K for fiscal 2024.

Does Walmart pay a dividend or buy back stock?

Yes. Walmart approved an annual dividend of $0.99 per share for fiscal 2027, paid in four quarterly installments of $0.2475, up from $0.94 for fiscal 2026, and paid $7.5 billion of dividends in fiscal 2026, according to its 10-K. In February 2026 its board approved a $30 billion share repurchase authorization with no expiration date; $25.1 billion remained as of July 31, 2026 (10-Q, unaudited).

How do tariffs affect Walmart?

Walmart's 10-K for fiscal 2026 says incremental import tariffs affected its costs, prices and margins in fiscal 2026, that less than one third of what it sells in the U.S. is imported, and that it expects a dynamic tariff environment in fiscal 2027. In the quarter ended July 31, 2026 it received approximately $2.9 billion of refunds of tariffs paid under the International Emergency Economic Powers Act, recorded as a reduction to cost of sales, and said a significant portion was invested in customer-focused initiatives, primarily through price investment, according to its 10-Q (unaudited).

What does Walmart expect for fiscal 2027?

In its August 20, 2026 results release, furnished with a Form 8-K, Walmart raised its fiscal 2027 outlook: net sales growth of 4.0% to 5.0% in constant currency and adjusted earnings per share of $2.80 to $2.87, a non-GAAP measure. It also raised its capital expenditure outlook to approximately 4.0% of net sales, from approximately 3.5% in its original February 19, 2026 guidance. These are company projections, not reported results.

How much does a Sam's Club membership cost?

Effective May 1, 2026, Sam's Club U.S. raised its annual fees from $50 to $60 for Club membership and from $110 to $120 for Plus membership, according to Walmart's 10-Q for the quarter ended April 30, 2026.

Sources

1. Walmart Inc. (SEC filing), Walmart Inc. Form 10-K for the fiscal year ended January 31, 2026, Mar 13, 2026
2. Walmart Inc. (SEC filing), Walmart Inc. Form 8-K, Item 5.02: retirement of C. Douglas McMillon as president and chief executive officer and appointment of John R. Furner as president and chief executive officer, effective February 1, 2026 (event date November 11, 2025), Nov 14, 2025
3. Walmart Inc. (SEC filing), Walmart Inc. Form 8-K, Items 5.03 and 5.07: charter amendment and voting results of the June 4, 2026 Annual Shareholders' Meeting (event date June 4, 2026), Jun 5, 2026
4. Walmart Inc. (SEC filing), Walmart Inc. Form 10-Q for the quarterly period ended July 31, 2026 (unaudited), Aug 28, 2026
5. Walmart Inc. (SEC filing), Walmart Inc. Form 8-K, Exhibit 99.1: press release dated August 20, 2026, with second-quarter fiscal 2027 results and guidance, Aug 20, 2026
6. Walmart Inc. (SEC filing), Walmart Inc. Form 10-K for the fiscal year ended January 31, 2023, Mar 17, 2023
7. Walmart Inc. (SEC filing), Walmart Inc. Form 10-K for the fiscal year ended January 31, 2024, Mar 15, 2024
8. Walmart Inc. (SEC filing), Walmart Inc. Form 10-K for the fiscal year ended January 31, 2025, Mar 14, 2025
9. Walmart Inc. (SEC filing), Walmart Inc. Form 10-Q for the quarterly period ended April 30, 2026 (unaudited), May 29, 2026

Figures last checked against the sources above on Oct 11, 2026. General information, not investment advice.