# Walmart Inc. (WMT)

> Source: Nexqual · https://nexqual.com/WMT · data as of 2026-10-23 17:25 UTC · cite as "Nexqual, Walmart Inc. (WMT), nexqual.com/WMT" · informational, not investment advice.

**Price:** USD 119.54 (-1.30% today) · US market open, as of October 23, 2026 at 17:25 UTC; quotes may be delayed. Prev close 121.12 · day 119.39–122.4 · 52w 98.88–135.16 · market cap $951B · NMS

## Key facts
- Last four reported quarters (through Jul 31, 2026): revenue $736B, net income $22.1B (3.0% margin), free cash flow $13.5B (SEC filings).
- Valuation: P/E 43.1x (avg 37.8x at the last 3 fiscal year-ends), EV/EBITDA 20.7x, net debt $28.4B.
- 6 of 80 tracked superinvestors hold WMT (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 0 new, 2 added, 2 reduced, 2 unchanged.
- Analysts: Buy (mean 1.91 on a 1–5 scale) (43 analysts), mean target USD 127.48 (range 81–155).
- Total return with dividends: 1Y +12.8% vs S&P 500 +14.4%; 5Y +155.5% vs S&P 500 +77.0%.
- Next earnings: 2026-11-19, EPS estimate USD 0.64, revenue estimate $187B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $573B | $611B | $648B | $681B | $713B | $736B |
| Gross profit | $144B | $148B | $158B | $169B | $178B | — |
| Operating income | $25.9B | $20.4B | $27.0B | $29.3B | $29.8B | $32.3B |
| Net income | $13.7B | $11.7B | $15.5B | $19.4B | $21.9B | $22.1B |
| EPS (diluted) | $1.62 | $1.42 | $1.91 | $2.41 | $2.73 | — |
| Free cash flow | $11.1B | $12.0B | $15.1B | $12.7B | $14.9B | $13.5B |
| Gross margin | 25.1% | 24.1% | 24.4% | 24.9% | 24.9% | — |
| Operating margin | 4.5% | 3.3% | 4.2% | 4.3% | 4.2% | 4.4% |
| Net margin | 2.4% | 1.9% | 2.4% | 2.9% | 3.1% | 3.0% |
| Revenue growth | +2.4% | +6.7% | +6.0% | +5.1% | +4.7% | — |
| Cash + short-term investments | $14.8B | $8.63B | $9.87B | $9.04B | $10.7B | — |
| Total debt | $37.7B | $38.8B | $39.6B | $36.0B | $38.2B | — |
Fiscal years end Jan. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 31, 2026)
P/E 43.1x · P/S 1.3x · EV/EBITDA 20.7x · EV/Sales 1.3x · P/FCF 70.4x · P/B 9.7x · FCF yield 1.42% · Earnings yield 2.32% · Dividend yield (paid, TTM) 0.81% · Buyback yield (TTM) 0.73% · Net debt $28.4B · EV $980B
P/E at fiscal year-ends: Jan 2026 43.7x, Jan 2025 40.8x, Jan 2024 28.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
6 of 80 tracked investors hold WMT (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| Bill Gates | Gates Foundation Trust | 2.76% | $950M | Unchanged | Q2 2026 |
| David Katz | Matrix Asset Advisors | 0.03% | $332K | Unchanged | Q3 2026 |
| Mairs & Power | Mairs & Power Funds | 0.02% | $1.8M | Added +0.6% | Q2 2026 |
| Dodge & Cox Funds | Dodge & Cox | 0.01% | $19.5M | Reduced -1.1% | Q2 2026 |
| Thomas Russo | Gardner Russo & Quinn | 0.01% | $959K | Reduced -13.1% | Q2 2026 |
| Bill Nygren | Oakmark Funds | <0.01% | $335K | Added +42.4% | Q2 2026 |

## Analysts
Consensus Buy (mean 1.91 on a 1–5 scale), 43 analysts; mean target USD 127.48 (low 81, high 155).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Evercore ISI Group | Target raised | Outperform | $125 → $130 |
| 2026-10-15 | Deutsche Bank | Upgrade | Hold → Buy | $113 → $136 |
| 2026-09-29 | Mizuho | Target lowered | Outperform | $130 → $125 |
| 2026-09-10 | DA Davidson | Maintained | Buy | $132 |
| 2026-09-10 | BTIG | Reiterated | Buy | $140 |
| 2026-08-31 | Tigress Financial | Target raised | Buy | $155 |
| 2026-08-21 | Telsey Advisory Group | Target lowered | Outperform | $140 → $130 |
| 2026-08-21 | Citigroup | Target lowered | Buy | $147 → $132 |
| 2026-08-21 | BNP Paribas | Target lowered | Outperform | $146 → $137 |
| 2026-08-21 | Truist Securities | Target lowered | Buy | $140 → $114 |
| 2026-08-21 | Piper Sandler | Target lowered | Overweight | $137 → $128 |
| 2026-08-21 | JP Morgan | Target lowered | Overweight | $137 → $125 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +12.8% | +155.5% |
| S&P 500 (SPY) | +14.4% | +77.0% |
| Per year | +12.8% | +20.7% |
| Volatility (annualized) | 26.5% | 23.7% |
| Max drawdown | -23.3% (May 2026→Aug 2026) | -24.6% (Apr 2022→Jun 2022) |

## Peers (Discount Stores)
COST (Costco Wholesale Corporation) USD 1,004.43 -1.35% · TGT (Target Corporation) USD 153.13 -3.15% · DG (Dollar General Corporation) USD 130.96 -5.86% · DLTR (Dollar Tree, Inc.) USD 123.44 -5.80% · BJ (BJ's Wholesale Club Holdings, I) USD 106.01 -0.59% · TBBB (BBB Foods Inc.) USD 58 +0.69%

## More
Full page: https://nexqual.com/WMT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name WMT in their own reports (relationship from WMT's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| competitor | VILLAGE SUPER MARKET INC (VLGEA) | 10-K 2026-10-08 | "Some of the Company's principal competitors include Acme, Aldi, Amazon/Whole Foods, BJs, Costco, Foodtown, Giant, Kings, Lidl, Safeway, Stop & Shop, Target, Trader Joe's, Walmart, Wegmans and Weis." |
| supplier | Oil-Dri Corp of America (ODC) | 10-K 2026-10-08 | "Walmart Inc. ("Walmart") is a customer in our Retail and Wholesale Products Group with whom we have a long-term relationship." |
| competitor | COSTCO WHOLESALE CORP /NEW (COST) | 10-K 2026-10-07 | "Walmart, Target, Kroger, and Amazon are among our significant general merchandise retail competitors in the U.S. We also compete with other warehouse clubs, including Walmart's Sam's Club and BJ's Who…" |
| supplier | Armlogi Holding Corp. (BTOC) | 10-K 2026-09-28 | "Our overseas customers consist of cross-border e-commerce merchants outside the U.S. (primarily from the PRC) who intend to sell in the U.S. market via a variety of e-commerce platforms, such as Amazo…" |
| supplier | CAMPBELL'S Co (CPB) | 10-K 2026-09-24 | "Our largest customer, Walmart Inc. and its affiliates, accounted for approximately 22% of our consolidated net sales in 2026, 21% in 2025, and 22% in 2024." |
| partner | ALLIANCE ENTERTAINMENT HOLDING CORP (AENT) | 10-K 2026-09-10 | "Large retailers such as Amazon, Walmart, Target, and Best Buy are increasingly relying on fulfillment partners to" |
| supplier | MARZETTI CO (MZTI) | 10-K 2026-08-25 | "Walmart is our largest Retail customer." |
| supplier | SANFILIPPO JOHN B & SON INC (JBSS) | 10-K 2026-08-19 | "Net sales to Walmart Inc. accounted for approximately 41% of our net sales for fiscal 2026, 40% of our net sales for fiscal 2025 and 39% of our net sales for fiscal 2024." |
| partner | Axil Brands, Inc. (AXIL) | 10-K 2026-08-18 | "6,000 stores through expanded partnerships with big-box retailers, including Walmart." |
| partner | K-TECH SOLUTIONS CO LTD (KMRK) | 20-F 2026-08-12 | "deep engagement with key retail partners — such as Walmart, Target, and Costco — has been instrumental" |
| supplier | PROCTER & GAMBLE Co (PG) | 10-K 2026-08-04 | "Sales to Walmart Inc. and its affiliates represent approximately 16% of our total sales in 2026, 2025 and 2024." |
| supplier | CONAGRA BRANDS INC. (CAG) | 10-K 2026-07-15 | "Our largest customer, Walmart, Inc. and its affiliates, accounted for approximately 29% of consolidated net sales for fiscal 2026 and 2025 and 28% for fiscal 2024." |
| competitor | Barnes & Noble Education, Inc. (BNED) | 10-K 2026-07-09 | "Our general merchandise business also faces competition from direct-to-student sales from Walmart, Amazon, Dick's Sporting Goods, Rally House, Fanatics, Lids, and other third-party online retailers, p…" |
| supplier | GENERAL MILLS INC (GIS) | 10-K 2026-07-01 | "No customer other than Walmart accounted for 10 percent or more of our consolidated net sales." |
| supplier | EMERSON RADIO CORP (MSN) | 10-K 2026-06-26 | "In fiscal 2026, the Company's sales were highly concentrated among three customers - Amazon, Fred Meyer and Walmart - representing in the aggregate approximately 67% of the Company's total gross produ…" |

## Revenue by business segment (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Walmart U.S. | $125.19B | 67.3% | +3.5% | $8.12B | 6.5% |
| Walmart International | $35.20B | 18.9% | +12.8% | $1.44B | 4.1% |
| Sam's&#160;Club U.S. | $25.71B | 13.8% | +8.8% | $678.0M | 2.6% |
| Total revenue | $186.10B | 100% | — | $9.38B | 5.0% |

## Revenue by product line (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Grocery | $74.13B | 39.8% | +4.3% |
| General Merchandise | $29.73B | 16.0% | +0.9% |
| Healthand Wellness | $16.94B | 9.1% | -1.8% |
| Other Categories | $4.39B | 2.4% | +41.0% |
| Fuel & Other | $4.19B | 2.3% | +36.8% |
| Total revenue | $186.10B | 100% | — |
The lines above cover 69.5% of total revenue.

## Revenue by region (fiscal year ended 2026-01-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $581.17B | 81.5% | +4.2% |
| Non Us | $131.99B | 18.5% | +7.0% |
| Total revenue | $713.16B | 100% | — |

## Company outlook (8-K filed 2026-08-20)

- "The following guidance reflects the Company's expectations as of August 20, 2026.This guidance is subject to substantial risk and uncertainty that could cause actual results to differ materially from these expectations."
- "For Q3 sales guidance, we expect a headwind of over 100bps to growth related to a timing shift of Flipkart's Big Billion Days between Q3 and Q4."
- "Our operating income outlook reflects the continued prioritization of tariff refunds received in Q2 into customer experience and price investments in the second half."
- "Third quarter The Company's third quarter fiscal 2027 guidance is based on the following Q3 FY26 figures: Net sales: $177.8 billion, adjusted operating income 1 : $7.3 billion, and adjusted EPS 1 : $0.62."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $0.64 | $0.68 | -7.0% | $187.19B | 35 |
| Next quarter (ends 2027-01-31) | $0.79 | $0.81 | -3.5% | $200.31B | 35 |
| Current fiscal year (ends 2027-01-31) | $2.89 | $2.90 | -0.5% | $752.86B | 39 |
| Next fiscal year (ends 2028-01-31) | $3.23 | $3.29 | -1.8% | $785.57B | 42 |