Walmart

Walmart is the largest retailer in the world. It sells groceries, general merchandise and health products in more than 10,900 stores and on its websites and apps in 19 countries, and about 280 million customers and members visit each week. It has three segments.

Walmart U.S. had net sales of $125.2 billion in Q2 fiscal 2027, Walmart International had $35.2 billion, and Sam's Club U.S., a membership warehouse club, had $25.7 billion. Walmart also earns fees from Walmart+ and Sam's Club memberships, sells advertising to suppliers through Walmart Connect, and runs an online marketplace for other sellers. Its global advertising business grew 46% to nearly $6.4 billion in fiscal 2026, and eCommerce sales grew 23% in Q2 fiscal 2027.

Total revenue was $713.2 billion in fiscal 2026. Its fiscal year ends on January 31. In December 2025 it moved its stock listing from the NYSE to Nasdaq.

Walmart trades at a premium because investors pay for steady growth that now comes with higher margins. Store traffic and eCommerce keep growing, and advertising, membership fees and the marketplace earn more profit per dollar of sales than groceries. In Q2 fiscal 2027, global advertising grew 38%, membership fee revenue grew 17% and eCommerce sales grew 23%. Investors also see Walmart as a safe stock when consumers spend less, because shoppers move to low prices.

The price assumes that earnings grow much faster than sales for many years. For the premium to be earned, three things must be true. Adjusted operating income must keep growing faster than sales after the one-time tariff refunds of about $2.9 billion in Q2 fiscal 2027 pass. Advertising and membership must keep growing near their recent rates, so that the operating margin moves up each year.

Capital spending of about 4% of net sales must turn into higher returns, with return on investment above the 15.4% of the 12 months to July 2026. The first test is the Q3 fiscal 2027 report, expected on November 19, 2026, against guidance of adjusted EPS of $0.62 to $0.64. The full-year report and the fiscal 2028 guidance in February 2027 give the second test. If margins stop rising, the premium can get smaller over the next one to two years.

1. Nov 19, 2026 · est.Pending

   Q3 fiscal 2027 results: margins after tariff refundsAdjusted EPS at or above $0.62 to $0.64, adjusted operating income growth of 2% or more and steady advertising growth pass; a lower fiscal 2027 guidance or falling U.S. comparable sales fail.
2. Feb 2027 · est.Pending

   Fiscal 2027 results and fiscal 2028 guidanceFiscal 2028 guidance with adjusted operating income growing faster than sales passes; guidance with flat margins or lower returns on capital fails.

Every passed and failed checkpoint across all picks

• October 19, 2026Walmart agreed to sell $3.0 billion of U.S. dollar notes due 2029 to 2036 and C$5.0 billion of Canadian dollar notes due 2030 to 2056. The sales closed on October 23, 2026.
• August 20, 2026Walmart reported Q2 fiscal 2027 results. Revenue grew 5.9% to $187.9 billion, and Walmart U.S. comparable sales grew 2.6%. Operating income grew 28.8%, or 17.4% adjusted in constant currency, helped by about $2.9 billion of tariff refunds that it mostly put back into lower prices. GAAP EPS was $0.80 and adjusted EPS was $0.81. Walmart raised its fiscal 2027 guidance to net sales growth of 4.0% to 5.0% and adjusted EPS of $2.80 to $2.87.
• May 21, 2026Walmart reported Q1 fiscal 2027 results. Revenue grew 7.3% to $177.8 billion, and Walmart U.S. comparable sales grew 4.1%. Higher fuel costs in distribution cut operating income growth to 5.0%. Adjusted EPS was $0.66, and Walmart kept its fiscal 2027 guidance.

Last earnings

August 20, 2026 (8-K on sec.gov)

Next earnings

Expected about November 19, 2026. The company has not confirmed the date.

• 8-KOther company newsFiled October 23, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jul 31, 2026Filed August 28, 2026 · wmt-20260731
• 8-KEarnings releaseFiled August 20, 2026 · wmt-20260820
• 8-KChange to shareholder rights or bylaws and Shareholder vote resultsFiled June 5, 2026 · wmt-20260604
• 10-QQuarterly report for the period ended Apr 30, 2026Filed May 29, 2026 · wmt-20260430
• 8-KEarnings releaseFiled May 21, 2026 · wmt-20260521
• 8-KOther company newsFiled April 30, 2026 · Read it on sec.gov
• 8-KOther company newsFiled March 27, 2026 · wmt-20260327
• 8-KOther company newsFiled March 13, 2026 · wmt-20260310
• 10-KAnnual report for the period ended Jan 31, 2026Filed March 13, 2026 · wmt-20260131

Every filing on SEC EDGAR (CIK 104169)

• The stock price expects strong profit growth for many years. If advertising, membership and eCommerce profit grow more slowly, or if Walmart must cut prices to keep shoppers, the price can fall even when sales keep growing.
• Tariffs and trade rules change costs quickly. Walmart received about $2.9 billion of tariff refunds in Q2 fiscal 2027 and put most of them into lower prices. New tariffs can raise costs again, and Walmart may not pass all of them to shoppers.
• Walmart spends more on stores, automation and delivery, with capital spending guided to about 4.0% of net sales in fiscal 2027. Free cash flow fell to $5.5 billion in the first half of fiscal 2027 from $6.9 billion a year earlier. If the spending does not raise returns, free cash flow stays low.
• Walmart still defends lawsuits about the sale of opioid medicines, including about 118 cases in a federal multidistrict case and a U.S. Department of Justice civil case. The company says that it cannot estimate the loss for most of these cases.
• Health and wellness sales face new maximum fair price rules for some drugs from January 1, 2026. These rules cut Walmart U.S. comparable sales growth by about 125 basis points in Q2 fiscal 2027.

Walmart funds itself with cash flow, long-term notes and short-term borrowings. At July 31, 2026, total debt was $57.2 billion: short-term borrowings of $10.5 billion, long-term debt of $39.9 billion including $3.5 billion due within one year, and finance lease obligations of $6.8 billion. Read more

Dividend yield

0.8% (last 12 months, at today’s price of $125.66)

Paid per share

$0.979 in the last 12 months (4 payments)

Current annual rate

$0.992 ($0.248 × 4 a year)

Payout ratio

34% of the last fiscal year’s earnings (the year that ended January 31, 2026)

Latest ex-dividend date

August 21, 2026, $0.248 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 6.0% a year. Over the last 10 years, the dividend grew by about 4.0% a year.

Source: company filings and market data, read on November 9, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.