Walmart Inc. — research brief

Slug: walmart · Queue id: 193 · Theme: demand (user request) · Ticker: Nasdaq: WMT · SEC CIK: 104169
Researched: 2026-10-16 · Home market: United States · HQ: Bentonville, Arkansas
Primary source: Walmart Inc. Form 10-K for fiscal 2026 (year ended January 31, 2026), filed March 13, 2026 — https://www.sec.gov/Archives/edgar/data/104169/000010416926000055/wmt-20260131.htm
Also: Q4 FY26 earnings release and presentation (8-K, Feb 19, 2026) — https://www.sec.gov/Archives/edgar/data/104169/000010416926000032/earningsreleasefy26q4.htm · Q2 FY27 earnings release (8-K, Aug 20, 2026) — https://www.sec.gov/Archives/edgar/data/104169/000010416926000145/earningsreleasefy27q2.htm · Investor relations: https://stock.walmart.com/

Labels: FACT = stated in Walmart's SEC filings or earnings releases furnished to the SEC; SECONDARY = press (none used); INFERENCE = calculated from stated figures.

Fiscal-year note: Walmart's fiscal year ends January 31. "FY2026" = year ended January 31, 2026. Quarterly FY2027 figures are quoted as quarters only and never annualized. Walmart's stock trades on the Nasdaq Global Select Market under "WMT" (FACT, 10-K).

Full-year financials (FY2026)

Metric	FY2026	FY2025	Label
Total revenues	$713,163M (+4.7%)	$680,985M	FACT
Net sales	$706,413M (+4.7%)	$674,538M	FACT
Membership and other income	$6,750M	$6,447M	FACT
Membership fee revenue	$4.4B	$3.8B	FACT
Gross profit rate	24.2%	24.1%	FACT
Operating expenses (% of net sales)	20.9%	20.7%	FACT
Operating income	$29,825M (+1.6%)	$29,348M	FACT (% INFERENCE)
Consolidated net income attributable to Walmart	$21,893M (+12.6%)	$19,436M	FACT (% INFERENCE)
Diluted EPS	$2.73	$2.41	FACT
Net cash from operations	$41,565M	$36,443M	FACT
Capital expenditures	$26,642M	$23,783M	FACT
Free cash flow (non-GAAP)	$14,923M	$12,660M	FACT
Global advertising business	nearly $6.4B (+46%, incl. VIZIO)	—	FACT (earnings release)
Advertising costs (own marketing)	$5.4B	$5.1B	FACT

Operating-expense drivers FY2026: ~$0.9B higher U.S. self-insured general liability claims, $0.7B PhonePe share-based compensation modification charge, higher depreciation (FACT). Other gains of $2.1B from equity investment fair-value changes lifted net income (FACT).

Segments (FY2026 net sales)

Segment	Net sales	Growth	Share	Operating income	Units
Walmart U.S.	$482,975M	+4.4%	68%	$25,158M	4,611 stores
Walmart International	$130,423M	+7.0%	19%	$5,103M	5,743 stores, 18 countries
Sam's Club U.S.	$93,015M	+3.1%	13%	$2,442M	601 clubs

All FACT (10-K Item 1 and Item 7).

Walmart U.S. by category: Grocery $285,482M; General merchandise $115,060M; Health and wellness $69,547M; Other $12,886M (FACT, Note 11).
Walmart International by market: Mexico and Central America $52,492M; China $24,623M; Canada $23,724M; Other $29,584M (FACT, Note 11).
Sam's Club U.S.: Grocery $64,706M; Fuel and other $11,570M; General merchandise $11,549M; Health and wellness $5,190M (FACT).
Comparable sales FY2026: Walmart U.S. +4.3% (eCommerce contributed ~4.3 pts); Sam's Club U.S. +2.9% with fuel (FACT).

eCommerce

eCommerce net sales FY2026: Walmart U.S. ~$99.6B (FY25 $79.3B); International ~$35.8B ($29.5B); Sam's Club U.S. ~$15.0B ($12.1B) (FACT, Note 11). Combined ≈ $150.4B, ≈21% of net sales (INFERENCE).
eCommerce includes store-fulfilled pickup/delivery plus certain advertising, fulfillment and data-insight offerings (FACT).
Global eCommerce +24% in Q4 FY26; +23% in Q2 FY27 (FACT, quarterly).
Store-fulfilled delivery to 95% of U.S. households in under 3 hours; FY26 opened 12 new U.S. stores and ~675 remodels (FACT, Q4 FY26 presentation).

Business model notes

Strategy: EDLP (everyday low price) + EDLC (everyday low cost); "make every day easier for busy families" (FACT).
~280M customers weekly; >10,900 stores in 19 countries; 10,955 retail units at period end; ~2.1M associates (1.6M U.S., 0.5M international) (FACT).
Pickup or delivery at 8,400+ locations globally (FACT). 192 U.S. and 179 international distribution facilities (FACT).
Walmart+ benefits: free shipping with no order minimum, unlimited delivery from store, fuel discounts, Scan & Go (FACT). Walmart+ price not stated in the 10-K (not used).
Sam's Club: Club $50/yr, Plus $110/yr, add-on $45 (FACT).
Other offerings: advertising (Walmart Connect), marketplace and fulfillment services, data insights, financial services (money orders, transfers, check cashing, installment lending), fuel, pharmacy, optical (FACT).
Supplier payments (volume incentives, allowances, markdown support) reduce cost of sales (FACT).
Less than one third of what Walmart sells in the U.S. is imported, mostly from China, Mexico, Vietnam, India and Canada (FACT).
International: wholly-owned in Canada, Chile, China and Africa (8 countries); majority-owned in India (Flipkart, PhonePe, since 2018) and Mexico/Central America (Walmex; entered 1991 via JV) (FACT).
FY27 capex plan $25–27B (FACT). Q2 FY27 (quarter ended July 31, 2026): revenue $187.9B (+5.9%), ads +38%, membership fee revenue +17% (FACT, quarterly — not annualized).

International

U.S. operations revenues $581,175M; non-U.S. operations $131,988M → 18.5% of FY2026 total revenues outside the U.S. (INFERENCE: 131,988 ÷ 713,163). Basis: revenues aggregated by U.S. and non-U.S. operations (FACT, Note 11). Entry mode reviewed: acquisitions / majority stakes in local retailers.

Main engine (atlas)

retail/DTC — ~~99% of total revenues are net sales of merchandise and services from own stores, clubs and websites; membership fees ($4.4B) and advertising (~~$6.4B) are growing but small. Same family as Costco, Target and Amazon in this atlas.

# Walmart Inc. — research brief **Slug:** `walmart` · **Queue id:** 193 · **Theme:** demand (user request) · **Ticker:** Nasdaq: WMT · **SEC CIK:** 104169 **Researched:** 2026-10-16 · **Home market:** United States · **HQ:** Bentonville, Arkansas **Primary source:** Walmart Inc. Form 10-K for fiscal 2026 (year ended January 31, 2026), filed March 13, 2026 — https://www.sec.gov/Archives/edgar/data/104169/000010416926000055/wmt-20260131.htm **Also:** Q4 FY26 earnings release and presentation (8-K, Feb 19, 2026) — https://www.sec.gov/Archives/edgar/data/104169/000010416926000032/earningsreleasefy26q4.htm · Q2 FY27 earnings release (8-K, Aug 20, 2026) — https://www.sec.gov/Archives/edgar/data/104169/000010416926000145/earningsreleasefy27q2.htm · Investor relations: https://stock.walmart.com/ Labels: **FACT** = stated in Walmart's SEC filings or earnings releases furnished to the SEC; **SECONDARY** = press (none used); **INFERENCE** = calculated from stated figures. Fiscal-year note: Walmart's fiscal year ends January 31. "FY2026" = year ended January 31, 2026. Quarterly FY2027 figures are quoted as quarters only and never annualized. Walmart's stock trades on the Nasdaq Global Select Market under "WMT" (FACT, 10-K). --- ## Full-year financials (FY2026) | Metric | FY2026 | FY2025 | Label | |---|---|---|---| | Total revenues | **$713,163M** (+4.7%) | $680,985M | FACT | | Net sales | $706,413M (+4.7%) | $674,538M | FACT | | Membership and other income | $6,750M | $6,447M | FACT | | Membership fee revenue | $4.4B | $3.8B | FACT | | Gross profit rate | 24.2% | 24.1% | FACT | | Operating expenses (% of net sales) | 20.9% | 20.7% | FACT | | Operating income | $29,825M (+1.6%) | $29,348M | FACT (% INFERENCE) | | Consolidated net income attributable to Walmart | **$21,893M** (+12.6%) | $19,436M | FACT (% INFERENCE) | | Diluted EPS | $2.73 | $2.41 | FACT | | Net cash from operations | $41,565M | $36,443M | FACT | | Capital expenditures | $26,642M | $23,783M | FACT | | Free cash flow (non-GAAP) | $14,923M | $12,660M | FACT | | Global advertising business | nearly $6.4B (+46%, incl. VIZIO) | — | FACT (earnings release) | | Advertising costs (own marketing) | $5.4B | $5.1B | FACT | Operating-expense drivers FY2026: ~$0.9B higher U.S. self-insured general liability claims, $0.7B PhonePe share-based compensation modification charge, higher depreciation (FACT). Other gains of $2.1B from equity investment fair-value changes lifted net income (FACT). ## Segments (FY2026 net sales) | Segment | Net sales | Growth | Share | Operating income | Units | |---|---|---|---|---|---| | Walmart U.S. | $482,975M | +4.4% | 68% | $25,158M | 4,611 stores | | Walmart International | $130,423M | +7.0% | 19% | $5,103M | 5,743 stores, 18 countries | | Sam's Club U.S. | $93,015M | +3.1% | 13% | $2,442M | 601 clubs | All FACT (10-K Item 1 and Item 7). - Walmart U.S. by category: Grocery $285,482M; General merchandise $115,060M; Health and wellness $69,547M; Other $12,886M (FACT, Note 11). - Walmart International by market: Mexico and Central America $52,492M; China $24,623M; Canada $23,724M; Other $29,584M (FACT, Note 11). - Sam's Club U.S.: Grocery $64,706M; Fuel and other $11,570M; General merchandise $11,549M; Health and wellness $5,190M (FACT). - Comparable sales FY2026: Walmart U.S. +4.3% (eCommerce contributed ~4.3 pts); Sam's Club U.S. +2.9% with fuel (FACT). ## eCommerce - eCommerce net sales FY2026: Walmart U.S. ~$99.6B (FY25 $79.3B); International ~$35.8B ($29.5B); Sam's Club U.S. ~$15.0B ($12.1B) (FACT, Note 11). Combined ≈ $150.4B, ≈21% of net sales (INFERENCE). - eCommerce includes store-fulfilled pickup/delivery plus certain advertising, fulfillment and data-insight offerings (FACT). - Global eCommerce +24% in Q4 FY26; +23% in Q2 FY27 (FACT, quarterly). - Store-fulfilled delivery to 95% of U.S. households in under 3 hours; FY26 opened 12 new U.S. stores and ~675 remodels (FACT, Q4 FY26 presentation). ## Business model notes - Strategy: EDLP (everyday low price) + EDLC (everyday low cost); "make every day easier for busy families" (FACT). - ~280M customers weekly; >10,900 stores in 19 countries; 10,955 retail units at period end; ~2.1M associates (1.6M U.S., 0.5M international) (FACT). - Pickup or delivery at 8,400+ locations globally (FACT). 192 U.S. and 179 international distribution facilities (FACT). - Walmart+ benefits: free shipping with no order minimum, unlimited delivery from store, fuel discounts, Scan & Go (FACT). Walmart+ price not stated in the 10-K (not used). - Sam's Club: Club $50/yr, Plus $110/yr, add-on $45 (FACT). - Other offerings: advertising (Walmart Connect), marketplace and fulfillment services, data insights, financial services (money orders, transfers, check cashing, installment lending), fuel, pharmacy, optical (FACT). - Supplier payments (volume incentives, allowances, markdown support) reduce cost of sales (FACT). - Less than one third of what Walmart sells in the U.S. is imported, mostly from China, Mexico, Vietnam, India and Canada (FACT). - International: wholly-owned in Canada, Chile, China and Africa (8 countries); majority-owned in India (Flipkart, PhonePe, since 2018) and Mexico/Central America (Walmex; entered 1991 via JV) (FACT). - FY27 capex plan $25–27B (FACT). Q2 FY27 (quarter ended July 31, 2026): revenue $187.9B (+5.9%), ads +38%, membership fee revenue +17% (FACT, quarterly — not annualized). ## International U.S. operations revenues $581,175M; non-U.S. operations $131,988M → **18.5%** of FY2026 total revenues outside the U.S. (INFERENCE: 131,988 ÷ 713,163). Basis: revenues aggregated by U.S. and non-U.S. operations (FACT, Note 11). Entry mode reviewed: acquisitions / majority stakes in local retailers. ## Main engine (atlas) `retail/DTC` — ~99% of total revenues are net sales of merchandise and services from own stores, clubs and websites; membership fees ($4.4B) and advertising (~$6.4B) are growing but small. Same family as Costco, Target and Amazon in this atlas.