At a glance
Walmart Inc is worth $1.01T, about 47 times its fiscal 2026 earnings. Revenue grew 4.7% to $713.16B in fiscal 2026, with 3.1% kept as profit; over 5 years it has grown 5.0% a year. It pays a 0.78% dividend yield, raised every year for at least 9 years, and returned $67.67B to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned +27.3% over the past year with dividends reinvested and +22.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 13.1% in the 2020 crash (S&P 500: 33.7%) and 25.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 12 months after the lows.
The business in plain English
Walmart runs Walmart and Walmart Neighborhood Market stores, Sam's Club warehouse clubs, and their websites and apps. In fiscal 2026, the year ended January 31, 2026, it served about 280 million customers a week through more than 10,900 stores in 19 countries and online. Total revenue was $713.2 billion, almost all from net sales of $706.4 billion.
Walmart sells huge volumes of everyday goods on thin margins. Under its "everyday low prices" policy, it keeps prices steadily low instead of relying on frequent sales, and keeps its costs tight. Its main categories are groceries and household staples; general merchandise such as electronics, toys and clothing; and pharmacy and health products, including private brands like Great Value and Equate. In fiscal 2026, its operating margin (profit after running costs, as a share of revenue) was 4.2%. Membership fees from Walmart+ and Sam's Club, advertising for brands, an online marketplace for outside sellers, and financial services add further income.
Walmart reports three segments. Walmart U.S., with 4,611 stores, brought in $483.0 billion, or 68% of net sales. Walmart International, with 5,743 stores in 18 other countries such as Mexico, Canada, China and India, where it owns majority stakes in Flipkart and PhonePe, made up 19%. Sam's Club U.S., a membership-only warehouse chain with 601 clubs, supplied 13%.
Price history
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WMT +27.3% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Walmart U.S. | $485.60B | 68.1% |
| Walmart International | $131.99B | 18.5% |
| Sam's Club U.S. | $95.54B | 13.4% |
By geography
| U.S. | $581.17B | 81.5% |
| Non-U.S. operations | $131.99B | 18.5% |
Latest results
- In Q2 FY2027 (ended Jul 31, 2026), revenue was $187.94B, up 5.9% from a year earlier, and net income was $6.37B (-9.4%).
- For fiscal 2026, revenue was $713.16B (+4.7% year over year; +5.0% a year from FY2021 to FY2026) with a 3.1% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +5.0% good |
|---|---|
| Operating margin | 4.2% weak |
| Free cash flow margin | 2.1% watch |
| Return on equity (FY2026) | 22% good |
| Return on assets (FY2026) | 7.7% watch |
| Net cash (cash minus debt) | $-38.88B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $559.15B | $13.51B | $25.81B |
| FY2022 | $572.75B | $13.67B | $11.07B |
| FY2023 | $611.29B | $11.68B | $11.98B |
| FY2024 | $648.13B | $15.51B | $15.12B |
| FY2025 | $680.99B | $19.44B | $12.66B |
| FY2026 | $713.16B | $21.89B | $14.92B |
Valuation snapshot
| Market value | $1.01T |
|---|---|
| P/E ratio | 46.8 |
| Dividend yield | 0.78% |
Rank among 1514 US companies
Market value at each year end
Walmart’s market value went from $212.42B at the end of 2016 to $1.01T on Nov 2, 2026, about 4.8 times as much; since the end of 2025 it is up 14%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $1.01T | +14.1% |
| 2025 | $887.96B | +22.3% |
| 2024 | $725.82B | +71.0% |
| 2023 | $424.43B | +11.0% |
| 2022 | $382.38B | -4.7% |
| 2021 | $401.35B | -1.6% |
| 2020 | $407.84B | +21.0% |
| 2019 | $337.17B | +24.6% |
| 2018 | $270.62B | -7.5% |
| 2017 | $292.54B | +37.7% |
| 2016 | $212.42B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| WMT price data to Nov 2, 2026 | +15.4% | +27.3% | +33.7% | +22.2% | +20.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +15.3% |
| 2025 | +24.5% |
| 2024 | +74.0% |
| 2023 | +12.9% |
| 2022 | -0.5% |
| 2021 | +2.0% |
| 2020 | +23.3% |
| 2019 | +30.2% |
| 2018 | -3.4% |
| 2017 | +46.5% |
| 2016 | +16.0% |
| 2015 | -26.6% |
| 2014 | +11.9% |
| 2013 | +18.2% |
| 2012 | +17.0% |
| 2011 | +13.9% |
| 2010 | +3.2% |
| 2009 | -2.6% |
| 2008 | +20.0% |
| 2007 | +4.9% |
| 2006 | -0.6% |
| 2005 | -11.0% |
| 2004 | -0.1% |
| 2003 | +5.3% |
| 2002 | -12.1% |
| 2001 | +8.5% |
| 2000 | -23.0% |
| 1999 | +70.0% |
| 1998 | +107.0% |
| 1997 | +74.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Gained 7.4% over that stretch · deepest drop along the way 26.2%, back to its old high 33.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 2.5% over that stretch · deepest drop along the way 13.1%, back to its old high 0.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 8.2% over that stretch · deepest drop along the way 25.7%, back to its old high 11.9 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 12 sales ($10.4M), 12 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 26, 2026 | Daniel Danker Executive Vice President | sell (plan) | $5.3M |
| Oct 15, 2026 | John R. Furner President & CEO, Director | sell (plan) | $853K |
| Sep 17, 2026 | John R. Furner President & CEO, Director | sell (plan) | $754K |
| Oct 15, 2026 | John R. Furner President & CEO, Director | sell (plan) | $730K |
| Sep 17, 2026 | John R. Furner President & CEO, Director | sell (plan) | $646K |
Who owns it
Large shareholders (13G filings)
| WALTON S ROBSON | 0.39% | Dec 31, 2024 |
ETFs with the most weight in WMT
| VDC Vanguard Consumer Staples ETF | 12.27% |
| FSTA Fidelity MSCI Consumer Staples Index ETF | 11.07% |
| XLP Consumer Staples Select Sector SPDR Fund | 9.24% |
| RTH VanEck Retail ETF | 8.84% |
| NXTI Simplify Next Intangible Core Index ETF | 5.14% |
| FCTE SMI 3Fourteen Full-Cycle Trend ETF | 5.12% |
| OMFL Invesco Russell 1000 Dynamic Multifactor ETF | 5.1% |
| TMFE Motley Fool Capital Efficiency 100 Index ETF | 5.07% |
What could go wrong
- Costly tech and online bets may disappoint. Walmart is spending heavily on eCommerce, AI and automation, which weighs on near-term profit. If those bets fail, or AI shopping tools pull customers away from its stores, sales could suffer.
- Fierce competition on very thin margins. Walmart competes with other retailers, warehouse clubs and online sellers, mostly on price. Its operating margin was 4.2% in fiscal 2026, so modest price cuts or cost increases can dent profits noticeably.
- Rising pay and staffing costs. Walmart had about 2.1 million associates (employees) as of January 31, 2026. Rising wages and benefits, new labor laws or trouble hiring and keeping staff could push costs up faster than sales.
- Overseas markets and currency swings. In fiscal 2026, about 19% of net sales came from 18 countries outside the U.S., including India, Mexico and China. Local politics, regulation, tax rules and a stronger dollar can all hurt results.
- Tariffs, trade rules and supplier problems. Walmart relies on outside suppliers for much of what it sells. Changes in tariffs, trade or tax laws, or supplier failures and quality lapses, could raise costs, leave shelves short or force price increases.
- High expectations already in the share price. As of October 30, 2026, the stock traded at about 45 times fiscal 2026 earnings. Walmart warns that falling short of market expectations could hurt its share price and make it more volatile.
Recent events
- Other company announcement
- Quarterly results released
- Bylaws or fiscal year changed; Shareholder vote results
- Quarterly results released
- Other company announcement
- Other company announcement
- Other company announcement
- Quarterly results released
- Executive or board change
- Other company announcement
For income and retirement investors
Walmart has raised its regular dividend for at least nine straight fiscal years, and the true streak may be longer. Adjusted for a 2024 stock split, dividends per share rose from $0.72 in fiscal 2021 to $0.94 in fiscal 2026, about 5.5% a year. Fiscal 2026 dividends used 34.3% of earnings and 50.3% of free cash flow (cash left after capital spending). The dividend yield was just 0.8% as of October 30, 2026. Buybacks (repurchases of its own shares) totaled $35.1 billion over fiscal 2022–2026, more than the $32.6 billion paid in dividends.
From the market's peak to its low, Walmart shares rose 7.4% in the 2008 financial crisis and slipped 2.5% in the 2020 COVID crash and 8.2% in the 2022 bear market. But at their worst they still fell 26.2%, 13.1% and 25.7%, and recovery took about 33 months, a few days and about a year, respectively. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Walmart make money?
Walmart makes money mainly by selling groceries, household goods, general merchandise and pharmacy products in huge volumes at low prices. In fiscal 2026, the year ended January 31, 2026, total revenue was $713.2 billion, almost all from net sales. Walmart U.S. produced 68% of net sales, Walmart International 19% and Sam's Club U.S. 13%. Membership fees, advertising, marketplace and fulfillment services for outside sellers, and financial services add extra income. Operating profit was about 4.2 cents per dollar of revenue.
Does Walmart raise its dividend every year?
Yes. Walmart has raised its regular dividend for at least nine consecutive fiscal years through fiscal 2026, and the true streak may be longer. Adjusted for the 3-for-1 stock split in 2024, dividends per share rose from $0.72 in fiscal 2021 to $0.94 in fiscal 2026, an average of about 5.5% a year. In fiscal 2026, dividends took 34.3% of earnings and 50.3% of free cash flow. Past increases do not guarantee future ones.
What is Walmart's dividend yield?
Walmart's dividend yield, the yearly dividend as a share of the stock price, was about 0.8% as of October 30, 2026. That is modest for income investors. The low yield partly reflects a share price that rose far faster than the dividend: the stock gained about 164% over the five years to October 30, 2026, while dividends per share grew about 5.5% a year from fiscal 2021 to fiscal 2026.
How did Walmart stock do in past market crashes?
Walmart shares fell in each of three major market slumps, but their returns over the market's full peak-to-low periods were mild: up 7.4% in 2007–2009, down 2.5% in 2020 and down 8.2% in 2022. At their worst, they fell 26.2% in the 2008 crisis (about 33 months to recover), 13.1% in the COVID crash (under a week) and 25.7% in 2022 (about a year). The deepest drop in about 30 years of price history to October 30, 2026, was 38%.
Is Walmart stock expensive?
By the most common yardstick, Walmart shares are priced high relative to earnings. As of October 30, 2026, the price-to-earnings (P/E) ratio was 45.2, meaning the share price was about 45 times fiscal 2026 diluted earnings per share of $2.73. A high P/E usually signals that investors expect steady growth. Net income rose 12.6% in fiscal 2026, but in the quarter ended July 31, 2026, it fell 9.4% from a year earlier while revenue grew 5.9%. Walmart warns that missing market expectations could hurt its share price.