Walmart Inc.
CorpDigest
Walmart Inc.
Financial Performance
Last reviewed: June 2026 · By Swet Parvadiya
Revenue
$713.2B
Market Cap
$845.6B
Employees
2,100,000
Revenue grew from $611.3 billion in fiscal 2023 to $713.2 billion in fiscal 2026, a pace that represents roughly $100 billion in additional annual revenue over three years — a figure larger than most Fortune 500 companies' total revenues. Grocery volume, U.S. E-commerce growth, Sam's Club membership expansion, and the international segment all contributed. The $845.6 billion market capitalization against $713.2 billion in revenue implies a price-to-sales multiple above one — a premium to what a pure grocer would command, reflecting the market pricing in the advertising, marketplace, and membership businesses as higher-multiple growth assets embedded inside the retail operation. The net income figure is not separately disclosed in the available data, but at a 3.1 percent margin on $713.2 billion, the implied earnings are substantial in absolute terms while modest as a percentage. That combination — large absolute earnings, thin margins — is exactly the arithmetic that makes Walmart's competitive position so durable. Matching its pricing requires matching its cost structure, which requires matching its volume, which is circular. Advertising revenue is the financial development worth watching closely over the next decade. Walmart Connect, the advertising platform, operates at margins that bear no resemblance to retail. Every transaction in every store and on Walmart.com generates data about what customers buy, when, and at what price — data that consumer goods companies will pay significant fees to target precisely.
Revenue Trend Analysis
YoY Change
+4.7%
4-Year CAGR
+5.6%
Peak Year
2026
Trend
Consistent Growth
Walmart Inc. has reported revenue across 5 fiscal years, compounding at +5.6% annually over 4 years. The most recent year saw a 4.7% increase versus the prior year. Revenue peaked in 2026 at $713.2B. Out of 4 reported periods, 4 showed growth and 0 showed a decline.
| Fiscal Year | Revenue | YoY Change |
|---|---|---|
| FY2026 | $713.2B | +4.7% |
| FY2025 | $681.0B | +5.1% |
| FY2024 | $648.1B | +6.0% |
| FY2023 | $611.3B | +6.7% |
| FY2022 | $572.8B | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
Walmart Inc. reported fiscal year 2025 results on 20 February 2025, with full-year revenue of $713.2 billion, up 5.1% from $648.1 billion in fiscal 2024. Operating income was $29.3 billion, up 8.6% year over year, with operating margin expanding to 4.1% from 4.0% on lower markdowns, higher membership and advertising income, and disciplined inventory management. Net income attributable to Walmart was $19.4 billion, with adjusted diluted earnings per share of $2.51 (post-split, after the 3-for-1 stock split that took effect on 26 February 2024). Walmart U.S. comparable store sales grew 4.6% for the year (excluding fuel), driven by transactions up 2.5% and average ticket up 2.0%. Walmart U.S. e-commerce grew 22% to surpass $100 billion in annualized run rate. Sam's Club comparable sales grew 5.7%. Walmart International grew 6.4% on a constant-currency basis. Free cash flow reached $12.7 billion. The company returned $11.7 billion to shareholders through dividends ($3.2 billion at $0.83 per share annual rate) and share repurchases ($4.5 billion). The market capitalization reached approximately $845.58 billion in early 2025, briefly making Walmart the most valuable US retailer by market value.
Walmart shares have delivered exceptional total returns since Doug McMillon became CEO on 1 February 2014, transforming the company from a traditional brick-and-mortar retailer perceived as vulnerable to Amazon into a leading omnichannel competitor. Adjusted for stock splits, Walmart shares opened at approximately $25 (post-split equivalent) at the start of McMillon's tenure and reached approximately $105 in early 2025, a total return including dividends of roughly 380% over 11 years versus an S&P 500 total return of approximately 250% over the same period. The 3-for-1 stock split announced on 30 January 2024 and effected on 26 February 2024 was the company's first split since 1999 and was explicitly designed to keep the share price accessible to retail investors and Walmart associates participating in employee stock purchase plans. Market capitalization reached an all-time high near $850 billion in early 2025, briefly putting Walmart in the top 10 US companies by market value. Investor reception of McMillon's strategic moves — the e-commerce buildout, Flipkart acquisition, Walmart+ launch, store remodels, automation investments, and Vizio acquisition — has been the principal driver of the multiple expansion from roughly 16x earnings at his appointment to roughly 30x earnings by early 2025.
Walmart has returned billions of dollars annually to shareholders through dividends and share repurchases, although the absolute payout has been moderate relative to the company's free cash flow because management has prioritized reinvestment in e-commerce, supply chain, and store remodels. In fiscal year 2025, Walmart returned $11.7 billion to shareholders, comprising $6.9 billion in cash dividends and approximately $4.5 billion in share repurchases. The dividend, which Walmart has paid every year since 1974 and increased every year since 1974 (making it a Dividend Aristocrat with 51 consecutive years of increases as of 2024), was raised by 13% in February 2024 to $0.83 per share annually (post-split), the largest dollar increase in over a decade. Share repurchases have continued under a $20 billion authorization announced in November 2022. Walton Enterprises, the family limited partnership that holds roughly 46% of Walmart shares on behalf of the Walton family, receives roughly $3 billion of the annual dividend, providing the family with steady tax-advantaged cash flow without requiring stock sales that would dilute their control. The combined dividend and buyback yield approximates 1.4–1.5% at recent share prices.
Walmart Inc. reached a market capitalization of approximately $845.58 billion in early 2025, making it briefly the most valuable US retailer ahead of Costco and the most valuable US company in the consumer staples sector. The shares trade on the New York Stock Exchange under ticker WMT and have traded continuously on the NYSE since 1972. The most distinctive feature of the ownership structure is the Walton family's controlling interest: Walton Enterprises LLC, the family limited partnership originally established by Sam Walton in 1953 (renamed and restructured multiple times), holds roughly 45.8% of outstanding shares, equivalent to approximately $370 billion of equity value. The largest individual heirs are Rob Walton (Sam's eldest son), Jim Walton (third son), and Alice Walton (only daughter), each of whom is among the wealthiest individuals in the world. The late John T. Walton's estate is held in trust for his descendants. Public float comprises the remaining 54% of shares, held principally by index funds (Vanguard, BlackRock, State Street), other institutional investors, and individual retail shareholders. The dual ownership structure — concentrated family control alongside broad public ownership — has enabled multi-decade strategic patience that many retailers facing quarterly earnings pressure cannot match.
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CorpDigest. "Walmart Inc. Revenue & Financials." CorpDigest, https://corpdigest.com/company/walmart/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Walmart Inc. reported $713B in revenue (FY2026).</strong><br>Source: <a href="https://corpdigest.com/company/walmart/financials" target="_blank" rel="noopener">CorpDigest — Walmart Inc. financials</a></div>