Walmart
A $713 billion-revenue omnichannel retailer growing sales about 5% a year while shifting profit mix toward membership, advertising and marketplace services and spending more on automation.
What the filings point to next
Our analysis of the moves the company's own disclosures point to, with the signals that would confirm them.
Push more cost out of fulfillment through automation and the merged Walmart-Sam's supply chain, aiming to restore operating-income leverage.
- Operating expense as a share of sales versus prior year
- Sam's Club gross margin and reorganization charges
- Depreciation growth relative to sales
- Prioritize making Walmart's catalog and ads work inside AI and agentic shopping tools, not only its own apps, led by the new AI Acceleration executive role.Medium confidence
- Move toward a separate public listing for PhonePe while keeping control.Medium confidence
- Step up new-store building in the U.S. after years of a flat footprint, alongside continued remodels.Medium confidence
- Fund the investment program partly with term debt rather than cutting capital spending.Low confidence
Relationship map
Who it buys from, sells to, partners with and competes against, as its disclosures describe it.
Customers Suppliers Partners (top) Competitors (bottom) · solid = disclosed, dashed = inferred · tap a highlighted company to open it
Business at a glance
Operating-health scores describe reported fundamentals on a 0–100 scale. They are not a rating of the stock. How they work
Key ratios and five-year financials
| Fiscal year ending | FY 2022-01 | FY 2023-01 | FY 2024-01 | FY 2025-01 | FY 2026-01 |
|---|---|---|---|---|---|
| Revenue | $567.8B | $605.9B | $642.6B | $674.5B | $706.4B |
| Gross profit | $138.8B | $142.2B | $152.5B | $162.8B | $171.0B |
| Operating income | $25.9B | $20.4B | $27.0B | $29.3B | $29.8B |
| Net income | $13.7B | $11.7B | $15.5B | $19.4B | $21.9B |
| Operating cash flow | $24.2B | $28.8B | $35.7B | $36.4B | $41.6B |
| Capital expenditure | $13.1B | $16.9B | $20.6B | $23.8B | $26.6B |
| Free cash flow | $11.1B | $12.0B | $15.1B | $12.7B | $14.9B |
| Stock-based comp | $1.2B | $1.6B | $2.1B | $2.8B | $3.6B |
| Buybacks | $9.8B | $9.9B | $2.8B | $4.5B | $8.1B |
| Dividends | $6.2B | $6.1B | $6.1B | $6.7B | $7.5B |
| Cash | $14.8B | $8.6B | $9.9B | $9.0B | $10.7B |
| Total debt | $40.9B | $43.4B | $43.9B | $41.7B | $48.3B |
| Equity | $83.3B | $76.7B | $83.9B | $91.0B | $99.6B |
Built from the company's disclosures: 10-K (2026-03-13), 8-K (2026-10-23), 8-K (2026-08-20), 8-K (2026-06-05), 8-K (2026-05-21), DEF 14A (2026-04-23).
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