W

WALMART INC.

WMT · CIK 0000104169

19 fiscal years · 71 SEC filings · every number carries its receipt

Revenue (FY)
$706.41B4.7%
FY2026
Net income (FY)
$21.89B12.6%
FY2026
Free cash flow (FY)
$14.92B17.9%
FY2026
Diluted EPS (FY)
$2.7313.3%
FY2026
The story, charted

The shape of the business

FY2008–FY2026 · hover any year for its receipt
Revenue & net incomeRevenueNet income
$0$200B$400B$600BFY2008 · Revenue $377.02B · Net income $12.73B · 0001193125-10-071652 · filed 2010-03-30FY08Revenue $377.02BNet income $12.73B0001193125-10-071652 · filed 2010-03-30FY2009 · Revenue $404.25B · Net income $13.38B · 0001193125-11-083157 · filed 2011-03-30FY09Revenue $404.25BNet income $13.38B0001193125-11-083157 · filed 2011-03-30FY2010 · Revenue $408.08B · Net income $14.37B · 0001193125-12-134679 · filed 2012-03-27FY10Revenue $408.08BNet income $14.37B0001193125-12-134679 · filed 2012-03-27FY2011 · Revenue $421.85B · Net income $16.39B · 0000104169-13-000011 · filed 2013-03-26FY11Revenue $421.85BNet income $16.39B0000104169-13-000011 · filed 2013-03-26FY2012 · Revenue $446.51B · Net income $15.70B · 0000104169-14-000019 · filed 2014-03-21FY12Revenue $446.51BNet income $15.70B0000104169-14-000019 · filed 2014-03-21FY2013 · Revenue $468.65B · Net income $17.00B · 0000104169-15-000011 · filed 2015-04-01FY13Revenue $468.65BNet income $17.00B0000104169-15-000011 · filed 2015-04-01FY2014 · Revenue $476.29B · Net income $16.02B · 0000104169-16-000079 · filed 2016-03-30FY14Revenue $476.29BNet income $16.02B0000104169-16-000079 · filed 2016-03-30FY2015 · Revenue $485.65B · Net income $16.36B · 0000104169-17-000021 · filed 2017-03-31FY15Revenue $485.65BNet income $16.36B0000104169-17-000021 · filed 2017-03-31FY2016 · Revenue $482.13B · Net income $14.69B · 0000104169-18-000028 · filed 2018-03-30FY16Revenue $482.13BNet income $14.69B0000104169-18-000028 · filed 2018-03-30FY2017 · Revenue $481.32B · Net income $13.64B · 0000104169-19-000016 · filed 2019-03-28FY17Revenue $481.32BNet income $13.64B0000104169-19-000016 · filed 2019-03-28FY2018 · Revenue $495.76B · Net income $9.86B · 0000104169-20-000011 · filed 2020-03-20FY18Revenue $495.76BNet income $9.86B0000104169-20-000011 · filed 2020-03-20FY2019 · Revenue $510.33B · Net income $6.67B · 0000104169-21-000033 · filed 2021-03-19FY19Revenue $510.33BNet income $6.67B0000104169-21-000033 · filed 2021-03-19FY2020 · Revenue $519.93B · Net income $14.88B · 0000104169-22-000012 · filed 2022-03-18FY20Revenue $519.93BNet income $14.88B0000104169-22-000012 · filed 2022-03-18FY2021 · Revenue $555.23B · Net income $13.51B · 0000104169-23-000020 · filed 2023-03-17FY21Revenue $555.23BNet income $13.51B0000104169-23-000020 · filed 2023-03-17FY2022 · Revenue $567.76B · Net income $13.67B · 0000104169-24-000056 · filed 2024-03-15FY22Revenue $567.76BNet income $13.67B0000104169-24-000056 · filed 2024-03-15FY2023 · Revenue $605.88B · Net income $11.68B · 0000104169-25-000021 · filed 2025-03-14FY23Revenue $605.88BNet income $11.68B0000104169-25-000021 · filed 2025-03-14FY2024 · Revenue $642.64B · Net income $15.51B · 0000104169-26-000055 · filed 2026-03-13FY24Revenue $642.64BNet income $15.51B0000104169-26-000055 · filed 2026-03-13FY2025 · Revenue $674.54B · Net income $19.44B · 0000104169-26-000055 · filed 2026-03-13FY25Revenue $674.54BNet income $19.44B0000104169-26-000055 · filed 2026-03-13FY2026 · Revenue $706.41B · Net income $21.89B · 0000104169-26-000055 · filed 2026-03-13FY26Revenue $706.41BNet income $21.89B0000104169-26-000055 · filed 2026-03-13FY26Revenue $706.41BNet income $21.89B0000104169-26-000055 · filed 2026-03-13FY08FY11FY14FY17FY20FY23FY26

revenue 1.9× since FY2008 · net margin 3.4% → 3.1%

MarginsNet marginFCF margin
0%2%4%FY2008 · Net margin 3.4% · FCF margin 1.5%FY08Net margin 3.4%FCF margin 1.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2009 · Net margin 3.3% · FCF margin 2.9%FY09Net margin 3.3%FCF margin 2.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2010 · Net margin 3.5% · FCF margin 3.4%FY10Net margin 3.5%FCF margin 3.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2011 · Net margin 3.9% · FCF margin 2.6%FY11Net margin 3.9%FCF margin 2.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2012 · Net margin 3.5% · FCF margin 2.4%FY12Net margin 3.5%FCF margin 2.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2013 · Net margin 3.6% · FCF margin 2.7%FY13Net margin 3.6%FCF margin 2.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2014 · Net margin 3.4% · FCF margin 2.1%FY14Net margin 3.4%FCF margin 2.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2015 · Net margin 3.4% · FCF margin 3.4%FY15Net margin 3.4%FCF margin 3.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2016 · Net margin 3.0% · FCF margin 3.3%FY16Net margin 3.0%FCF margin 3.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2017 · Net margin 2.8% · FCF margin 4.4%FY17Net margin 2.8%FCF margin 4.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2018 · Net margin 2.0% · FCF margin 3.7%FY18Net margin 2.0%FCF margin 3.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2019 · Net margin 1.3% · FCF margin 3.4%FY19Net margin 1.3%FCF margin 3.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2020 · Net margin 2.9% · FCF margin 2.8%FY20Net margin 2.9%FCF margin 2.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2021 · Net margin 2.4% · FCF margin 4.6%FY21Net margin 2.4%FCF margin 4.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2022 · Net margin 2.4% · FCF margin 2.0%FY22Net margin 2.4%FCF margin 2.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2023 · Net margin 1.9% · FCF margin 2.0%FY23Net margin 1.9%FCF margin 2.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2024 · Net margin 2.4% · FCF margin 2.4%FY24Net margin 2.4%FCF margin 2.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2025 · Net margin 2.9% · FCF margin 1.9%FY25Net margin 2.9%FCF margin 1.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2026 · Net margin 3.1% · FCF margin 2.1%FY26Net margin 3.1%FCF margin 2.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY26Net margin 3.1%FCF margin 2.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue’10’14’18’22’26

FY2026: net 3.1% · free cash flow 2.1% of revenue

Cash engineOperating cash flowFree cash flow
$0$20B$40BFY2008 · OCF $20.64B · FCF $5.71B · 0001193125-10-071652 · filed 2010-03-30FY08OCF $20.64BFCF $5.71B0001193125-10-071652 · filed 2010-03-30FY2009 · OCF $23.15B · FCF $11.65B · 0001193125-11-083157 · filed 2011-03-30FY09OCF $23.15BFCF $11.65B0001193125-11-083157 · filed 2011-03-30FY2010 · OCF $26.25B · FCF $14.06B · 0001193125-12-134679 · filed 2012-03-27FY10OCF $26.25BFCF $14.06B0001193125-12-134679 · filed 2012-03-27FY2011 · OCF $23.64B · FCF $10.94B · 0000104169-13-000011 · filed 2013-03-26FY11OCF $23.64BFCF $10.94B0000104169-13-000011 · filed 2013-03-26FY2012 · OCF $24.25B · FCF $10.74B · 0000104169-14-000019 · filed 2014-03-21FY12OCF $24.25BFCF $10.74B0000104169-14-000019 · filed 2014-03-21FY2013 · OCF $25.59B · FCF $12.69B · 0000104169-15-000011 · filed 2015-04-01FY13OCF $25.59BFCF $12.69B0000104169-15-000011 · filed 2015-04-01FY2014 · OCF $23.26B · FCF $10.14B · 0000104169-16-000079 · filed 2016-03-30FY14OCF $23.26BFCF $10.14B0000104169-16-000079 · filed 2016-03-30FY2015 · OCF $28.56B · FCF $16.39B · 0000104169-17-000021 · filed 2017-03-31FY15OCF $28.56BFCF $16.39B0000104169-17-000021 · filed 2017-03-31FY2016 · OCF $27.55B · FCF $16.07B · 0000104169-18-000028 · filed 2018-03-30FY16OCF $27.55BFCF $16.07B0000104169-18-000028 · filed 2018-03-30FY2017 · OCF $31.67B · FCF $21.05B · 0000104169-19-000016 · filed 2019-03-28FY17OCF $31.67BFCF $21.05B0000104169-19-000016 · filed 2019-03-28FY2018 · OCF $28.34B · FCF $18.29B · 0000104169-20-000011 · filed 2020-03-20FY18OCF $28.34BFCF $18.29B0000104169-20-000011 · filed 2020-03-20FY2019 · OCF $27.75B · FCF $17.41B · 0000104169-21-000033 · filed 2021-03-19FY19OCF $27.75BFCF $17.41B0000104169-21-000033 · filed 2021-03-19FY2020 · OCF $25.25B · FCF $14.55B · 0000104169-22-000012 · filed 2022-03-18FY20OCF $25.25BFCF $14.55B0000104169-22-000012 · filed 2022-03-18FY2021 · OCF $36.07B · FCF $25.81B · 0000104169-23-000020 · filed 2023-03-17FY21OCF $36.07BFCF $25.81B0000104169-23-000020 · filed 2023-03-17FY2022 · OCF $24.18B · FCF $11.07B · 0000104169-24-000056 · filed 2024-03-15FY22OCF $24.18BFCF $11.07B0000104169-24-000056 · filed 2024-03-15FY2023 · OCF $28.84B · FCF $11.98B · 0000104169-25-000021 · filed 2025-03-14FY23OCF $28.84BFCF $11.98B0000104169-25-000021 · filed 2025-03-14FY2024 · OCF $35.73B · FCF $15.12B · 0000104169-26-000055 · filed 2026-03-13FY24OCF $35.73BFCF $15.12B0000104169-26-000055 · filed 2026-03-13FY2025 · OCF $36.44B · FCF $12.66B · 0000104169-26-000055 · filed 2026-03-13FY25OCF $36.44BFCF $12.66B0000104169-26-000055 · filed 2026-03-13FY2026 · OCF $41.56B · FCF $14.92B · 0000104169-26-000055 · filed 2026-03-13FY26OCF $41.56BFCF $14.92B0000104169-26-000055 · filed 2026-03-13FY26OCF $41.56BFCF $14.92B0000104169-26-000055 · filed 2026-03-13’10’14’18’22’26

FY2026: $41.56B operating cash − $26.64B capex = $14.92B free cash flow

Returns on capitalReturn on equityReturn on assets
0%10%20%FY2009 · ROE 20.5% · ROA 8.2%FY09ROE 20.5%ROA 8.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2010 · ROE 20.4% · ROA 8.4%FY10ROE 20.4%ROA 8.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2011 · ROE 23.9% · ROA 9.1%FY11ROE 23.9%ROA 9.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2012 · ROE 22.0% · ROA 8.1%FY12ROE 22.0%ROA 8.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2013 · ROE 22.3% · ROA 8.4%FY13ROE 22.3%ROA 8.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2014 · ROE 21.0% · ROA 7.8%FY14ROE 21.0%ROA 7.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2015 · ROE 20.1% · ROA 8.0%FY15ROE 20.1%ROA 8.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2016 · ROE 18.2% · ROA 7.4%FY16ROE 18.2%ROA 7.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2017 · ROE 17.5% · ROA 6.9%FY17ROE 17.5%ROA 6.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2018 · ROE 12.7% · ROA 4.8%FY18ROE 12.7%ROA 4.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2019 · ROE 9.2% · ROA 3.0%FY19ROE 9.2%ROA 3.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2020 · ROE 19.9% · ROA 6.3%FY20ROE 19.9%ROA 6.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2021 · ROE 16.7% · ROA 5.4%FY21ROE 16.7%ROA 5.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2022 · ROE 16.4% · ROA 5.6%FY22ROE 16.4%ROA 5.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2023 · ROE 15.2% · ROA 4.8%FY23ROE 15.2%ROA 4.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2024 · ROE 18.5% · ROA 6.1%FY24ROE 18.5%ROA 6.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2025 · ROE 21.4% · ROA 7.5%FY25ROE 21.4%ROA 7.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2026 · ROE 22.0% · ROA 7.7%FY26ROE 22.0%ROA 7.7%derived: net income ÷ equity · derived: net income ÷ assetsFY26ROE 22.0%ROA 7.7%derived: net income ÷ equity · derived: net income ÷ assets’10’14’18’22’26

return on equity 20% (FY2009) → 22% (FY2026) · on assets 7.7%

The receipts