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Walmart (WMT) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Aug 28, 2026 · Walmart (WMT) Q2 FY27 earnings results →

Q2 FY27 Revenue up 6% year over year to $187.9B · 3¢ of every $1 of revenue kept as net profit · operating margin 5.0%

Walmart made $187.9B in Q2 FY27 (+6% Y/Y). Operating margin 5.0%, net earnings $6.5B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 28, 2026.

Revenue$187.9B

Year over year+6%

Operating margin5.0%

Net earnings$6.5B

Operating cash flow$15.0B

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $187.9B in Q2 FY27, up 6% year over year and up 6% from the previous quarter.

Operating profit was $9.4B, a 5.0% margin (up 0.9 points year over year). Of the extra revenue versus Q2 FY26, 20% reached operating profit, above the 4% margin then. Total costs grew 5% against revenue growth of 6%. Net earnings were $6.4B, down 9% year over year. The effective tax rate was 18.5%.

Operating cash flow was $15.0B (up 16% year over year), 229% of net income including minority interests. Non-cash charges added back $3.9B of depreciation and amortization. Working capital and other items added $4.5B. Capital expenditures of $7.5B left free cash flow of $7.5B.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q2 FY27	10-Q	Aug 28, 2026	$187.9B	+6%	5.0%	$6.5B	$15.0B
Q1 FY27	10-Q	May 29, 2026	$177.8B	+7%	4.2%	$5.5B	$4.7B
Q4 FY26	10-K	Mar 13, 2026	$190.7B	+6%	4.6%	$4.4B	$14.1B
Q3 FY26	10-Q	Dec 3, 2025	$179.5B	+6%	3.7%	$6.1B	$9.1B
Q2 FY26	10-Q	Aug 29, 2025	$177.4B	+5%	4.1%	$7.0B	$12.9B
Q1 FY26	10-Q	Jun 6, 2025	$165.6B	+2%	4.3%	$4.5B	$5.4B
Q4 FY25	10-K	Mar 14, 2025	$180.6B	+4%	4.4%	$5.3B	$13.5B

Charts

Latest (Q2 FY27): Y/Y +6%, Q/Q +6%.

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q2 FY27): Net income $6.5B, Operating cash flow $15.0B.

-6.1% since FY21: buybacks shrank the count; earlier years scaled for the 3-for-1 split before FY22.

Cash $10.7B, short-term investments —, long-term debt $38.2B at 2026-01-31.

Retail-Variety Stores; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Sells to

KTB · Stated in 10-K (named, share not stated) · source

Buys from

JBSS — 41% of the supplier’s revenue · Stated in 10-K (sentence) · source
CRWS — 40% of the supplier’s revenue · Stated in 10-K (XBRL) · source
SJM — 34% of the supplier’s revenue · Stated in 10-K (sentence) · source
BRID — 34% of the supplier’s revenue · Stated in 10-K (sentence) · source
MSN — 31% of the supplier’s revenue · Stated in 10-K (sentence) · source
BGS — 31% of the supplier’s revenue · Stated in 10-K (sentence) · source
SMPL — 30% of the supplier’s revenue · Stated in 10-K (sentence) · source
KTB — 30% of the supplier’s revenue · Stated in 10-K (sentence) · source
CALM — 30% of the supplier’s revenue · Stated in 10-K (XBRL) · source
COKE — 29% of the supplier’s revenue · Stated in 10-K (sentence) · source
HBB — 29% of the supplier’s revenue · Stated in 10-K (sentence) · source
CAG — 29% of the supplier’s revenue · Stated in 10-K (sentence) · source

Walmart against its Retail-Variety Stores peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +6% against the peers' median +9%. Operating margin: 5.0% against the peers' median 6.8%.

Company	Quarter	Revenue	Y/Y	Op. margin
WMT Walmart	Q2 FY27	$187.9B	+6%	5.0%
COST Costco Wholesale	Q4 FY26	$95.7B	+11%	4.0%
TGT Target	Q2 FY27	$26.5B	+5%	9.6%
DG Dollar General	Q2 FY27	$11.3B	+5%	6.8%
BJ BJ's Wholesale Club Holdings	Q2 FY27	$6.2B	+16%	4.1%
DLTR Dollar Tree	Q2 FY27	$4.9B	+7%	14.1%
PSMT Pricesmart	Q4 FY26	$1.5B	+14%	3.8%
FIVE Five Below	Q2 FY27	$1.3B	+23%	21.8%
OLLI Ollie's Bargain Outlet Holdings	Q2 FY27	$741M	+9%	14.6%

Source: Walmart 10-Q on SEC EDGAR · CIK 104169 · Retail-Variety Stores

Guidance and outlook

Met or beat 3 of 3 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

6 statements; tone +0.17 (−1 all cautious, +1 all confident); 1 hedged.

13F: who owns WMT and who is buying

Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on WMT

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

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中文版：沃尔玛（WMT）财报

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