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Walmart cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$7.5B in Q2 FY27 · $13.5B over twelve months

Operating cash flow$15.0B
Capital spending−$7.5B
Free cash flow+$7.5B
Cash / net income2.3×
Cash conversion cycle4 days

Analysis

In Q2 FY27, Walmart generated $15.0B of operating cash flow and spent $7.5B on capital projects, leaving free cash flow of $7.5B. That is $957M more than in Q2 FY26 ($6.5B).

Over the twelve months to Jul 31, 2026, operating cash flow was $42.9B; the largest uses were capital spending ($29.4B), dividends ($7.7B), buybacks ($7.0B); besides operations, cash came from net borrowing (+) / repaid (−) ($6.9B), asset & business sales ($189M); the cash balance rose by $2.1B.

Operating cash flow was $15.0B against net income of $6.5B — 2.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$3.9B, accrued liabilities +$1.9B, gains on investments +$1.2B.

Its cash conversion cycle was 4 days (receivables 5 + inventory 41 − payables 42).

Free cash flow

Walmart: free cash flow by quarterWalmart: free cash flow by quarter$372MQ3 FY25$6.4BQ4 FY25$425MQ1 FY26$6.5BQ2 FY26$1.9BQ3 FY26$6.1BQ4 FY26−$1.9BQ1 FY27$7.5BQ2 FY27
Operating cash flow less capital spending.
Walmart: operating cash flow against capital spendingWalmart: operating cash flow against capital spendingOperating cash flowCapital spending$6.6B$6.2BQ3 FY25$13.5B$7.1BQ4 FY25$5.4B$5.0BQ1 FY26$12.9B$6.4BQ2 FY26$9.1B$7.2BQ3 FY26$14.1B$8.0BQ4 FY26$4.7B$6.7BQ1 FY27$15.0B$7.5BQ2 FY27
Latest (Q2 FY27): Operating cash flow $15.0B, Capital spending $7.5B.

Capital allocation, year by year

Walmart: where the cash came from (up) and went (down), by fiscal yearWalmart: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $24.2BFY22: Net borrowing −$6.4BFY22: Shares issued $3.2BFY22: Asset sales $8.3BFY22: Capital spending −$13.1BFY22: Acquisitions −$359MFY22: Buybacks −$9.8BFY22: Dividends −$6.2B$35.7BFY22FY23: Operating cash flow $28.8BFY23: Net borrowing $1.8BFY23: Shares issued $66.0MFY23: Asset sales $170MFY23: Capital spending −$16.9BFY23: Acquisitions −$740MFY23: Buybacks −$9.9BFY23: Dividends −$6.1B$30.8BFY23FY24: Operating cash flow $35.7BFY24: Net borrowing $207MFY24: Shares issued $716MFY24: Asset sales $385MFY24: Capital spending −$20.6BFY24: Acquisitions −$9.0MFY24: Buybacks −$2.8BFY24: Dividends −$6.1B$37.0BFY24FY25: Operating cash flow $36.4BFY25: Net borrowing −$1.3BFY25: Shares issued $362MFY25: Asset sales $432MFY25: Capital spending −$23.8BFY25: Acquisitions −$1.9BFY25: Buybacks −$4.5BFY25: Dividends −$6.7B$37.2BFY25FY26: Operating cash flow $41.6BFY26: Net borrowing $4.9BFY26: Shares issued $111MFY26: Asset sales $106MFY26: Capital spending −$26.6BFY26: Acquisitions −$53.0MFY26: Buybacks −$8.1BFY26: Dividends −$7.5B$46.7BFY26
Over these 5 years operating cash flow totalled $166.8B; the largest uses were capital spending ($101.0B) and buybacks ($35.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$11.5B
Debt$48.6B
Net debt$37.1B
Due within a year$3.5B

Walmart funds itself: free cash flow was $13.5B over the last twelve months, and $11.5B of cash and investments stands against $48.6B of debt ($3.5B due within a year, 3.3× covered by cash).

Walmart: debt maturities by year (FY26)Walmart: debt maturities by year (FY26)$3.5BYear 1$3.2BYear 2$3.4BYear 3$2.1BYear 4$2.6BYear 5$23.3BAfter year 5
Principal due in each year as disclosed in the annual report, against $11.5B of cash and investments now.

Where the cash came from and went

Walmart: sources (+) and uses (−) of cash, Q2 FY27Walmart: sources (+) and uses (−) of cash, Q2 FY27Operating cash flow$15.0BCapital spending−$7.5BBuybacks−$3.0BDividends−$2.0BOther financing−$1.2BNet borrowing (+) / repaid (−)−$1.0BCash drawn (+) / kept (−)−$673MExchange rates$398MOther investing−$118MAsset & business sales$88.0M
Walmart: sources (+) and uses (−) of cash, TTM to Q2 FY27Walmart: sources (+) and uses (−) of cash, TTM to Q2 FY27Operating cash flow$42.9BCapital spending−$29.4BDividends−$7.7BBuybacks−$7.0BNet borrowing (+) / repaid (−)$6.9BOther financing−$3.6BCash drawn (+) / kept (−)−$2.1BOther investing−$190MAsset & business sales$189MExchange rates$9.0M

From profit to cash

Walmart: net income to operating cash flow, Q2 FY27Walmart: net income to operating cash flow, Q2 FY27Net income$6.5BDepreciation & amortization$3.9BGains on investments$1.2BOther non-cash$405MReceivables−$386MInventory$1.2BPayables$471MAccrued liabilities$1.9BIncome taxes payable−$459MOperating cash flow$15.0B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY27541424
Q1 FY27541424
Q4 FY26640424
Q3 FY26642434
Q2 FY26540414
Q1 FY26541424
Q4 FY25540414
Q3 FY25543435

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27$15.0B−$7.5B−$3.0B−$2.0B−$1.0B—−$673M$7.5B
Q1 FY27$4.7B−$6.7B−$2.1B−$2.0B$6.9B—$2.0M−$1.9B
Q4 FY26$14.1B−$8.0B−$1.1B−$1.9B−$1.8B—−$224M$6.1B
Q3 FY26$9.1B−$7.2B−$808M−$1.9B$2.8B—−$1.2B$1.9B
Q2 FY26$12.9B−$6.4B−$1.6B−$1.9B−$2.6B—$55.0M$6.5B
Q1 FY26$5.4B−$5.0B−$4.6B−$1.9B$6.5B—−$396M$425M
Q4 FY25$13.5B−$7.1B−$1.4B−$1.7B−$1.1B$327M$632M$6.4B
Q3 FY25$6.6B−$6.2B−$977M−$1.7B$365M$6.0M−$1.3B$372M

Walmart: income statement and cash flow

Walmart, Q2 FY27: revenue $187.9B (+6% year over year), operating margin 5.0%. The chart follows the revenue to costs, profit and cash.

Walmart: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.