olivLaw · US equity research
Walmart Inc. WMT
Retail-Variety Stores · SIC 5331 · Vertical: Retail-Variety Stores (SIC 5331)
Walmart Inc. is an omnichannel retailer that combines stores, eCommerce, advertising, membership and financial services, with a focus on everyday low prices. Its total revenues exceeded 713 billion dollars in fiscal 2026, and eCommerce growth in the second quarter of fiscal 2027 remained a central driver of its strategy.
At the close of 30 Oct 2026, Walmart Inc. (WMT) stock was 123.51 USD (+1.86% on the day), with market capitalisation 979.9 bn USD, P/E 44.6 on diluted EPS of 2.77 USD over the last 12 months, dividend yield 0.80%, beta 0.40, 52-week range 100.61–134.20 USD. Latest reported quarter (Q2 2027): revenue of 187.9 bn USD (+5.9% YoY), net income of 6.4 bn USD (−9.4% YoY), diluted EPS 0.80 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 72.7
- overbought (≥ 70)
- Bollinger (20, 2)
- 105.76 – 126.15
- in the upper half of the band · %B 0.87 · band width 17.6%
- SMA 50 / 200
- 110.23 / 118.51
- mixed trend
- MACD (12, 26, 9)
- 3.37 / 2.93
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +18.9% | −0.9% | +19.8 pp | — |
| 3 months | +11.1% | +1.2% | +9.9 pp | — |
| 6 months | −6.1% | +4.8% | −11.0 pp | — |
| Year to date | +10.9% | +10.7% | +0.1 pp | — |
| 1 year | +20.8% | +11.1% | +9.7 pp | +34.1% |
| 3 years | +126.7% | +80.7% | +46.0 pp | +38.5% |
| 5 years | +148.0% | +64.6% | +83.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2027 · 31 Jul 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 | Q2 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 169.6 bn | 180.6 bn | 165.6 bn | 177.4 bn | 179.5 bn | 190.7 bn | 177.8 bn | 187.9 bn |
| Cost of revenue | 127.3 bn | 136.2 bn | 124.3 bn | 132.8 bn | 134.7 bn | 143.6 bn | 133.1 bn | 138.8 bn |
| SG&A | 35.5 bn | 36.5 bn | 34.2 bn | 37.3 bn | 38.1 bn | 38.3 bn | 37.2 bn | 39.8 bn |
| Operating income | 6.7 bn | 7.9 bn | 7.1 bn | 7.3 bn | 6.7 bn | 8.7 bn | 7.5 bn | 9.4 bn |
| Depreciation & amortisation | 3.3 bn | 3.4 bn | 3.4 bn | 3.5 bn | 3.6 bn | 3.7 bn | 3.8 bn | 3.9 bn |
| Interest expense | 496.0 m | 599.0 m | 519.0 m | 651.0 m | 563.0 m | 585.0 m | 574.0 m | 137.0 m |
| Pre-tax income | 6.1 bn | 7.0 bn | 6.0 bn | 9.3 bn | 8.2 bn | 6.0 bn | 7.1 bn | 8.0 bn |
| Income tax | 1.4 bn | 1.5 bn | 1.4 bn | 2.2 bn | 2.1 bn | 1.6 bn | 1.7 bn | 1.5 bn |
| Net income | 4.6 bn | 5.3 bn | 4.5 bn | 7.0 bn | 6.1 bn | 4.2 bn | 5.3 bn | 6.4 bn |
| Diluted EPS | 0.57 | 0.65 ≈ | 0.56 | 0.88 | 0.77 | 0.53 ≈ | 0.67 | 0.80 |
| Operating cash flow | 6.6 bn ≈ | 13.5 bn | 5.4 bn | 12.9 bn ≈ | 9.1 bn ≈ | 14.1 bn | 4.7 bn | 15.0 bn ≈ |
| Capex | 6.2 bn ≈ | 7.1 bn | 5.0 bn | 6.4 bn ≈ | 7.2 bn ≈ | 8.0 bn | 6.7 bn | 7.5 bn ≈ |
| Dividends paid | 1.7 bn ≈ | 1.7 bn | 1.9 bn | 1.9 bn ≈ | 1.9 bn ≈ | 1.9 bn | 2.0 bn | 2.0 bn ≈ |
| Share repurchases | 977.0 m ≈ | 1.4 bn | 4.6 bn | 1.6 bn ≈ | 808.0 m ≈ | 1.1 bn | 2.1 bn | 3.0 bn ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 95 percentile of its own 43-quarter history (min 4.8, median 13.4, max 68.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 514.4 bn | 524.0 bn | 559.2 bn | 572.8 bn | 611.3 bn | 648.1 bn | 681.0 bn | 713.2 bn |
| Revenue YoY | +2.8% | +1.9% | +6.7% | +2.4% | +6.7% | +6.0% | +5.1% | +4.7% |
| Net income | 6.7 bn | 14.9 bn | 13.5 bn | 13.7 bn | 11.7 bn | 15.5 bn | 19.4 bn | 21.9 bn |
| Net income YoY | −32.4% | +123.1% | −9.2% | +1.2% | −14.6% | +32.8% | +25.3% | +12.6% |
| Diluted EPS | 2.26 | 5.19 | 4.75 | 1.62 | 1.42 | 1.91 | 2.41 | 2.73 |
| Diluted EPS YoY | −31.1% | +129.6% | −8.5% | −65.9% | −12.3% | +34.5% | +26.2% | +13.3% |
| net % | 1.3% | 2.8% | 2.4% | 2.4% | 1.9% | 2.4% | 2.9% | 3.1% |
| Free cash flow | 17.4 bn | 14.6 bn | 25.8 bn | 11.1 bn | 12.0 bn | 15.1 bn | 12.7 bn | 14.9 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Jan 2026
- Cash
- 10.7 bn USD
- Financial debt
- 41.2 bn USD
- Net debt
- 30.5 bn USD
- Equity
- 105.9 bn USD
- Total assets
- 284.7 bn USD
- Debt / equity
- 0.39x
- Current ratio
- 0.79x
- ROE
- 21.5%
- ROA
- 8.0%
- FCF margin
- 2.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 559.2 bn | 572.8 bn | 611.3 bn | 648.1 bn | 681.0 bn | 713.2 bn | SEC (XBRL)· 13 Mar 2026verified |
| Cost of revenue | 420.3 bn | 429.0 bn | 463.7 bn | 490.1 bn | 511.8 bn | 535.4 bn | SEC (XBRL)· 13 Mar 2026verified |
| Gross profit | 138.8 bn ≈ | 143.8 bn ≈ | 147.6 bn ≈ | 158.0 bn ≈ | 169.2 bn ≈ | 177.8 bn ≈ | SEC (XBRL)· 13 Mar 2026derived |
| SG&A | 116.3 bn | 117.8 bn | 127.1 bn | 131.0 bn | 139.9 bn | 147.9 bn | SEC (XBRL)· 13 Mar 2026verified |
| Operating income | 22.5 bn | 25.9 bn | 20.4 bn | 27.0 bn | 29.3 bn | 29.8 bn | SEC (XBRL)· 13 Mar 2026verified |
| Depreciation & amortisation | 11.2 bn | 10.7 bn | 10.9 bn | 11.9 bn | 13.0 bn | 14.2 bn | SEC (XBRL)· 13 Mar 2026verified |
| EBITDA | 33.7 bn ≈ | 36.6 bn ≈ | 31.4 bn ≈ | 38.9 bn ≈ | 42.3 bn ≈ | 44.0 bn ≈ | SEC (XBRL)· 13 Mar 2026derived |
| Interest expense | 2.0 bn | 1.7 bn | 1.8 bn | 2.3 bn | 2.2 bn | 2.3 bn | SEC (XBRL)· 13 Mar 2026verified |
| Pre-tax income | 20.6 bn | 18.7 bn | 17.0 bn | 21.8 bn | 26.3 bn | 29.5 bn | SEC (XBRL)· 13 Mar 2026verified |
| Income tax | 6.9 bn | 4.8 bn | 5.7 bn | 5.6 bn | 6.2 bn | 7.2 bn | SEC (XBRL)· 13 Mar 2026verified |
| Net income | 13.5 bn | 13.7 bn | 11.7 bn | 15.5 bn | 19.4 bn | 21.9 bn | SEC (XBRL)· 13 Mar 2026verified |
| Diluted EPS | 4.75 | 1.62 | 1.42 | 1.91 | 2.41 | 2.73 | SEC (XBRL)· 13 Mar 2026verified |
| Weighted average diluted shares | 2.8 bn | 8.4 bn | 8.2 bn | 8.1 bn | 8.1 bn | 8.0 bn | SEC (XBRL)· 13 Mar 2026verified |
| Dividend per share | 2.16 | 0.73 | 0.75 | 0.76 | 0.83 | 0.94 | SEC (XBRL)· 13 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 17.7 bn | 14.8 bn | 8.6 bn | 9.9 bn | 9.0 bn | 10.7 bn | SEC (XBRL)· 13 Mar 2026verified |
| Inventories | 44.9 bn | 56.5 bn | 56.6 bn | 54.9 bn | 56.4 bn | 58.9 bn | SEC (XBRL)· 13 Mar 2026verified |
| Current assets | 90.1 bn | 81.1 bn | 75.7 bn | 76.9 bn | 79.5 bn | 84.9 bn | SEC (XBRL)· 13 Mar 2026verified |
| Property, plant & equipment, net | 92.2 bn | 94.5 bn | 100.8 bn | 110.8 bn | 120.0 bn | 136.1 bn | SEC (XBRL)· 13 Mar 2026verified |
| Goodwill | 29.0 bn | 29.0 bn | 28.2 bn | 28.1 bn | 28.8 bn | 28.7 bn | SEC (XBRL)· 13 Mar 2026verified |
| Total assets | 252.5 bn | 244.9 bn | 243.2 bn | 252.4 bn | 260.8 bn | 284.7 bn | SEC (XBRL)· 13 Mar 2026verified |
| Accounts payable | 49.1 bn | 55.3 bn | 53.7 bn | 56.8 bn | 58.7 bn | 63.1 bn | SEC (XBRL)· 13 Mar 2026verified |
| Short-term debt | 224.0 m | 410.0 m | 372.0 m | 878.0 m | 3.1 bn | 6.6 bn | SEC (XBRL)· 13 Mar 2026verified |
| Long-term debt | 41.2 bn | 34.9 bn | 34.6 bn | 36.1 bn | 33.4 bn | 34.6 bn | SEC (XBRL)· 13 Mar 2026verified |
| Current liabilities | 92.6 bn | 87.4 bn | 92.2 bn | 92.4 bn | 96.6 bn | 107.5 bn | SEC (XBRL)· 13 Mar 2026verified |
| Equity | 87.5 bn | 91.9 bn | 83.8 bn | 90.3 bn | 97.4 bn | 105.9 bn | SEC (XBRL)· 13 Mar 2026verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 36.1 bn | 24.2 bn | 28.8 bn | 35.7 bn | 36.4 bn | 41.6 bn | SEC (XBRL)· 13 Mar 2026verified |
| Capex | 10.3 bn | 13.1 bn | 16.9 bn | 20.6 bn | 23.8 bn | 26.6 bn | SEC (XBRL)· 13 Mar 2026verified |
| Free cash flow | 25.8 bn ≈ | 11.1 bn ≈ | 12.0 bn ≈ | 15.1 bn ≈ | 12.7 bn ≈ | 14.9 bn ≈ | SEC (XBRL)· 13 Mar 2026derived |
| Investing cash flow | -10.1 bn | -6.0 bn | -17.7 bn | -21.3 bn | -21.4 bn | -26.4 bn | SEC (XBRL)· 13 Mar 2026verified |
| Financing cash flow | -16.1 bn | -22.8 bn | -17.0 bn | -13.4 bn | -14.8 bn | -13.6 bn | SEC (XBRL)· 13 Mar 2026verified |
| Dividends paid | 6.1 bn | 6.2 bn | 6.1 bn | 6.1 bn | 6.7 bn | 7.5 bn | SEC (XBRL)· 13 Mar 2026verified |
| Share repurchases | 2.6 bn | 9.8 bn | 9.9 bn | 2.8 bn | 4.5 bn | 8.1 bn | SEC (XBRL)· 13 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 34 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
30 Oct 2026Source: olivLaw, closing series
Market cap: 979.9 bn USD
Key indicators
Coverage and freshness
Score by group
- Returns49
- Balance sheet30
- Valuation14
- Quality30
- Growth72
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 12.35 – 72.30 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)21.35 – 35.29 (Mid 26.75)WACC 9.1% · starting FCFF 14.9 bn USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA44.76 – 72.30 (Mid 60.28)6 companies used · median multiple 10.8x · quartiles 8.2x – 12.9xBJ, DG, DLTR, OLLI, PSMT, TGT
- Peers: P/E46.45 – 62.44 (Mid 55.82)7 companies used · median multiple 20.2x · quartiles 16.8x – 22.6xBJ, DG, DLTR, FIVE, OLLI, PSMT, TGT
- Dividend discount (DDM)12.35 – 16.61 (Mid 14.17)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 34/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 18.6% | 25 (vs peers) | 10% |
| Net margin · Quality | 3.0% | 22 (vs peers) | 6% |
| FCF conversion · Quality | 61.2% | 45 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 5.3% | 44 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 24.3% | 100 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 0.7x | 0 (vs peers) | 10% |
| Interest coverage · Balance sheet | 17.4x | 100 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 0.8x | 0 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 44.6x | 13 (vs peers) | 10% |
| EV/EBITDA · Valuation | 21.4x | 14 (vs peers) | 10% |
| FCF yield · Valuation | 1.4% | 17 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 1.5% | 21 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 57.0% | 90 (on a fixed band) | 4% |
Score groups
- Balance sheet30/100 · 3/3 factors with a value
- Growth72/100 · 2/2 factors with a value
- Quality30/100 · 3/3 factors with a value
- Returns49/100 · 2/2 factors with a value
- Valuation14/100 · 3/3 factors with a value
Memo
Walmart Inc. (WMT). Latest full fiscal year: 2026; data up to 2026-07-31.
Figures computed from the financial statements: revenue 713.2 bn USD in 2026; YoY growth 4.7%; net margin 3.0%; ROE 23.4%; net debt/EBITDA 0.7x.
The estimated value range is 33.05–48.87 USD per share (median of 4 methods, agreement: low); assumptions are illustrative. Against the central value of 41.28 USD, the price of 123.51 USD leaves a potential of -66.6% (value / price − 1) and a margin of safety of -199.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 34/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EPS CAGR 3Y: 24.3%
- Interest coverage: 17.4x
- Payout ratio (FCF): 57.0%
What contradicts it
- ROIC: 18.6%
- Net margin: 3.0%
- Net debt / EBITDA: 0.7x
- Current ratio: 0.8x
- P/E (TTM): 44.6x
- EV/EBITDA: 21.4x
- FCF yield: 1.4%
- Shareholder yield (distributions): 1.5%
- The price is above the estimated value range
- The valuation methods diverge
Versus the vertical median
Retail-Variety Stores (SIC 5331) · same industry (4-digit SIC) · compared with 9 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WMTWalmart Inc. | 979.9 bn | 44.6 | 23.4% | 3.0% | +4.7% | +21% / +127% |
| COSTCostco Wholesale Corp | 448.6 bn | 48.8 | 28.4% | 3.0% | +10.1% | +11% / +83% |
| TGTTarget Corporation | 70.1 bn | 16.0 | 26.4% | 4.1% | −1.7% | +67% / +39% |
| DGDollar General Corp | 29.2 bn | 17.2 | 19.7% | 3.9% | +5.2% | +34% / +11% |
| DLTRDollar Tree, Inc. | 25.1 bn | 16.3 | 45.9% | 8.0% | +10.4% | +35% / +21% |
| BJBj’s Wholesale Club Holdings, Inc. | 13.6 bn | 23.5 | 27.7% | 2.6% | +4.7% | +22% / +58% |
| FIVEFive Below, Inc. | 13.3 bn | 21.6 | 28.3% | 11.7% | +22.9% | +53% / +38% |
| OLLIOllie's Bargain Outlet Holdings, Inc. | 5.4 bn | 20.2 | 14.9% | 9.8% | +16.6% | −25% / +17% |
| PSMTPriceSmart, Inc. | 5.1 bn | 30.7 | 12.3% | 2.8% | +11.5% | +44% / +165% |
| MNSOMINISO Group Holding Limited | — | — | 26.9% | 15.4% | +48.1% | −52% / −60% |
1- and 3-year price returns: for WMT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 73.93 Total return -40% · Per year -40% | 130.66 Total return 7% · Per year 7% | 196.74 Total return 60% · Per year 60% |
| 3 years | 72.87 Total return -39% · Per year -15% | 144.80 Total return 20% · Per year 6% | 239.24 Total return 97% · Per year 25% |
| 5 years | 71.83 Total return -39% · Per year -9% | 160.47 Total return 35% · Per year 6% | 290.92 Total return 142% · Per year 19% |
- Exit P/E± 36.20
- Net margin± 25.34
- Annual revenue growth± 20.65
- Annual dilution± 2.13
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Walmart Inc. is an omnichannel retailer that combines stores, eCommerce, advertising, membership and financial services, with a focus on everyday low prices. Its total revenues exceeded 713 billion dollars in fiscal 2026, and eCommerce growth in the second quarter of fiscal 2027 remained a central driver of its strategy 13.
SWOT
Strengths
- Global scale, a dense store network and the ability to combine store pickup with home delivery are clear strengths 1.
- The everyday low price strategy supports customer trust and allows a consistent market share 1.
- Growth in advertising and membership fee revenue diversifies income beyond retail sales 13.
Weaknesses
Opportunities
- Expansion of advertising, marketplace and financial services could add higher margin revenue 1.
- Growth in Walmart+ and Sam's Club membership could strengthen recurring subscription income 3.
- International markets such as India, Mexico and Africa remain open for growth if eCommerce investments prove effective 13.
Threats
Risks
- Execution of the omnichannel strategyhigh
Investments in eCommerce, technology and AI may not deliver the expected results, and their costs could weigh on short term financial performance 1.
- Intense competitionhigh
New well funded competitors or digital business models could reduce market share or margins 1.
- Macroeconomic conditionsmedium
Inflation, interest rates, tariffs and reduced purchasing power could reduce demand and shift the sales mix toward lower margin categories 12.
- Drug price regulationmedium
Price caps on certain medicines could continue to reduce comparable sales in the health segment 23.
- Liability claims costslow
Rising costs for claims and settlements could reduce operating margin if the trend continues 1.
Investment thesis
What would need to be true (bull case)
- If growth in eCommerce and advertising continues, the company could convert more sales into higher margin revenue 13.
- The raised fiscal 2027 guidance suggests management sees a solid growth base, provided the macroeconomic environment does not deteriorate significantly 3.
- Scale and a diverse set of formats could provide a durable advantage over smaller competitors, especially in basic categories 1.
What would break the thesis
What to watch
- Third quarter fiscal 2027 results compared with net sales growth guidanceQ3 2027
- Development of Walmart U.S. comparable sales after the drug price regulation effect2027
- Use of tariff refunds and the effect on gross marginQ4 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Walmart Inc. operates three reportable segments: Walmart U.S., Walmart International and Sam's Club U.S. Walmart U.S. is the largest, with net sales of 483.0 billion dollars in fiscal 2026, representing 68% of consolidated net sales 1. The company describes its model as an omnichannel ecosystem in which stores, websites, mobile apps and pickup or delivery services reinforce one another 1.
The declared strategy has four pillars: make every day easier for busy families, operate with discipline, become more digital, and make trust a competitive advantage 1. Price remains the anchor through the EDLP strategy (everyday low prices), supported by EDLC (everyday low cost), and recent quarters show growth in advertising and membership fee revenue 3.
From an investor perspective, the company frames its priorities as growth, margin and returns, with return on investment at 15.1% in fiscal 2026 1. Membership fees, advertising and marketplace services are presented as growth lines that complement retail sales 13.
Segments
Market context
The company operates in a highly competitive retail market, where eCommerce is growing faster than traditional retail and consumers increasingly compare prices digitally 1. Walmart reported net sales of 706.4 billion dollars in fiscal 2026 and a gross profit rate of 24.2% 1.
The macroeconomic environment remains uncertain, with tariffs, inflation, fuel price volatility and supply chain pressures that could affect consumer behavior 2. Guidance for fiscal 2027 was raised to net sales growth of 4.0% to 5.0% in constant currency 3.
Trends
- eCommerce and omnichanneltailwind
Growth in eCommerce, including store-fulfilled pickup and delivery, has been a major driver of sales, with global eCommerce sales up 23% in the second quarter of fiscal 2027 3. If this trend continues it could support growth, but it requires heavy investment in technology and logistics 1.
- Tariffs and refundsmixed
The company received tariff refunds in the quarter ended July 31, 2026, but these amounts have been reinvested in lower prices, so the profit effect could be temporary 23. Prioritizing price investment is expected through fiscal 2027 2.
Competitive position
Walmart competes with brick and mortar and online retailers, discount, grocery, drug and variety chains, membership clubs and social commerce platforms 1. Competition centers on price, availability, convenience and digital experience, and the entry of well funded competitors could intensify pressure 1.
The company notes that rivals with longer histories and greater brand recognition may obtain better terms from suppliers and invest more in development 1. The ability to combine different store formats with a coherent omnichannel experience largely shapes its competitive position 1.
- Costco WholesaleCOST
Membership warehouse club operator that competes directly with Sam's Club U.S. in grocery and general merchandise for members 1.
- AmazonAMZN
Online marketplace and advertising platform that competes with the company's online services, delivery and marketplace 1.
- TargetTGT
General merchandise retailer in the United States that competes in consumer goods, apparel and home categories 1.
- Dollar GeneralDG
Small format discount chain that competes for basic household purchases, especially in less served areas 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report23 Oct 2026Other events · Financial statements and exhibits
- Quarterly report28 Aug 2026
- Current report20 Aug 2026Results of operations · Financial statements and exhibits
- Current report05 Jun 2026Amendments to articles or bylaws · Shareholder vote · Financial statements and exhibits
- Quarterly report29 May 2026
- Current report21 May 2026Results of operations · Financial statements and exhibits
- Current report30 Apr 2026Other events · Financial statements and exhibits
- Proxy statement23 Apr 2026
- Current report27 Mar 2026Other events
- Current report13 Mar 2026Other events
Sources
- [1] Form 10-K, fiscal year ended 2026-01-31 · SEC / Walmart Inc. · 13 Mar 2026
- [2] Form 10-Q, quarter ended 2026-07-31 · SEC / Walmart Inc. · 28 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Walmart Inc. · 20 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.