Walmart (WMT) FY2026 10-K Annual Report
Walmart (WMT) 10-K annual report for fiscal year 2026, filed with SEC EDGAR on Mar 13, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Walmart FY2026 10-K Analysis
Business Overview
- • Omnichannel retailer combining physical stores/clubs, eCommerce, marketplace, health & wellness, and financial services (OnePay fintech venture) into integrated ecosystem
- • OnePay fintech venture and VIZIO acquisition explicitly named; VIZIO subject to FTC/NJ AG stipulated order through 2037 on consumer data practices
- • Tariff exposure flagged as material fiscal 2026 impact; dynamic tariff environment expected to continue into fiscal 2027 with uncertain financial effect
- • Walmart International generated ~19% of consolidated net sales in fiscal 2026; Walmart U.S. + Sam's Club U.S. combined ~82%
- • AI investment highlighted across customer experience, supply chain, and talent — but also identified as expanding cybersecurity attack surface via autonomous AI-driven threats
Management Discussion & Analysis
- • Net sales $706.4B, up $31.9B or 4.7% YoY; currency headwinds of $2.8B partially offset growth
- • Operating margin 4.2% vs 4.4% prior year; gross profit rate 24.2% vs 24.1%; opex ratio 20.9% vs 20.7%
- • Best segment: Walmart U.S. — operating income $25.2B, margin 5.2% vs 5.2%; worst: Walmart International — operating income fell $0.4B to $5.1B, margin 3.9% vs 4.5%
- • Operating cash flow $41.6B (+$5.1B YoY); free cash flow $14.9B; capex $26.6B; dividends $7.5B; buybacks $8.1B; new $30B repurchase authorization approved Feb 2026
- • FY2027 capex guided $25B–$27B; key risks include tariffs, currency volatility, and macro uncertainty from dynamic trade environment
Risk Factors
- • VIZIO FTC/NJ AG stipulated order active until 2037 requiring ongoing consumer data compliance; non-compliance risks penalties and regulatory action
- • Tariff environment materially impacted fiscal 2026 results; ~82% of US segment net sales exposed, with significant general merchandise sourced internationally
- • China PIPL/CAC data transfer approval expires August 2026; reapplication required or cross-border data access halted for Walmart China operations
- • AI-enabled agentic shopping platforms by competitors risk reducing store traffic and cross-selling opportunities as eCommerce share grows
- • OECD Global Minimum Tax (Pillar Two) now effective in multiple Walmart operating jurisdictions, requiring complex system and data changes with uncertain tax rate impact
Walmart FY2026 Key Financial MetricsXBRL
Revenue
$706.4B
▲ +4.7% YoY
Net Income
$21.9B
▲ +12.6% YoY
Operating Margin
4.2%
▼ -13bp YoY
Net Margin
3.1%
▲ +22bp YoY
ROE
22.0%
▲ +62bp YoY
Total Assets
$284.7B
▲ +9.1% YoY
EPS (Diluted)
$2.73
▲ +13.3% YoY
Operating Cash Flow
$41.6B
▲ +14.1% YoY
Source: XBRL data from Walmart FY2026 10-K filing on SEC EDGAR. All figures in USD.
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