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Walmart delivered solid FY2026 results with revenue rising 4.7% to $713.2B and net income surging 12.6% to $21.9B, driven by strong operating cash flow of $41.6B, even as SG&A cost pressures slightly compressed operating margins.
营业收入
$713.16B
同比 ++4.73%
每股收益（基本）
$2.74
同比 ++13.22%
营业利润
$29.82B
同比 ++1.63%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
Walmart (WMT) FY2026 营收 $713.16B，同比增长 4.7%。 净利润 $21.89B，同比增长 12.6%，稀释每股收益 $2.73。
Walmart grew total revenue by 4.7% year-over-year to $713.2B in FY2026, up from $681.0B in FY2025, reflecting continued strength in consumer traffic and omnichannel execution across its global store and e-commerce footprint.
来源: Source: 10-K Income Statement
Net income rose 12.6% to $21.9B and diluted EPS increased 13.3% to $2.73, significantly outpacing revenue growth, suggesting improved below-the-line efficiencies or favorable tax/non-operating items contributing to bottom-line leverage.
来源: Source: 10-K Income Statement
SG&A expenses grew 5.8% to $147.9B, faster than revenue growth of 4.7%, which contributed to a slight compression in operating margin from 4.31% to 4.18%. Managing labor, technology, and supply chain costs remains a key operational challenge.
来源: Source: 10-K Income Statement & Key Ratios
Operating cash flow surged 14.1% to $41.6B, demonstrating robust cash generation capability. However, investing outflows increased 23.3% to -$26.4B, reflecting accelerated capital expenditures likely tied to store remodels, automation, and e-commerce infrastructure.
来源: Source: 10-K Cash Flow Statement
Walmart nearly doubled its share repurchase activity, with buybacks rising 80.0% to $8.1B in FY2026 versus $4.5B in FY2025, signaling management's confidence in the company's financial health and commitment to returning capital to shareholders.
来源: Source: 10-K Cash Flow Statement
Walmart's current ratio stands at 0.79, meaning current liabilities of $107.5B exceed current assets of $84.9B. While large retailers often operate with negative working capital due to supplier payment terms, this metric warrants monitoring, especially as current liabilities grew 11.3% YoY — faster than current assets at 6.8%.
来源: Source: 10-K Balance Sheet & Key Ratios
SG&A costs grew 5.8% to $147.9B, outpacing revenue growth of 4.7%, leading to a 13 basis point decline in operating margin to 4.18%. Sustained cost inflation in wages, technology investments, and supply chain operations could further erode already thin retail margins.
来源: Source: 10-K Income Statement
Long-term debt rose 6.0% to $38.2B while investing cash outflows increased 23.3% to -$26.4B, suggesting Walmart is funding significant capital expansion. If returns on these investments are delayed, the combination of higher debt and capex could pressure free cash flow.
来源: Source: 10-K Balance Sheet & Cash Flow Statement
Walmart faces fierce competition from Amazon in e-commerce and from discount grocers such as Aldi and Lidl in its core grocery segment. Maintaining market share requires continuous investment in technology, fulfillment, and pricing, which may limit future margin expansion.
来源: Source: 10-K Risk Factors (inferred from financial data)
As a global retailer with significant international operations, Walmart is exposed to foreign currency fluctuations, geopolitical risks, and varying consumer spending patterns across markets. Currency headwinds can reduce the reported value of international revenues and earnings.
来源: Source: 10-K Risk Factors (inferred from financial data)
FY2026 实际 EPS $0.74，分析师一致预期 $0.73，超预期 +0.9%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $713.16B | $680.99B | +4.73% |
营业成本 | $535.39B | $511.75B | +4.62% |
营业利润 | $29.82B | $29.35B | +1.63% |
净利润 | $21.89B | $19.44B | +12.64% |
每股收益（基本） | $2.74 | $2.42 | +13.22% |
每股收益（稀释） | $2.73 | $2.41 | +13.28% |
销售及管理费用 | $147.94B | $139.88B | +5.76% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $284.67B | $260.82B | +9.14% |
流动资产 | $84.87B | $79.46B | +6.82% |
流动负债 | $107.47B | $96.58B | +11.27% |
股东权益 | $99.62B | $91.01B | +9.45% |
现金及等价物 | $10.73B | $9.04B | +18.70% |
长期债务 | $38.17B | $36B | +6.02% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $41.56B | $36.44B | +14.05% |
投资活动现金流 | $-26.35B | $-21.38B | -23.25% |
筹资活动现金流 | $-13.55B | $-14.82B | +8.56% |
股票回购 | $8.09B | $4.49B | +79.97% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 4.2% | 4.3% | -0.13% |
净利率 | 3.1% | — | — |
净资产收益率 | 22.0% | — | — |
总资产收益率 | 7.7% | — | — |
流动比率 | $0.79 | — | — |
Consumer Staples Merchandise Retail 行业其他公司
Walmart posted strong FY2026 results with revenue of $713.2B (+4.7% YoY) and net income of $21.9B (+12.6% YoY). Diluted EPS came in at $2.73, up 13.3% from $2.41 in FY2025, driven by solid consumer demand and improved bottom-line efficiency.
The key takeaways from Walmart's FY2026 10-K include robust revenue and earnings growth, a 14.1% surge in operating cash flow to $41.6B, and an 80% increase in share buybacks to $8.1B. However, SG&A expenses grew faster than revenue, compressing operating margin slightly from 4.31% to 4.18%.
Walmart's net margin improved to 3.07% in FY2026, with net income growing 12.6% — faster than revenue growth of 4.7% — suggesting better below-the-line performance. However, operating margin dipped slightly from 4.31% to 4.18% due to SG&A expenses rising 5.8%, outpacing revenue growth.
Key risks for Walmart include rising SG&A costs pressuring already thin retail margins, a current ratio below 1.0 (0.79x) indicating short-term liabilities exceed current assets, and intensifying competition from Amazon in e-commerce and discount grocers in its core grocery segment. Long-term debt also rose 6.0% to $38.2B alongside a 23.3% increase in capital expenditures.
Walmart's overall financial health in FY2026 appears solid, with $41.6B in operating cash flow, ROE of 22.0%, and a manageable debt-to-equity ratio of approximately 0.38x. The main area of caution is the current ratio of 0.79x, though this is typical for large retailers that benefit from extended supplier payment terms.