Walmart (WMT) Stock Analysis

Consumer CyclicalRetail-Variety Stores

Summary Fair Value Intrinsic Value Metrics Investors Income Statements Balance Sheets Cash Flow Quarter Comparator Info

Q2 2027 · +5.9% revenue · +5.7% revenue

Beat the trendvs trailing 3-quarter avg

Revenue▼−0.3 ppvs trend

Net income▼−20.6 ppvs trend

Diluted EPS▼−20.7 ppvs trend

Free cash flow▲+237.7 ppvs trend

Outperformed in 1 of 4 metrics

How the cash was deployedQ2 2027

Operating cash flow$19.71B

$14.18B (71.9 %)

Share buybacks$5.10B (25.9 %)

Dividends paid$3.94B (20.0 %)

Debt repayment$2.30B (11.7 %)

Returned to shareholders this quarter$9.05B▼ −9.1%

Last 8 quarters of revenueLatest quarter highlighted. Q4 reconstructed from the annual filing.

+5.9% +5.7%

169.59B

Q3 25

180.55B

Q4 25^*

165.61B

Q1 26

177.40B

Q2 26

179.50B

Q3 26

190.66B

Q4 26^*

177.75B

Q1 27

187.94B

Q2 27

* Q4 is reconstructed from the annual filing (FY − Q1 − Q2 − Q3), since the SEC does not require a Q4 10-Q.

RevenueReversal

$187.94B

▲+5.9% ▲+5.7%

161.51B

169.34B

169.59B

180.55B

165.61B

177.40B

179.50B

190.66B

177.75B

187.94B

Direction flipped this quarter — watch for a one-off or a new trend.

Net incomeSteady

$6.37B

▼−9.4% ▲+19.4%

5.10B

4.50B

4.58B

5.25B

4.49B

7.03B

6.14B

4.24B

5.33B

6.37B

Holding the same pace as the prior quarter.

Free cash flowSlowing

$5.53B

▼−20.4% —

−427.00M

5.85B

6.22B

−15.18B

425.00M

6.94B

8.82B

−18.03B

−1.95B

5.53B

Still moving the same direction, but at a smaller pace than the prior quarter.

Diluted Slowing

$0.80

▼−9.1% ▲+19.4%

0.63

0.56

0.57

0.65

0.56

0.88

0.77

0.52

0.67

0.80

Still moving the same direction, but at a smaller pace than the prior quarter.

Margins

Gross marginAccelerating

26.1 %

▲+1.0 pp ▲+1.0 pp

24.81

25.11

24.91

24.58

24.94

25.16

24.95

24.67

25.14

26.14

Moving faster than the prior quarter — the trend is picking up speed.

Operating marginReversal

5.0 %

▲+0.9 pp ▲+0.8 pp

4.24

4.69

3.96

4.35

4.31

4.11

3.73

4.57

4.22

4.99

Direction flipped this quarter — watch for a one-off or a new trend.

Net marginSlowing

3.4 %

▼−0.6 pp ▲+0.4 pp

3.16

2.66

2.70

2.91

2.71

3.96

3.42

2.22

3.00

3.39

Still moving the same direction, but at a smaller pace than the prior quarter.

Metric	Q2 2026Same quarter, prior year	Q1 2027Previous quarter	Q2 2027Latest quarter	YoY	QoQ
Revenue	$177.40B	$177.75B	$187.94B	+5.9%	+5.7%
Cost of revenue	$132.77B	$133.06B	$138.80B	+4.5%	+4.3%
Gross profit	$44.63B	$44.69B	$49.13B	+10.1%	+9.9%
Operating expenses	—	—	—	—	—
Operating income	$7.29B	$7.49B	$9.38B	+28.8%	+25.2%
Net income	$7.03B	$5.33B	$6.37B	−9.4%	+19.4%
Diluted	$0.88	$0.67	$0.80	−9.1%	+19.4%
Operating cash flow	$18.35B	$4.74B	$19.71B	+7.4%	+316%
	$11.41B	$6.68B	$14.18B	+24.3%	+112%
Free cash flow	$6.94B	−$1.95B	$5.53B	−20.4%	—
Gross margin	25.2 %	25.1 %	26.1 %	+1.0 pp	+1.0 pp
Operating margin	4.1 %	4.2 %	5.0 %	+0.9 pp	+0.8 pp
Net margin	4.0 %	3.0 %	3.4 %	−0.6 pp	+0.4 pp