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How Walmart (WMT) makes money: Q2 FY2027 revenue breakdown
US GAAP · $M · vs Q2 FY2026 · quarter ended 07/31/2026 (fiscal year is shifted) · reported 08/20/2026
Walmart Inc. is an American multinational omnichannel retail corporation that operates a chain of hypermarkets, discount department stores, grocery stores, pharmacies, and gas stations in the United States and 19 other countries. · Wikipedia
More about the company
It is headquartered in Bentonville, Arkansas. The company was founded in 1962 by brothers Sam Walton and James "Bud" Walton in nearby Rogers, Arkansas. It also owns and operates Sam's Club retail warehouses.
Key growth driver: Walmart International — the fastest-growing revenue line: $35,624, +13% y/y. · by the Q2 FY2027 report
How does Walmart make money?
Walmart brought in $188 billion of revenue in Q2 FY2027, up 5.9% year over year. The largest source was Walmart U.S.: $126 billion, or 67% of the total, followed by Walmart International ($35.6B, 19%) and Sam's Club U.S. ($26.4B, 14%). Net income for the quarter was $6.53 billion, down 8.7% year over year.
Revenue by source, Q2 FY2027
- Walmart U.S.$126B · 67% · +3.6%
- Walmart International$35.6B · 19% · +12.8%
- Sam's Club U.S.$26.4B · 14% · +8.7%
Shares of $188B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is WMT’s next earnings date?
Thursday, November 19, 2026confirmed · before market open
Walmart (WMT) is scheduled to report results for the quarter ending Oct 2026 on Nov 19, 2026. Consensus EPS forecast: $0.63 (12 analysts), vs $0.62 in the same quarter last year.
What time does WMT report? Usually before market open: the last 4 results releases reached the SEC at 6:59 am, 6:59 am, 6:59 am, 6:58 am ET.
Last report: Aug 20, 2026 (Q2 FY2027) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$187,937
+5.9%
Gross profit
$49,133
+10.1%
26.1% of revenue
Operating income
$9,383
+28.8%
5.0% margin
Net income
$6,529
−8.7%
$0.80 diluted EPS
Verdict: operating income jumped 28.8% to $9.4B — but $2.9B of tariff refunds booked as a cut to cost of sales did most of that work, and below the operating line a $1.2B loss on equity investments (against a $2.7B gain a year ago) pushed pre-tax income down 14% and net income down 8.7%.
Comparable sales: Walmart U.S. +3.3%, Sam's Club U.S. +8.6% (4.2 pts of it fuel). eCommerce net sales: Walmart U.S. $29.4B, International $9.9B, Sam's Club $4.7B.
Source and notation
* marks non-cash / ≈ estimated. Source: Walmart 10-Q for the quarter ended July 31, 2026 (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
Heads-up
- net income fell 9% y/y in Q2 FY2027
Most likely because the quarter's headline improvement is a refund, not trade: Walmart received about $2.9B in IEEPA tariff refunds; health and wellness sales fell at Walmart U.S. because of maximum-fair-price regulation on certain prescription drugs, effective January 2026. Based on the Q2 FY2027 report.
Company filings on SEC EDGAR ↗WMT earnings history: past report dates
| Aug 20, 2026 Thu | 6:59 ambefore market open | Jul 31, 2026 | $186B+6% y/y | $0.80−9% y/y |
| May 21, 2026 Thu | 6:59 ambefore market open | Apr 30, 2026 | $176B+7% y/y | $0.67+20% y/y |
| Feb 19, 2026 Thu | 6:59 ambefore market open | Jan 31, 2026 | ≈$189B+6% y/y | ≈$0.52−20% y/y |
| Nov 20, 2025 Thu | 6:58 ambefore market open | Oct 31, 2025 | $178B+6% y/y | $0.77+35% y/y |
| Aug 21, 2025 Thu | 6:59 ambefore market open | Jul 31, 2025 | $176B+5% y/y | $0.88+57% y/y |
| May 15, 2025 Thu | 6:58 ambefore market open | Apr 30, 2025 | $164B+3% y/y | $0.56−11% y/y |
| Feb 20, 2025 Thu | 6:57 ambefore market open | Jan 31, 2025 | ≈$179B+4% y/y | ≈$0.65−3% y/y |
| Nov 19, 2024 Tue | 6:59 ambefore market open | Oct 31, 2024 | $168B+5% y/y | $0.57+850% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Walmart: 5-year financials
| FY2026 | 706,413 | 29,825 | 21,893 | 14,923 | 7,507 |
| FY2025 | 674,538 | 29,348 | 19,436 | 12,660 | 6,688 |
| FY2024 | 642,637 | 27,012 | 15,511 | 15,120 | 6,140 |
| FY2023 | 605,881 | 20,428 | 11,680 | 11,984 | 6,114 |
| FY2022 | 567,762 | 25,942 | 13,673 | 11,075 | 6,152 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP); the company’s fiscal year doesn’t match the calendar year so years follow the company’s own labels.
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
1.5/2mostly good
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Oct 20188-K: Walmart proposed settling the shareholder class action City of Pontiac v. Wal-Mart (violations of Sections 10(b) and 20(a) of the Exchange Act) for $160M. sec.gov ↗
- Mar 20262026 proxy: Walmart received $2.2M from and paid $25.8M to companies in which the Walton family holds stakes in FY2026; the terms were deemed comparable to market. sec.gov ↗
- Mar 2026Shares outstanding of 7,972.4M vs. 8,451M in March 2021, adjusted for the 3-for-1 split (−5.7%). data.sec.gov ↗
- Mar 202610-K FY2026 cover: a single class of common stock. sec.gov ↗
Scoring: 2.0 −0.5 (criterion 9: shareholder class action over the concealment of Walmart de Mexico bribery settled for $160M, 2018) = 1.5; the 2019 FCPA penalty — no deduction
- Share classes
- Single class of common stock (Nasdaq: WMT); Walton family entities hold about 44% (Walton Enterprises 44.11%), with no special classes; two family members sit on the board.
- Dilution
- Shares 2,817.1M (March 2021) ×3 (February 2024 split) = 8,451M → 7,972.4M (March 2026), −5.7%; SBC 0.5% of revenue.
- Disclosure
- Full 10-K/10-Q reporting.
- Dividends
- Dividend per share raised every year (adjusted for the 3-for-1 split: $0.72 for FY2021 → $0.94 for FY2026); buybacks of $2.8–9.9B a year.
- Lawsuits & regulators
- The City of Pontiac suit (2012) over concealment of bribery in Mexico was settled for $160M (October 2018) → −0.5. SEC 2019 ($144M, FCPA) — no deduction. Opioid suits are not about disclosure to investors.
- Related parties
- 2026 proxy: transactions with Walton family companies — $2.2M received and $25.8M paid in FY2026 on market terms; immaterial.
How the score works · checked as of Sep 2026
Walmart (WMT) earnings: FAQ
How does Walmart make money?
Walmart brought in $188 billion of revenue in Q2 FY2027, up 5.9% year over year. The largest source was Walmart U.S.: $126 billion, or 67% of the total, followed by Walmart International ($35.6B, 19%) and Sam's Club U.S. ($26.4B, 14%). Net income for the quarter was $6.53 billion, down 8.7% year over year.
When is WMT's next earnings date?
Walmart (WMT) is scheduled to report on Nov 19, 2026, before market open.
What time does WMT report earnings?
Walmart is scheduled to report before market open on Nov 19, 2026. Its last results releases were filed before market open, most recently at 6:59 am ET on Aug 20, 2026.
When did WMT last report earnings?
Walmart reported Q2 FY2027 results on Aug 20, 2026.
What is the EPS estimate for WMT's next earnings?
The consensus EPS forecast is $0.63 (12 analysts), vs $0.62 in the same quarter last year.
Where can I find Walmart's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to WMT's filings; this page breaks the latest report down in a Sankey chart.
What was WMT's net income in Q2 FY2027?
Walmart reported net income of $6,529M for Q2 FY2027 (−8.7% year over year), under US GAAP.
Does Walmart pay dividends?
Yes. In fiscal 2026, Walmart paid $7,507M in dividends on its common stock, per its 10-K. Earlier years are in the five-year table above.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 09/01/2026. How we make the breakdowns · Report an error
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