Walmart Inc. Revenue & Financials

The number that tells Walmart's financial story isn't revenue — everyone knows it's enormous. It's the gap between revenue growth and operating income growth. In FY2026, revenue grew approximately 5.6% to $713.2 billion. Operating income grew faster — roughly 8-9% — because the high-margin businesses (advertising, marketplace fees, membership) are growing at 25-40% annually while the low-margin merchandise business grows at low single digits. That spread is the entire investment thesis. If Walmart can sustain operating income growing 2-4 percentage points faster than revenue for the next five years, the company's earnings power transforms without requiring heroic top-line acceleration. A business generating $713 billion at a 5.5% operating margin looks very different from one generating $713 billion at 4% — that's an extra $10 billion in annual operating income. Free cash flow runs approximately $12-15 billion annually after capital expenditures of $20+ billion (heavily weighted toward supply chain automation, store remodels, and technology). The dividend yields about 1.3% — modest, but Walmart has increased it for 51 consecutive years. Share buybacks of $3-5 billion annually provide additional capital return. The balance sheet carries roughly $55 billion in long-term debt against $845 billion in market capitalization — conservative leverage for a company with this cash flow profile. The market values Walmart at approximately 35x forward earnings, a premium that reflects confidence in the margin expansion story rather than revenue growth alone.