Walmart Inc. (WMT) Earnings History

Walmart Inc. - Q4 FY2026 EarningsMissed

Filed at: Feb 19, 2026, 6:59 AM EST|Read from source

EXECUTIVE SUMMARY

Walmart reported strong fourth-quarter results with accelerated revenue growth and improved operating income, driven by robust performance across its U.S. and international segments, and significant global eCommerce expansion. The company also announced a new substantial share repurchase authorization, signaling confidence in its financial health and strategic direction.

POSITIVE HIGHLIGHTS

  • •

    Total revenues increased 5.6% to $190.7 billion, with constant currency growth of 4.9%.

    positive
  • •

    Operating income grew 10.8% to $8.7 billion, or 10.5% adjusted in constant currency, outpacing sales growth.

    positive
  • •

    Global eCommerce sales grew 24%, with significant strength in store-fulfilled pickup & delivery, marketplace, and advertising.

    positive
  • •

    Walmart U.S. comparable sales grew 4.6%, driven by increased customer transactions and broad-based share gains.

    positive
  • •

    Announced a new $30 billion share repurchase authorization.

    positive

CONCERNS & RISKS

  • •

    Walmart International's reported net sales growth was 11.5%, but constant currency growth was 7.5%, indicating a currency headwind.

    attention
  • •

    The timing of Flipkart's Big Billion Days negatively affected Walmart International's Q4 growth, with a corresponding benefit in Q3.

    attention
  • •

    Sam's Club U.S. comparable sales (ex. fuel) grew 4.0%, a deceleration from 6.8% in the prior year's comparable period.

    attention
  • •

    Inventory increased 4.3% year-over-year to $58.9 billion, outpacing the reported net sales growth of 4.7% for the full year.

    attention

FINANCIAL METRICS

Revenue
Quarterly
$190.66B
+5.6%
Prior year: $180.55B
Annual (YTD)
$713.16B
N/A
Prior year: $680.99B
Net Income
Quarterly
$4.24B
-19.4%
Prior year: $5.25B
Annual (YTD)
$21.89B
N/A
Prior year: $19.44B
EPS (Diluted)
Quarterly
$0.53
-18.5%
Prior year: $0.65
Annual (YTD)
$2.73
N/A
Prior year: $2.41
Operating Income
Quarterly
$8.71B
+10.8%
Prior year: $7.86B
Annual (YTD)
$29.82B
N/A
Prior year: $29.35B
EPS (Basic)
Quarterly
$0.53
-18.5%
Prior year: $0.65
Annual (YTD)
$2.74
N/A
Prior year: $2.42

MARGIN ANALYSIS

Gross Margin
Current Quarter
24.0%
Prior Year
23.9%
YoY Change
+10 bps
Operating Margin
Current Quarter
4.6%
Prior Year
4.4%
YoY Change
+20 bps
Net Margin
Current Quarter
2.2%
Prior Year
2.9%
YoY Change
-69 bps

Margin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.

REVENUE BY SEGMENT — Q4 FY2026 2026

VISUAL OVERVIEW

|
Walmart U.S.
0.0%
N/A
Walmart International
0.0%
N/A
CC: +9.3%
Sam's Club U.S.
0.0%
N/A

DETAILED BREAKDOWN

|
SegmentCurrentPrior YrYoY% TotalCC
Walmart U.S.
N/A————
Walmart International
N/A———+9.3%
Sam's Club U.S.
N/A————
Total Revenue$0.00M——100.0%—

Segment performance shows business unit health and growth drivers. Constant currency (CC) removes FX impact for like-for-like comparison.

MANAGEMENT GUIDANCE

FY2027

Net sales
"Increase 3.5% to 4.5% (cc)"
Adjusted operating income
"Increase 6.0% to 8.0% (cc)"
Adjusted EPS
$2.75—$2.85
Mid-point: $2.80

Q1 FY2027

Net sales
"Increase 3.5% to 4.5% (cc)"
Operating income
"Increase 4.0% to 6.0% (cc)"
Adjusted EPS
$0.63—$0.65
Mid-point: $0.64

Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.

SPECIAL ITEMS & ADJUSTMENTS

Q4 FY2026
Opioid-related legal matters settlement proceeds
Reflected as a reduction to operating income in prior year.
FY2026
Incremental non-cash share-based compensation expense at PhonePe
No realizable tax benefit.
$0.07 per share
FY2026
Certain legal matters outside normal course of operations
$0.03 per share
FY2026
Business reorganization charges
Primarily related to strategic supply chain decisions in Sam's Club U.S. and Corporate.
$0.01 per share
Total Impact
$0.11 per share

Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.

MANAGEMENT COMMENTARY

The pace of change in retail is accelerating, and our financial results show that we’re not only embracing this change, we’re leading it.

— Walmart Inc., Q4 FY2026 2026 Earnings Call

For our customers and members, the future is fast, convenient, and personalized.

— Walmart Inc., Q4 FY2026 2026 Earnings Call

Customers responding favorably to our omni strategy of low prices and increased convenience.

— Walmart Inc., Q4 FY2026 2026 Earnings Call

Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.

OPERATIONAL METRICS

Comp Sales Growth Pct
4.6
0.0% YoY
Prior year: 4.6
Ecommerce Growth Pct
24
Inventory Growth Pct
4.3

Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.

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