Walmart (WMT) Q4 2026 earnings summary

Executive summary

• Q4 revenue grew 5.6% to $190.7 billion, with e-commerce up 24% globally and adjusted operating income up 10.5%, outpacing sales growth.

• Full-year revenue exceeded $700 billion for the first time, reaching $713.2 billion, with operating income up 1.6% (5.4% adjusted, constant currency).

• Omnichannel strategy, technology, automation, and AI investments are driving operational efficiency and customer engagement.

• Membership and advertising income are significant profit drivers, with advertising up 37% globally and membership income up over 15%.

• Announced a new $30 billion share repurchase authorization and increased annual dividend to $0.99 per share.

Financial highlights

• Global e-commerce net sales grew 24%, now representing 23% of total net sales; U.S. e-commerce up 27%, China up 28%.

• Adjusted operating income grew 10.5% in Q4 to $8.6 billion; adjusted EPS was $0.74, up 12.1% year-over-year.

• Free cash flow for the year was $14.9 billion, up $2.3 billion; operating cash flow was $41.6 billion, up $5.1 billion.

• Advertising businesses generated $6.4 billion, up 46% year-over-year.

• Gross profit rate increased by 13 bps to 24.0%, led by improvements in the U.S. and inventory management.

Outlook and guidance

• FY27 constant currency net sales expected to grow 3.5%-4.5%; adjusted operating income to rise 6%-8%; adjusted EPS guidance $2.75-$2.85.

• Q1 FY27 net sales projected to increase 3.5%-4.5%, with adjusted EPS of $0.63-$0.65.

• Guidance assumes continued e-commerce momentum, margin expansion, and productivity gains from automation.

• Board authorized a $30 billion share repurchase program, the largest to date.

• Capital expenditures expected at approximately 3.5% of sales, with peak spending on automation and remodels.