Walmart (WMT) Q4 2026 earnings summary

Executive summary

• Q4 revenue grew 5.6% to $190.7 billion, with e-commerce sales up 24% globally and strong growth in advertising and membership income.

• Adjusted operating income rose 10.5% to $8.6 billion, outpacing sales growth, driven by omnichannel strategy and technology investments.

• Adjusted EPS for Q4 was $0.74, up 12.1% year-over-year, excluding investment losses.

• Inventory management improved, with inventory up 2.6%–4.3%, below the rate of sales growth.

• Customer spending remains resilient, with notable share gains among higher-income households.

Financial highlights

• Full-year revenue surpassed $700 billion, up 4.7%–5% in constant currency.

• Adjusted operating income increased 5.4%–10.5% year-over-year, despite headwinds from claims and tariffs.

• Free cash flow for the year was $14.9 billion, up $2.3 billion; operating cash flow reached $41.6–$42 billion.

• Advertising income grew 37% in Q4, with U.S. advertising up 41%.

• Membership income rose over 15% globally, with strong growth in Sam's Club China and Walmart+ in the U.S.

Outlook and guidance

• FY27 net sales expected to grow 3.5%–4.5% in constant currency; adjusted operating income to rise 6%–8%; EPS guidance of $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.

• Capital expenditures projected at approximately 3.5% of sales, with peak spending on supply chain automation and store remodels.