01—Abstract
Summary
Summary of the 10-Q filed June 6, 2025. Cited figures are marked; the original filing is the authoritative source.
Walmart Inc. reported total revenues of $165.6 billiona for the three months ended April 30, 2025, an increase of 2.5% year-over-year.
While consolidated net income saw a decrease to $4.6 billionb from $5.3 billion in the prior year period, largely due to a significant swing in 'Other (gains) and losses' and a lower effective tax rate in the prior year, the company demonstrated resilience in its core operations. Operating income improved by 4.3% to $7.1 billion, driven by robust performance in the Walmart U.S. segment, which saw a 6.7% increase in operating income. Sam's Club U.S. also reported a 10.8% increase in operating income.
The company maintained a strong balance sheet with total assets of $262.4 billionc. Despite a slight increase in the working capital deficit, liquidity remains strong with ample committed lines of credit.
Walmart continued to return capital to shareholders through dividends and share repurchases, announcing a 13% increase in its annual dividend to $0.94d per share for fiscal year 2026 and repurchasing $4.6 billion of its stock during the quarter. The company remains focused on its growth, margin, and returns framework, with continued investment in its omnichannel capabilities and supply chain.
02—Key points
Key Highlights
- Total revenues increased by 2.5% to $165.6 billion for the quarter, driven by solid performance in U.S. segments and international markets.
- Operating income grew by 4.3% to $7.1 billion, indicating improved operational efficiency and profitability.
- Walmart U.S. segment operating income increased by 6.7% to $5.7 billion, supported by comparable sales growth and strong eCommerce contribution.
- Sam's Club U.S. operating income rose by 10.8% to $686 million, driven by membership growth and improved margins.
- The company announced a 13% increase in its annual dividend to $0.94 per share for fiscal year 2026.
- Share repurchases totaled $4.6 billion during the quarter, reflecting continued commitment to returning capital to shareholders.
- Net income attributable to Walmart decreased to $4.5 billion ($0.56 per diluted share) from $5.1 billion ($0.63 per diluted share) in the prior year, primarily due to a large swing in 'Other (gains) and losses' and a lower effective tax rate in the prior year.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q1 FY2026, Walmart Inc. kept $0.03.
- Revenue$163.98B100.0%
- Cost of revenue−$124.30B75.8%
- Gross profit$39.68B24.2%
- Operating costs−$32.54B19.8%
- Operating income$7.13B4.4%
- Interest, other & tax−$2.65B1.6%
- Net income$4.49B2.7%
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2026filed June 6, 2025Financial Statements
Q1 FY2026 against Q1 FY2025
| Line item | Q1 FY2026Q1 FY2025 | Change |
|---|---|---|
| Revenue | $163.98B$159.94B | +2.5% |
| Cost of Revenue | $124.30B$121.43B | +2.4% |
| Gross Profit | $39.68B$38.51B | +3.0% |
| SG&A Expenses | $34.17B$33.24B | +2.8% |
| Operating Income | $7.13B$6.84B | +4.3% |
| Interest Expense | $519.00M$597.00M | −13.1% |
| Net Income | $4.49B$5.10B | −12.1% |
| EPS (Basic) | $0.56$0.63 | −11.1% |
| EPS (Diluted) | $0.56$0.63 | −11.1% |
| Shares Outstanding (Basic) | 8.01B8.05B | −0.5% |
| Shares Outstanding (Diluted) | 8.05B8.08B | −0.4% |
05—Questions
Frequently Asked Questions
What was Walmart's revenue and net income performance for the quarter?
For the three months ended April 30, 2025, Walmart reported total revenues of $165.6 billion, an increase of 2.5% compared to the prior year. Consolidated net income attributable to Walmart was $4.5 billion, a decrease from $5.1 billion in the same period last year. Diluted earnings per share were $0.56, down from $0.63 in the prior year. The decrease in net income was significantly influenced by a large swing in 'Other (gains) and losses' and a lower effective tax rate in the prior year's comparative period.
How did the different segments perform?
The Walmart U.S. segment saw a 3.2% increase in net sales to $112.2 billion, with operating income growing by 6.7% to $5.7 billion. Walmart International's net sales slightly decreased by 0.3% to $29.8 billion, and its operating income decreased by 17.5% to $1.3 billion, impacted by currency fluctuations and strategic investments. Sam's Club U.S. reported a 2.9% increase in net sales to $22.1 billion, with operating income rising by 10.8% to $686 million, driven by membership growth and improved margins.
What is Walmart's approach to capital return to shareholders?
Walmart continues to prioritize returning capital to shareholders. For fiscal year 2026, the company approved an annual dividend of $0.94 per share, marking a 13% increase from the previous year. During the quarter ended April 30, 2025, Walmart repurchased approximately $4.6 billion of its common stock. The company has an authorized share repurchase program with $7.5 billion remaining as of the reporting date.
What are the key risks and uncertainties facing Walmart?
Walmart operates in a dynamic environment and faces various risks. These include macroeconomic conditions like inflation, currency fluctuations, and consumer confidence, as well as potential supply chain disruptions. The company is also subject to ongoing legal proceedings, notably related to opioid litigation, and various regulatory matters in different jurisdictions. These factors, among others, are detailed in the company's risk factors disclosure and could materially affect future performance.
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