WMT · 10-Q · 2026Q2 · Full report

Operating Expense Trends

Walmart Inc. · 2026-05-29 · Importance 45 · Surprise 50

Operating expenses as a percentage of net sales increased 33 basis points to 21.2% for the three months ended April 30, 2026, driven primarily by higher depreciation related to capital investments.,The increase also reflected certain business reorganization charges of $0.2 billion within the Walmart U.S. segment and Corporate and higher associate healthcare benefit costs related to increased enrollment and medical cost inflation in the U.S.,Within the Walmart U.S. segment specifically, operating expenses as a percentage of net sales increased 56 basis points for the three months ended April 30, 2026 due to increased depreciation, higher healthcare costs and business reorganization charges.

Key facts

• Operating income for the three months ended April 30, 2026: $7,493 million, a 5.0% increase from the comparable period. source
• Walmart U.S. operating expenses as a percentage of net sales increased 56 basis points for the three months ended April 30, 2026 versus prior year, primarily due to increased depreciation, higher associate healthcare benefit costs, and business reorganization charges. source
• Operating expenses as a percentage of net sales increased 33 basis points for the three months ended April 30, 2026 compared to the prior year period. source