WMT · 10-Q · 2026Q3 · Full report

Capital Expenditures and Free Cash Flow

Walmart Inc. · 2026-08-28 · Importance 59 · Surprise 48 · Matches filing data

Capital expenditures increased 24.3% to $14.2 billion for the six months ended July 31, 2026, from $11.4 billion in the prior-year period. U.S. spending included $7.7 billion for supply chain, customer-facing initiatives and technology, $3.6 billion for store and club remodels, and $1.1 billion for new stores and clubs. Operating cash flow increased $1.4 billion to $19.7 billion, but free cash flow decreased $1.4 billion to $5.5 billion because capital expenditures increased $2.8 billion. Walmart stated that the spending supports omnichannel growth, automation, supply chain and store and club investments.

Key facts

• Free cash flow decreased by $1.4 billion for the six months ended July 31, 2026 compared to the same period in the previous fiscal year, due to an increase of $2.8 billion in capital expenditures, partially offset by increased net cash provided by operating activities. source
• Net cash used in investing activities for the six months ended July 31, 2026 increased $3.1 billion compared to the same period in the previous fiscal year, primarily due to increased payments for property and equipment and change in net proceeds received from sales of certain strategic investments in the previous fiscal year. source
• Payments for property and equipment were $14,181 million for the six months ended July 31, 2026. source
• Free cash flow was $5,529 million for the six months ended July 31, 2026. source
• Return on assets (ROA) was 8.0% for the trailing twelve months ended July 31, 2026. source
• Return on investment (ROI) was 15.4% for the trailing twelve months ended July 31, 2026. source

Impact estimates