WMT · 10-Q · 2026Q3 · Full report

Operating Income and Margins

Walmart Inc. · 2026-08-28 · Importance 53 · Surprise 48 · No source text

Consolidated operating income increased 28.8% to $9.4 billion in the quarter and 17.0% to $16.9 billion for the six months ended July 31, 2026. Operating margin expanded 89 basis points to 5.0% in the quarter and 42 basis points to 4.7% year to date. Walmart U.S. operating income rose $1.4 billion in the quarter and $1.6 billion year to date, while Walmart International operating income increased $0.2 billion and $0.5 billion, respectively. Sam's Club operating income increased $0.2 billion in both periods, supported by higher fuel sales and lower operating expense ratios.

Key facts

• Other gains and losses were net losses of $1.2 billion and $0.9 billion for the three and six months ended July 31, 2026, respectively, compared to net gains of $2.7 billion and $2.1 billion for the same periods in the previous fiscal year. source
• Operating income was $9,383 million and $16,876 million for the three and six months ended July 31, 2026, respectively. source
• Consolidated net income was $6,529 million and $12,019 million for the three and six months ended July 31, 2026, respectively. source
• Walmart U.S. operating income was $8,120 million and $14,017 million for the three and six months ended July 31, 2026, respectively. source
• Sam's Club U.S. operating income increased $0.2 billion for both the three and six months ended July 31, 2026, when compared to the same periods in the previous fiscal year. source
• Diluted net income per common share attributable to Walmart was $0.80 and $1.46 for the three and six months ended July 31, 2026, respectively, which represents a decrease of $0.08 and an increase of $0.03 compared to the same periods in the previous fiscal year. source
• Operating income as a percentage of net sales was 5.0% and 4.7% for the three and six months ended July 31, 2026, respectively. source

Impact estimates