Walmart U.S.Wide moat

Walmart (WMT) — moat facet

Ten years, the same 4,600 stores and 62% more sales, and in fiscal 2026 every point of comparable growth came from orders placed online.

Walmart U.S. had total revenues of $485,599 million in fiscal 2026, of which $482,975 million was net sales and $2,624 million membership and other income1. It earned $25,158 million of operating income, 5.2% of net sales, and that was 77% of the profit of Walmart's three segments2. The one fact that explains its last decade is this: in fiscal 2026 comparable sales rose 4.3%, and eCommerce contributed approximately 4.3 percentage points of it3. Customers kept coming to the stores, but the growth came from orders placed online, most of them filled from those stores.

Walmart U.S. operating income as % of net sales, fiscal years6.4%FY165.8%175.6%185.2%195.1%205.2%215.5%224.9%235.0%245.2%255.2%26Walmart Forms 10-K FY2018-FY2026, each year as reported
The margin fell from 6.4% to 5.8% in a single year and has not been above 5.8% since, while net sales grew by more than 60%.

What is inside the line is 4,611 stores in all fifty states, Washington D.C. and Puerto Rico, under the Walmart and Walmart Neighborhood Market names, plus walmart.com and the Walmart app4. Walmart sells in three merchandise units: grocery, which includes consumables such as health and beauty aids, paper goods and pet supplies; general merchandise; and health and wellness, which is chiefly pharmacy5. In fiscal 2026 grocery was $285,482 million, general merchandise $115,060 million, health and wellness $69,547 million and other categories $12,886 million6.

The history is in the filings. The founders ran variety stores until 1962, when they began opening discount stores; the company listed in 1970, opened its first supercenter in 1988 and its first Neighborhood Market in 1998, and launched walmart.com in 19967. The format that still defines the segment is the supercenter: food and everything else under one roof, which is why grocery is 59% of sales today.

Walmart U.S. is paid at the till, but the till has moved. eCommerce sales were about $65.4 billion in fiscal 2024 and $99.6 billion in fiscal 20268, from 15% of the segment's net sales to 21%9. Substantially all stores offer same-day pickup and delivery, and the Walmart+ membership pays for free shipping, delivery from store and fuel discounts10. Suppliers pay too: advertising is reported inside net sales and cost of sales rather than as a line, which is why The Supplier Who Became an Advertiser has its own page.

Walmart reports a segment profit and says little else about profitability. The segment's gross profit rate was 26.8% in fiscal 2024 and 27.5% in fiscal 2026, and its operating expenses rose from 22.2% to 22.8% of net sales11. So gross margin improved and costs rose alongside it; operating margin went from 5.0% to 5.2%. Over ten years the direction is the other way. In fiscal 2016 the segment earned $19,087 million on $298,378 million of net sales, 6.4%, and in fiscal 2017 operating income fell to $17,745 million12. It did not get back above the fiscal 2016 level until fiscal 2021, at $19,116 million13 and has not been below it since.

Growth has been steady and almost entirely from existing stores. Net sales rose every year from fiscal 2016 to 2026, at a compound 4.9% a year14, and the fastest years were the pandemic and inflation years: 8.5% in fiscal 2021 and 6.9% in fiscal 202315. The store count barely moved, from 4,574 to 4,611, while sales per store rose from about $65 million to about $105 million16. Walmart did not grow by building; it grew by selling more through the buildings it already had, and then by delivering from them.

The mix inside that growth is the problem the moat essay dwells on. From fiscal 2024 to 2026 grocery grew $21,272 million and health and wellness $14,649 million, while general merchandise grew $1,075 million17. Why that matters for the margin is the subject of The Profitable Half Stopped Growing.

The last two quarters show both sides. In the quarter to April 2026 net sales rose 4.5% and operating income 3.5%, calculated from the six-month and second-quarter figures18. In the quarter to July 2026 net sales rose 3.5% to $125,189 million and operating income rose from $6,732 million to $8,120 million, with the gross profit rate at 29.4% against 27.9%19. The difference is the tariff refund, most of which landed here. Health and wellness fell to $16,942 million from $17,248 million, because a federal maximum fair price regulation lowered the price of certain drugs, and eCommerce was about $29.4 billion against $23.7 billion20.

The outlook depends on what the refund pays for. Walmart has said the refunds are going into prices through the rest of fiscal 202721, which means the second half should show a lower gross profit rate and, if the price cuts work, faster transactions. The segment's real test is whether the advertising and membership income that now sits inside it can lift the margin without a one-off.

The number to watch is the segment's operating margin once the refund has passed. It was 5.2% in fiscal 2026 and 6.4% in fiscal 2016; a second half that settles back at 5.2% says the higher-margin businesses are still too small to move the whole.

Moat trajectory: Holding steady

The operating margin has sat between 4.9% and 5.5% for eight years; the 6.5% of the quarter to July 2026 includes most of a $2.9 billion tariff refund and is not yet a change.

The number that tests this moat
Reported
Walmart U.S. segment operating margin
5.2% in FY2026, against 6.4% in FY2016; 6.5% in Q2 FY2027 with the tariff refund

Advertising and membership are meant to lift it. A second half of fiscal 2027 back at 5.2% once the refund has been spent on prices would say they are still too small to move the segment.

Source: Walmart Forms 10-K FY2018 and FY2026 and Form 10-Q, quarter ended July 31, 2026 ↗
References
  1. ReportedWalmart U.S. had total revenues of $485,599 million in fiscal 2026, of which $482,975 million was net sales and $2,624 million membership and other income.
    Walmart Form 10-K, fiscal year ended January 31, 2026 - segment results and disaggregated revenue, fiscal 2024-2026 (Walmart U.S. net sales $441,817M / $462,415M / $482,975M, membership and other income $2,624M in fiscal 2026, operating income $22,154M / $23,882M / $25,158M, gross profit rate 26.8% to 27.5%, operating expenses 22.2% to 22.8%, calendar comparable sales +4.3% in fiscal 2026 with eCommerce contributing approximately 4.3%; Walmart International net sales $114,641M / $121,885M / $130,423M, operating income $4,909M / $5,501M / $5,103M, net sales by market in fiscal 2026 Mexico and Central America $52,492M, China $24,623M, Canada $23,724M, other $29,584M; Sam's Club U.S. net sales $86,179M / $90,238M / $93,015M, gross profit $10,556M and operating expenses $10,639M in fiscal 2026, membership and other income $2,525M, operating income $2,442M, $1,822M excluding fuel; merchandise categories and eCommerce sales by segment) — FY2024-FY2026 · publ. March 2026 · source ↗
  2. Moat Explorer calcIt earned $25,158 million of operating income, 5.2% of net sales, and that was 77% of the profit of Walmart's three segments.
    Moat Explorer calculation from Walmart's Forms 10-K FY2018-FY2026 segment tables and the Form 10-Q for the quarter ended July 31, 2026: segment shares (Walmart U.S. $25,158M of $32,703M segment operating income = 77%; fiscal 2016-2026 cumulative segment operating income as reported, Walmart U.S. about $222.0B, International $50.6B, Sam's Club $20.8B); compound growth fiscal 2016-2026 (Walmart U.S. 4.9%, International 0.6%, Sam's Club 5.1% a year); Corporate and support revenue $713,163M less segment revenues = $36M and net expense $32,703M - $29,825M = $2,878M; sales per store $298,378M / 4,574 and $482,975M / 4,611; eCommerce share of segment net sales; category growth fiscal 2024-2026; quarter to April 2026 = six months less quarter to July (Walmart U.S. net sales $117,169M against $112,163M, operating income $5,897M against $5,696M; International $35,110M against $29,754M and $1,602M against $1,293M; Sam's Club $23,405M against $22,064M and $674M against $666M); divestiture losses $5.5B + $0.2B + $1.9B + $0.2B + $1.0B = $8.8B; Sam's Club fuel sales $93,015M - $83,744M = $9,271M and fuel operating income $2,442M - $1,822M = $620M; membership income / operating income $2,525M / $2,442M = 103% — FY2016-Q2 FY2027 · publ. 2026 · source ↗
    Method: Moat Explorer calculation from the segment tables in Walmart's Forms 10-K and the Form 10-Q for the quarter ended July 31, 2026; see the source line for each operand.
  3. ReportedThe one fact that explains its last decade is this: in fiscal 2026 comparable sales rose 4.3%, and eCommerce contributed approximately 4.3 percentage points of it.
    Walmart Form 10-K, fiscal year ended January 31, 2026 - segment results and disaggregated revenue, fiscal 2024-2026 (Walmart U.S. net sales $441,817M / $462,415M / $482,975M, membership and other income $2,624M in fiscal 2026, operating income $22,154M / $23,882M / $25,158M, gross profit rate 26.8% to 27.5%, operating expenses 22.2% to 22.8%, calendar comparable sales +4.3% in fiscal 2026 with eCommerce contributing approximately 4.3%; Walmart International net sales $114,641M / $121,885M / $130,423M, operating income $4,909M / $5,501M / $5,103M, net sales by market in fiscal 2026 Mexico and Central America $52,492M, China $24,623M, Canada $23,724M, other $29,584M; Sam's Club U.S. net sales $86,179M / $90,238M / $93,015M, gross profit $10,556M and operating expenses $10,639M in fiscal 2026, membership and other income $2,525M, operating income $2,442M, $1,822M excluding fuel; merchandise categories and eCommerce sales by segment) — FY2024-FY2026 · publ. March 2026 · source ↗
  4. ReportedWhat is inside the line is 4,611 stores in all fifty states, Washington D.C. and Puerto Rico, under the Walmart and Walmart Neighborhood Market names, plus walmart.com and the Walmart app.
    Walmart Form 10-K, fiscal year ended January 31, 2026 - Item 1 Business: company history (discount stores from 1962, initial public offering 1970, first Sam's Club 1983, first supercenter 1988, first Neighborhood Market 1998, first international joint venture in Mexico 1991, walmart.com and samsclub.com 1996) and segment descriptions (Walmart U.S. 4,611 stores and three merchandise units; Walmart International 5,743 stores in 18 countries, wholly owned and majority-owned subsidiaries, pickup and delivery from approximately 3,300 locations; Sam's Club U.S. 601 clubs in 44 states and Puerto Rico, Club membership $50 and Plus membership $110) — FY2026 · publ. March 2026 · source ↗
  5. ReportedWalmart sells in three merchandise units: grocery, which includes consumables such as health and beauty aids, paper goods and pet supplies; general merchandise; and health and wellness, which is chiefly pharmacy.
    Walmart Form 10-K, fiscal year ended January 31, 2026 - Item 1 Business: company history (discount stores from 1962, initial public offering 1970, first Sam's Club 1983, first supercenter 1988, first Neighborhood Market 1998, first international joint venture in Mexico 1991, walmart.com and samsclub.com 1996) and segment descriptions (Walmart U.S. 4,611 stores and three merchandise units; Walmart International 5,743 stores in 18 countries, wholly owned and majority-owned subsidiaries, pickup and delivery from approximately 3,300 locations; Sam's Club U.S. 601 clubs in 44 states and Puerto Rico, Club membership $50 and Plus membership $110) — FY2026 · publ. March 2026 · source ↗
  6. ReportedIn fiscal 2026 grocery was $285,482 million, general merchandise $115,060 million, health and wellness $69,547 million and other categories $12,886 million.
    Walmart Form 10-K, fiscal year ended January 31, 2026 - segment results and disaggregated revenue, fiscal 2024-2026 (Walmart U.S. net sales $441,817M / $462,415M / $482,975M, membership and other income $2,624M in fiscal 2026, operating income $22,154M / $23,882M / $25,158M, gross profit rate 26.8% to 27.5%, operating expenses 22.2% to 22.8%, calendar comparable sales +4.3% in fiscal 2026 with eCommerce contributing approximately 4.3%; Walmart International net sales $114,641M / $121,885M / $130,423M, operating income $4,909M / $5,501M / $5,103M, net sales by market in fiscal 2026 Mexico and Central America $52,492M, China $24,623M, Canada $23,724M, other $29,584M; Sam's Club U.S. net sales $86,179M / $90,238M / $93,015M, gross profit $10,556M and operating expenses $10,639M in fiscal 2026, membership and other income $2,525M, operating income $2,442M, $1,822M excluding fuel; merchandise categories and eCommerce sales by segment) — FY2024-FY2026 · publ. March 2026 · source ↗
  7. ReportedThe founders ran variety stores until 1962, when they began opening discount stores; the company listed in 1970, opened its first supercenter in 1988 and its first Neighborhood Market in 1998, and launched walmart.com in 1996.
    Walmart Form 10-K, fiscal year ended January 31, 2026 - Item 1 Business: company history (discount stores from 1962, initial public offering 1970, first Sam's Club 1983, first supercenter 1988, first Neighborhood Market 1998, first international joint venture in Mexico 1991, walmart.com and samsclub.com 1996) and segment descriptions (Walmart U.S. 4,611 stores and three merchandise units; Walmart International 5,743 stores in 18 countries, wholly owned and majority-owned subsidiaries, pickup and delivery from approximately 3,300 locations; Sam's Club U.S. 601 clubs in 44 states and Puerto Rico, Club membership $50 and Plus membership $110) — FY2026 · publ. March 2026 · source ↗
  8. ReportedeCommerce sales were about $65.4 billion in fiscal 2024 and $99.6 billion in fiscal 2026, from 15% of the segment's net sales to 21%.
    Walmart Form 10-K, fiscal year ended January 31, 2026 - segment results and disaggregated revenue, fiscal 2024-2026 (Walmart U.S. net sales $441,817M / $462,415M / $482,975M, membership and other income $2,624M in fiscal 2026, operating income $22,154M / $23,882M / $25,158M, gross profit rate 26.8% to 27.5%, operating expenses 22.2% to 22.8%, calendar comparable sales +4.3% in fiscal 2026 with eCommerce contributing approximately 4.3%; Walmart International net sales $114,641M / $121,885M / $130,423M, operating income $4,909M / $5,501M / $5,103M, net sales by market in fiscal 2026 Mexico and Central America $52,492M, China $24,623M, Canada $23,724M, other $29,584M; Sam's Club U.S. net sales $86,179M / $90,238M / $93,015M, gross profit $10,556M and operating expenses $10,639M in fiscal 2026, membership and other income $2,525M, operating income $2,442M, $1,822M excluding fuel; merchandise categories and eCommerce sales by segment) — FY2024-FY2026 · publ. March 2026 · source ↗
  9. Moat Explorer calceCommerce sales were about $65.4 billion in fiscal 2024 and $99.6 billion in fiscal 2026, from 15% of the segment's net sales to 21%.
    Moat Explorer calculation from Walmart's Forms 10-K FY2018-FY2026 segment tables and the Form 10-Q for the quarter ended July 31, 2026: segment shares (Walmart U.S. $25,158M of $32,703M segment operating income = 77%; fiscal 2016-2026 cumulative segment operating income as reported, Walmart U.S. about $222.0B, International $50.6B, Sam's Club $20.8B); compound growth fiscal 2016-2026 (Walmart U.S. 4.9%, International 0.6%, Sam's Club 5.1% a year); Corporate and support revenue $713,163M less segment revenues = $36M and net expense $32,703M - $29,825M = $2,878M; sales per store $298,378M / 4,574 and $482,975M / 4,611; eCommerce share of segment net sales; category growth fiscal 2024-2026; quarter to April 2026 = six months less quarter to July (Walmart U.S. net sales $117,169M against $112,163M, operating income $5,897M against $5,696M; International $35,110M against $29,754M and $1,602M against $1,293M; Sam's Club $23,405M against $22,064M and $674M against $666M); divestiture losses $5.5B + $0.2B + $1.9B + $0.2B + $1.0B = $8.8B; Sam's Club fuel sales $93,015M - $83,744M = $9,271M and fuel operating income $2,442M - $1,822M = $620M; membership income / operating income $2,525M / $2,442M = 103% — FY2016-Q2 FY2027 · publ. 2026 · source ↗
    Method: Moat Explorer calculation from the segment tables in Walmart's Forms 10-K and the Form 10-Q for the quarter ended July 31, 2026; see the source line for each operand.
  10. ReportedSubstantially all stores offer same-day pickup and delivery, and the Walmart+ membership pays for free shipping, delivery from store and fuel discounts.
    Walmart Form 10-K, fiscal year ended January 31, 2026 - Item 1 Business: company history (discount stores from 1962, initial public offering 1970, first Sam's Club 1983, first supercenter 1988, first Neighborhood Market 1998, first international joint venture in Mexico 1991, walmart.com and samsclub.com 1996) and segment descriptions (Walmart U.S. 4,611 stores and three merchandise units; Walmart International 5,743 stores in 18 countries, wholly owned and majority-owned subsidiaries, pickup and delivery from approximately 3,300 locations; Sam's Club U.S. 601 clubs in 44 states and Puerto Rico, Club membership $50 and Plus membership $110) — FY2026 · publ. March 2026 · source ↗
  11. ReportedThe segment's gross profit rate was 26.8% in fiscal 2024 and 27.5% in fiscal 2026, and its operating expenses rose from 22.2% to 22.8% of net sales.
    Walmart Form 10-K, fiscal year ended January 31, 2026 - segment results and disaggregated revenue, fiscal 2024-2026 (Walmart U.S. net sales $441,817M / $462,415M / $482,975M, membership and other income $2,624M in fiscal 2026, operating income $22,154M / $23,882M / $25,158M, gross profit rate 26.8% to 27.5%, operating expenses 22.2% to 22.8%, calendar comparable sales +4.3% in fiscal 2026 with eCommerce contributing approximately 4.3%; Walmart International net sales $114,641M / $121,885M / $130,423M, operating income $4,909M / $5,501M / $5,103M, net sales by market in fiscal 2026 Mexico and Central America $52,492M, China $24,623M, Canada $23,724M, other $29,584M; Sam's Club U.S. net sales $86,179M / $90,238M / $93,015M, gross profit $10,556M and operating expenses $10,639M in fiscal 2026, membership and other income $2,525M, operating income $2,442M, $1,822M excluding fuel; merchandise categories and eCommerce sales by segment) — FY2024-FY2026 · publ. March 2026 · source ↗
  12. ReportedIn fiscal 2016 the segment earned $19,087 million on $298,378 million of net sales, 6.4%, and in fiscal 2017 operating income fell to $17,745 million.
    Walmart Form 10-K, fiscal year ended January 31, 2018 - segment results fiscal 2016-2018 (Walmart U.S. net sales $298,378M and operating income $19,087M in fiscal 2016, operating income $17,745M in fiscal 2017, 4,574 stores in fiscal 2016; Walmart International net sales $123,408M and operating income $5,346M in fiscal 2016; Sam's Club net sales $56,828M and operating income 3.2% in fiscal 2016, clubs 660 to 597 and operating income $1,671M to $982M in fiscal 2018 with markdowns to liquidate inventory related to the club closures) — FY2016-FY2018 · publ. March 2018 · source ↗
  13. ReportedIt did not get back above the fiscal 2016 level until fiscal 2021, at $19,116 million and has not been below it since.
    Walmart Form 10-K, fiscal year ended January 31, 2023 - segment results fiscal 2021-2023 (Walmart U.S. net sales $369,963M / $393,247M / $420,553M, +8.5% in fiscal 2021 and +6.9% in fiscal 2023, operating income $19,116M / $21,587M / $20,620M; Walmart International net sales $121,360M / $100,959M / $100,983M, down 16.8% in fiscal 2022, operating income 3.0% / 3.7% / 2.9% of net sales; Sam's Club net sales +15.1% and +14.7% in fiscal 2022 and 2023, +9.6% and +10.5% excluding fuel) — FY2021-FY2023 · publ. March 2023 · source ↗
  14. Moat Explorer calcNet sales rose every year from fiscal 2016 to 2026, at a compound 4.9% a year, and the fastest years were the pandemic and inflation years: 8.5% in fiscal 2021 and 6.9% in fiscal 2023.
    Moat Explorer calculation from Walmart's Forms 10-K FY2018-FY2026 segment tables and the Form 10-Q for the quarter ended July 31, 2026: segment shares (Walmart U.S. $25,158M of $32,703M segment operating income = 77%; fiscal 2016-2026 cumulative segment operating income as reported, Walmart U.S. about $222.0B, International $50.6B, Sam's Club $20.8B); compound growth fiscal 2016-2026 (Walmart U.S. 4.9%, International 0.6%, Sam's Club 5.1% a year); Corporate and support revenue $713,163M less segment revenues = $36M and net expense $32,703M - $29,825M = $2,878M; sales per store $298,378M / 4,574 and $482,975M / 4,611; eCommerce share of segment net sales; category growth fiscal 2024-2026; quarter to April 2026 = six months less quarter to July (Walmart U.S. net sales $117,169M against $112,163M, operating income $5,897M against $5,696M; International $35,110M against $29,754M and $1,602M against $1,293M; Sam's Club $23,405M against $22,064M and $674M against $666M); divestiture losses $5.5B + $0.2B + $1.9B + $0.2B + $1.0B = $8.8B; Sam's Club fuel sales $93,015M - $83,744M = $9,271M and fuel operating income $2,442M - $1,822M = $620M; membership income / operating income $2,525M / $2,442M = 103% — FY2016-Q2 FY2027 · publ. 2026 · source ↗
    Method: Moat Explorer calculation from the segment tables in Walmart's Forms 10-K and the Form 10-Q for the quarter ended July 31, 2026; see the source line for each operand.
  15. ReportedNet sales rose every year from fiscal 2016 to 2026, at a compound 4.9% a year, and the fastest years were the pandemic and inflation years: 8.5% in fiscal 2021 and 6.9% in fiscal 2023.
    Walmart Form 10-K, fiscal year ended January 31, 2023 - segment results fiscal 2021-2023 (Walmart U.S. net sales $369,963M / $393,247M / $420,553M, +8.5% in fiscal 2021 and +6.9% in fiscal 2023, operating income $19,116M / $21,587M / $20,620M; Walmart International net sales $121,360M / $100,959M / $100,983M, down 16.8% in fiscal 2022, operating income 3.0% / 3.7% / 2.9% of net sales; Sam's Club net sales +15.1% and +14.7% in fiscal 2022 and 2023, +9.6% and +10.5% excluding fuel) — FY2021-FY2023 · publ. March 2023 · source ↗
  16. Moat Explorer calcThe store count barely moved, from 4,574 to 4,611, while sales per store rose from about $65 million to about $105 million.
    Moat Explorer calculation from Walmart's Forms 10-K FY2018-FY2026 segment tables and the Form 10-Q for the quarter ended July 31, 2026: segment shares (Walmart U.S. $25,158M of $32,703M segment operating income = 77%; fiscal 2016-2026 cumulative segment operating income as reported, Walmart U.S. about $222.0B, International $50.6B, Sam's Club $20.8B); compound growth fiscal 2016-2026 (Walmart U.S. 4.9%, International 0.6%, Sam's Club 5.1% a year); Corporate and support revenue $713,163M less segment revenues = $36M and net expense $32,703M - $29,825M = $2,878M; sales per store $298,378M / 4,574 and $482,975M / 4,611; eCommerce share of segment net sales; category growth fiscal 2024-2026; quarter to April 2026 = six months less quarter to July (Walmart U.S. net sales $117,169M against $112,163M, operating income $5,897M against $5,696M; International $35,110M against $29,754M and $1,602M against $1,293M; Sam's Club $23,405M against $22,064M and $674M against $666M); divestiture losses $5.5B + $0.2B + $1.9B + $0.2B + $1.0B = $8.8B; Sam's Club fuel sales $93,015M - $83,744M = $9,271M and fuel operating income $2,442M - $1,822M = $620M; membership income / operating income $2,525M / $2,442M = 103% — FY2016-Q2 FY2027 · publ. 2026 · source ↗
    Method: Moat Explorer calculation from the segment tables in Walmart's Forms 10-K and the Form 10-Q for the quarter ended July 31, 2026; see the source line for each operand.
  17. Moat Explorer calcFrom fiscal 2024 to 2026 grocery grew $21,272 million and health and wellness $14,649 million, while general merchandise grew $1,075 million.
    Moat Explorer calculation from Walmart's Forms 10-K FY2018-FY2026 segment tables and the Form 10-Q for the quarter ended July 31, 2026: segment shares (Walmart U.S. $25,158M of $32,703M segment operating income = 77%; fiscal 2016-2026 cumulative segment operating income as reported, Walmart U.S. about $222.0B, International $50.6B, Sam's Club $20.8B); compound growth fiscal 2016-2026 (Walmart U.S. 4.9%, International 0.6%, Sam's Club 5.1% a year); Corporate and support revenue $713,163M less segment revenues = $36M and net expense $32,703M - $29,825M = $2,878M; sales per store $298,378M / 4,574 and $482,975M / 4,611; eCommerce share of segment net sales; category growth fiscal 2024-2026; quarter to April 2026 = six months less quarter to July (Walmart U.S. net sales $117,169M against $112,163M, operating income $5,897M against $5,696M; International $35,110M against $29,754M and $1,602M against $1,293M; Sam's Club $23,405M against $22,064M and $674M against $666M); divestiture losses $5.5B + $0.2B + $1.9B + $0.2B + $1.0B = $8.8B; Sam's Club fuel sales $93,015M - $83,744M = $9,271M and fuel operating income $2,442M - $1,822M = $620M; membership income / operating income $2,525M / $2,442M = 103% — FY2016-Q2 FY2027 · publ. 2026 · source ↗
    Method: Moat Explorer calculation from the segment tables in Walmart's Forms 10-K and the Form 10-Q for the quarter ended July 31, 2026; see the source line for each operand.
  18. Moat Explorer calcIn the quarter to April 2026 net sales rose 4.5% and operating income 3.5%, calculated from the six-month and second-quarter figures.
    Moat Explorer calculation from Walmart's Forms 10-K FY2018-FY2026 segment tables and the Form 10-Q for the quarter ended July 31, 2026: segment shares (Walmart U.S. $25,158M of $32,703M segment operating income = 77%; fiscal 2016-2026 cumulative segment operating income as reported, Walmart U.S. about $222.0B, International $50.6B, Sam's Club $20.8B); compound growth fiscal 2016-2026 (Walmart U.S. 4.9%, International 0.6%, Sam's Club 5.1% a year); Corporate and support revenue $713,163M less segment revenues = $36M and net expense $32,703M - $29,825M = $2,878M; sales per store $298,378M / 4,574 and $482,975M / 4,611; eCommerce share of segment net sales; category growth fiscal 2024-2026; quarter to April 2026 = six months less quarter to July (Walmart U.S. net sales $117,169M against $112,163M, operating income $5,897M against $5,696M; International $35,110M against $29,754M and $1,602M against $1,293M; Sam's Club $23,405M against $22,064M and $674M against $666M); divestiture losses $5.5B + $0.2B + $1.9B + $0.2B + $1.0B = $8.8B; Sam's Club fuel sales $93,015M - $83,744M = $9,271M and fuel operating income $2,442M - $1,822M = $620M; membership income / operating income $2,525M / $2,442M = 103% — FY2016-Q2 FY2027 · publ. 2026 · source ↗
    Method: Moat Explorer calculation from the segment tables in Walmart's Forms 10-K and the Form 10-Q for the quarter ended July 31, 2026; see the source line for each operand.
  19. ReportedIn the quarter to July 2026 net sales rose 3.5% to $125,189 million and operating income rose from $6,732 million to $8,120 million, with the gross profit rate at 29.4% against 27.9%.
    Walmart Form 10-Q, quarterly period ended July 31, 2026 - condensed consolidated financial statements and notes (total revenues $187,937M, operating income $9,383M, other losses of $1,200M against gains of $2,708M, net income attributable to Walmart $6,366M and diluted EPS $0.80; segment note; the gain-contingency note recording approximately $2.9 billion of IEEPA tariff refunds received from U.S. Customs and Border Protection as a reduction of cost of sales; the statement that less than one third of what Walmart sells in the U.S. is imported) — Q2 FY2027 (quarter ended July 31, 2026) · publ. August 28, 2026 · source ↗
  20. ReportedHealth and wellness fell to $16,942 million from $17,248 million, because a federal maximum fair price regulation lowered the price of certain drugs, and eCommerce was about $29.4 billion against $23.7 billion.
    Walmart Form 10-Q, quarterly period ended July 31, 2026 - condensed consolidated financial statements and notes (total revenues $187,937M, operating income $9,383M, other losses of $1,200M against gains of $2,708M, net income attributable to Walmart $6,366M and diluted EPS $0.80; segment note; the gain-contingency note recording approximately $2.9 billion of IEEPA tariff refunds received from U.S. Customs and Border Protection as a reduction of cost of sales; the statement that less than one third of what Walmart sells in the U.S. is imported) — Q2 FY2027 (quarter ended July 31, 2026) · publ. August 28, 2026 · source ↗
  21. ReportedWalmart has said the refunds are going into prices through the rest of fiscal 2027, which means the second half should show a lower gross profit rate and, if the price cuts work, faster transactions.
    Walmart Form 10-Q, quarterly period ended July 31, 2026 - condensed consolidated financial statements and notes (total revenues $187,937M, operating income $9,383M, other losses of $1,200M against gains of $2,708M, net income attributable to Walmart $6,366M and diluted EPS $0.80; segment note; the gain-contingency note recording approximately $2.9 billion of IEEPA tariff refunds received from U.S. Customs and Border Protection as a reduction of cost of sales; the statement that less than one third of what Walmart sells in the U.S. is imported) — Q2 FY2027 (quarter ended July 31, 2026) · publ. August 28, 2026 · source ↗
Sources
Generated September 22, 2026