Executive Summary
Walmart delivered a solid QQ4 2025 performance with revenue of $180.554 billion, supported by a resilient demand environment for grocery and everyday essentials. The company posted gross profit of $44.382 billion and operating income of $7.859 billion, yielding an operating margin of 4.35% and a net margin of 2.91%. Year-over-year revenue rose 4.13%, while operating income grew 8.34% year over year and 17.16% quarter over quarter, reflecting ongoing cost discipline and mix benefits, alongside continued investments in logistics and digital platforms. Notably, net income declined modestly year over year (-4.37%), but delivered a meaningful sequential improvement (+14.79%) driven by operational leverage and favorable product mix. Earnings per share stood at $0.65, down 4.41% vs. the prior year but up 14.04% sequentially, underscoring Walmart’s ability to translate scale into earnings amid a competitive and inflationary backdrop.
Key Performance Indicators
Key Insights
Revenue: $180.554B; YoY +4.13%; QoQ +6.47% | Gross Profit: $44.382B; Margin 24.58%; YoY +6.78%; QoQ +5.05% | Operating Income: $7.859B; Margin 4.35%; YoY +8.34%; QoQ +17.16% | Net Income: $5.254B; Margin 2.91%; YoY -4.37%; QoQ +14.79% | EPS: $0.65; YoY -4.41%; QoQ +14.04% | Free Cash Flow: $6.438B; FCF per share $0.802 | Operating Cash Flow: $13.525B | Net Debt: $51.08B (approx.) | Cash at End: $9.536B | Total Assets: $260.823B | Total Liabilities: $163.131B | Equity: $91.013B | Debt/Capitalizat...
Financial Highlights
Revenue: $180.554B; YoY +4.13%; QoQ +6.47% | Gross Profit: $44.382B; Margin 24.58%; YoY +6.78%; QoQ +5.05% | Operating Income: $7.859B; Margin 4.35%; YoY +8.34%; QoQ +17.16% | Net Income: $5.254B; Margin 2.91%; YoY -4.37%; QoQ +14.79% | EPS: $0.65; YoY -4.41%; QoQ +14.04% | Free Cash Flow: $6.438B; FCF per share $0.802 | Operating Cash Flow: $13.525B | Net Debt: $51.08B (approx.) | Cash at End: $9.536B | Total Assets: $260.823B | Total Liabilities: $163.131B | Equity: $91.013B | Debt/Capitalization: 0.398; ROE: 5.77%; ROA: 2.01%
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
180.55B |
4.13% |
6.47% |
| Gross Profit |
44.38B |
6.78% |
5.05% |
| Operating Income |
7.86B |
8.34% |
17.16% |
| Net Income |
5.25B |
-4.37% |
14.79% |
| EPS |
0.65 |
-4.41% |
14.04% |
Key Financial Ratios
operatingProfitMargin
4.35%
operatingCashFlowPerShare
$1.69
freeCashFlowPerShare
$0.8
dividendPayoutRatio
32.1%
Management Commentary
Transcript data not provided. No management quotes available from the supplied material. If you have the earnings call transcript, I can extract and group quotes by themes (strategy, operations, market conditions) with context and significance.
Forward Guidance
No formal forward guidance was included in the provided data. Based on Walmart’s trajectory and industry trends, the key drivers likely to influence earnings beyond QQ4 2025 include: continued expansion of e-commerce and omnichannel fulfillment, store optimization and realignment to higher-efficiency formats, pricing discipline, and supply chain resilience. Investors should monitor: pace of digital sales growth and its impact on gross margin, commodity and logistics cost inflation, working capital dynamics and inventory turnover, capital allocation initiatives including capex and share repurchases, and regulatory and macroeconomic developments across Walmart’s international footprint.