Executive Summary
Walmart delivered resilient top-line growth in QQ2 2025, with revenue of $169.335 billion, up 4.8% year over year (YoY) and up 4.85% quarter over quarter (QoQ). Gross profit reached $42.525 billion with a gross margin of 25.11%, while operating income rose to $7.94 billion (operating margin 4.69%). Net income declined to $4.501 billion, yielding a net margin of 2.66% and an EPS of $0.56 for the quarter. The company generated $12.108 billion of operating cash flow and $6.278 billion in free cash flow, funding a capex program of $5.831 billion and delivering shareholder-friendly cash returns. On the balance sheet, Walmart reported total assets of $254.44 billion and total liabilities of $163.67 billion, with total stockholders’ equity of $84.42 billion. Net debt stood at approximately $52.49 billion, and liquidity remains modest (current ratio 0.80, quick ratio 0.22, cash ratio 0.09). Management commentary in QQ2 2025 emphasized sustaining price leadership and investing in omnichannel capabilities, even as cost pressures and competitive dynamics compress margins in the near term. While revenue momentum is positive, the company faces a margin-shrinking backdrop that could temper earnings upside unless cost and mix improvements materialize.
Key Performance Indicators
QoQ: -11.81% | YoY:-42.96%
QoQ: -11.11% | YoY:-42.86%
Key Insights
Revenue: $169.335B (+4.77% YoY; +4.85% QoQ). Gross Profit: $42.525B; Gross Margin: 25.11% (+ YoY 6.90%; + QoQ 6.11%). Operating Income: $7.94B; Operating Margin: 4.69% (+ YoY 8.53%; + QoQ 16.06%). Net Income: $4.501B; Net Margin: 2.66% (YoY -42.96%; QoQ -11.81%). EPS (Diluted): $0.56 (YoY -42.86%; QoQ -11.11%). EBITDA: $11.151B; EBITDA Margin: 6.59%. Operating Cash Flow: $12.108B; Free Cash Flow: $6.278B. Capex: $5.831B; Net Debt: $52.494B; Total Debt: $61.305B. Cash and Cash Equivalents: $8.811...
Financial Highlights
Revenue: $169.335B (+4.77% YoY; +4.85% QoQ). Gross Profit: $42.525B; Gross Margin: 25.11% (+ YoY 6.90%; + QoQ 6.11%). Operating Income: $7.94B; Operating Margin: 4.69% (+ YoY 8.53%; + QoQ 16.06%). Net Income: $4.501B; Net Margin: 2.66% (YoY -42.96%; QoQ -11.81%). EPS (Diluted): $0.56 (YoY -42.86%; QoQ -11.11%). EBITDA: $11.151B; EBITDA Margin: 6.59%. Operating Cash Flow: $12.108B; Free Cash Flow: $6.278B. Capex: $5.831B; Net Debt: $52.494B; Total Debt: $61.305B. Cash and Cash Equivalents: $8.811B. Total Assets: $254.44B; Total Liabilities: $163.668B; Total Equity: $84.423B. Current Ratio: 0.803; Quick Ratio: 0.219; Cash Ratio: 0.0925. Interest Coverage: 11.69x.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
169.34B |
4.77% |
4.85% |
| Gross Profit |
42.53B |
6.90% |
6.11% |
| Operating Income |
7.94B |
8.53% |
16.06% |
| Net Income |
4.50B |
-42.96% |
-11.81% |
| EPS |
0.56 |
-42.86% |
-11.11% |
Key Financial Ratios
operatingProfitMargin
4.69%
operatingCashFlowPerShare
$1.51
freeCashFlowPerShare
$0.78
Management Commentary
No earnings call transcript was provided in the data. Management commentary themes and direct quotes could not be extracted. Please supply the QQ2 2025 transcript to generate thematically organized highlights and quote context.
Forward Guidance
No explicit forward guidance was included in the provided data. Based on industry dynamics and Walmart’s strategic focus, the near-term path likely emphasizes: (i) sustaining price leadership and grocery market share through promotional activity and improved cost-to-serve, (ii) accelerating e-commerce and omnichannel fulfillment to defend digital share, and (iii) ongoing efficiency programs to offset wage and logistics cost pressures. Investors should monitor: trajectory of same-store sales, progress on supply chain optimization, gross margin stability as product mix shifts, and capital allocation discipline (buybacks vs. investment). In a scenario where input costs stabilize and e-commerce growth accelerates, margins could stabilize or improve; otherwise, margin compression could cap earnings growth.