How does Walmart (WMT) make money?

Walmart (WMT) primarily makes money through Walmart U S, which accounts for 68.4% of total revenue. For TTM through Q1 2026, Walmart generated $713.16B in total revenue with a net profit margin of 3.1%.

What is Walmart (WMT) gross profit margin?

Walmart (WMT) reported a gross profit margin of 24.9% for TTM through Q1 2026, equivalent to $177.77B in gross profit. This means Walmart retains 24.9% of each revenue unit after direct costs of production.

What is Walmart (WMT) operating profit margin?

Walmart (WMT) reported an operating profit margin of 4.2% for TTM through Q1 2026, equivalent to $29.82B in operating profit. This reflects profitability after operating expenses such as R&D, sales, and administration, but before taxes and non-operating items.

What is Walmart (WMT) net profit margin?

Walmart (WMT) reported a net profit margin of 3.1% for TTM through Q1 2026, equivalent to $21.89B in net profit. This is the share of revenue that remains as profit after all expenses, taxes, and non-operating items.

How much does Walmart (WMT) spend on capital expenditures?

Walmart (WMT) spent $26.64B on capital expenditures in TTM through Q1 2026 (3.7% of total revenue). Capital expenditures represent investments in physical assets such as property, equipment, and infrastructure.

What is Walmart (WMT) free cash flow?

Walmart (WMT) generated $14.92B in free cash flow for TTM through Q1 2026 (2.1% of total revenue). Free cash flow is the cash remaining after capital expenditures and represents the company's ability to fund growth, pay dividends, or reduce debt.

What is Walmart (WMT) effective tax rate?

Walmart (WMT) had an effective tax rate of 24.4% for TTM through Q1 2026. This is the actual percentage of pre-tax income paid as income taxes.

How Walmart (WMT) Makes Money: A Visual Guide

Walmart (WMT) generated $713.16B in revenue, earning $21.89B in net profit (3.1% margin). Its largest revenue source is Walmart U S (68.4% of revenue). Below is an interactive breakdown of how revenue flows through the income statement.

Walmart (WMT) Income Statement Flow — TTM through Q1 2026

Calculated from the four most recent reported quarters, ending January 31, 2026 (reported March 13, 2026).

Frequently asked questions

How does Walmart (WMT) make money?: Walmart (WMT) primarily makes money through Walmart U S, which accounts for 68.4% of total revenue. For TTM through Q1 2026, Walmart generated $713.16B in total revenue with a net profit margin of 3.1%.
What is Walmart (WMT) gross profit margin?: Walmart (WMT) reported a gross profit margin of 24.9% for TTM through Q1 2026, equivalent to $177.77B in gross profit. This means Walmart retains 24.9% of each revenue unit after direct costs of production.
What is Walmart (WMT) operating profit margin?: Walmart (WMT) reported an operating profit margin of 4.2% for TTM through Q1 2026, equivalent to $29.82B in operating profit. This reflects profitability after operating expenses such as R&D, sales, and administration, but before taxes and non-operating items.
What is Walmart (WMT) net profit margin?: Walmart (WMT) reported a net profit margin of 3.1% for TTM through Q1 2026, equivalent to $21.89B in net profit. This is the share of revenue that remains as profit after all expenses, taxes, and non-operating items.
How much does Walmart (WMT) spend on capital expenditures?: Walmart (WMT) spent $26.64B on capital expenditures in TTM through Q1 2026 (3.7% of total revenue). Capital expenditures represent investments in physical assets such as property, equipment, and infrastructure.
What is Walmart (WMT) free cash flow?: Walmart (WMT) generated $14.92B in free cash flow for TTM through Q1 2026 (2.1% of total revenue). Free cash flow is the cash remaining after capital expenditures and represents the company's ability to fund growth, pay dividends, or reduce debt.
What is Walmart (WMT) effective tax rate?: Walmart (WMT) had an effective tax rate of 24.4% for TTM through Q1 2026. This is the actual percentage of pre-tax income paid as income taxes.

Data & methodology

What is a Sankey diagram?: A Sankey diagram shows how money flows through a company from revenue to net profit. The width of each flow represents its proportion.
How is the data calculated?: We use the income statement from company filings. For TTM (Trailing Twelve Months), we use a pre-aggregated twelve-month view aligned with our latest four quarterly periods. Revenue flows to cost of revenue and gross profit, then to operating expenses (R&D, S&M, G&A) and operating profit.
When was this data last updated?: Based on company filings through TTM through Q1 2026.