Walmart Q4 FY26 EPS Tops Estimates, Board Raises Dividend for 2027

Walmart reported adjusted earnings per share of $0.74 for the fiscal fourth quarter ended Jan. 31, 2026, topping a roughly $0.73 analyst consensus as sales climbed to about $190.7 billion and the board approved a $0.99 annual dividend for fiscal 2027. The dividend increase of 5% from $0.94 continues a streak of annual raises that now stretches 53 years.

The company’s GAAP results showed net profit of $4.24 billion and GAAP earnings of $0.53 per share, while revenue comparisons across market tallies ranged from $190.66 billion to $190.70 billion. Shares dipped initially on the company’s conservative FY27 outlook before recovering later in trading.

Operational drivers underpinned the quarter: Walmart U.S. revenue rose 4.6% year over year to $129.2 billion, and U.S. e-commerce surged 27% as store-fulfilled pickup and delivery, advertising and marketplace gains accelerated online sales. Global advertising, including VIZIO, climbed 37% year over year, and Walmart Connect in the U.S. grew 41% year over year. Global membership fee revenue jumped 15.1%, while membership and other income increased 1.1%.

Profitability measures improved: adjusted operating income (constant currency) reached about $8.6 billion, up 10.5% year over year, and reported operating income was $8.708 billion for the quarter. Gross margin widened by 13 basis points to a 24.0% rate. Inventory rose $2.4 billion, or 4.3% on a reported basis (up 2.6% in constant currency), roughly half the pace of full-year sales growth.

For the full fiscal year, Walmart reported total revenue of $715.9 billion and full-year adjusted EPS of $2.64. The company exited the quarter with $10.7 billion in cash and equivalents and $51.5 billion of total debt, while operating cash flow for the year reached $41.6 billion and free cash flow was $14.9 billion. Market capitalization recently exceeded $1 trillion.

On capital returns, Walmart bought back $1.1 billion of stock in Q4 and disclosed a new $30 billion repurchase authorization. The board set the fiscal 2027 annual dividend at $0.99 per share to be paid in four quarterly installments of $0.2475; record and payable dates are March 20/April 6, May 8/May 26, Aug. 21/Sept. 8 and Dec. 11/Jan. 4, 2027. Executive Vice President and CFO John David Rainey said, “Dividends continue to be a part of our diversified capital returns approach. We're proud to be increasing our annual dividend for the 53rd consecutive year. This decision is a proof point of our continued confidence in our business performance and forward momentum.”

Looking ahead, Walmart issued FY27 EPS guidance in a range of $2.75 to $2.85 per share and described the outlook as cautious amid macroeconomic uncertainty. Rainey cited hiring slowdowns, weak consumer confidence and student loan burdens as reasons for a conservative posture, while CEO John Furner highlighted continued share gains across income cohorts, particularly in grocery and general merchandise, including households earning more than $100,000.

The quarter splits a clear picture: robust momentum in e-commerce, advertising and membership revenues alongside margin improvement and cash generation, balanced against a conservative FY27 earnings range and cautious management commentary that briefly pressured the stock before buyers stepped back in.