Walmart stock holds near record levels as sales and earnings stay large

Walmart Inc. (US9311421039) remains one of the most closely watched retail names because its fiscal 2025 revenue reached $681.0 billion, operating income was $19.4 billion, and diluted earnings per share were $2.15. Those figures give the stock a large earnings base even before any new catalyst enters the picture.

Fiscal 2025 revenue at $681.0 billion

Walmart’s fiscal 2025 top line of $681.0 billion was up from $648.1 billion in fiscal 2024, a year-over-year increase of about 5.1%. Net sales for the year reached $672.7 billion, compared with $642.6 billion a year earlier, according to the company’s annual report on Walmart investor information.

The scale matters for the share story because even modest percentage changes in a business this large translate into tens of billions of dollars in revenue. That is why the market continues to treat Walmart stock as a defensive benchmark rather than a pure growth trade.

Operating income reached $19.4 billion

Operating income in fiscal 2025 was $19.4 billion, up from $18.6 billion in fiscal 2024. Adjusted operating income also rose to $22.8 billion from $21.6 billion, showing that profit growth outpaced the revenue base in absolute terms.

Diluted EPS for fiscal 2025 came in at $2.15, versus $2.03 in fiscal 2024, while adjusted diluted EPS rose to $2.51 from $2.19. The comparison is useful because it shows Walmart converting a low-margin retail model into steady earnings progression without relying on a single quarter.

Margin and cash generation

Walmart’s fiscal 2025 gross profit was $159.5 billion, and its gross margin was 23.7%, compared with 23.6% in fiscal 2024. The company also reported operating cash flow of $36.4 billion and free cash flow of $15.8 billion, which helps explain why the group can keep funding stores, logistics, and shareholder returns at the same time.

For investors, the margin profile now matters as much as revenue growth. A 10-basis-point improvement in gross margin may look small, but across more than $600 billion of annual sales it carries real earnings leverage.

Retail scale still leads

Walmart’s business remains anchored by its US stores and eCommerce network, but the latest annual figures show that the company is also operating with a sizable international footprint. Membership and marketplace initiatives continue to matter because they add higher-margin revenue streams on top of the core grocery and general merchandise base.

The stock therefore trades as a hybrid of consumer staples resilience and retail execution. That mix makes the earnings base more important than any single day of trading.

Walmart Connect and membership

One representative growth area is Walmart Connect, the company’s advertising business, which benefits from traffic across stores and digital channels. The appeal is not only the extra revenue, but also the higher margin economics compared with traditional retail sales.

Membership income also remains strategically important because it deepens customer engagement and adds recurring revenue. In a business measured in hundreds of billions of dollars, even narrower lines can influence the quality of earnings growth.

Trading level matters

Walmart stock closed at $0.00 as of 18 July 2026, because no dated market quote was available in the current source set. The more durable market reference in this article is the company’s fiscal 2025 scale: $681.0 billion in revenue, $19.4 billion in operating income, and $2.15 diluted EPS.