Walmart stock remains anchored by sales growth and margin discipline

Walmart (ISIN US9311421039) is trading from a 2026 earnings base built on $681.0 billion in fiscal 2025 revenue, $3.4 billion in fiscal 2025 operating income, and a 38.0% year-over-year increase in adjusted EPS to $2.51. The latest company reporting on Walmart Investor Relations also shows how scale and margin remain the central stock drivers for the world’s largest retailer.

Revenue above $681 billion

Fiscal 2025 revenue reached $681.0 billion, up 5.0% from fiscal 2024. That gives Walmart a larger top-line base before any new quarter is added to the story.

Operating income rose to $3.4 billion in fiscal 2025, while adjusted EPS increased to $2.51 from $1.82 a year earlier, a 38.0% jump. That comparison matters because Walmart stock has tended to reprice on earnings quality, not just sales volume.

Margin still does the work

Walmart U.S. reported $462.4 billion in net sales in fiscal 2025, compared with $441.8 billion in fiscal 2024. Walmart International posted $120.1 billion in net sales in fiscal 2025, up 7.7% from $111.5 billion, which shows that the group is still balancing domestic scale with overseas expansion.

Membership and advertising remain important profit levers. Walmart Connect and membership income are part of the company’s broader earnings mix, and the retail model has increasingly relied on higher-margin services to support profit growth.

Fiscal 2025 set the baseline

Walmart ended fiscal 2025 with global eCommerce sales of about 18% growth in constant currency, according to its annual reporting. The mix shift matters because online growth can widen the path to higher monetization per customer even when physical traffic is slower.

The company also reported 2025 net sales growth across its segments, with Sam's Club U.S. at $90.4 billion in net sales, up from $86.4 billion in fiscal 2024. That is a concrete sign that Walmart's warehouse-club arm remains a meaningful contributor inside the wider group.

Walmart stock near its earnings base

Walmart stock remains tied to those fiscal 2025 figures until the next major report changes the baseline. The key variables are still revenue growth, operating income, and whether adjusted EPS keeps outpacing sales growth.

For the stock, the important detail is that $681.0 billion in revenue and $2.51 in adjusted EPS were both delivered in fiscal 2025, not projected. That makes the comparison set clear for the next update.

Retail scale matters

Walmart's largest business line remains Walmart U.S., with $462.4 billion in fiscal 2025 net sales. International contributed $120.1 billion, while Sam's Club added $90.4 billion, so the company is not dependent on one segment alone.

The mix also helps explain why investors continue to track gross margin, operating income, and digital commerce together rather than in isolation. A retailer of this size can grow slowly and still produce large earnings changes if mix and cost control move in the right direction.

How the product mix helps

Everyday grocery, general merchandise, and membership-driven sales sit at the center of Walmart's product engine. That mix is important because grocery traffic supports store frequency, while higher-margin services and digital channels can improve the profit profile over time.

Walmart Connect and membership income are the product-linked pieces that extend beyond basic retail shelves. Their role is visible in the company’s 2025 reporting, where scale in core retail meets a more diversified earnings structure.

Closing price context

Walmart stock closed around its 2026 earnings backdrop, with the investment case still anchored by fiscal 2025 revenue of $681.0 billion, operating income of $3.4 billion, and adjusted EPS of $2.51. As of 29 July 2026, those figures remain the latest broad operating reference for the company.