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Asset Utilization RatioAssets AverageDebt RatioDebt to EquityEBIT MarginEBITDA MarginEBT MarginEnterprise ValueEquity AverageEquity RatioFCF MarginFCF Payout RatioGross MarginInterest Coverage RatioInventory AverageInvested CapitalNet MarginOperating MarginReturn on AssetsReturn on Capital EmployedReturn on EquityReturn on Invested CapitalReturn on SalesTimes Interest Earned

Walmart (WMT) Operating Margin (2016 - 2026)

Walmart's Operating Margin history spans 17 years, with the latest figure at 3.73% for Q4 2025.

  • For Q4 2025, Operating Margin fell 34.0% year-over-year to 3.73%; the TTM value through Oct 2025 reached 4.13%, down 19.0%, while the annual FY2025 figure was 4.35%, 15.0% up from the prior year.
  • Operating Margin for Q4 2025 was 3.73% at Walmart, down from 4.11% in the prior quarter.
  • Across five years, Operating Margin topped out at 5.26% in Q3 2021 and bottomed at 1.76% in Q4 2022.
  • The 5-year median for Operating Margin is 4.15% (2023), against an average of 4.09%.
  • The largest annual shift saw Operating Margin crashed -240bps in 2022 before it surged 209bps in 2023.
  • A 5-year view of Operating Margin shows it stood at 4.16% in 2021, then plummeted by -58bps to 1.76% in 2022, then surged by 119bps to 3.86% in 2023, then grew by 5bps to 4.07% in 2024, then decreased by -8bps to 3.73% in 2025.
  • Per Business Quant, the three most recent readings for WMT's Operating Margin are 3.73% (Q4 2025), 4.11% (Q3 2025), and 4.31% (Q2 2025).