Walmart (WMT) Operating Margin (2009 - 2026)
Walmart's (WMT) quarterly Operating Margin came in at 4.27% in Q2 2026, down 4.0% year-on-year from 4.44% in Q2 2025, and down 7.47% quarter-over-quarter from 4.61% in Q1 2026.
Walmart (WMT) Operating Margin (2009 - 2026) Analysis & Trends
Walmart has disclosed Operating Margin across 18 years of filings, most recently posting 4.27% for Q2 2026.
- Operating Margin for Q2 2026 came in at 4.27%, down 4.0% year-over-year; the trailing twelve-month figure through Apr 2026 was 4.19% (down 20.0% YoY), and the FY2026 annual result was 4.22%, down 13.0% from the prior year.
- Operating Margin came in at 4.27% for Q2 2026 at Walmart, down from 4.61% in the prior quarter.
- In the past five years, Operating Margin ranged from a high of 4.73% in Q3 2024 to a low of 1.78% in Q4 2022.
- The 5-year median for Operating Margin is 4.19% (2024), against an average of 4.05%.
- Across the five-year window, Operating Margin tumbled 238 bps in 2022 and soared 208 bps in 2023, its largest moves.
- Walmart's Operating Margin stood at 1.78% in 2022, then soared by 117 bps to 3.86% in 2023, then gained by 4 bps to 3.99% in 2024, then slipped by 7 bps to 3.73% in 2025, then advanced by 14 bps to 4.27% in 2026.
- The last three Operating Margin figures came in at 4.27% (Q2 2026), 4.61% (Q1 2026), and 3.73% (Q4 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Walmart | 948.87 Bn | 944.49 Bn | 42.63 Bn | 4.27% |
| 2 | Costco Wholesale | 430.50 Bn | 412.26 Bn | 8.88 Bn | 3.74% |
| 3 | Target | 57.41 Bn | 53.87 Bn | 7.38 Bn | 4.46% |
| 4 | Dollar General | 24.07 Bn | 22.93 Bn | 3.32 Bn | -10.86% |
| 5 | Dollar Tree | 22.05 Bn | 21.05 Bn | 1.83 Bn | 9.52% |
| 6 | BJ's Wholesale Club Holdings | 11.52 Bn | 11.49 Bn | 1.03 Bn | 3.67% |
| 7 | Pricesmart | 5.32 Bn | 5.02 Bn | 265.07 Mn | 5.04% |
| 8 | Ollie's Bargain Outlet Holdings | 4.78 Bn | 4.48 Bn | 310.92 Mn | 14.00% |
| 9 | Bbb Foods | 22.39 Mn | -214.25 Mn | 210.92 Mn | 22.24% |
Historic Data
Download Data| Date | Value |
|---|---|
| Apr 30, 2026 | 4.27% |
| Jan 31, 2026 | 4.61% |
| Oct 31, 2025 | 3.73% |
| Jul 31, 2025 | 4.15% |
| Apr 30, 2025 | 4.31% |
| Jan 31, 2025 | 4.51% |
| Oct 31, 2024 | 3.99% |
| Jul 31, 2024 | 4.73% |
| Apr 30, 2024 | 4.24% |
| Jan 31, 2024 | 4.32% |
| Oct 31, 2023 | 3.86% |
| Jul 31, 2023 | 4.56% |
| Apr 30, 2023 | 4.13% |
| Jan 31, 2023 | 3.39% |
| Oct 31, 2022 | 1.78% |
| Jul 31, 2022 | 4.53% |
| Apr 30, 2022 | 3.79% |
| Jan 31, 2022 | 3.98% |
| Oct 31, 2021 | 4.16% |
| Jul 31, 2021 | 5.26% |