Walmart
Walmart returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2027 Q2 | Jul 31, 2026 | 18.08% | 18.68% | 18.54% | 23.44% | 7.82% | 10.4 pp |
| FY 2027 Q1 | Apr 30, 2026 | 16.97% | 18.05% | -0.52% | 25.53% | 8.24% | 9.3 pp |
| FY 2026 Q4 | Jan 31, 2026 | 16.86% | 17.47% | 0.43% | 22.97% | 8.03% | 9.2 pp |
| FY 2026 Q3 | Oct 31, 2025 | 16.88% | 17.36% | 2.47% | 24.87% | 8.3% | 9.2 pp |
| FY 2026 Q2 | Jul 31, 2025 | 17.75% | 17.76% | 12.77% | 24.46% | 8.13% | 10.1 pp |
| FY 2026 Q1 | Apr 30, 2025 | 18.35% | 18.68% | 39.84% | 22.8% | 7.29% | 10.7 pp |
| FY 2025 Q4 | Jan 31, 2025 | 18.1% | 18.1% | 36.39% | 22.23% | 7.57% | 10.4 pp |
| FY 2025 Q3 | Oct 31, 2024 | 17.67% | 18.2% | 181.97% | 23.48% | 7.53% | 10 pp |
| FY 2025 Q2 | Jul 31, 2024 | 17.92% | 17.92% | 108.96% | 18.97% | 6.1% | 10.2 pp |
| FY 2025 Q1 | Apr 30, 2024 | 17.7% | 17.96% | 70.45% | 24.65% | 7.59% | 10 pp |
| FY 2024 Q4 | Jan 31, 2024 | 17.1% | 17.37% | 99.41% | 19.32% | 6.26% | 9.4 pp |
| FY 2024 Q3 | Oct 31, 2023 | 15.07% | 16.81% | 41.18% | 21.48% | 6.43% | 7.4 pp |
| FY 2024 Q2 | Jul 31, 2023 | 12.54% | 14.39% | — | 17.87% | 5.59% | 4.8 pp |
| FY 2024 Q1 | Apr 30, 2023 | 12.07% | 14.27% | — | 15.14% | 4.6% | 4.4 pp |
| FY 2023 Q4 | Jan 31, 2023 | 11.81% | 13.24% | — | 14.6% | 4.79% | 4.1 pp |
| FY 2023 Q3 | Oct 31, 2022 | 12.88% | 13.68% | -75.41% | 11.61% | 3.64% | 5.2 pp |
| FY 2023 Q2 | Jul 31, 2022 | 16.19% | 15.65% | 16.4% | 17.55% | 5.71% | 8.5 pp |
| FY 2023 Q1 | Apr 30, 2022 | 16% | 15.95% | 15.18% | 16.75% | 5.38% | 8.3 pp |
| FY 2022 Q4 | Jan 31, 2022 | 16.85% | 16.35% | 487.5% | 16.66% | 5.5% | 9.2 pp |
| FY 2022 Q3 | Oct 31, 2021 | 13.73% | 15.97% | — | 9.8% | 3.24% | 6 pp |
| FY 2022 Q2 | Jul 31, 2021 | 14.95% | 16.32% | — | 12.9% | 4.22% | 7.3 pp |
| FY 2022 Q1 | Apr 30, 2021 | 14.54% | 15.84% | — | 16.71% | 5.22% | 6.8 pp |
| FY 2021 Q4 | Jan 31, 2021 | 12.73% | 14.16% | — | 17.37% | 5.53% | 5 pp |
| FY 2021 Q3 | Oct 31, 2020 | 13.78% | 14.04% | — | 25.79% | 8.05% | 6.1 pp |
| FY 2021 Q2 | Jul 31, 2020 | 13.86% | 13.76% | — | 24.57% | 7.58% | 6.2 pp |
| FY 2021 Q1 | Apr 30, 2020 | 13.59% | 13.67% | — | 22.03% | 6.43% | 5.9 pp |
| FY 2020 Q4 | Jan 31, 2020 | 12.73% | 13.69% | — | 20.22% | 6.53% | 5 pp |
| FY 2020 Q3 | Oct 31, 2019 | 12.6% | 14.36% | — | 20.09% | 6.19% | 4.9 pp |
| FY 2020 Q2 | Jul 31, 2019 | 13.86% | 14.94% | 16.74% | 18.16% | 5.83% | 6.2 pp |
| FY 2020 Q1 | Apr 30, 2019 | 12.15% | 15.6% | -8.98% | 11.66% | 3.81% | 4.4 pp |
| FY 2019 Q4 | Jan 31, 2019 | 11.67% | 16.4% | -4.94% | 8.87% | 3.15% | 4 pp |
| FY 2019 Q3 | Oct 31, 2018 | 11.17% | 15.09% | -19.06% | 6.96% | 2.37% | 3.5 pp |
| FY 2019 Q2 | Jul 31, 2018 | 11.89% | 15.3% | — | 7.04% | 2.55% | 4.2 pp |
| FY 2019 Q1 | Apr 30, 2018 | 13.54% | 16.3% | -2,661.63% | 12% | 4.43% | 5.8 pp |
| FY 2018 Q4 | Jan 31, 2018 | 12.58% | 15.85% | -2,431.18% | 12.67% | 4.89% | 4.9 pp |
| FY 2018 Q3 | Oct 31, 2017 | 13.01% | 16.95% | — | 14.88% | 5.5% | 5.3 pp |
| FY 2018 Q2 | Jul 31, 2017 | 13.82% | 17.43% | -278% | 16.65% | 6.37% | 6.1 pp |
| FY 2018 Q1 | Apr 30, 2017 | 14.2% | 17.9% | — | 18.27% | 6.83% | 6.5 pp |
| FY 2017 Q4 | Jan 31, 2017 | 13.71% | 17.06% | — | 17.23% | 6.85% | 6 pp |
| FY 2017 Q3 | Oct 31, 2016 | 13.9% | 17.35% | — | 18.39% | 7.02% | 6.2 pp |
| FY 2017 Q2 | Jul 31, 2016 | 14.46% | 18.09% | — | 18.96% | 7.43% | 6.8 pp |
| FY 2017 Q1 | Apr 30, 2016 | 14.31% | 18.26% | — | 19.02% | 7.23% | 6.6 pp |
| FY 2016 Q4 | Jan 31, 2016 | 13.83% | 17.63% | — | 18.15% | 7.29% | 6.1 pp |
| FY 2016 Q3 | Oct 31, 2015 | 13.67% | 18.76% | — | 19.01% | 7.3% | 6 pp |
| FY 2016 Q2 | Jul 31, 2015 | 14.25% | 19.22% | — | 19.78% | 7.7% | 6.6 pp |
| FY 2016 Q1 | Apr 30, 2015 | 14.97% | 20.03% | — | 21.53% | 7.99% | 7.3 pp |
| FY 2015 Q4 | Jan 31, 2015 | 14.61% | 19.83% | — | 20.76% | 8.01% | 6.9 pp |
| FY 2015 Q3 | Oct 31, 2014 | 13.71% | 19.72% | -111.17% | 20.76% | 7.58% | 6 pp |
| FY 2015 Q2 | Jul 31, 2014 | 14.19% | 20.02% | -26.24% | 21.22% | 7.83% | 6.5 pp |
| FY 2015 Q1 | Apr 30, 2014 | 14.55% | 20.23% | -34.89% | 22.09% | 7.82% | 6.8 pp |
| FY 2014 Q4 | Jan 31, 2014 | 14.3% | 20.15% | -39.92% | 21% | 7.86% | 6.6 pp |
| FY 2014 Q3 | Oct 31, 2013 | 15.35% | 21.51% | 14.38% | 23.35% | 8.27% | 7.6 pp |
| FY 2014 Q2 | Jul 31, 2013 | 16.11% | 21.84% | 25.25% | 24.09% | 8.62% | 8.4 pp |
| FY 2014 Q1 | Apr 30, 2013 | 16.17% | 21.71% | 27.03% | 24.48% | 8.54% | 8.5 pp |
| FY 2013 Q4 | Jan 31, 2013 | 15.72% | 21.19% | 23.33% | 23.02% | 8.57% | 8 pp |
| FY 2013 Q3 | Oct 31, 2012 | 15.35% | 21.51% | — | 23.47% | 8.26% | 7.6 pp |
| FY 2013 Q2 | Jul 31, 2012 | 15.58% | 21.35% | — | 23.52% | 8.35% | 7.9 pp |
| FY 2013 Q1 | Apr 30, 2012 | 16.01% | 21.46% | — | 23.95% | 8.37% | 8.3 pp |
| FY 2012 Q4 | Jan 31, 2012 | 15.61% | 20.97% | — | 22.45% | 8.39% | 7.9 pp |
| FY 2012 Q3 | Oct 31, 2011 | — | 21.25% | — | 25.01% | 8.69% | — |
| FY 2012 Q2 | Jul 31, 2011 | — | 21.55% | — | 25.18% | 9.01% | — |
| FY 2012 Q1 | Apr 30, 2011 | — | 21.98% | — | 25.11% | 9.15% | — |
| FY 2011 Q4 | Jan 31, 2011 | — | 21.53% | — | 23.53% | 9.33% | — |
| FY 2011 Q3 | Oct 31, 2010 | 15.58% | 21.38% | — | 22.69% | 8.4% | 7.9 pp |
| FY 2011 Q2 | Jul 31, 2010 | 16.31% | 22.25% | — | 22.66% | 8.63% | 8.6 pp |
| FY 2011 Q1 | Apr 30, 2010 | — | — | — | — | — | — |
| FY 2010 Q4 | Jan 31, 2010 | — | — | — | — | — | — |
| FY 2010 Q3 | Oct 31, 2009 | — | — | — | — | — | — |
| FY 2010 Q2 | Jul 31, 2009 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · WMT, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.