WMT · Forward model · Walmart International
What has to happen in Walmart International
Model as of
This page changes Walmart International inside the complete WMT model. Every other vertical, corporate programme and valuation assumption stays in the selected portfolio case.
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Walmart International
5,743 retail units across Africa, Canada, Central America, Chile, China, India and Mexico, with Walmex and Flipkart the growth engines. Reported revenue mixes real constant-currency growth with a large translation effect: currency added $1,543M in 2027 Q2 alone, 4.9 of the 12.8 points of reported growth. This vertical is projected in reported dollars at spot FX, so the driver rate is the constant-currency trend and no further translation help is assumed.
Latest: $44.13B (2032Q2E)
| Period | Value |
|---|---|
| 2024Q1 | $26.60B |
| 2024Q2 | $27.60B |
| 2024Q3 | $28.02B |
| 2024Q4 | $32.42B |
| 2025Q1 | $29.83B |
| 2025Q2 | $29.57B |
| 2025Q3 | $30.28B |
| 2025Q4 | $32.21B |
| 2026Q1 | $29.75B |
| 2026Q2 | $31.20B |
| 2026Q3 | $33.54B |
| 2026Q4 | $35.93B |
| 2027Q1 | $35.11B |
| 2027Q2 | $35.20B |
| 2027Q3E | $36.99B |
| 2027Q4E | $41.07B |
| 2028Q1E | $35.63B |
| 2028Q2E | $36.95B |
| 2028Q3E | $38.81B |
| 2028Q4E | $43.07B |
| 2029Q1E | $37.34B |
| 2029Q2E | $38.71B |
| 2029Q3E | $40.64B |
| 2029Q4E | $45.07B |
| 2030Q1E | $39.06B |
| 2030Q2E | $40.49B |
| 2030Q3E | $42.49B |
| 2030Q4E | $47.11B |
| 2031Q1E | $40.81B |
| 2031Q2E | $42.29B |
| 2031Q3E | $44.37B |
| 2031Q4E | $49.18B |
| 2032Q1E | $42.60B |
| 2032Q2E | $44.13B |
Assumptions & reasoning
- Derived margin: FY2026 segment operating income of $5,103M plus segment D&A of $2,304M over segment net sales of $130,423M gives 5.68%. Capex intensity is the segment's own $3,197M of FY2026 capital expenditure over the same net sales.
- Walmart does not disclose Flipkart, Walmex or China revenue quarterly inside this segment, so no country or channel split is manufactured here. The seasonal factors are the whole of what the model knows about the shape of the year.
- Projecting a reported-dollar line is implicitly forecasting FX. The choice here is spot: the driver rate is the constant-currency trend, and a currency reversal is carried explicitly as the largest single delta in the bear case rather than left silent.