Walmart dividend
Walmart has approved a $0.99 annual rate and has raised its dividend for 53 consecutive years. Walmart's free cash flow after stock pay is the cash test, and shareholder distributions can exceed internally generated cash.
How much does Walmart pay per share?
Dividends rise moderately because Walmart has approved a $0.99 annual rate and has raised its dividend for 53 consecutive years. The base reaches $1.15 by 2029 through roughly 5% annual increases. The bear holds near $0.99 before reaching $1.00, while the bull reaches $1.23 through roughly 7% increases. High capital spending and first-half free cash flow of $5.529bn argue for restraint.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Dividends per share | 1.04 (0.99 / 1.06) | 1.09 (0.99 / 1.14) | 1.15 (1.00 / 1.23) |
Does Walmart's dividend come from its cash?
Free cash flow means the cash left after operating needs and property-and-equipment spending. Stock compensation reduces the economic amount available to existing owners because employees receive part of the company, even when no cash leaves immediately. The table therefore tests whether dividends and repurchases were covered by cash after both investment and that ownership cost.
Shareholder distributions can exceed internally generated cash, with disposal proceeds, cash balances or borrowing filling the gap. Buybacks create value only when Walmart pays less than the value of the shares it retires. The central capital question is therefore whether operating savings will catch up with the rising investment bill before distributions limit Walmart’s flexibility.
| Year to Jan 2026 | Year to Jan 2025 | Year to Jan 2024 | Year to Jan 2023 | Year to Jan 2022 | |
|---|---|---|---|---|---|
| Real free cash flow (after stock pay) (calculated) | 11,320 | 9,891 | 13,027 | 10,406 | 9,912 |
| Dividends paid | 7,507 | 6,688 | 6,140 | 6,114 | 6,152 |
| Shares bought back | 8,088 | 4,494 | 2,779 | 9,920 | 9,787 |
| Returned to shareholders, share of real free cash flow (calculated) | 137.8% | 113.1% | 68.5% | 154.1% | 160.8% |
What could change Walmart's dividend?
The forecast would move toward the bear case during FY2027–FY2028 if U.S. comparable sales and transactions slow below expectations. From FY2027 through FY2029, fading tariff refunds, high capital spending and rising depreciation would weaken margins and make buybacks less affordable.
What is Walmart's dividend yield today?
The price leaves little cash yield today. Free cash flow yield is 1.7%, and dividend yield is 0.9%. The outcome turns on lower prices supporting demand, the shifted Flipkart event involving Walmart’s Indian online shopping company, and demand without tariff refunds. The October-quarter report on November 19, 2026 tests those factors. The January year-end report on February 18, 2027 tests transactions, productivity and cash after investment.
| Today (Oct 9, 2026) | |
|---|---|
| Share price | 110.56 |
| Free cash flow yield (calculated) | 1.5% |
| Dividend yield (calculated) | 0.9% |