CapEx
Walmart CapEx increased by 11.0% to $8.02B in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 13.1%, from $7.09B to $8.02B. Over 4 years (FY 2022 to FY 2026), CapEx shows an upward trend with a 19.4% CAGR.
Analysis
How to read this metric
An increase signals growth investment or infrastructure modernization; a decrease might suggest cost-cutting or a transition to an asset-light model.
Detailed definition
Funds used by a company to acquire, upgrade, and maintain physical assets such as property, plants, buildings, technolog...
Peer comparison
Hardware-focused tech firms typically have higher CapEx relative to revenue than pure software companies due to manufacturing and supply chain needs.
capital_expendituresHistorical Data
| Q1 '21 | Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $2.21B | $2.81B | $3.57B | $4.52B | $3.54B | $3.95B | $4.57B | $4.80B | $4.43B | $4.79B | $5.46B | $5.93B | $4.68B | $5.83B | $6.19B | $7.09B | $4.99B | $6.42B | $7.22B | $8.02B |
| QoQ Change | — | +26.7% | +27.2% | +26.6% | -21.7% | +11.7% | +15.6% | +5.0% | -7.7% | +8.1% | +14.0% | +8.7% | -21.2% | +24.7% | +6.1% | +14.5% | -29.6% | +28.8% | +12.4% | +11.0% |
| YoY Change | — | — | — | — | +59.8% | +40.9% | +28.0% | +6.2% | +25.1% | +21.1% | +19.5% | +23.7% | +5.6% | +21.8% | +13.4% | +19.5% | +6.6% | +10.2% | +16.6% | +13.1% |
Business Segments
| Segment | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 |
|---|---|---|---|---|---|---|---|---|
| Walmart US | $3.55B | $4.03B | $4.22B | $4.67B | $3.77B | $4.78B | $5.48B | $6.13B |
| Walmart International | $461.00M | $754.00M | $952.00M | $1.01B | $481.00M | $746.00M | $801.00M | $1.17B |
| Total | $4.68B | $5.83B | $6.19B | $7.09B | $4.99B | $6.42B | $7.22B | $8.02B |
Sams Club is derived from annual filings.
Sams Club was previously reported and has since been discontinued or reclassified. Only currently active segments are shown in the chart.
CapEx at Other Companies
Frequently Asked Questions
- What is Walmart 's capex?
- Walmart (WMT) reported capex of $8.02B in Q4 2025.
- How has Walmart 's capex changed year-over-year?
- Walmart 's capex increased by 13.1% year-over-year, from $7.09B to $8.02B.
- What is the long-term trend for Walmart 's capex?
- Over 4 years (2022 to 2026), Walmart 's capex has grown at a 19.4% compound annual growth rate (CAGR), from $13.11B to $26.64B.
- What does capex mean?
- The money spent on long-term physical assets like machinery, data centers, and office buildings.