Computed
A fixed engine reads the filing’s XBRL. Deterministic, cached on the accession, version-pinned to the engine that produced it. The same 10-K gives the same gross margin to everyone, forever.
24.2% gross margin
Product
What FilingEye does with a filing
Below is one real 10-K, analyzed in full, with each part explained: the ratios and forensic scores the engine computes, the footnote changes it finds, and the findings and tone the AI adds, kept apart and labeled. To try it on a company of your own, search a ticker on the home page.
How FilingEye summarizes a filing
Three steps, the same whether you open a filing here or click Analyze on SEC.gov with the Chrome extension.
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Open any filing
Search for a company here, or click Analyze on a filing page at SEC.gov. Annual and quarterly reports, 8-Ks, proxy statements, insider forms and other SEC form filings all work.
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The numbers are computed. The text is read.
A fixed engine computes the ratios and forensic scores from the filing’s tagged financial data. The AI reads the narrative for the summary, the key findings, the tone, and what changed since the prior filing.
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Every claim shows its source
Each finding carries the passage it came from, with a link into the filing. Every score sits beside the previous filing’s, so you see the direction as well as the number.
What you get from each kind of filing
| Filing | Forms | What FilingEye gives you |
|---|---|---|
| Annual and quarterly reports | 10-K, 10-Q | The full analysis: summary, key findings, 18 ratios against the prior period, forensic scores, sentiment, and footnote changes against the prior filing. Ask AI starts at Base. |
| Earnings releases | 8-K, Item 2.02 | Summary, key findings, sentiment and the basic ratios, plus Ask AI. |
| Everything else | Other 8-Ks, proxy statements, registration statements, insider forms | Summary, sentiment and Ask AI. With no balance sheet in the filing, there are no ratios to compute. |
The Free plan covers 10-K and 10-Q filings. Base and Pro add every other filing type.
Two kinds of information, never mixed
Everything the product shows you is either arithmetic or judgment, and you can always tell which from the layout alone. This is the whole competitive position, so it is a rule about the interface rather than a line in the footer.
AI generated
Summaries, sentiment, findings and materiality ratings. Cached per filing too, so two readers see the same answer — but these are judgments, and every one carries the verbatim passage it rests on.
“…partially offset by foreign exchange.”
When the quote is missing
If a claim’s quote cannot be located in the document, it is downgraded from “stated in filing” and loses its jump link. The badge and the proof are one decision, never two.
See within filing
And where a filing is silent, the product says so rather than filling the gap. The chat declines off-filing questions outright.
One 10-K, analyzed in full
This is Walmart’s annual report for fiscal 2026 (the year ended January 31, 2026) as FilingEye presents it, laid out the way the Chrome extension shows it on SEC.gov: the executive summary, the sentiment and management confidence readings beside last year’s, key findings with the passages behind them, and all 18 ratios against the prior year.
Figures, quotes and ratios come from the filing and FilingEye’s own engine. The summary text, scores and severity ratings show the format of the AI output; they were written for this page.
Executive Summary
AI generatedWalmart grew total revenues 4.7% to $713.2B and net income 10% to $22.3B. Walmart U.S. widened the gross profit rate, but higher operating costs held operating margin to 4.2%.
- Total revenues were $713.2B, up 4.7%. Net sales grew in every segment: Walmart U.S. 4.4%, International 7.0% and Sam’s Club U.S. 3.1%.
- The gross profit rate rose 8 basis points to 24.2%. Walmart U.S. rose 22 basis points to 27.5% on inventory discipline and higher margin businesses, while International fell 49 basis points to 21.4% on channel and format mix.
- Operating income rose 1.6% to $29.8B, and operating margin slipped from 4.4% to 4.2%. The filing cites about $0.9B of higher self-insured general liability claims and a $0.7B share-based compensation charge at PhonePe.
- Net income grew faster, to $22.3B, or $2.73 per share against $2.41, helped by a $2.1B net gain on investments against a $0.8B loss a year earlier.
- Operating cash flow rose 14% to $41.6B. After $26.6B of capital expenditures, up $2.9B, free cash flow was $14.9B against $12.7B.
- Walmart repurchased $8.1B of stock and paid $7.5B in dividends, and in February 2026 approved a new $30.0B repurchase authorization.
- John Furner became president and CEO in February 2026. The filing notes that less than one third of what Walmart sells in the U.S. is imported, in a tariff environment it calls highly dynamic.
Segment Performance (ASC 280)
Computed from filing dataWalmart's three reportable segments, fiscal 2026, as the filing tags them.
Revenue bar width = share of total
Gross Margin bar width = share of segment revenue
Operating Margin bar width = share of segment revenue
- Walmart US 68.4%
- Walmart International 18.5%
- Sams Club US 13.2%
How to read this: a wider bar is a bigger share of the total across reportable segments, and the figure inside is the segment’s own amount or margin. The italic figure in parentheses is the change from the prior period. Hover or tap any bar for the full detail, including segments too narrow to print a figure. Computed directly from this filing’s XBRL segment tagging — no AI involved.
Key Findings & Red Flags
AI generatedPositive developments 3
- HIGH Walmart U.S. widened its gross profit rate on inventory discipline
The segment’s rate rose 22 basis points to 27.5%, adding about 10 basis points to the consolidated rate. It holds 68% of net sales and 78% of gross profit.
“The increase for fiscal 2026 was primarily driven by disciplined inventory management and growth in higher margin businesses, partially offset by mix shifts into lower margin merchandise categories.”
Stated in filing · Management’s discussion, Walmart U.S. Show me in the filing - MEDIUM Cash generation outpaced a heavy investment year
Operating cash flow rose 14% to $41.6B. Capital expenditures rose $2.9B to $26.6B and free cash flow still grew to $14.9B from $12.7B.
“The increase in net cash provided by operating activities in fiscal 2026 is primarily due to an increase in cash provided by operating income, lower cash tax payments and the timing of certain payments.”
Stated in filing · Management’s discussion, Liquidity Show me in the filing - MEDIUM A larger buyback authorization follows $8.1B of repurchases
Walmart repurchased $8.1B of its stock and paid $7.5B in dividends. Dividends declared rose from $0.83 to $0.94 per share.
“In February 2026, the Board of Directors approved a new $30.0 billion share repurchase authorization, which has no expiration date or other restrictions limiting the period over which the Company can make repurchases”
Stated in filing · Equity, share repurchases Show me in the filing
Red flags & concerns 4
- HIGH Operating costs grew faster than sales
Operating expenses rose to 20.9% of net sales from 20.7%, which held operating margin to 4.2% from 4.4% even as net income rose. Two items are named: higher claims costs and a PhonePe charge.
“The increase for fiscal 2026 was primarily due to higher self-insured general liability claims expense in the U.S. of approximately $0.9 billion, influenced by rising costs to resolve claims across retail and related industries, a charge of $0.7 billion related to modification of certain share-based compensation arrangements for our PhonePe subsidiary and increased depreciation related to our capital investments.”
Stated in filing · Management’s discussion, Consolidated results Show me in the filing - MEDIUM International gross profit rate fell for the year
The segment’s rate fell 49 basis points to 21.4% and its operating income fell 7.2% to $5.1B, despite net sales growth of 7.0%.
“For fiscal 2026, the decrease was primarily due to ongoing channel and format mix shifts, as well as strategic growth investments in price and delivery capabilities, partially offset by growth in higher margin businesses.”
Stated in filing · Management’s discussion, Walmart International Show me in the filing - MEDIUM Net income growth leaned partly on investment gains
Consolidated net income rose 10% to $22.3B, while operating income rose 1.6%. The gap is a $2.1B net gain on investments against a $0.8B loss the year before.
“Other gains and losses resulted in a net gain of $2.1 billion and a net loss of $0.8 billion in fiscal 2026 and 2025, respectively, primarily driven by changes in the fair value of our equity and other investments due to fluctuations in their underlying stock prices.”
Stated in filing · Management’s discussion, Consolidated results Show me in the filing - LOW Claims costs may keep pressing on margins
The filing ties about $0.9B of the operating expense increase to claims costs rising “across retail and related industries.” It does not say whether it expects that to continue.
AI inferred
AI-identified from the source document. Each finding is labeled by source — open the filing to jump to the exact supporting passage and verify it yourself.
Sentiment Analysis
AI generated Filing sentiment +26 · Moderately positive
Previous (10-K 2025-01-31): +19 +7
−100 bearishbullish +100
Confident and plainspoken about growth, eCommerce and higher margin businesses; more guarded on tariffs, claims costs and the economy, where the filing says it expects continued uncertainty.
Management confidence 74 / 100
Previous (10-K 2025-01-31): 71 / 100
+3
Hedge word density 16.5 / 1k words
825 hedging terms across 49,934 words · above the ~12/1k typical-filing baseline
- may 217
- could 151
- adversely 82
- risk 59
- risks 55
- approximately 45
- adverse 24
- would 19
Key themes
- Omnichannel growthComparable sales up 4.3% at Walmart U.S., with eCommerce adding about 4.3 points.
- Margin mixHigher margin businesses lift the gross profit rate against lower margin merchandise.
- Capital return$8.1B repurchased and a new $30.0B authorization.
- Operating costsClaims expense and a PhonePe charge lifted operating expenses.
- Tariffs and the economyExpects continued uncertainty from tariffs, inflation and currencies.
- Leadership transitionJohn Furner became CEO in February 2026.
Forward-looking statements
- Management expects continued uncertainty from tariffs and trade restrictions, inflationary trends, currency swings, consumer confidence, employment trends, fuel prices and supply chain pressures.
- Management believes its sources of liquidity will be sufficient to fund operations, investments, dividends and share repurchases for at least the next 12 months.
Score, confidence, themes and forward-looking statements are AI-generated from the source document. Hedge word density is computed from the filing text with no AI, and is fully reproducible. Previous-period figures are taken from that filing’s own stored analysis: the same figures anyone opening it directly would see. Each comparison names the filing it came from.
Financial Ratios
Computed from filing dataFiscal 2026 against fiscal 2025. Green is better, which for leverage means down.
Profitability
| Ratio | Current | Prior period |
|---|---|---|
| Gross Margin | 24.9% +0.1pp | 24.9% |
| Operating Margin | 4.2% -0.1pp | 4.3% |
| Net Margin | 3.1% +0.2pp | 2.9% |
| Return on Equity (ROE) | 22.0% +0.6pp | 21.4% |
| Return on Assets (ROA) | 7.7% +0.2pp | 7.5% |
| EBITDA Margin | 6.2% -0.0pp | 6.2% |
Liquidity
| Ratio | Current | Prior period |
|---|---|---|
| Current Ratio | 0.79x -0.03x | 0.82x |
| Quick Ratio | 0.24x +0.00x | 0.24x |
Leverage
| Ratio | Current | Prior period |
|---|---|---|
| Debt / Equity | 1.79x -0.00x | 1.80x |
| Interest Coverage | 12.87x -0.18x | 13.05x |
| Debt Service Coverage Ratio (DSCR) | 7.51x -1.22x | 8.73x |
Efficiency
| Ratio | Current | Prior period |
|---|---|---|
| Asset Turnover | 2.51x -0.11x | 2.61x |
| Days Sales Outstanding (DSO) | 2.5d +0.1d | 2.4d |
| Days Inventory Outstanding (DIO) | 40.0d -0.2d | 40.3d |
| Days Payable Outstanding (DPO) | 42.9d +1.0d | 41.8d |
| Cash Conversion Cycle (CCC) | -0.4d -1.1d | 0.8d |
Growth (this fiscal year vs. prior fiscal year)
| Ratio | Current | Prior period |
|---|---|---|
| Revenue Growth | 4.7% -0.3pp | 5.1% |
| EPS Growth (Diluted) | 13.3% -12.9pp | 26.2% |
Company values (and the deltas beside them) are real, computed live from EDGAR’s XBRL company facts for the fiscal year ending 2026-01-31, vs. prior fiscal year ending 2025-01-31.
Gross Margin reads 24.9% here because the engine counts membership and other income in revenue. Walmart’s own gross profit rate, on net sales, is 24.2%. Both are right; they answer slightly different questions, and FilingEye shows its own basis.
Prefer the whole page? See the complete analysis of one filing, the chat or watchlists and alerts.
Filing against filing
What changed since the last one
10-Ks and 10-Qs repeat much of the filing before them. The numbers and notes update, but the few wording changes that matter are buried in dense text. FilingEye compares each filing with the one before it, shows you exactly what changed, and flags the changes that look material.
The panel below is a real case. It compares Macy’s, Inc. for the quarter ended November 2, 2024 with the same quarter a year earlier. Nothing is paraphrased: each passage is quoted from the two filings, which are linked beneath it.
Notes, against the prior filing
Macy’s, Inc. · 10-Q for the quarter ended Nov 2, 2024, against the same quarter a year earlier
Computed from filing data AI generated
The comparison is computed. The materiality rating on each row is the judgment.
- HIGH Controls and procedures: the conclusion reversedWas concluded that as of October 28, 2023, the Company’s disclosure controls and procedures were effective to provide reasonable assuranceNow concluded that as of November 2, 2024 and prior periods, the Company’s disclosure controls and procedures were not effective to provide reasonable assurance
One word moved the conclusion from effective to not effective, and it now reaches back to prior periods.
- HIGH New note: hidden delivery expenses of about $151 millionNew As a result of the independent investigation and forensic analysis, the Company identified that a single employee with responsibility for small package delivery expense accounting intentionally made erroneous accounting accrual entries and falsified underlying documentation to hide approximately $151 million of cumulative delivery expenses from the fourth quarter of 2021 through the third quarter of 2024.
Flagged regardless of how the company characterizes it. The note’s own title calls the misstatement immaterial.
- HIGH Material weakness in internal controlNew In the course of preparing the Company’s financial statements for the interim period ended November 2, 2024, management identified a material weakness in its internal controls over financial reporting related to the design of existing internal control activities involving manual journal entries over delivery expense and certain other non-merchandise expenses, and the reconciliation of the related accrued liabilities.
The prior filing reported no weakness. This is the control failure behind the misstatement above.
- MEDIUM The company’s materiality conclusionNew …the Company evaluated the errors and determined that the related impact was not material to results of operations or financial position for any historical annual or interim period.
Shown, not filtered. FilingEye reports the company’s conclusion beside the facts and leaves the judgment to the reader.
Every passage above is quoted from the two filings, which are linked. The materiality ratings and the notes beneath each row show the format of FilingEye’s output; they were written for this page, not captured from a live run.
A note on color: green means new language was added to the filing, and red means language was removed. Neither means good or bad; they only show what changed.
Period over period
A score with nothing to compare it to is half a score
A sentiment of +26 means little on its own. Against the same company’s last filing it means the tone lifted. Every score FilingEye produces — sentiment, management confidence, Beneish, Sloan, Piotroski and Altman — is shown with the same score from the previous comparable filing directly beneath it.
Every score carries its predecessor
Walmart, 10-K FY2026, with the FY2025 10-K beneath each
Filing sentiment AI generated
+26
Prior filing +19 7
Tone across the narrative sections
−100 to +100 Management confidence AI generated
74
Prior filing 71 3
How firmly management commits to its own outlook
0 to 100 Beneish M-Score Computed from filing data
−2.72
Prior filing −2.66 0.06
Lower is better. It fell slightly and sits well below the cut-off
Cut-off −1.78 Sloan ratio Computed from filing data
2.3%
Prior filing 1.7% 0.7%
Moved slightly away from zero, and is still well inside ±10%
Distance from zero Financial strength (Piotroski) Computed from filing data
7/9
Prior filing 8/9 1/9
One more test failed than a year earlier
0 to 9 Bankruptcy risk (Altman) Computed from filing data
1.97
Prior filing 2.14 0.17
Higher is better. It slipped within the gray zone
Gray zone 1.1–2.6Forensic scores that show their working
Most tools hand you a forensic score and stop. FilingEye shows the factors behind each of three, so you can see which one moved and by how much: whether earnings look manipulated (the Beneish M-Score), whether the business is getting stronger (the Piotroski F-Score), and how far it sits from financial distress (the Altman Z-Score).
A fourth card, the Sloan ratio, measures how much of profit is accounting entries rather than cash, and flags it by distance from zero. All of it is computed from the filing and cached on it, with no AI involved, and the guides explain how to read it.
Financial strength
Piotroski F-Score, Walmart FY2026
Financial Strength Score 7/9 STRONG
Previous (10-K 2025-01-31): 8/9 -1
Most of the nine tests pass, which points to a business whose profitability, balance sheet and efficiency are all moving in the right direction.
Which tests pass?
| Profitability | ||
|---|---|---|
| Profitable | +1 | Passes |
| Cash-generating | +1 | Passes |
| Returns improving | +1 | Passes |
| Earnings backed by cash | +1 | Passes |
| Leverage & liquidity | ||
| Leverage not rising | 0 | Fails |
| Liquidity improving | 0 | Fails |
| No new shares issued | +1 | Passes |
| Operating efficiency | ||
| Gross margin improving | +1 | Passes |
| Asset turnover improving | +1 | Passes |
The tests it fails are leverage not rising, liquidity improving.
Every test is worth exactly one point, with no weightings, so the score is simply how many passed. Higher is better here, the opposite of the manipulation risk score, where lower is better.
Nine pass/fail tests computed from Walmart’s filed data. No AI is involved.
Bankruptcy risk
Altman Z''-Score, Walmart FY2026
Bankruptcy Risk Score 1.97 GRAY ZONE
Previous (10-K 2025-01-31): 2.14 -0.17
The score sits in the gray zone, between safe and distressed. The model is not calling it either way, which makes the weakest factor below the thing to watch.
What’s driving the score?
| Factor | Value | Contribution | Flag |
|---|---|---|---|
| Working Capital / Assets (WC/TA) | -0.079 | -0.521 | Flagged |
| Retained Earnings / Assets (RE/TA) | 0.368 | +1.200 | Clear |
| Operating Income / Assets (EBIT/TA) | 0.105 | +0.704 | Clear |
| Book Equity / Total Liabilities (EQ/TL) | 0.557 | +0.585 | Clear |
The weakest contributor is working capital / assets (WC/TA = -0.079). Short-term assets minus short-term obligations, against the whole balance sheet. Negative means current bills exceed current resources.
Each bar’s length is how much that factor moves the score, and its color is the direction: every factor is better when higher, so a red bar is pulling the score down. The safe zone is above 2.6 and distress is below 1.1.
This company is not a manufacturer, so the four-factor Z''-Score is used. It omits the revenue/assets term, which is what makes the original model unreliable outside manufacturing.
On the market value used: where the model calls for the market value of equity (it does for public manufacturers), FilingEye takes it from the aggregate market value of common stock held by non-affiliates that the company reports on its own 10-K cover page. Two things follow from that. It is the non-affiliate float rather than the full market capitalization, so for a company with large insider or founder holdings it understates the market’s valuation — and a lower equity value lowers this score, so the figure errs toward caution. And it is dated before the period the filing covers, so it does not reflect any move in the share price since. Replacing it with the actual closing price on the period-end date needs a licensed market-data feed; until there is one, this is the closest figure available from SEC data alone. FilingEye plans to connect a stock price feed, so the score can use closing prices as of the filing date and as of today.
Walmart is not a manufacturer, so this score uses book equity from the balance sheet and none of the above affects the figure shown. Computed from Walmart’s filed data, with no AI involved, so the score belongs to the filing and does not move with the share price.
Accounting manipulation risk
Beneish M-Score, eight signals, Walmart FY2026
Risk score -2.72 LOW RISK
Previous (10-K 2025-01-31): -2.66 -0.06
Low probability of earnings manipulation based on this formula.
What’s driving the score?
| Signal | Value | Contribution | Flag |
|---|---|---|---|
| Receivables Growth (DSRI) | 1.06 | +0.978 | Clear |
| Gross Margin Trend (GMI) | 1.00 | +0.526 | Clear |
| Asset Quality (AQI) | 0.95 | +0.384 | Clear |
| Sales Growth (SGI) | 1.05 | +0.934 | Clear |
| Depreciation Rate (DEPI) | 1.03 | +0.119 | Clear |
| Overhead Growth (SGAI) | 1.01 | -0.174 | Clear |
| Leverage Trend (LVGI) | 1.00 | -0.328 | Clear |
| Accrual Ratio (TATA) | -0.07 | -0.323 | Clear |
No individual signal looks unusual this period.
Each bar’s length is how much that signal moves the score; its color is how close the signal sits to its own warning threshold — green well clear, amber approaching, red at or past it. The two differ on purpose.
A fixed formula computed from Walmart’s filed data. No AI is involved. A lower M-Score is better, so a fall is green and a rise is red, whichever way the arrow points. The Accrual Ratio row is this model’s own two-term accrual measure, which is related to, but not the same as, the Sloan ratio below.
Earnings quality
Sloan ratio, accruals against total assets, Walmart FY2026
Sloan Ratio 2.3% ✓ NORMAL
Previous (10-K 2025-01-31): 1.7%
+0.7%
Within the conventional ±10% band. Profit and cash flow are broadly in step.
Computed as (net income − operating cash flow − investing cash flow) ÷ total assets, from this filing’s own figures for the period ending 2026-01-31: (21.89B − 41.57B − (−26.35B)) ÷ 284.67B. This is the three-term formula most screeners publish under this name, so the figure is reconcilable against them.
One caveat worth knowing: the investing term includes purchases of marketable securities, so a company moving surplus cash into investments reads as accrual-heavy even when its earnings quality is unchanged. For the two-term accruals measure the academic literature prefers — net income minus operating cash flow, with no investing term — see the Accrual Ratio row in the accounting manipulation risk table above.
Computed from Walmart’s filed data. No AI is involved. Judged on distance from zero, so a move toward zero is green and a move away is red, whichever way the arrow points.
What it reads, and what it tells you
Everything here runs today. The badge on each one says whether it is arithmetic or judgment.
18 ratios, each against its prior period
Profitability, liquidity, leverage, efficiency and growth. Computed from the filing’s XBRL, cached on the accession, identical for every reader.
Forensic scoring that shows its working
Beneish M-Score with all eight factors attributed individually, the Sloan accrual ratio, the Piotroski F-Score with its nine tests, and the Altman Z-Score for bankruptcy risk.
Footnote diffs, rated for materiality
What changed in the notes since the prior filing. A revision is flagged however the company characterizes it — including when it calls it immaterial.
Segments and geography
ASC 280 reportable segments, revenue split by segment and by region, read straight out of the filing’s tagged data.
Sentiment, with the previous filing beside it
A −100 to +100 score and a management-confidence reading, shown inline with the same scores from the last comparable filing.
Key findings, every one quoted
Positive developments and red flags, ranked high to low, each carrying the verbatim passage it came from and a link into the document.
Check our work
These are not illustrations. Each figure below was computed from the company’s own XBRL as filed with the SEC, by the same method the product uses — revenue and gross profit matched to the same filing and the same annual period. Open the filing and check any of them.
WMT
Computed from filing data Walmart Inc.
24.2% gross margin, FY2026
- Revenue
- $706.4B
- Prior gross margin
- 24.1%
- Period ended
- 2026-01-31
- Net margin
- 3.1%
- Current ratio
- 0.79
Gross profit derived: revenue less cost of revenue (WMT does not tag GrossProfit).
MSFT
Computed from filing data Microsoft Corp.
67.9% gross margin, FY2026
- Revenue
- $331.8B
- Prior gross margin
- 68.8%
- Period ended
- 2026-06-30
- Net margin
- 40.3%
- Current ratio
- 1.23
NVDA
Computed from filing data NVIDIA Corp.
71.1% gross margin, FY2026
- Revenue
- $215.9B
- Prior gross margin
- 75.0%
- Period ended
- 2026-01-25
- Net margin
- 55.6%
- Current ratio
- 3.91
META
Computed from filing data Meta Platforms, Inc.
82.0% gross margin, FY2025
- Revenue
- $201.0B
- Prior gross margin
- 81.7%
- Period ended
- 2025-12-31
- Net margin
- 30.1%
- Current ratio
- 2.6
Gross profit derived: revenue less cost of revenue (META does not tag GrossProfit).
Accession numbers and links resolve to the filing index on sec.gov. Meta does not tag gross profit in its XBRL, so its figure is derived from revenue less cost of revenue — the kind of per-company variation a fixed tag list gets wrong.
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