Quick Verdict
ZakatInvest classifies Walmart (WMT) as doubtful. Ordinary grocery, clothing, household goods, electronics, pharmacy, logistics and much of Walmart's retail business are generally permissible. Its April 2026 debt, liquidity, receivables and disclosed-interest ratios also pass the total-assets screens examined below. Walmart nevertheless documents alcohol, pork, tobacco, lottery tickets and financial services, while its consolidated filing does not isolate a Sharia-screened revenue numerator for those activities.
This is an evidence-based uncertainty classification. It does not claim that all of Walmart is prohibited, that prohibited revenue exceeds 5%, or that it falls below 5% when the public disclosure cannot reproduce either conclusion.
What Walmart's Business Includes
Walmart is an omnichannel retailer operating Walmart stores, Sam's Club, ecommerce, marketplaces, advertising, membership, logistics and related services across multiple countries. For the quarter ended April 30, 2026, Walmart reported $177.751 billion of total revenue. Walmart U.S. reported $70.696 billion of grocery sales, $26.420 billion of general merchandise and $16.355 billion of health and wellness sales; these broad categories combine many different products.
Affordable food, medicine, clothing and household necessities can provide substantial social benefit. The same broad category can also contain products or arrangements that a Sharia screen treats differently, so a responsible analysis keeps the beneficial core business and the specific concerns visible at the same time.
Current Financial Screening
The calculation below uses Walmart's latest available Form 10-Q as of this review and links directly to the official filing at the SEC. Balance-sheet inputs are dated April 30, 2026, and revenue and interest income use the matching three-month period.
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-04-30; calculated 2026-07-12.
58,129 / 289,607
11,921 / 289,607
21,391 / 289,607
79 / 177,751
- Financial
- Pass
- Overall
- Incomplete
Debt is 20.07%, identifiable liquidity is 4.12%, receivables plus cash is 7.39%, and disclosed interest income is 0.04%; all examined financial ratios pass. The screened business-revenue calculation remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt, cash plus identifiable interest-bearing securities, and receivables plus cash are below the examined total-assets limits. Walmart's prohibited-business revenue remains undisclosed, so this is not a claim about index membership.
- Financial
- Pass
- Overall
- Incomplete
Identifiable conventional cash and interest-bearing instruments and conservatively defined interest-bearing debt are below 33% of total assets. This is a calculation against the SAC ratios, not an official SAC classification of a U.S.-listed security; screened business revenue is unavailable.
- Financial
- Not calculated
- Overall
- Not calculated
A properly licensed and reproducible 24- or 36-month issuer market-cap history is not yet stored, so these methods are not estimated from a current spot price.
Business-activity disclosure
Walmart is an omnichannel retailer whose principal categories include grocery, general merchandise, health and wellness, fuel, membership, marketplace, advertising and related services. Ordinary food, clothing, household goods, electronics, pharmacy access, logistics and many other products and services are generally permissible, while particular merchandise and service categories require separate screening.
Limitation: Walmart documents sales or services involving alcohol, pork, tobacco, lottery tickets and financial services. Its filing reports only broad merchandise categories and markets, not a Sharia-screened revenue numerator for those activities, marketplace commissions, advertising, financing relationships, products, locations or end uses. Neither a below-5% nor an above-5% claim can be reproduced from consolidated disclosure.
Purification
Disclosed gross interest income equals 0.04% of quarterly total revenue. Revenue from alcohol, pork, tobacco, lottery, conventional-finance and other screened operating activities is unavailable, so 0.04% is evidence for the income screen rather than a complete fixed purification prescription.
Inputs, assumptions and primary sources
- Interest-bearing debt conservatively includes 10,673 of short-term borrowings, 3,896 of long-term debt due within one year, 36,887 of long-term debt, 851 of current finance-lease obligations and 5,822 of long-term finance-lease obligations. Operating leases are excluded.
- Cash and cash equivalents use the reported 10,729 balance.
- Identifiable interest-bearing securities include the reported 1,192 of debt investments. The separately disclosed 4,817 of equity investments are excluded.
- Receivables use the reported 10,662 net balance.
- Total revenues of 177,751 and disclosed gross interest income of 79 use the same three-month period ended April 30, 2026.
- Walmart discloses net sales by broad merchandise category or market, but not alcohol, pork, tobacco, lottery, conventional-finance, advertiser, marketplace-seller, individual product, or other Sharia-screened activity.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
What the Numbers Show
The conservative debt numerator is $58.129 billion: $10.673 billion of short-term borrowings, $3.896 billion of current long-term debt, $36.887 billion of long-term debt and $6.673 billion of finance-lease obligations. That equals 20.07% of $289.607 billion in total assets and passes the examined 33%, 33.33% and 33.333% limits. Operating leases are not counted as interest-bearing debt.
Cash plus identifiable debt investments is 4.12% of assets, while net receivables plus cash is 7.39%; both pass. The investment numerator includes $1.192 billion of debt investments and excludes $4.817 billion of separately disclosed equity investments. Gross interest income was $79 million, or 0.04% of quarterly total revenue.
Market-cap methodologies can produce a different result because they use historical average market value. ZakatInvest does not substitute today's share price for a reproducible 24- or 36-month history, so those methods remain not calculated.
Alcohol, Pork, Tobacco and Lottery
The qualitative concern on the original page remains valid. Walmart's own shopping pages offer beer, wine, spirits and pork products. Its Walmart Cash rules separately identify alcoholic beverages, tobacco and lottery tickets as purchase categories for which Walmart Cash cannot be redeemed.
What the filing does not provide is the corresponding revenue or gross-profit numerator. Walmart U.S. combines these products inside grocery, general merchandise or other categories, Walmart International reports primarily by market, and Sam's Club also uses broad categories. The old estimates of 3–7% were therefore removed: an unattributed estimate cannot establish a current Sharia result.
Financial Services and Other Mixed Activities
Walmart's MoneyCenter advertises check cashing, bill payment, money orders, transfers, cards, insurance, tax services and related products. These services do not all have the same legal or Sharia structure. Product contracts, Walmart's economic role and revenue must be reviewed before labeling the entire category permissible or prohibited.
Marketplace commissions, advertising, gift cards, protection plans, pharmacy, healthcare and data services also require activity-specific review. Third-party marketplace inventory and advertising clients may introduce screened categories that differ from Walmart-owned merchandise, but consolidated reporting does not isolate them in a usable prohibited-revenue numerator.
Labor, Sourcing and Animal Welfare
Walmart's scale creates both opportunity and responsibility across associates and tens of thousands of suppliers. Its published policies address forced labor, human rights, supplier standards, workplace safety and animal welfare. Those policies are relevant governance evidence; investors may still assess implementation, audit quality, grievance and remedy outcomes, pay, scheduling, organizing rights, restructuring, supplier pressure and treatment of animals in actual supply chains.
Health, Safety, Privacy and Environmental Stewardship
Walmart's pharmacy, optical and health offerings can expand access to medicine and care. Product safety, prescription practices, patient privacy, medication ingredients, insurance relationships and health marketing remain part of a use-specific review. The broader retail ecosystem also raises questions involving firearms and ammunition, product recalls, data collection, cybersecurity, automated decisions and responsible advertising.
Food waste, packaging and plastics, agricultural sourcing, deforestation, chemicals, water, refrigeration, transport emissions and energy use are material stewardship issues for a retailer of Walmart's scale. Company targets and policies should be compared with measured outcomes rather than treated as automatic proof of performance.
Dividend and Purification
Walmart approved a fiscal 2027 annual dividend of $0.99 per share, paid in four quarterly installments of $0.2475. Gross interest income is 0.04% of quarterly total revenue and passes the examined income ratio, but it is not a complete purification calculation. Alcohol, pork, tobacco, lottery, conventional-finance and other screened operating revenue remains unavailable, so ZakatInvest does not prescribe a fixed purification rate from incomplete disclosure.
Bottom Line
WMT remains doubtful in ZakatInvest's canonical classification. The current total-assets financial screens pass, and Walmart's ordinary retail and health-access activities have clear permissible and beneficial elements. The unresolved issue is the business screen: documented prohibited or contract-sensitive categories exist, but their exact consolidated revenue is not disclosed. This is a screening classification, not a fatwa or investment recommendation; apply your chosen methodology with a qualified Sharia adviser for a binding ruling.
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