NASDAQ Shariah screener · October 2026

Is Walmart Inc. (WMT) Halal?

Q: What does Walmart do?

Walmart Inc. (NASDAQ: WMT), based in Bentonville, Arkansas, is the world's largest retailer by revenue, operating three reportable segments: Walmart U.S. (4,611 stores, FY2026 net sales $483.0B, 68% of consolidated net sales), Walmart International (5,743 stores across 18 countries, $130.4B, 19%) and Sam's Club U.S. (601 membership warehouse clubs, $93.0B, 13%). Beyond retail it runs a higher-margin ecosystem of digital advertising, marketplace and fulfillment services, Walmart+/Sam's Club memberships, and financial services — the 10-K names "money orders, prepaid access, money transfers, check cashing, bill payment and certain types of installment lending," plus PhonePe in India. Its stock moved from the NYSE to Nasdaq in December 2025.

Q: Why does Walmart fail this Shariah stock screen?

Walmart fails this screen at the first gate — the business-activity gate — even though its financial ratios pass comfortably. The FY2026 10-K explicitly discloses that the Grocery merchandise unit of both Walmart U.S. and Sam's Club U.S. includes "alcoholic and nonalcoholic beverages": alcohol is sold at retail across the company's largest segments and the company does not quantify alcohol revenue, so a PASS on the business screen cannot be verified. Both major third-party screeners that cover WMT decline to certify it — Zoya flags it "questionable" (October 2026) and Musaffa rates it "doubtful" (September 2026). This is a factual screen, not a religious ruling — consult a qualified scholar for personal rulings.

Q: What is Walmart's non-compliant income ratio?

Walmart's FY2026 10-K reports interest income of $368M against total revenues of $713,163M (net sales $706,413M plus membership and other income $6,750M) — about 0.05% of revenue, far below the 5% non-compliant income ceiling. The financial gates pass; the screen fails on the business-activity gate, not the numbers.

Q: Do Zoya, Musaffa, or ShariaPortfolio cover Walmart?

Zoya covers WMT and flags it "questionable" as of October 2026 (zoya.finance/stocks/wmt) — it does not rate Walmart halal. Musaffa covers WMT as "doubtful" as of September 2026 (musaffa.com/stock/WMT/), with business activity classified 82.36% halal / 17.60% doubtful / 0.04% non-halal per its Q2 2026 earnings review. No ShariaPortfolio screening page or rating for WMT was found — reported as absent, not invented. This page applies the screen directly from Walmart's own filings and reports these positions honestly.

FAIL

Walmart Inc. · NASDAQ: WMT · Consumer Staples

The short answer

No — Walmart Inc. (WMT) fails this Shariah stock screen at the business-activity gate. The FY2026 10-K explicitly discloses that the Grocery merchandise unit of both Walmart U.S. (68% of net sales) and Sam's Club U.S. includes "alcoholic and nonalcoholic beverages" — alcohol is sold at retail, but the company does not quantify alcohol revenue, so a PASS on the business screen cannot be verified. Its financial ratios pass comfortably: interest-bearing debt of $51,523M is about 6.23% of its ~$827B market cap ($104.26, October 1, 2026), below the ~33% ceiling, and interest income of $368M is about 0.05% of revenue ($713,163M), below the 5% ceiling. Both major third-party screeners that cover WMT decline to certify it: Zoya flags it "questionable" and Musaffa rates it "doubtful"; no ShariaPortfolio rating was found — honestly reported as absent, not invented.

Gate 1 — Business activity: FAIL

Walmart Inc. (NASDAQ: WMT) is the world's largest retailer by revenue, operating in three reportable segments per its FY2026 10-K: Walmart U.S. (4,611 stores, net sales $483.0B — 68% of consolidated net sales), Walmart International (5,743 stores across 18 countries, $130.4B — 19%) and Sam's Club U.S. (601 membership warehouse clubs, $93.0B — 13%), plus digital advertising, marketplace and fulfillment services, memberships, and financial services — the 10-K names "money orders, prepaid access, money transfers, check cashing, bill payment and certain types of installment lending," plus PhonePe in India. Haram flag (factual, from the filing): the 10-K explicitly states that the Grocery merchandise unit of both Walmart U.S. and Sam's Club U.S. includes "alcoholic and nonalcoholic beverages" — alcohol is sold at retail across the company's largest segments, but it is not broken out as a separate reportable segment and no percentage of sales is disclosed, so the alcohol share of revenue is unverifiable. Tobacco does not appear in the 10-K; the financial-services revenue contribution is likewise undisclosed. Because alcohol retail is a disclosed category whose share cannot be quantified, a PASS on the business screen cannot be verified. Gate 1 fails. Facts only.

Gate 2 — Debt and cash: PASS

Per Walmart's FY2026 10-K (fiscal year ended January 31, 2026), interest-bearing debt was $51,523M — short-term borrowings $6,596M, long-term debt due within one year $3,542M, long-term debt $34,624M, finance lease obligations due within one year $856M and long-term finance lease obligations $5,905M. Against a market cap of about $827.2B ($104.26 close on October 1, 2026; 7,972,402,501 shares outstanding), debt ÷ market cap is about 6.23%, comfortably below the ~33% ceiling. Cash and cash equivalents of $10,727M are about 1.30% of market cap. Gate 2 passes. Facts only.

Gate 3 — Non-compliant income: PASS

Walmart's FY2026 10-K reports interest income of $368M against total revenues of $713,163M (net sales $706,413M plus membership and other income $6,750M) — about 0.05% of revenue, far below the 5% non-compliant income ceiling. The financial gates pass; this screen fails at Gate 1 (business activity), not on the numbers. Gate 3 passes. Facts only.

Key figures used

Business: world's largest retailer; Walmart U.S. (4,611 stores, $483.0B, 68% of net sales), Walmart International (5,743 stores, 18 countries, $130.4B, 19%), Sam's Club U.S. (601 clubs, $93.0B, 13%); advertising, marketplace, memberships, financial services (incl. installment lending), PhonePe
Alcohol: 10-K discloses Grocery unit of Walmart U.S. and Sam's Club U.S. includes "alcoholic and nonalcoholic beverages" — NOT quantified, not a reportable segment; tobacco does not appear in the 10-K; financial-services revenue contribution undisclosed
Debt: $51,523M (ST borrowings $6,596M + LT debt due <1yr $3,542M + LT debt $34,624M + finance leases $856M + $5,905M) — debt ÷ market cap ≈ 6.23% of ~$827.2B, under the ~33% ceiling
Cash: $10,727M cash and equivalents ≈ 1.30% of market cap
Interest income: $368M vs total revenue $713,163M — ≈0.05% of revenue, under the 5% non-compliant income ceiling
Zoya: "questionable" (Oct 2026); Musaffa: "doubtful" (Sep 2026; business 82.36% halal / 17.60% doubtful / 0.04% non-halal); ShariaPortfolio: no rating found
Result: FAIL at Gate 1 (business activity) — financial ratios pass

Frequently asked questions

What does Walmart do?

Walmart Inc. (NASDAQ: WMT), based in Bentonville, Arkansas, is the world's largest retailer by revenue, operating three reportable segments: Walmart U.S. (4,611 stores, FY2026 net sales $483.0B, 68% of consolidated net sales), Walmart International (5,743 stores across 18 countries, $130.4B, 19%) and Sam's Club U.S. (601 membership warehouse clubs, $93.0B, 13%). Beyond retail it runs a higher-margin ecosystem of digital advertising, marketplace and fulfillment services, Walmart+/Sam's Club memberships, and financial services — the 10-K names "money orders, prepaid access, money transfers, check cashing, bill payment and certain types of installment lending," plus PhonePe in India. Its stock moved from the NYSE to Nasdaq in December 2025.

Why does Walmart fail this Shariah stock screen?

Walmart fails this screen at the first gate — the business-activity gate — even though its financial ratios pass comfortably. The FY2026 10-K explicitly discloses that the Grocery merchandise unit of both Walmart U.S. and Sam's Club U.S. includes "alcoholic and nonalcoholic beverages": alcohol is sold at retail across the company's largest segments and the company does not quantify alcohol revenue, so a PASS on the business screen cannot be verified. Both major third-party screeners that cover WMT decline to certify it — Zoya flags it "questionable" (October 2026) and Musaffa rates it "doubtful" (September 2026). This is a factual screen, not a religious ruling — consult a qualified scholar for personal rulings.

What is Walmart's interest-bearing debt ratio?

Per Walmart's FY2026 10-K (fiscal year ended January 31, 2026), interest-bearing debt was $51,523M — short-term borrowings $6,596M, long-term debt due within one year $3,542M, long-term debt $34,624M, finance lease obligations due within one year $856M and long-term finance lease obligations $5,905M. Against a market cap of about $827.2B ($104.26 close on October 1, 2026; 7,972,402,501 shares outstanding), debt ÷ market cap is about 6.23% — comfortably below the ~33% ceiling. Cash and cash equivalents of $10,727M are about 1.30% of market cap.

What is Walmart's non-compliant income ratio?

Walmart's FY2026 10-K reports interest income of $368M against total revenues of $713,163M (net sales $706,413M plus membership and other income $6,750M) — about 0.05% of revenue, far below the 5% non-compliant income ceiling. The financial gates pass; the screen fails on the business-activity gate, not the numbers.

Do Zoya, Musaffa, or ShariaPortfolio cover Walmart?

Zoya covers WMT and flags it "questionable" as of October 2026 (zoya.finance/stocks/wmt) — it does not rate Walmart halal. Musaffa covers WMT as "doubtful" as of September 2026 (musaffa.com/stock/WMT/), with business activity classified 82.36% halal / 17.60% doubtful / 0.04% non-halal per its Q2 2026 earnings review. No ShariaPortfolio screening page or rating for WMT was found — reported as absent, not invented. This page applies the screen directly from Walmart's own filings and reports these positions honestly.

Sources

Screened 2026-10-01 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).