Monitor the concurrent CAD-denominated offering for total incremental leverage. The notes are not listed, so secondary trading will be OTC. Watch for any rating agency commentary post-offering.
Price Chart
Executive Summary
Walmart is issuing $3 billion in senior unsecured notes across four tranches (2029-2036) with coupons ranging from 5.050% to 5.550%. Net proceeds of approximately $2.984 billion will be used for general corporate purposes, which may include refinancing maturing debt. This is a routine debt capital markets transaction by a blue-chip issuer with no impact on common equity.
Key Facts
- Total offering size: $3,000,000,000 in senior unsecured notes across four series
- Tranches: $750M 5.050% notes due 2029, $500M 5.150% notes due 2031, $1,000M 5.350% notes due 2033, $750M 5.550% notes due 2036
- Net proceeds to Walmart: approximately $2,983,579,345 after underwriting discounts and expenses
- Proceeds intended for general corporate purposes, including potential repayment/refinancing of maturing debt
- Notes are senior unsecured obligations, ranking equally with existing senior unsecured debt
- Concurrent CAD-denominated offering (up to ~$3.565B USD equivalent) may also be completed
- Notes will not be listed on any exchange; no established trading market
- Settlement expected on October 23, 2026 (T+4)
- Underwriting discounts total $11,000,000 across all tranches
Financial Impact
Walmart adds $3.0B in long-term debt at fixed rates of 5.050%-5.550%, increasing total long-term debt from $42.4B to $45.4B (as-adjusted). Net proceeds ~$2.984B.
Risk Factors
- No established trading market may develop for the notes, limiting liquidity
- Indenture contains no financial covenants or limitations on additional debt
- Rating downgrades could adversely affect secondary market prices of the notes
- Concurrent CAD offering is not assured and may not be completed
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001193125-26-427921 |
| Document: d38470dexfilingfees.htm | 0001193125-26-427921 |
| Document: 0001193125-26-427921-index-headers.html | 0001193125-26-427921 |
| Document: 0001193125-26-427921-index.html | 0001193125-26-427921 |
| Document: 0001193125-26-427921.txt | 0001193125-26-427921 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 4d ago | 8-K | $119.89 | awaiting T+60 | — | $119.32 (−0.48%) |
Oct 21, 2026 6d ago | 424B5 | $121.12 | awaiting T+60 | — | $119.32 (−1.49%) |
Oct 21, 2026 6d ago | 424B5 | $121.12 | awaiting T+60 | — | $119.32 (−1.49%) |
Oct 20, 2026 7d ago | Institutional Cluster | $117.80 | awaiting T+60 | — | $119.32 (+1.29%) |
Oct 19, 2026 8d ago | 424B5 | $118.70 | awaiting T+60 | — | $119.32 (+0.52%) |
Oct 19, 2026 8d ago | 424B5 | $118.70 | awaiting T+60 | — | $119.32 (+0.52%) |
Oct 16, 2026 11d ago | Insider Cluster | $118.70 | awaiting T+60 | — | $119.32 (+0.52%) |
Oct 15, 2026 12d ago | ANALYST-UPGRADE | $117.87 | awaiting T+60 | — | $119.32 (+1.23%) |
Oct 13, 2026 15d ago | Court Ruling | $116.16 | awaiting T+60 | — | $119.32 (+2.72%) |
Oct 12, 2026 15d ago | Institutional Cluster | $113.08 | awaiting T+60 | — | $119.32 (+5.52%) |
US Market Status
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