This is a standard investment-grade debt issuance by an investment-grade issuer. Monitor the secondary market performance of the new notes to gauge market appetite for Walmart credit; no immediate read-through for common equity.
Price Chart
Executive Summary
Walmart has entered into pricing agreements to issue $3.0 billion in U.S. dollar-denominated notes and C$5.0 billion in Canadian dollar-denominated notes across eight new series, with maturities ranging from 2029 to 2056 and coupons from 4.150% to 5.550%. The proceeds will be used for general corporate purposes. This is a routine debt capital markets transaction for an investment-grade issuer and does not signal any change in fundamentals.
Key Facts
- U.S. Notes: $750M 5.050% Notes Due 2029, $500M 5.150% Notes Due 2031, $1B 5.350% Notes Due 2033, $750M 5.550% Notes Due 2036
- Canadian Notes: C$750M 4.150% Notes Due 2030, C$2B 4.450% Notes Due 2033, C$1.75B 4.950% Notes Due 2038, C$500M 5.250% Notes Due 2056
- Aggregate public offering price: $2,996,035,000 for U.S. Notes; C$4,997,757,500 for Canadian Notes
- Net proceeds to Walmart: $2,985,035,000 (U.S.) and C$4,978,607,500 (Canadian) after underwriting discounts
- Senior unsecured debt ranking equally with existing senior unsecured obligations
- Closing expected October 23, 2026
Financial Impact
Walmart raised approximately $2.985 billion (U.S.) and C$4.979 billion (Canadian) in new long-term debt, increasing total debt by roughly $3 billion USD equivalent at current exchange rates.
Risk Factors
- Increased leverage and interest expense from additional $3B+ in debt
- Refinancing risk at maturity for notes issued at current elevated rates
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-429539 |
| Document: d184548dex11.htm | 0001193125-26-429539 |
| Document: d184548d8k.htm | 0001193125-26-429539 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | 8-K | $119.89 | awaiting T+60 | — | $119.89 (−0.00%) |
Oct 21, 2026 5d ago | 424B5 | $121.12 | awaiting T+60 | — | $119.89 (−1.02%) |
Oct 21, 2026 5d ago | 424B5 | $121.12 | awaiting T+60 | — | $119.89 (−1.02%) |
Oct 20, 2026 6d ago | Institutional Cluster | $117.80 | awaiting T+60 | — | $119.89 (+1.77%) |
Oct 19, 2026 7d ago | 424B5 | $118.70 | awaiting T+60 | — | $119.89 (+1.00%) |
Oct 19, 2026 7d ago | 424B5 | $118.70 | awaiting T+60 | — | $119.89 (+1.00%) |
Oct 16, 2026 10d ago | Insider Cluster | $118.70 | awaiting T+60 | — | $119.89 (+1.00%) |
Oct 15, 2026 11d ago | ANALYST-UPGRADE | $117.87 | awaiting T+60 | — | $119.89 (+1.71%) |
Oct 13, 2026 14d ago | Court Ruling | $116.16 | awaiting T+60 | — | $119.89 (+3.21%) |
Oct 12, 2026 14d ago | Institutional Cluster | $113.08 | awaiting T+60 | — | $119.89 (+6.02%) |
US Market Status
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