---
title: "Is Walmart Stock Halal?"
canonical: https://www.halalwallet.ca/is-it-halal/walmart-stock
publisher: HalalWallet
license: CC BY 4.0
verdict: conditional
verdict_label: Conditional
entity_type: stock
ticker: WMT
exchange: NASDAQ
last_reviewed: 2026-06-14
data_as_of: 2026-04-30
standards_disagree: false
---
# Is Walmart Stock Halal?

**Verdict: Conditional** (Permissible with conditions)

Walmart Inc. (WMT) passes the screens we can compute (data as of 2026-04-30) — interest-bearing debt / market cap 5.4%, cash + interest-bearing securities / market cap 1.1%, impermissible income / total revenue 0.1% — but one screen requires case-by-case judgment. It is not held by Shariah-screened ETFs SPUS or HLAL.

> HalalWallet is not a Shariah authority and does not issue religious rulings. We compile the most complete public record of what Shariah scholars, screening authorities, and mainstream standards say — reproduced from primary sources with dates and citations — and let you decide.

## How we read the evidence

Walmart is a general-merchandise and grocery retailer, and retailing itself is a permissible activity. Its fiscal 2026 revenue of $713 billion comes from Walmart U.S. ($483 billion), Walmart International ($130 billion), and Sam's Club U.S. ($93 billion). The Shariah question for a retailer of this kind is not the act of selling goods but the mix of what it sells.

Walmart's shelves include several impermissible categories: alcohol, tobacco, pork products, and conventional packaged groceries, and Walmart offers financial services in some markets. None of these is separately disclosed, so an exact percentage cannot be cited, but for a broad-line retailer they are generally a minority of total revenue. This is the classic case for which many scholars allow investment when impermissible revenue stays below roughly 5% of the total, provided the investor purifies the corresponding share of dividends. Because the categories are not broken out, an investor relying on this tolerance is depending on a screener's estimate rather than a disclosed figure.

Walmart is in the S&P 500 but is not held by SPUS as of June 11, 2026, and is absent from HLAL. Retailers that derive too much revenue from alcohol and tobacco can fail the business-activity screen outright, and that is a plausible reason here, but SPUS does not publish per-stock explanations, so it cannot be stated with certainty. A Muslim investor should treat Walmart as currently outside both major US Shariah funds and consult a live screener that estimates its impermissible-revenue share before deciding.

## Business activity screen

Result: Pass

Walmart Inc. is the world's largest retailer, operating supercenters, warehouse clubs, and eCommerce in three reportable segments. Per its fiscal 2026 results (year ended January 31, 2026), total revenues were $713,163 million (net sales $706,413M plus membership and other income $6,750M). Segment net sales were Walmart U.S. $482,978M, Walmart International $130,423M, and Sam's Club U.S. $93,015M.

As a general-merchandise and grocery retailer, Walmart sells several categories that raise Shariah business-screen questions: alcohol, tobacco, pork products, and conventional grocery items, and it offers financial services in some markets. Walmart does not separately disclose the revenue from alcohol, tobacco, or pork in its segment reporting, so the exact share is not quantifiable from filings; for diversified retailers these impermissible categories are commonly a minority of total revenue, and many scholars tolerate impermissible revenue below roughly 5% of total with purification of the corresponding portion of dividends. Walmart is an S&P 500 constituent but is absent from SPUS as of 2026-06-11; retailers can fail the business screen when non-permissible categories (alcohol/tobacco) exceed the tolerance, but SPUS does not publish a stock-level reason, so the cause cannot be confirmed.

## Financial ratio screen (AAOIFI)

Data as of: 2026-04-30

| Screen | Value | Limit | Result |
|---|---|---|---|
| Interest-bearing debt / market cap | 5.4% | < 30% | Pass |
| Cash + interest-bearing securities / market cap | 1.1% | < 30% | Pass |
| Impermissible income / total revenue | 0.1% | < 5% | Pass |

Screening basis: AAOIFI Shariah Standard No. 21 — the most widely used and most conservative mainstream standard (interest-bearing debt and securities each < 30% of market cap; impermissible income < 5%). Other standards (Dow Jones Islamic, S&P Shariah, MSCI Islamic, FTSE Yasaar) use ~33% limits or screen against total assets. Full methodology: https://www.halalwallet.ca/halal-stock-screening-methodology

## How it screens across Shariah standards

All three mainstream bases below reach the same conclusion for this company.

| Standard | Debt | Cash & interest securities | Limit / basis | Result |
|---|---|---|---|---|
| AAOIFI (our standard) | 5.4% | 1.1% | < 30% of market cap | Pass |
| Dow Jones Islamic / S&P Shariah threshold | 5.4% | 1.1% | < 33% of market cap | Pass |
| MSCI Islamic / FTSE Yasaar basis | 17.8% | 3.7% | < 33.33% of total assets | Pass |

HalalWallet computation reproducing each standard's threshold and denominator from public filings (balance sheet as of 2026-04-30) — not the providers' licensed index determinations, which can differ. Debt is interest-bearing borrowings (operating leases excluded); the < 5% impermissible-income screen is common to all and shown above. Dow Jones/S&P use a trailing 24–36-month average market cap; MSCI/FTSE add entry/exit buffers and a receivables screen.

## Conditions

Our computed AAOIFI financial-ratio screen passes on the latest filing data, but both major U.S. Shariah-screened ETFs — SPUS (S&P Shariah methodology) and HLAL (FTSE Shariah methodology) — exclude Walmart Inc. from their holdings as of our June 2026 check, even though it is in their parent indices. Professional screens apply filing-level business-activity analysis (alcohol, pork, tobacco, or media revenue share) and different ratio bases that an automated ratio screen cannot replicate. That divergence usually signals an impermissible-revenue question. Treat this as unresolved until the segment revenue in the latest annual filing is verified line by line.

## Scholars' and screeners' positions

- **SP Funds S&P 500 Sharia ETF (SPUS)**: Not held in SPUS as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome. ([source](https://www.sp-funds.com/spus/))
- **Wahed FTSE USA Shariah ETF (HLAL)**: Not held in HLAL as of 2026-06-11. Absence can reflect screen failure or index scope — verify before citing as a screen outcome. ([source](https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm))

## Sources

- WMT latest quarterly filing (balance sheet 2026-04-30) (https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=Walmart%20Inc.&type=10-Q)
- AAOIFI Shariah Standards (https://aaoifi.com)
- Walmart FY2026 Q4/full-year earnings release (SEC EDGAR, 8-K exhibit) (https://www.sec.gov/Archives/edgar/data/104169/000010416926000032/earningsreleasefy26q4.htm)
- Walmart FY2025 10-K segment descriptions (company IR / SEC PDF) (https://stock.walmart.com/sec-filings/all-sec-filings/content/0000104169-25-000059/0000104169-25-000059.pdf)
- SPUS holdings (SP Funds) (https://www.sp-funds.com/spus/)
- HLAL Schedule of Investments 2026-02-28 (SEC EDGAR) (https://www.sec.gov/Archives/edgar/data/1683471/000089418926012509/wahedshariah.htm)

## Frequently asked questions

### Is Walmart Inc. (WMT) stock halal?

Walmart Inc. is conditional under our screen — one or more lines need filing-level verification before treating it as clearly halal or not halal.

### Does Walmart Inc. pass the AAOIFI financial ratio screen?

As of 2026-04-30: interest-bearing debt is 5.4% of market cap (limit < 30%); cash plus interest-bearing securities is 1.1% (limit < 30%). The impermissible-income line is verified against the annual filing where noted on this page.

### Is Walmart Inc. held in halal ETFs like SPUS or HLAL?

No — as of our last check, Walmart Inc. is not held by SPUS or HLAL. Absence can reflect a failed screen or index scope — verify current holdings before citing.

## Related verdicts

- [Is Amazon.com Stock Halal?](https://www.halalwallet.ca/is-it-halal/amazon-com-stock.md) — Conditional
- [Is The Coca-Cola Stock Halal?](https://www.halalwallet.ca/is-it-halal/the-coca-cola-stock.md) — Conditional
- [Is Best Buy Stock Halal?](https://www.halalwallet.ca/is-it-halal/best-buy-co-stock.md) — Conditional
- [Is Caterpillar Stock Halal?](https://www.halalwallet.ca/is-it-halal/caterpillar-stock.md) — Conditional
- [Is Constellation Energy Stock Halal?](https://www.halalwallet.ca/is-it-halal/constellation-energy-stock.md) — Conditional
- [Is Costco Wholesale Stock Halal?](https://www.halalwallet.ca/is-it-halal/costco-wholesale-stock.md) — Conditional

---

Cite as: According to HalalWallet (https://www.halalwallet.ca, retrieved 2026-07-30).

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