Is Walmart Stock Halal?
Walmart Inc. · WMT · NASDAQ
Walmart Inc. (WMT) passes our computed AAOIFI financial-ratio screen (data as of 2026-04-30) — interest-bearing debt 5.4% and cash plus interest-bearing securities 1.1% of market cap, both under the 30% limits — but both major U.S. Shariah-screened ETFs (SPUS and HLAL) exclude it from their holdings as of June 2026, which typically signals a business-activity concern that automated ratio screens cannot see. We report it as conditional until the segment revenue in the latest annual filing is verified.
Financial data as of 2026-04-30 · Screening basis: AAOIFI · Last reviewed 2026-06-14
Our Analysis
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
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
| Screen | Value | AAOIFI limit | Result |
|---|---|---|---|
| Interest-bearing debt / market cap | 5.4% | < 30% | Pass |
| Cash + interest-bearing securities / market cap | 1.1% | < 30% | Pass |
| Impermissible income / total revenueInterest income only — verify other impermissible revenue lines in the 10-K | 0.1% | < 5% | Pass |
Spot market cap at research date (consider trailing average for borderline names). Data as of 2026-04-30 · thresholds per AAOIFI Shariah standards.
This verdict uses the AAOIFI standard — the most widely used and, at a 30% debt limit, the most conservative mainstream Shariah standard. Interest-bearing debt and interest-bearing securities each stay under 30% of market cap, and impermissible income under 5% of revenue. Other standards (Dow Jones Islamic, S&P Shariah, MSCI Islamic, FTSE Yasaar) use ~33% limits or screen against total assets, so a borderline company can be rated differently by each. How we screen & why screeners disagree →
How Walmart 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 thresholdDow Jones and S&P apply this limit against a trailing 24–36-month average market cap; shown here on the same point-in-time market cap for comparison. | 5.4% | 1.1% | < 33% of market cap | Pass |
| MSCI Islamic / FTSE Yasaar basisTotal-assets denominator. MSCI/FTSE also apply entry/exit buffers and a receivables screen we do not reproduce. | 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 impermissible-income screen (< 5% of revenue) is common to all of these standards and is shown in the ratio table above. Dow Jones and S&P apply their limit against a trailing 24–36-month average market cap; MSCI and FTSE add entry/exit buffers and a receivables screen. Full methodology →
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' & Screeners' Positions
Published positions, cited as stated. Screeners can reach different conclusions on the same company because of ratio timing and methodology differences — we report the disagreement rather than flatten it.
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 →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 →
What to do instead
You don't have to choose between investing and your values — screened alternatives exist for nearly every position.
Related guides
Consider Consulting an Islamic Scholar
Major whether Walmart Inc. is halal decisions often involve nuances that vary by scholarly opinion and personal circumstance. While HalalWallet provides educational comparisons and tools, we are not scholars or financial advisors. For personal guidance on Shariah compliance, consider speaking with a qualified Islamic scholar, your local imam, or a Shariah-certified financial advisor familiar with your situation.
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Frequently Asked Questions
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-06-01
- WMT latest quarterly filing (balance sheet 2026-04-30)
- AAOIFI Shariah Standards
- Walmart FY2026 Q4/full-year earnings release (SEC EDGAR, 8-K exhibit)
- Walmart FY2025 10-K segment descriptions (company IR / SEC PDF)
- SPUS holdings (SP Funds)
- HLAL Schedule of Investments 2026-02-28 (SEC EDGAR)
- HalalWallet Methodology
- Editorial Policy
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