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Walmart (WMT) Financials

Walmart logo
$102.40 -1.20 (-1.16%)
Closing price 03:59 PM Eastern
Extended Trading
$102.43 +0.03 (+0.03%)
As of 06:50 PM Eastern
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Annual Income Statements for Walmart

Annual Income Statements for Walmart

This table shows Walmart's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 1/31/2015 1/31/2016 1/31/2017 1/31/2018 1/31/2019 1/31/2020 1/31/2021 1/31/2022 1/31/2023 1/31/2024 1/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 16,363 14,694 13,643 9,862 6,670 14,881 13,510 13,673 11,680 15,511 19,436
Consolidated Net Income / (Loss)		 17,099 15,080 14,293 10,523 7,179 15,201 13,706 13,940 11,292 16,270 20,157
Net Income / (Loss) Continuing Operations		 16,814 15,080 14,293 10,523 7,179 15,201 13,706 13,940 11,292 16,270 20,157
Total Pre-Tax Income 		24,799 21,638 20,497 15,123 11,460 20,116 20,564 18,696 17,016 21,848 26,309
Total Operating Income		 27,147 24,105 22,764 20,437 21,957 20,568 22,548 25,942 20,428 27,012 29,348
Total Gross Profit		 120,565 121,146 124,617 126,947 129,104 129,359 138,836 143,754 147,568 157,983 169,232
Total Revenue		 485,651 482,130 485,873 500,343 514,405 523,964 559,151 572,754 611,289 648,125 680,985
Operating Revenue		 482,229 478,614 481,317 495,761 510,329 519,926 555,233 567,762 605,881 642,637 674,538
Other Revenue		 3,422 3,516 4,556 4,582 4,076 4,038 3,918 4,992 5,408 5,488 6,447
Total Cost of Revenue		 365,086 360,984 361,256 373,396 385,301 394,605 420,315 429,000 463,721 490,142 511,753
Operating Cost of Revenue		 365,086 360,984 361,256 373,396 385,301 394,605 420,315 429,000 463,721 490,142 511,753
Total Operating Expenses		 93,418 97,041 101,853 106,510 107,147 108,791 116,288 117,812 127,140 130,971 139,884
Selling, General & Admin Expense		 93,418 97,041 101,853 106,510 107,147 108,791 116,288 117,812 127,140 130,971 139,884
Total Other Income / (Expense), net		 -2,348 -2,467 -2,267 -5,314 -10,497 -452 -1,984 -7,246 -3,412 -5,164 -3,039
Interest Expense		 2,461 2,548 2,367 5,466 2,346 2,599 2,315 4,404 2,128 2,683 2,728
Interest & Investment Income		 113 81 100 152 217 189 121 158 254 546 483
Other Income / (Expense), net		 - - 0.00 0.00 -8,368 1,958 210 -3,000 -1,538 -3,027 -794
Income Tax Expense		 7,985 6,558 6,204 4,600 4,281 4,915 6,858 4,756 5,724 5,578 6,152
Net Income / (Loss) Attributable to Noncontrolling Interest		 736 386 650 661 509 320 196 267 -388 759 721
Basic Earnings per Share		 $5.07 $4.58 $4.40 $3.29 $2.28 $5.22 $4.77 $1.63 $1.43 $1.92 $2.42
Weighted Average Basic Shares Outstanding		 3.23B 3.21B 3.10B 3.00B 2.93B 2.85B 2.83B 8.38B 8.17B 8.08B 8.04B
Diluted Earnings per Share		 $5.05 $4.57 $4.38 $3.28 $2.26 $5.19 $4.75 $1.62 $1.42 $1.91 $2.41
Weighted Average Diluted Shares Outstanding		 3.24B 3.22B 3.11B 3.01B 2.95B 2.87B 2.85B 8.42B 8.20B 8.11B 8.08B
Weighted Average Basic & Diluted Shares Outstanding		 3.23B 3.14B 3.10B 3.00B 2.93B 2.83B 2.82B 2.75B 2.70B 8.06B 8.02B
Cash Dividends to Common per Share		 $1.92 $1.96 $2.00 $2.04 $2.08 $2.12 $2.16 $0.73 $0.75 $0.76 $0.83

Quarterly Income Statements for Walmart

This table shows Walmart's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 1/31/2023 4/30/2023 7/31/2023 10/31/2023 1/31/2024 4/30/2024 7/31/2024 10/31/2024 1/31/2025 4/30/2025 7/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 6,275 1,673 7,891 453 5,494 5,104 4,501 4,577 5,254 4,487 7,026
Consolidated Net Income / (Loss)		 5,809 1,896 8,053 643 5,678 5,307 4,711 4,714 5,425 4,639 7,151
Net Income / (Loss) Continuing Operations		 5,809 1,896 8,053 643 5,678 5,307 4,711 4,714 5,425 4,639 7,151
Total Pre-Tax Income 		8,902 2,688 10,727 915 7,518 7,035 6,213 6,098 6,963 5,994 9,319
Total Operating Income		 5,561 6,240 7,316 6,202 7,254 6,841 7,940 6,708 7,859 7,135 7,286
Total Gross Profit		 38,625 37,017 39,782 39,621 41,563 40,077 42,525 42,248 44,382 41,306 44,631
Total Revenue		 164,048 152,301 161,632 160,804 173,388 161,508 169,335 169,588 180,554 165,609 177,402
Operating Revenue		 162,743 151,004 160,280 159,439 171,914 159,938 167,767 168,003 178,830 163,981 175,750
Other Revenue		 1,305 1,297 1,352 1,365 1,474 1,570 1,568 1,585 1,724 1,628 1,652
Total Cost of Revenue		 125,423 115,284 121,850 121,183 131,825 121,431 126,810 127,340 136,172 124,303 132,771
Operating Cost of Revenue		 125,423 115,284 121,850 121,183 131,825 121,431 126,810 127,340 136,172 124,303 132,771
Total Operating Expenses		 33,064 30,777 32,466 33,419 34,309 33,236 34,585 35,540 36,523 34,171 37,345
Selling, General & Admin Expense		 33,064 30,777 32,466 33,419 34,309 33,236 34,585 35,540 36,523 34,171 37,345
Total Other Income / (Expense), net		 3,341 -3,552 3,411 -5,287 264 194 -1,727 -610 -896 -1,141 2,033
Interest Expense		 610 664 642 682 695 714 679 618 717 637 769
Interest & Investment Income		 103 107 148 145 146 114 114 140 115 93 94
Other Income / (Expense), net		 3,848 -2,995 3,905 -4,750 813 794 -1,162 -132 -294 -597 2,708
Income Tax Expense		 3,093 792 2,674 272 1,840 1,728 1,502 1,384 1,538 1,355 2,168
Net Income / (Loss) Attributable to Noncontrolling Interest		 -466 223 162 190 184 203 210 137 171 152 125
Basic Earnings per Share		 $0.77 $0.21 $0.98 $0.06 $0.68 $0.63 $0.56 $0.57 $0.65 $0.56 $0.88
Weighted Average Basic Shares Outstanding		 8.17B 8.08B 8.08B 8.08B 8.08B 8.05B 8.04B 8.04B 8.04B 8.01B 7.98B
Diluted Earnings per Share		 $0.77 $0.21 $0.97 $0.06 $0.68 $0.63 $0.56 $0.57 $0.65 $0.56 $0.88
Weighted Average Diluted Shares Outstanding		 8.20B 8.11B 8.11B 8.11B 8.11B 8.08B 8.08B 8.08B 8.08B 8.05B 8.02B
Weighted Average Basic & Diluted Shares Outstanding		 2.70B 2.69B 2.69B 2.69B 8.06B 8.04B 8.04B 8.03B 8.02B 7.98B 7.97B
Cash Dividends to Common per Share		 $0.24 $0.76 $0.00 $0.00 ($0.17) $0.83 $0.00 $0.00 $0.28 $0.94 $0.00

Annual Cash Flow Statements for Walmart

This table details how cash moves in and out of Walmart's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 1/31/2015 1/31/2016 1/31/2017 1/31/2018 1/31/2019 1/31/2020 1/31/2021 1/31/2022 1/31/2023 1/31/2024 1/31/2025
Net Change in Cash & Equivalents		 1,854 -430 -1,747 -617 742 1,759 10,121 -4,802 -5,993 1,094 -399
Net Cash From Operating Activities		 28,564 27,552 31,673 28,337 27,753 25,255 36,074 24,181 28,841 35,726 36,443
Net Cash From Continuing Operating Activities		 28,564 27,552 31,673 28,337 27,753 25,255 36,074 24,181 28,841 35,726 36,443
Net Income / (Loss) Continuing Operations		 16,814 15,080 14,293 10,523 7,179 15,201 13,706 13,940 11,292 16,270 20,157
Consolidated Net Income / (Loss)		 17,099 15,080 14,293 10,523 7,179 15,201 13,706 13,940 11,292 16,270 20,157
Depreciation Expense		 9,173 9,454 10,080 10,529 10,678 10,987 11,152 10,658 10,945 11,853 12,973
Non-Cash Adjustments To Reconcile Net Income		 785 1,410 206 4,346 10,100 110 1,333 6,935 3,602 5,835 3,767
Changes in Operating Assets and Liabilities, net		 1,792 1,608 7,094 2,939 -204 -1,043 9,883 -7,352 3,002 1,768 -454
Net Cash From Investing Activities		 -11,125 -10,675 -13,896 -9,079 -24,036 -9,128 -10,071 -6,015 -17,722 -21,287 -21,379
Net Cash From Continuing Investing Activities		 -11,125 -10,675 -13,896 -9,079 -24,036 -9,128 -10,071 -6,015 -17,722 -21,287 -21,379
Purchase of Property, Plant & Equipment		 -12,174 -11,477 -10,619 -10,051 -10,344 -10,705 -10,264 -13,106 -16,857 -20,606 -23,783
Acquisitions		 0.00 0.00 -2,463 -375 -14,656 -56 -180 -359 -740 -9.00 -1,896
Sale of Property, Plant & Equipment		 570 635 456 378 519 321 215 394 170 250 432
Other Investing Activities, net		 -192 -79 -31 -77 -431 479 102 -879 -295 -922 3,868
Net Cash From Financing Activities		 -15,071 -16,285 -19,072 -19,875 -2,537 -14,299 -16,117 -22,828 -17,039 -13,414 -14,822
Net Cash From Continuing Financing Activities		 -15,071 -16,285 -19,072 -19,875 -2,537 -14,299 -16,117 -22,828 -17,039 -13,414 -14,822
Repayment of Debt		 -10,601 -3,873 -4,126 -16,381 -4,466 -7,523 -7,082 -16,649 -4,841 -5,953 -3,426
Repurchase of Common Equity		 -1,015 -4,112 -8,388 -8,304 -7,410 -5,717 -2,625 -9,787 -9,920 -2,779 -4,494
Payment of Dividends		 -6,785 -7,013 -6,695 -6,814 -6,533 -6,603 -6,550 -6,576 -6,558 -6,903 -7,264
Issuance of Debt		 5,174 39 137 11,624 15,872 5,492 0.00 6,945 5,041 4,967 0.00
Issuance of Common Equity		 - - - - - 52 140 3,239 66 716 362
Other Financing Activities, net		 -1,844 -1,326 - - - - 0.00 0.00 -827 -3,462 0.00
Other Net Changes in Cash		 - - -452 - -438 -69 235 - -73 - -641
Cash Interest Paid		 2,433 2,540 2,351 2,450 2,348 2,464 2,216 2,237 2,051 2,519 2,739
Cash Income Taxes Paid		 8,169 8,111 4,507 6,179 3,982 3,616 5,271 5,918 3,310 5,879 5,884

Quarterly Cash Flow Statements for Walmart

This table details how cash moves in and out of Walmart's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 1/31/2023 4/30/2023 7/31/2023 10/31/2023 1/31/2024 4/30/2024 7/31/2024 10/31/2024 1/31/2025 4/30/2025 7/31/2025
Net Change in Cash & Equivalents		 -2,814 1,867 3,263 -1,676 -2,360 -475 -581 1,289 -632 396 -55
Net Cash From Operating Activities		 13,143 4,633 13,568 813 16,712 4,249 12,108 6,561 13,525 5,411 12,941
Net Cash From Continuing Operating Activities		 13,143 4,633 13,568 813 16,712 4,249 12,108 6,561 13,525 5,411 12,941
Net Income / (Loss) Continuing Operations		 5,809 1,896 8,053 643 5,678 5,307 4,711 4,714 5,425 4,639 7,151
Consolidated Net Income / (Loss)		 5,809 1,896 8,053 643 5,678 5,307 4,711 4,714 5,425 4,639 7,151
Depreciation Expense		 2,811 2,845 2,905 2,986 3,117 3,128 3,211 3,260 3,374 3,369 3,487
Non-Cash Adjustments To Reconcile Net Income		 -2,481 3,311 -3,235 5,364 220 -132 1,517 954 1,428 1,052 -197
Changes in Operating Assets and Liabilities, net		 7,004 -3,419 5,845 -8,180 7,697 -4,054 2,669 -2,367 3,298 -3,649 2,500
Net Cash From Investing Activities		 -4,757 -4,860 -5,049 -5,465 -5,913 -4,409 -5,719 -2,533 -8,718 -5,093 -6,106
Net Cash From Continuing Investing Activities		 -4,757 -4,860 -5,049 -5,465 -5,913 -4,409 -5,719 -2,533 -8,718 -5,093 -6,106
Purchase of Property, Plant & Equipment		 -4,796 -4,429 -4,787 -5,458 -5,932 -4,676 -5,831 -6,189 -7,087 -4,986 -6,423
Sale of Property, Plant & Equipment		 44 47 86 30 87 72 220 66 74 25 16
Other Investing Activities, net		 5.00 -526 -435 -37 -68 195 -111 3,590 194 -132 -474
Net Cash From Financing Activities		 -11,458 1,940 -5,249 3,130 -13,235 -321 -6,624 -2,728 -5,149 8.00 -7,001
Net Cash From Continuing Financing Activities		 -11,458 1,940 -5,249 3,130 -13,235 -321 -6,624 -2,728 -5,149 8.00 -7,001
Repayment of Debt		 -7,560 -1,286 232 4,769 -9,668 2,409 -3,948 -84 -1,788 2,460 -3,481
Repurchase of Common Equity		 -2,039 -686 -485 -111 -4,959 -1,059 -1,013 -977 -1,445 -4,555 -1,645
Payment of Dividends		 -1,942 -1,538 -5,210 -1,538 1,383 -1,671 -1,677 -1,673 -2,243 -1,880 -1,875
Effect of Exchange Rate Changes		 - 154 - - 76 - -346 - - 70 111

Annual Balance Sheets for Walmart

This table presents Walmart's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 1/31/2015 1/31/2016 1/31/2017 1/31/2018 1/31/2019 1/31/2020 1/31/2021 1/31/2022 1/31/2023 1/31/2024 1/31/2025
Total Assets		 203,490 199,581 198,825 204,522 219,295 236,495 252,496 244,860 243,197 252,399 260,823
Total Current Assets		 63,278 60,239 57,689 59,664 61,897 61,806 90,067 81,070 75,655 76,877 79,458
Cash & Equivalents		 9,135 8,705 6,867 6,756 7,722 9,465 17,741 14,760 8,625 9,867 9,037
Accounts Receivable		 6,778 5,624 5,835 5,614 6,283 6,284 6,516 8,280 7,933 8,796 9,975
Inventories, net		 45,141 44,469 43,046 43,783 44,269 44,435 44,949 56,511 56,576 54,892 56,435
Prepaid Expenses		 2,224 1,441 1,941 3,511 3,623 1,622 20,861 1,519 2,521 3,322 4,011
Plant, Property, & Equipment, net		 116,655 116,516 114,178 114,818 111,395 105,208 92,201 94,515 100,760 110,810 119,993
Total Noncurrent Assets		 23,557 22,826 26,958 30,040 46,003 69,481 70,228 69,275 66,782 64,712 61,372
Noncurrent Note & Lease Receivables		 - - - - - 4,417 4,005 4,351 4,919 5,855 6,112
Goodwill		 18,102 16,695 17,037 18,242 31,181 31,073 28,983 29,014 28,174 28,113 28,792
Other Noncurrent Operating Assets		 5,455 6,131 9,921 11,798 14,822 33,991 37,240 35,910 33,689 30,744 26,468
Total Liabilities & Shareholders' Equity		 203,490 199,581 198,825 204,522 219,295 236,495 252,496 244,860 243,197 252,399 260,823
Total Liabilities		 117,553 115,970 118,290 123,700 139,661 154,943 164,965 152,969 159,206 161,828 163,131
Total Current Liabilities		 65,253 64,619 66,928 78,521 77,477 77,790 92,645 87,379 92,198 92,415 96,584
Short-Term Debt		 6,670 6,004 3,920 9,662 7,830 5,937 3,339 3,213 4,563 4,325 5,666
Accounts Payable		 38,410 38,487 41,433 46,092 47,060 46,973 49,141 55,261 53,742 56,812 58,666
Accrued Expenses		 19,152 19,607 20,654 22,122 22,159 22,296 37,966 26,060 31,126 28,759 29,345
Dividends Payable		 - - - - - - - - - - 0.00
Current Deferred & Payable Income Tax Liabilities		 1,021 521 921 645 428 280 242 851 727 307 608
Other Current Liabilities		 - - - - 0.00 2,304 1,957 1,994 2,040 2,212 2,299
Total Noncurrent Liabilities		 52,300 51,351 51,362 45,179 62,184 77,153 72,320 65,590 67,008 69,413 66,547
Long-Term Debt		 40,889 38,214 36,015 30,045 43,520 43,714 41,194 34,864 34,649 36,132 33,401
Capital Lease Obligations		 2,606 5,816 6,003 6,780 6,683 4,307 3,847 4,243 4,843 5,709 5,923
Noncurrent Deferred & Payable Income Tax Liabilities		 8,805 7,321 9,344 8,354 11,981 12,961 14,370 13,474 14,688 14,629 14,398
Other Noncurrent Operating Liabilities		 - - - - 0.00 16,171 12,909 13,009 12,828 12,943 12,825
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 - - - - - - - 0.00 237 222 271
Total Equity & Noncontrolling Interests		 85,937 83,611 80,535 80,822 79,634 81,552 87,531 91,891 83,754 90,349 97,421
Total Preferred & Common Equity		 81,394 80,546 77,798 77,869 72,496 74,669 80,925 83,253 76,693 83,861 91,013
Total Common Equity		 81,394 80,546 77,798 77,869 72,496 74,669 80,925 83,253 76,693 83,861 91,013
Common Stock		 2,785 2,122 2,676 2,943 3,253 3,531 3,928 5,115 5,238 5,349 6,305
Retained Earnings		 85,777 90,021 89,354 85,107 80,785 83,943 88,763 86,904 83,135 89,814 98,313
Accumulated Other Comprehensive Income / (Loss)		 -7,168 -11,597 -14,232 -10,181 -11,542 -12,805 -11,766 -8,766 -11,680 -11,302 -13,605
Noncontrolling Interest		 4,543 3,065 2,737 2,953 7,138 6,883 6,606 8,638 7,061 6,488 6,408

Quarterly Balance Sheets for Walmart

This table presents Walmart's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 10/31/2022 1/31/2023 4/30/2023 7/31/2023 10/31/2023 1/31/2024 4/30/2024 7/31/2024 10/31/2024 4/30/2025 7/31/2025
Total Assets		 247,656 243,197 245,053 255,121 259,174 252,399 254,054 254,440 263,399 262,372 270,837
Total Current Assets		 87,680 75,655 78,511 82,032 88,391 76,877 77,152 76,510 86,938 80,253 82,033
Cash & Equivalents		 11,587 8,625 10,575 13,888 12,154 9,867 9,405 8,811 10,049 9,311 9,431
Accounts Receivable		 8,218 7,933 7,647 7,891 8,625 8,796 9,075 8,650 10,039 9,686 10,518
Inventories, net		 64,706 56,576 56,932 56,722 63,951 54,892 55,382 55,611 63,302 57,467 57,729
Prepaid Expenses		 3,169 2,521 3,357 3,531 3,661 3,322 3,290 3,438 3,548 3,789 4,355
Plant, Property, & Equipment, net		 97,553 100,760 102,335 104,733 107,471 110,810 111,498 113,818 116,598 121,261 125,476
Total Noncurrent Assets		 62,423 66,782 64,207 68,356 63,312 64,712 65,404 64,112 59,863 60,858 63,328
Noncurrent Note & Lease Receivables		 4,597 4,919 5,124 5,552 5,806 5,855 6,285 6,341 6,227 6,056 6,128
Goodwill		 28,137 28,174 28,306 28,268 28,015 28,113 27,999 27,930 27,942 28,866 29,060
Other Noncurrent Operating Assets		 29,689 33,689 30,777 34,536 29,491 30,744 31,120 29,841 25,694 25,936 28,140
Total Liabilities & Shareholders' Equity		 247,656 243,197 245,053 255,121 259,174 252,399 254,054 254,440 263,399 262,372 270,837
Total Liabilities		 167,273 159,206 165,588 169,562 173,363 161,828 165,764 163,668 168,934 171,724 173,980
Total Current Liabilities		 101,408 92,198 95,505 99,220 104,230 92,415 96,100 95,260 102,558 102,920 103,566
Short-Term Debt		 12,269 4,563 5,686 7,443 12,748 4,325 7,322 4,690 6,825 9,680 7,848
Accounts Payable		 57,263 53,742 54,268 56,576 61,049 56,812 56,071 56,716 62,863 57,700 60,086
Accrued Expenses		 27,443 31,126 27,527 29,239 26,132 28,759 24,092 27,656 28,117 26,085 28,821
Dividends Payable		 1,527 - 4,602 3,067 1,533 0.00 5,013 3,343 1,674 5,660 3,783
Current Deferred & Payable Income Tax Liabilities		 900 727 1,325 770 606 307 1,276 576 783 1,465 620
Other Current Liabilities		 2,006 2,040 2,097 2,125 2,162 2,212 2,326 2,279 2,296 2,330 2,408
Total Noncurrent Liabilities		 65,865 67,008 70,083 70,342 69,133 69,413 69,664 68,408 66,376 68,804 70,414
Long-Term Debt		 33,935 34,649 38,120 36,806 36,342 36,132 35,928 35,364 33,645 36,520 35,640
Capital Lease Obligations		 4,512 4,843 5,039 5,449 5,670 5,709 6,047 6,161 6,056 5,878 5,947
Noncurrent Deferred & Payable Income Tax Liabilities		 14,760 14,688 13,999 15,109 14,304 14,629 14,849 14,072 13,748 13,609 15,656
Other Noncurrent Operating Liabilities		 12,658 12,828 12,925 12,978 12,817 12,943 12,840 12,811 12,927 12,797 13,171
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 260 237 234 232 228 222 217 207 189 307 307
Total Equity & Noncontrolling Interests		 80,123 83,754 79,231 85,327 85,583 90,349 88,073 90,565 94,276 90,341 96,550
Total Preferred & Common Equity		 72,253 76,693 72,405 79,556 79,456 83,861 81,293 84,423 88,108 83,793 90,110
Total Common Equity		 72,253 76,693 72,405 79,556 79,456 83,861 81,293 84,423 88,108 83,793 90,110
Common Stock		 5,087 5,238 5,517 4,904 5,198 5,349 5,430 5,813 6,198 6,240 6,515
Retained Earnings		 77,946 83,135 78,035 85,470 85,831 89,814 87,230 90,788 94,435 90,849 96,328
Accumulated Other Comprehensive Income / (Loss)		 -10,780 -11,680 -11,147 -10,818 -11,573 -11,302 -11,367 -12,178 -12,525 -13,296 -12,733
Noncontrolling Interest		 7,870 7,061 6,826 5,771 6,127 6,488 6,780 6,142 6,168 6,548 6,440

Annual Metrics And Ratios for Walmart

This table displays calculated financial ratios and metrics derived from Walmart's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 1/31/2015 1/31/2016 1/31/2017 1/31/2018 1/31/2019 1/31/2020 1/31/2021 1/31/2022 1/31/2023 1/31/2024 1/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 1.96% -0.73% 0.78% 2.98% 2.81% 1.86% 6.72% 2.43% 6.73% 6.03% 5.07%
EBITDA Growth		 1.62% -7.60% -2.13% -5.72% -21.63% 38.10% 1.18% -0.91% -11.21% 20.12% 15.87%
EBIT Growth		 1.02% -11.21% -5.56% -10.22% -33.51% 65.77% 1.03% 0.81% -17.66% 26.97% 19.05%
NOPAT Growth		 2.04% -8.73% -5.51% -10.41% -3.28% 13.00% -3.31% 28.71% -29.92% 48.39% 11.78%
Net Income Growth		 2.42% -11.81% -5.22% -26.38% -31.78% 111.74% -9.83% 1.71% -19.00% 44.08% 23.89%
EPS Growth		 3.48% -9.51% -4.16% -25.11% -31.10% 129.65% -8.48% 1.71% -19.00% 44.08% 26.18%
Operating Cash Flow Growth		 22.82% -3.54% 14.96% -10.53% -2.06% -9.00% 42.84% -32.97% 19.27% 23.87% 2.01%
Free Cash Flow Firm Growth		 57.21% -19.05% 12.65% -37.41% -67.13% 345.65% 17.80% -21.14% -24.78% -6.77% 24.03%
Invested Capital Growth		 -3.68% -1.60% -4.27% 0.79% 7.79% -3.00% -6.25% 1.08% -0.03% 6.24% 5.34%
Revenue Q/Q Growth		 0.38% -0.39% 0.26% 1.08% 0.49% 0.55% 1.90% 0.14% 1.86% 1.46% 1.06%
EBITDA Q/Q Growth		 1.75% -3.36% -0.49% -5.33% 8.16% 0.34% -15.86% 18.09% 17.08% -2.81% -0.59%
EBIT Q/Q Growth		 2.27% -5.14% -1.88% -7.84% 15.29% 0.07% -21.90% 29.76% 29.00% -5.30% -1.73%
NOPAT Q/Q Growth		 3.90% -2.43% -4.83% -5.97% 3.32% -0.39% -9.97% 21.56% -7.60% 12.54% 2.97%
Net Income Q/Q Growth		 3.25% -2.84% -5.06% -13.36% 25.31% 3.27% -31.50% 67.97% 23.87% -0.80% -1.24%
EPS Q/Q Growth		 3.48% -2.14% -4.78% -12.53% 29.14% 4.01% -31.36% 67.97% 23.87% -0.80% -1.63%
Operating Cash Flow Q/Q Growth		 12.43% -1.95% -2.03% -2.12% -2.91% 1.08% 7.38% -17.99% 22.27% 11.10% -8.04%
Free Cash Flow Firm Q/Q Growth		 30.96% -13.94% 4.53% -25.72% 13.37% 1.27% 9.10% -18.40% 10.33% 41.32% -18.05%
Invested Capital Q/Q Growth		 -5.49% -3.66% -5.14% -2.26% -2.15% -2.45% -5.39% 0.65% -1.34% -2.37% 0.78%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 24.83% 25.13% 25.65% 25.37% 25.10% 24.69% 24.83% 25.10% 24.14% 24.38% 24.85%
EBITDA Margin		 7.48% 6.96% 6.76% 6.19% 4.72% 6.40% 6.06% 5.87% 4.88% 5.53% 6.10%
Operating Margin		 5.59% 5.00% 4.69% 4.08% 4.27% 3.93% 4.03% 4.53% 3.34% 4.17% 4.31%
EBIT Margin		 5.59% 5.00% 4.69% 4.08% 2.64% 4.30% 4.07% 4.01% 3.09% 3.70% 4.19%
Profit (Net Income) Margin		 3.52% 3.13% 2.94% 2.10% 1.40% 2.90% 2.45% 2.43% 1.85% 2.51% 2.96%
Tax Burden Percent		 68.95% 69.69% 69.73% 69.58% 62.64% 75.57% 66.65% 74.56% 66.36% 74.47% 76.62%
Interest Burden Percent		 91.35% 89.77% 90.04% 74.00% 84.33% 89.30% 90.36% 81.49% 90.08% 91.09% 92.14%
Effective Tax Rate		 32.20% 30.31% 30.27% 30.42% 37.36% 24.43% 33.35% 25.44% 33.64% 25.53% 23.38%
Return on Invested Capital (ROIC)		 14.22% 13.34% 12.98% 11.84% 10.98% 12.14% 12.31% 16.28% 11.35% 16.33% 17.26%
ROIC Less NNEP Spread (ROIC-NNEP)		 11.32% 9.16% 9.05% 2.46% -3.62% 11.42% 8.79% -2.29% 4.16% 5.61% 10.82%
Return on Net Nonoperating Assets (RNNOA)		 6.04% 4.45% 4.43% 1.20% -2.03% 6.72% 3.90% -0.74% 1.49% 2.31% 4.15%
Return on Equity (ROE)		 20.26% 17.79% 17.42% 13.04% 8.95% 18.86% 16.21% 15.54% 12.84% 18.64% 21.41%
Cash Return on Invested Capital (CROIC)		 17.97% 14.95% 17.34% 11.05% 3.48% 15.19% 18.76% 15.20% 11.38% 10.29% 12.06%
Operating Return on Assets (OROA)		 13.30% 11.96% 11.43% 10.13% 6.41% 9.88% 9.31% 9.23% 7.74% 9.68% 11.13%
Return on Assets (ROA)		 8.38% 7.48% 7.18% 5.22% 3.39% 6.67% 5.61% 5.61% 4.63% 6.57% 7.86%
Return on Common Equity (ROCE)		 18.93% 16.99% 16.80% 12.58% 8.39% 17.22% 14.92% 14.22% 11.68% 17.15% 19.89%
Return on Equity Simple (ROE_SIMPLE)		 21.01% 18.72% 18.37% 13.51% 9.90% 20.36% 16.94% 16.74% 14.72% 19.40% 22.15%
Net Operating Profit after Tax (NOPAT)		 18,406 16,799 15,874 14,221 13,755 15,543 15,028 19,343 13,556 20,116 22,485
NOPAT Margin		 3.79% 3.48% 3.27% 2.84% 2.67% 2.97% 2.69% 3.38% 2.22% 3.10% 3.30%
Net Nonoperating Expense Percent (NNEP)		 2.90% 4.18% 3.93% 9.38% 14.61% 0.72% 3.52% 18.57% 7.19% 10.72% 6.45%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - - - 15.79%
Cost of Revenue to Revenue		 75.17% 74.87% 74.35% 74.63% 74.90% 75.31% 75.17% 74.90% 75.86% 75.62% 75.15%
SG&A Expenses to Revenue		 19.24% 20.13% 20.96% 21.29% 20.83% 20.76% 20.80% 20.57% 20.80% 20.21% 20.54%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 19.24% 20.13% 20.96% 21.29% 20.83% 20.76% 20.80% 20.57% 20.80% 20.21% 20.54%
Earnings before Interest and Taxes (EBIT)		 27,147 24,105 22,764 20,437 13,589 22,526 22,758 22,942 18,890 23,985 28,554
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 36,320 33,559 32,844 30,966 24,267 33,513 33,910 33,600 29,835 35,838 41,527
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.76 2.22 2.29 3.61 3.50 4.05 4.64 4.47 4.94 5.25 8.66
Price to Tangible Book Value (P/TBV)		 3.55 2.81 2.93 4.71 6.14 6.93 7.23 6.87 7.80 7.90 12.67
Price to Revenue (P/Rev)		 0.46 0.37 0.37 0.56 0.49 0.58 0.67 0.65 0.62 0.68 1.16
Price to Earnings (P/E)		 13.73 12.19 13.05 28.51 38.04 20.30 27.81 27.24 32.40 28.41 40.57
Dividend Yield		 2.75% 3.50% 3.45% 2.15% 2.38% 1.99% 1.63% 1.64% 1.60% 1.39% 0.85%
Earnings Yield		 7.28% 8.20% 7.66% 3.51% 2.63% 4.93% 3.60% 3.67% 3.09% 3.52% 2.46%
Enterprise Value to Invested Capital (EV/IC)		 2.13 1.79 1.84 2.69 2.39 2.80 3.50 3.42 3.53 3.81 6.22
Enterprise Value to Revenue (EV/Rev)		 0.56 0.46 0.45 0.65 0.60 0.67 0.74 0.71 0.69 0.75 1.22
Enterprise Value to EBITDA (EV/EBITDA)		 7.44 6.66 6.69 10.46 12.82 10.55 12.18 12.16 14.12 13.49 20.02
Enterprise Value to EBIT (EV/EBIT)		 9.96 9.28 9.66 15.84 22.90 15.69 18.15 17.81 22.30 20.16 29.11
Enterprise Value to NOPAT (EV/NOPAT)		 14.69 13.31 13.85 22.77 22.62 22.74 27.48 21.13 31.07 24.04 36.97
Enterprise Value to Operating Cash Flow (EV/OCF)		 9.46 8.11 6.94 11.43 11.21 13.99 11.45 16.90 14.60 13.54 22.81
Enterprise Value to Free Cash Flow (EV/FCFF)		 11.62 11.88 10.36 24.40 71.33 18.18 18.03 22.63 31.00 38.18 52.91
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.58 0.60 0.57 0.58 0.73 0.66 0.55 0.46 0.52 0.51 0.46
Long-Term Debt to Equity		 0.51 0.53 0.52 0.46 0.63 0.59 0.51 0.43 0.47 0.46 0.40
Financial Leverage		 0.53 0.49 0.49 0.49 0.56 0.59 0.44 0.32 0.36 0.41 0.38
Leverage Ratio		 2.42 2.38 2.43 2.50 2.64 2.83 2.89 2.77 2.77 2.84 2.73
Compound Leverage Factor		 2.21 2.13 2.19 1.85 2.23 2.53 2.61 2.26 2.50 2.59 2.51
Debt to Total Capital		 36.86% 37.44% 36.32% 36.52% 42.15% 39.82% 35.60% 31.53% 34.41% 33.76% 31.53%
Short-Term Debt to Total Capital		 4.90% 4.49% 3.10% 7.59% 5.69% 4.38% 2.46% 2.39% 3.56% 3.16% 3.97%
Long-Term Debt to Total Capital		 31.96% 32.95% 33.22% 28.93% 36.47% 35.44% 33.14% 29.14% 30.84% 30.60% 27.56%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 3.34% 2.29% 2.16% 2.32% 5.19% 5.08% 4.86% 6.44% 5.70% 4.91% 4.68%
Common Equity to Total Capital		 59.80% 60.27% 61.51% 61.17% 52.66% 55.10% 59.54% 62.03% 59.89% 61.33% 63.79%
Debt to EBITDA		 1.38 1.49 1.40 1.50 2.39 1.61 1.43 1.26 1.48 1.29 1.08
Net Debt to EBITDA		 1.13 1.23 1.19 1.28 2.07 1.33 0.90 0.82 1.19 1.01 0.87
Long-Term Debt to EBITDA		 1.20 1.31 1.28 1.19 2.07 1.43 1.33 1.16 1.32 1.17 0.95
Debt to NOPAT		 2.73 2.98 2.89 3.27 4.22 3.47 3.22 2.19 3.25 2.30 2.00
Net Debt to NOPAT		 2.23 2.46 2.46 2.79 3.66 2.86 2.04 1.42 2.61 1.80 1.60
Long-Term Debt to NOPAT		 2.36 2.62 2.65 2.59 3.65 3.09 3.00 2.02 2.91 2.08 1.75
Altman Z-Score		 4.55 4.35 4.30 4.61 4.07 4.12 4.36 4.58 4.59 4.94 6.32
Noncontrolling Interest Sharing Ratio		 6.59% 4.49% 3.53% 3.53% 6.29% 8.70% 7.98% 8.50% 9.06% 8.02% 7.11%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.97 0.93 0.86 0.76 0.80 0.79 0.97 0.93 0.82 0.83 0.82
Quick Ratio		 0.24 0.22 0.19 0.16 0.18 0.20 0.26 0.26 0.18 0.20 0.20
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 23,258 18,826 21,208 13,274 4,363 19,443 22,903 18,062 13,586 12,667 15,710
Operating Cash Flow to CapEx		 246.16% 254.12% 311.65% 292.95% 282.47% 243.21% 358.98% 190.22% 172.84% 175.51% 156.07%
Free Cash Flow to Firm to Interest Expense		 9.45 7.39 8.96 2.43 1.86 7.48 9.89 4.10 6.38 4.72 5.76
Operating Cash Flow to Interest Expense		 11.61 10.81 13.38 5.18 11.83 9.72 15.58 5.49 13.55 13.32 13.36
Operating Cash Flow Less CapEx to Interest Expense		 6.89 6.56 9.09 3.41 7.64 5.72 11.24 2.60 5.71 5.73 4.80
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 2.38 2.39 2.44 2.48 2.43 2.30 2.29 2.30 2.51 2.62 2.65
Accounts Receivable Turnover		 72.19 77.75 84.80 87.40 86.48 83.39 87.37 77.42 75.41 77.49 72.56
Inventory Turnover		 8.11 8.06 8.26 8.60 8.75 8.90 9.40 8.46 8.20 8.79 9.19
Fixed Asset Turnover		 4.14 4.14 4.21 4.37 4.55 4.84 5.66 6.14 6.26 6.13 5.90
Accounts Payable Turnover		 9.63 9.39 9.04 8.53 8.27 8.39 8.75 8.22 8.51 8.87 8.86
Days Sales Outstanding (DSO)		 5.06 4.69 4.30 4.18 4.22 4.38 4.18 4.71 4.84 4.71 5.03
Days Inventory Outstanding (DIO)		 44.99 45.30 44.21 42.44 41.71 41.02 38.81 43.16 44.51 41.50 39.70
Days Payable Outstanding (DPO)		 37.90 38.88 40.37 42.78 44.12 43.49 41.73 44.41 42.90 41.16 41.18
Cash Conversion Cycle (CCC)		 12.14 11.12 8.14 3.84 1.81 1.91 1.26 3.46 6.45 5.05 3.55
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 126,967 124,940 119,606 120,553 129,945 126,045 118,170 119,451 119,421 126,870 133,645
Invested Capital Turnover		 3.75 3.83 3.97 4.17 4.11 4.09 4.58 4.82 5.12 5.26 5.23
Increase / (Decrease) in Invested Capital		 -4,852 -2,027 -5,334 947 9,392 -3,900 -7,875 1,281 -30 7,449 6,775
Enterprise Value (EV)		 270,317 223,582 219,801 323,816 311,187 353,413 413,012 408,654 421,207 483,616 831,189
Market Capitalization		 224,744 179,188 177,993 281,132 253,738 302,037 375,767 372,456 378,479 440,607 788,557
Book Value per Share		 $25.25 $25.16 $25.32 $26.29 $24.95 $26.32 $28.60 $30.01 $28.44 $31.15 $11.33
Tangible Book Value per Share		 $19.64 $19.94 $19.77 $20.13 $14.22 $15.37 $18.36 $19.55 $17.99 $20.71 $7.75
Total Capital		 136,102 133,645 126,473 127,309 137,667 135,510 135,911 134,211 128,046 136,737 142,682
Total Debt		 50,165 50,034 45,938 46,487 58,033 53,958 48,380 42,320 44,055 46,166 44,990
Total Long-Term Debt		 43,495 44,030 42,018 36,825 50,203 48,021 45,041 39,107 39,492 41,841 39,324
Net Debt		 41,030 41,329 39,071 39,731 50,311 44,493 30,639 27,560 35,430 36,299 35,953
Capital Expenditures (CapEx)		 11,604 10,842 10,163 9,673 9,825 10,384 10,049 12,712 16,687 20,356 23,351
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -4,440 -7,081 -12,186 -15,951 -15,472 -19,512 -16,980 -17,856 -20,605 -21,080 -20,497
Debt-free Net Working Capital (DFNWC)		 4,695 1,624 -5,319 -9,195 -7,750 -10,047 761 -3,096 -11,980 -11,213 -11,460
Net Working Capital (NWC)		 -1,975 -4,380 -9,239 -18,857 -15,580 -15,984 -2,578 -6,309 -16,543 -15,538 -17,126
Net Nonoperating Expense (NNE)		 1,307 1,719 1,581 3,698 6,576 342 1,322 5,403 2,264 3,846 2,328
Net Nonoperating Obligations (NNO)		 41,030 41,329 39,071 39,731 50,311 44,493 30,639 27,560 35,430 36,299 35,953
Total Depreciation and Amortization (D&A)		 9,173 9,454 10,080 10,529 10,678 10,987 11,152 10,658 10,945 11,853 12,973
Debt-free, Cash-free Net Working Capital to Revenue		 -0.91% -1.47% -2.51% -3.19% -3.01% -3.72% -3.04% -3.12% -3.37% -3.25% -3.01%
Debt-free Net Working Capital to Revenue		 0.97% 0.34% -1.09% -1.84% -1.51% -1.92% 0.14% -0.54% -1.96% -1.73% -1.68%
Net Working Capital to Revenue		 -0.41% -0.91% -1.90% -3.77% -3.03% -3.05% -0.46% -1.10% -2.71% -2.40% -2.51%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.69 $1.53 $1.47 $1.10 $0.76 $1.74 $1.59 $1.63 $1.43 $1.92 $2.42
Adjusted Weighted Average Basic Shares Outstanding		 9.69B 9.62B 9.30B 8.99B 8.79B 8.55B 8.49B 8.38B 8.17B 8.08B 8.04B
Adjusted Diluted Earnings per Share		 $1.68 $1.52 $1.46 $1.09 $0.75 $1.73 $1.58 $1.62 $1.42 $1.91 $2.41
Adjusted Weighted Average Diluted Shares Outstanding		 9.73B 9.65B 9.34B 9.03B 8.84B 8.60B 8.54B 8.42B 8.20B 8.11B 8.08B
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 9.68B 9.43B 9.10B 8.85B 8.61B 8.50B 8.45B 8.26B 8.09B 8.06B 8.02B
Normalized Net Operating Profit after Tax (NOPAT)		 18,406 16,799 15,874 14,221 13,755 15,543 15,028 19,343 13,556 20,116 22,485
Normalized NOPAT Margin		 3.79% 3.48% 3.27% 2.84% 2.67% 2.97% 2.69% 3.38% 2.22% 3.10% 3.30%
Pre Tax Income Margin		 5.11% 4.49% 4.22% 3.02% 2.23% 3.84% 3.68% 3.26% 2.78% 3.37% 3.86%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 11.03 9.46 9.62 3.74 5.79 8.67 9.83 5.21 8.88 8.94 10.47
NOPAT to Interest Expense		 7.48 6.59 6.71 2.60 5.86 5.98 6.49 4.39 6.37 7.50 8.24
EBIT Less CapEx to Interest Expense		 6.32 5.21 5.32 1.97 1.60 4.67 5.49 2.32 1.04 1.35 1.91
NOPAT Less CapEx to Interest Expense		 2.76 2.34 2.41 0.83 1.68 1.98 2.15 1.51 -1.47 -0.09 -0.32
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 39.68% 46.51% 46.84% 64.75% 91.00% 43.44% 47.79% 47.17% 58.08% 42.43% 36.04%
Augmented Payout Ratio		 45.62% 73.77% 105.53% 143.67% 194.22% 81.05% 66.94% 117.38% 153.25% 80.79% 58.33%

Quarterly Metrics And Ratios for Walmart

This table displays calculated financial ratios and metrics derived from Walmart's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 1/31/2023 4/30/2023 7/31/2023 10/31/2023 1/31/2024 4/30/2024 7/31/2024 10/31/2024 1/31/2025 4/30/2025 7/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 7.31% 7.58% 5.74% 5.23% 5.69% 6.05% 4.77% 5.46% 4.13% 2.54% 4.76%
EBITDA Growth		 55.31% 1.50% 44.28% 143.31% -8.48% 76.73% -29.29% 121.63% -2.19% -7.95% 34.96%
EBIT Growth		 82.27% -2.26% 58.22% 255.96% -14.26% 135.29% -39.60% 352.89% -6.22% -14.37% 47.45%
NOPAT Growth		 -18.86% 14.17% 3.44% 131.03% 50.97% 17.25% 9.62% 18.98% 11.76% 7.00% -7.13%
Net Income Growth		 59.90% -9.84% 56.46% 136.39% -2.26% 179.91% -41.50% 633.13% -4.46% -12.59% 51.79%
EPS Growth		 59.90% -9.84% 56.46% 136.39% -2.26% 200.00% -42.27% 850.00% -4.41% -11.11% 57.14%
Operating Cash Flow Growth		 66.58% 223.28% 4.39% -87.41% 27.16% -8.29% -10.76% 707.01% -19.07% 27.35% 6.88%
Free Cash Flow Firm Growth		 14.64% 202.10% 193.83% -867.62% -153.85% -146.19% -117.14% 155.34% 66.91% 93.72% -232.61%
Invested Capital Growth		 -0.03% -6.09% -0.57% 7.36% 6.24% 8.88% 5.69% 2.05% 5.34% 4.41% 6.94%
Revenue Q/Q Growth		 7.35% -7.16% 6.13% -0.51% 7.83% -6.85% 4.85% 0.15% 6.47% -8.28% 7.12%
EBITDA Q/Q Growth		 569.96% -50.16% 131.95% -68.58% 152.01% -3.76% -7.19% -1.53% 11.21% -9.43% 36.08%
EBIT Q/Q Growth		 1,110.63% -65.51% 245.79% -87.06% 455.58% -5.36% -11.22% -2.98% 15.04% -13.58% 52.86%
NOPAT Q/Q Growth		 92.36% 21.29% 24.78% -20.65% 25.70% -5.80% 16.66% -13.87% 18.08% -9.82% 1.25%
Net Income Q/Q Growth		 428.75% -67.36% 324.74% -92.02% 783.05% -6.53% -11.23% 0.06% 15.08% -14.49% 54.15%
EPS Q/Q Growth		 428.75% -67.36% 324.74% -92.02% 783.05% -7.35% -11.11% 1.79% 14.04% -13.85% 57.14%
Operating Cash Flow Q/Q Growth		 103.52% -64.75% 192.86% -94.01% 1,955.60% -74.58% 184.96% -45.81% 106.14% -59.99% 139.16%
Free Cash Flow Firm Q/Q Growth		 877.65% 237.09% -49.73% -173.43% 56.72% -189.15% 81.35% 337.13% -125.87% 45.09% -887.34%
Invested Capital Q/Q Growth		 -1.34% 2.44% 1.72% 4.43% -2.37% 4.99% -1.26% 0.83% 0.78% 4.06% 1.13%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 23.54% 24.31% 24.61% 24.64% 23.97% 24.81% 25.11% 24.91% 24.58% 24.94% 25.16%
EBITDA Margin		 7.45% 4.00% 8.74% 2.76% 6.45% 6.66% 5.90% 5.80% 6.06% 5.98% 7.60%
Operating Margin		 3.39% 4.10% 4.53% 3.86% 4.18% 4.24% 4.69% 3.96% 4.35% 4.31% 4.11%
EBIT Margin		 5.74% 2.13% 6.94% 0.90% 4.65% 4.73% 4.00% 3.88% 4.19% 3.95% 5.63%
Profit (Net Income) Margin		 3.54% 1.24% 4.98% 0.40% 3.27% 3.29% 2.78% 2.78% 3.00% 2.80% 4.03%
Tax Burden Percent		 65.26% 70.54% 75.07% 70.27% 75.53% 75.44% 75.82% 77.30% 77.91% 77.39% 76.74%
Interest Burden Percent		 94.61% 82.84% 95.60% 63.02% 93.19% 92.14% 91.66% 92.73% 92.04% 91.68% 93.25%
Effective Tax Rate		 34.75% 29.46% 24.93% 29.73% 24.47% 24.56% 24.18% 22.70% 22.09% 22.61% 23.26%
Return on Invested Capital (ROIC)		 11.32% 14.23% 17.18% 13.80% 16.63% 16.44% 18.48% 15.69% 17.73% 16.78% 16.05%
ROIC Less NNEP Spread (ROIC-NNEP)		 18.24% 8.49% 23.73% 5.03% 17.19% 16.77% 15.19% 14.55% 15.80% 14.89% 19.74%
Return on Net Nonoperating Assets (RNNOA)		 6.53% 4.48% 10.82% 2.57% 7.06% 8.78% 6.86% 6.64% 6.06% 7.77% 8.90%
Return on Equity (ROE)		 17.86% 18.72% 28.00% 16.36% 23.69% 25.22% 25.33% 22.33% 23.79% 24.55% 24.95%
Cash Return on Invested Capital (CROIC)		 11.38% 17.43% 12.28% 7.14% 10.29% 7.74% 11.09% 14.60% 12.06% 12.47% 9.76%
Operating Return on Assets (OROA)		 14.37% 5.40% 17.44% 2.28% 12.17% 12.45% 10.45% 10.00% 11.12% 10.47% 14.87%
Return on Assets (ROA)		 8.87% 3.15% 12.51% 1.01% 8.57% 8.66% 7.26% 7.17% 7.97% 7.43% 10.64%
Return on Common Equity (ROCE)		 16.24% 16.90% 25.67% 14.94% 21.79% 23.10% 23.56% 20.76% 22.10% 22.65% 23.21%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 15.31% 17.59% 20.64% 0.00% 24.21% 19.35% 23.16% 0.00% 23.26% 0.00%
Net Operating Profit after Tax (NOPAT)		 3,629 4,401 5,492 4,358 5,479 5,161 6,020 5,186 6,123 5,522 5,591
NOPAT Margin		 2.21% 2.89% 3.40% 2.71% 3.16% 3.20% 3.56% 3.06% 3.39% 3.33% 3.15%
Net Nonoperating Expense Percent (NNEP)		 -6.92% 5.74% -6.55% 8.76% -0.56% -0.33% 3.29% 1.15% 1.93% 1.89% -3.69%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - 4.30% 3.88% 3.83%
Cost of Revenue to Revenue		 76.46% 75.69% 75.39% 75.36% 76.03% 75.19% 74.89% 75.09% 75.42% 75.06% 74.84%
SG&A Expenses to Revenue		 20.16% 20.21% 20.09% 20.78% 19.79% 20.58% 20.42% 20.96% 20.23% 20.63% 21.05%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 20.16% 20.21% 20.09% 20.78% 19.79% 20.58% 20.42% 20.96% 20.23% 20.63% 21.05%
Earnings before Interest and Taxes (EBIT)		 9,409 3,245 11,221 1,452 8,067 7,635 6,778 6,576 7,565 6,538 9,994
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 12,220 6,090 14,126 4,438 11,184 10,763 9,989 9,836 10,939 9,907 13,481
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 4.94 5.51 5.32 5.46 5.25 5.85 6.52 7.48 8.66 9.28 8.66
Price to Tangible Book Value (P/TBV)		 7.80 9.04 8.25 8.44 7.90 8.92 9.75 10.95 12.67 14.16 12.78
Price to Revenue (P/Rev)		 0.62 0.64 0.67 0.68 0.68 0.72 0.83 0.98 1.16 1.14 1.13
Price to Earnings (P/E)		 32.40 35.28 30.14 26.64 28.41 25.09 35.40 33.48 40.57 41.33 36.55
Dividend Yield		 1.60% 1.52% 1.44% 1.41% 1.39% 1.32% 1.16% 0.99% 0.85% 0.88% 0.91%
Earnings Yield		 3.09% 2.83% 3.32% 3.75% 3.52% 3.99% 2.82% 2.99% 2.46% 2.42% 2.74%
Enterprise Value to Invested Capital (EV/IC)		 3.53 3.63 3.74 3.72 3.81 3.92 4.52 5.29 6.22 5.95 5.88
Enterprise Value to Revenue (EV/Rev)		 0.69 0.71 0.74 0.76 0.75 0.79 0.89 1.04 1.22 1.21 1.19
Enterprise Value to EBITDA (EV/EBITDA)		 14.12 14.84 13.57 13.10 13.49 12.89 16.34 16.80 20.02 20.34 18.72
Enterprise Value to EBIT (EV/EBIT)		 22.30 23.60 20.27 19.07 20.16 18.40 24.83 24.15 29.11 30.13 26.96
Enterprise Value to NOPAT (EV/NOPAT)		 31.07 31.52 31.83 27.02 24.04 25.17 27.93 32.13 36.97 36.19 36.91
Enterprise Value to Operating Cash Flow (EV/OCF)		 14.60 11.92 12.30 15.02 13.54 14.77 17.54 17.70 22.81 22.00 21.51
Enterprise Value to Free Cash Flow (EV/FCFF)		 31.00 20.16 30.36 53.88 38.18 52.80 41.86 36.59 52.91 48.72 62.27
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.52 0.61 0.58 0.64 0.51 0.56 0.51 0.49 0.46 0.57 0.51
Long-Term Debt to Equity		 0.47 0.54 0.49 0.49 0.46 0.48 0.46 0.42 0.40 0.47 0.43
Financial Leverage		 0.36 0.53 0.46 0.51 0.41 0.52 0.45 0.46 0.38 0.52 0.45
Leverage Ratio		 2.77 2.97 2.93 3.05 2.84 2.98 2.89 2.90 2.73 2.89 2.80
Compound Leverage Factor		 2.63 2.46 2.80 1.92 2.65 2.74 2.65 2.69 2.51 2.65 2.61
Debt to Total Capital		 34.41% 38.07% 36.74% 38.96% 33.76% 35.83% 33.74% 33.00% 31.53% 36.49% 33.79%
Short-Term Debt to Total Capital		 3.56% 4.43% 5.50% 9.07% 3.16% 5.32% 3.42% 4.84% 3.97% 6.78% 5.36%
Long-Term Debt to Total Capital		 30.84% 33.64% 31.24% 29.89% 30.60% 30.51% 30.31% 28.16% 27.56% 29.71% 28.43%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 5.70% 5.50% 4.44% 4.52% 4.91% 5.09% 4.63% 4.51% 4.68% 4.80% 4.61%
Common Equity to Total Capital		 59.89% 56.43% 58.82% 56.52% 61.33% 59.08% 61.63% 62.49% 63.79% 58.71% 61.60%
Debt to EBITDA		 1.48 1.63 1.45 1.49 1.29 1.22 1.27 1.11 1.08 1.28 1.12
Net Debt to EBITDA		 1.19 1.28 1.05 1.16 1.01 0.98 1.03 0.87 0.87 1.05 0.91
Long-Term Debt to EBITDA		 1.32 1.44 1.23 1.14 1.17 1.04 1.14 0.95 0.95 1.04 0.94
Debt to NOPAT		 3.25 3.47 3.40 3.06 2.30 2.38 2.17 2.13 2.00 2.28 2.21
Net Debt to NOPAT		 2.61 2.72 2.45 2.38 1.80 1.92 1.76 1.67 1.60 1.87 1.79
Long-Term Debt to NOPAT		 2.91 3.06 2.89 2.35 2.08 2.02 1.95 1.82 1.75 1.85 1.86
Altman Z-Score		 4.46 4.39 4.50 4.38 4.73 4.80 5.13 5.41 6.06 5.79 5.77
Noncontrolling Interest Sharing Ratio		 9.06% 9.69% 8.33% 8.72% 8.02% 8.38% 7.01% 7.05% 7.11% 7.74% 6.98%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.82 0.82 0.83 0.85 0.83 0.80 0.80 0.85 0.82 0.78 0.79
Quick Ratio		 0.18 0.19 0.22 0.20 0.20 0.19 0.18 0.20 0.20 0.18 0.19
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 3,659 12,333 6,200 -4,553 -1,970 -5,697 -1,063 2,520 -652 -358 -3,534
Operating Cash Flow to CapEx		 276.58% 105.73% 288.62% 14.98% 285.92% 92.29% 215.79% 107.15% 192.86% 109.07% 201.98%
Free Cash Flow to Firm to Interest Expense		 6.00 18.57 9.66 -6.68 -2.84 -7.98 -1.56 4.08 -0.91 -0.56 -4.60
Operating Cash Flow to Interest Expense		 21.55 6.98 21.13 1.19 24.05 5.95 17.83 10.62 18.86 8.49 16.83
Operating Cash Flow Less CapEx to Interest Expense		 13.76 0.38 13.81 -6.77 15.64 -0.50 9.57 0.71 9.08 0.71 8.50
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 2.51 2.53 2.51 2.52 2.62 2.63 2.61 2.58 2.65 2.65 2.64
Accounts Receivable Turnover		 75.41 81.20 81.85 75.85 77.49 78.62 80.41 72.21 72.56 73.03 72.32
Inventory Turnover		 8.20 7.99 8.20 7.52 8.79 8.84 8.92 7.97 9.19 9.12 9.19
Fixed Asset Turnover		 6.26 6.31 6.28 6.23 6.13 6.15 6.09 6.01 5.90 5.89 5.79
Accounts Payable Turnover		 8.51 8.81 8.63 8.18 8.87 9.00 8.85 8.19 8.86 9.05 8.91
Days Sales Outstanding (DSO)		 4.84 4.50 4.46 4.81 4.71 4.64 4.54 5.06 5.03 5.00 5.05
Days Inventory Outstanding (DIO)		 44.51 45.67 44.52 48.54 41.50 41.30 40.90 45.77 39.70 40.02 39.73
Days Payable Outstanding (DPO)		 42.90 41.43 42.28 44.64 41.16 40.57 41.25 44.57 41.18 40.35 40.95
Cash Conversion Cycle (CCC)		 6.45 8.73 6.70 8.71 5.05 5.37 4.19 6.26 3.55 4.67 3.83
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 119,421 122,337 124,436 129,950 126,870 133,195 131,519 132,616 133,645 139,075 140,644
Invested Capital Turnover		 5.12 4.92 5.05 5.09 5.26 5.14 5.20 5.13 5.23 5.03 5.09
Increase / (Decrease) in Invested Capital		 -30 -7,932 -708 8,911 7,449 10,858 7,083 2,666 6,775 5,880 9,125
Enterprise Value (EV)		 421,207 443,945 465,061 482,941 483,616 522,137 594,296 701,569 831,189 827,380 826,850
Market Capitalization		 378,479 398,615 423,248 433,980 440,607 475,248 550,543 658,735 788,557 777,758 780,099
Book Value per Share		 $28.44 $26.86 $29.54 $29.52 $31.15 $10.09 $10.50 $10.96 $11.33 $10.45 $11.29
Tangible Book Value per Share		 $17.99 $16.36 $19.05 $19.11 $20.71 $6.61 $7.02 $7.49 $7.75 $6.85 $7.65
Total Capital		 128,046 128,310 135,257 140,571 136,737 137,587 136,987 140,991 142,682 142,726 146,292
Total Debt		 44,055 48,845 49,698 54,760 46,166 49,297 46,215 46,526 44,990 52,078 49,435
Total Long-Term Debt		 39,492 43,159 42,255 42,012 41,841 41,975 41,525 39,701 39,324 42,398 41,587
Net Debt		 35,430 38,270 35,810 42,606 36,299 39,892 37,404 36,477 35,953 42,767 40,004
Capital Expenditures (CapEx)		 4,752 4,382 4,701 5,428 5,845 4,604 5,611 6,123 7,013 4,961 6,407
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -20,605 -21,883 -23,633 -15,245 -21,080 -21,031 -22,871 -18,844 -20,497 -22,298 -23,116
Debt-free Net Working Capital (DFNWC)		 -11,980 -11,308 -9,745 -3,091 -11,213 -11,626 -14,060 -8,795 -11,460 -12,987 -13,685
Net Working Capital (NWC)		 -16,543 -16,994 -17,188 -15,839 -15,538 -18,948 -18,750 -15,620 -17,126 -22,667 -21,533
Net Nonoperating Expense (NNE)		 -2,180 2,505 -2,561 3,715 -199 -146 1,309 472 698 883 -1,560
Net Nonoperating Obligations (NNO)		 35,430 42,872 38,877 44,139 36,299 44,905 40,747 38,151 35,953 48,427 43,787
Total Depreciation and Amortization (D&A)		 2,811 2,845 2,905 2,986 3,117 3,128 3,211 3,260 3,374 3,369 3,487
Debt-free, Cash-free Net Working Capital to Revenue		 -3.37% -3.52% -3.75% -2.39% -3.25% -3.20% -3.44% -2.80% -3.01% -3.25% -3.33%
Debt-free Net Working Capital to Revenue		 -1.96% -1.82% -1.54% -0.48% -1.73% -1.77% -2.11% -1.31% -1.68% -1.90% -1.97%
Net Working Capital to Revenue		 -2.71% -2.73% -2.72% -2.48% -2.40% -2.88% -2.82% -2.32% -2.51% -3.31% -3.11%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.26 $0.21 $0.98 $0.06 $0.23 $0.63 $0.56 $0.57 $0.65 $0.56 $0.88
Adjusted Weighted Average Basic Shares Outstanding		 24.51B 8.08B 8.08B 8.08B 24.23B 8.05B 8.04B 8.04B 8.04B 8.01B 7.98B
Adjusted Diluted Earnings per Share		 $0.26 $0.21 $0.97 $0.06 $0.23 $0.63 $0.56 $0.57 $0.65 $0.56 $0.88
Adjusted Weighted Average Diluted Shares Outstanding		 24.61B 8.11B 8.11B 8.11B 24.32B 8.08B 8.08B 8.08B 8.08B 8.05B 8.02B
Adjusted Basic & Diluted Earnings per Share		 $0.26 $0.00 $0.00 $0.00 $0.23 $0.00 $0.00 $0.00 $0.65 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 8.09B 8.08B 8.07B 8.08B 24.17B 8.04B 8.04B 8.03B 8.02B 7.98B 7.97B
Normalized Net Operating Profit after Tax (NOPAT)		 3,629 4,401 5,492 4,358 5,479 5,161 6,020 5,186 6,123 5,522 5,591
Normalized NOPAT Margin		 2.21% 2.89% 3.40% 2.71% 3.16% 3.20% 3.56% 3.06% 3.39% 3.33% 3.15%
Pre Tax Income Margin		 5.43% 1.76% 6.64% 0.57% 4.34% 4.36% 3.67% 3.60% 3.86% 3.62% 5.25%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 15.42 4.89 17.48 2.13 11.61 10.69 9.98 10.64 10.55 10.26 13.00
NOPAT to Interest Expense		 5.95 6.63 8.56 6.39 7.88 7.23 8.87 8.39 8.54 8.67 7.27
EBIT Less CapEx to Interest Expense		 7.63 -1.71 10.16 -5.83 3.20 4.25 1.72 0.73 0.77 2.48 4.66
NOPAT Less CapEx to Interest Expense		 -1.84 0.03 1.23 -1.57 -0.53 0.78 0.60 -1.52 -1.24 0.88 -1.06
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 58.08% 59.12% 73.08% 62.36% 42.43% 35.75% 21.44% 17.82% 36.04% 38.34% 35.04%
Augmented Payout Ratio		 153.25% 140.53% 117.19% 82.61% 80.79% 69.36% 65.15% 57.06% 58.33% 79.34% 74.35%

Financials Breakdown Chart

Key Financial Trends

Walmart Inc. (NYSE: WMT) has shown steady financial performance over the past few years, highlighted by consistent revenue growth and strong cash flow from operations. Below are key trends and insights based on recent quarterly financial statements, including the most recent Q2 2026 data:

  • Revenue Growth: Total revenue increased to $177.4 billion in Q2 2026, up from $165.6 billion in Q1 2026, demonstrating solid top-line growth driven primarily by operating revenue.
  • Strong Net Income: The company posted a net income of $7.15 billion in Q2 2026, a significant increase over prior quarters, indicating improved profitability and operational efficiency.
  • Operating Cash Flow Strength: Net cash from operating activities in Q2 2026 totaled $12.94 billion, showing Walmart's ability to generate healthy cash flow to fund operations and investments.
  • Capital Expenditure Investment: Capital expenditures for property, plant, and equipment amounted to $6.42 billion in Q2 2026, reflecting ongoing investments in store expansion and infrastructure.
  • Debt Management: Walmart reduced net cash from financing activities by $7.0 billion in Q2 2026, driven by debt repayments and share repurchases, indicating disciplined capital allocation towards deleveraging.
  • Inventory Levels: Inventories increased to $57.7 billion in Q2 2026 from $57.4 billion in Q1 2026, slightly higher but consistent with sales growth, which will require ongoing management to avoid excess stock.
  • Accounts Receivable Rise: Accounts receivable reached $10.5 billion in Q2 2026, reflecting increased credit sales or timing, which should be monitored for collection efficiency.
  • Decline in Cash Balances: Cash and equivalents slightly decreased to $9.43 billion in Q2 2026 compared to $9.31 billion in Q1 2026, which may reflect investment and debt repayment activities but reduces liquidity buffer marginally.
  • Increased Operating Expenses: Selling, General and Administrative expenses rose quarter over quarter, contributing to narrowing operating income margins and requiring cost control measures.
  • Negative Exchange Rate Impact: Although minimal, the effect of exchange rate changes resulted in a modest $111 million cash inflow, highlighting currency sensitivity in global operations.

Overall, Walmart's financials reveal a stable growth trajectory, bolstered by significant operating cash flow and prudent financial management through debt reduction and capital expenditures. However, investors should watch for potential pressure from rising operating costs and inventory management challenges that could affect future margins.

09/19/25 06:50 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Walmart's Financials

When does Walmart's fiscal year end?

According to the most recent income statement we have on file, Walmart's financial year ends in January. Their financial year 2025 ended on January 31, 2025.

How has Walmart's net income changed over the last 10 years?

Walmart's net income were at $20.16 billion at the end of 2025, a 23.9% increase from 2024, and a 17.9% increase since 2015. View Walmart's forecast to see where analysts expect Walmart to go next.

What is Walmart's operating income?
Walmart's total operating income in 2025 was $29.35 billion, based on the following breakdown:
  • Total Gross Profit: $169.23 billion
  • Total Operating Expenses: $139.88 billion
How has Walmart's revenue changed over the last 10 years?

Over the last 10 years, Walmart's total revenue changed from $485.65 billion in 2015 to $680.99 billion in 2025, a change of 40.2%.

How much debt does Walmart have?

Walmart's total liabilities were at $163.13 billion at the end of 2025, a 0.8% increase from 2024, and a 38.8% increase since 2015.

How much cash does Walmart have?

In the past 10 years, Walmart's cash and equivalents has ranged from $6.76 billion in 2018 to $17.74 billion in 2021, and is currently $9.04 billion as of their latest financial filing in 2025.

How has Walmart's book value per share changed over the last 10 years?

Over the last 10 years, Walmart's book value per share changed from 25.25 in 2015 to 11.33 in 2025, a change of -55.1%.


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This page (NYSE:WMT) was last updated on 9/19/2025 by MarketBeat.com Staff
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