Walmart Inc. (WMT)

Latest 10-K (filed 2026-03-13)

Income Statement

Consolidated Statement of Income

Walmart Inc. (WMT39)

Year Ended (In millions, except shares and per share data)

Jan 31, 2026 Jan 31, 2025 Jan 31, 2024
    Net sales $706,413 $674,538 $642,637
    Membership and other income $6,750 $6,447 $5,488
Membership Fees $4,400 $3,800 $3,100
      Total revenues $713,163 $680,985 $648,125
      Cost of sales $535,395 $511,753 $490,142
      Operating, selling, general and administrative expenses $147,943 $139,884 $130,971
    Operating income $29,825 $29,348 $27,012
    Debt $2,318 $2,249 $2,259
    Finance lease $481 $479 $424
    Interest income $(368) $(483) $(546)
    Interest, net $2,431 $2,245 $2,137
    Other (gains) and losses $(2,075) $794 $3,027
    Income before income taxes $29,469 $26,309 $21,848
    Provision for income taxes $7,199 $6,152 $5,578
  Consolidated net income $22,270 $20,157 $16,270
  Consolidated net income attributable to noncontrolling interest $(377) $(721) $(759)
  Consolidated net income attributable to Walmart $21,893 $19,436 $15,511
    Basic net income per common share attributable to Walmart (in USD per share) 2.74 2.42 1.92
    Diluted net income per common share attributable to Walmart (in USD per share) 2.73 2.41 1.91
    Basic (in shares) 7,983 8,041 8,077
    Diluted (in shares) 8,022 8,081 8,108
  Dividends declared per common share (in USD per share) 0.94 0.83 0.76
Subsequent Event

Balance Sheet

Consolidated Balance Sheets

Walmart Inc. (WMT39)

As of January 31, 2026 and January 31, 2025 (In millions, except shares and per share data)

Jan 31, 2026 Jan 31, 2025
        Cash and cash equivalents $10,727 $9,037
Amounts Due from Banks $4,400 $2,300
Nonrepatriable Cash and Cash Equivalents $3,900 $3,300
        Receivables, net $11,172 $9,975
        Inventories $58,851 $56,435
        Prepaid expenses and other $4,124 $4,011
        Total current assets $84,874 $79,458
    Property and equipment, net $136,083 $119,993
    Operating lease right-of-use assets $14,750 $13,599
    Finance lease right-of-use assets, net $6,123 $6,112
    Goodwill $28,735 $28,792
    Other long-term assets $14,103 $12,869
    Total assets $284,668 $260,823
        Short-term borrowings $6,596 $3,068
        Accounts payable $63,061 $58,666
        Accrued liabilities $31,187 $29,345
        Accrued income taxes $596 $608
        Long-term debt due within one year $3,542 $2,598
        Operating lease obligations due within one year $1,631 $1,499
        Finance lease obligations due within one year $856 $800
      Total current liabilities $107,469 $96,584
      Long-term debt $34,624 $33,401
      Long-term operating lease obligations $13,941 $12,825
      Long-term finance lease obligations $5,905 $5,923
      Deferred income taxes and other $16,549 $14,398
      Commitments and contingencies
      Redeemable noncontrolling interest $293 $271
        Common stock $797 $802
        Capital in excess of par value $6,816 $5,503
        Retained earnings $104,774 $98,313
        Accumulated other comprehensive loss $(12,770) $(13,605)
      Total Walmart shareholders' equity $99,617 $91,013
      Nonredeemable noncontrolling interest $6,270 $6,408
      Total shareholders' equity $105,887 $97,421
    Total liabilities, redeemable noncontrolling interest, and shareholders' equity $284,668 $260,823

Cash Flow

Consolidated Statement of Cash Flows

Walmart Inc. (WMT39)

Year Ended (In millions, except shares and per share data)

Jan 31, 2026 Jan 31, 2025 Jan 31, 2024
      Consolidated net income $22,270 $20,157 $16,270
      Depreciation and amortization $14,203 $12,973 $11,853
      Investment (gains) and losses, net $(2,016) $878 $3,193
      Deferred income taxes $2,277 $(635) $(175)
      Other operating activities $4,079 $2,889 $2,642
        Receivables, net $(1,136) $(1,106) $(797)
        Inventories $(1,443) $(2,755) $2,017
        Accounts payable $1,611 $3,228 $2,515
        Accrued liabilities $1,607 $379 $(1,324)
        Accrued income taxes $113 $435 $(468)
    Net cash provided by operating activities $41,565 $36,443 $35,726
      Payments for property and equipment $(26,642) $(23,783) $(20,606)
      Proceeds from the disposal of property and equipment $106 $432 $250
      Proceeds from disposal of certain strategic investments $927 $4,080
      Payments for business acquisitions, net of cash acquired $(53) $(1,896) $(9)
      Other investing activities $(688) $(212) $(922)
    Net cash used in investing activities $(26,350) $(21,379) $(21,287)
      Net change in short-term borrowings $3,523 $2,212 $512
      Proceeds from issuance of long-term debt $3,983 $4,967
Floating Debt, Due 2027 - Senior Unsecured Notes $749
4.100% Debt, Due 2027 - Senior Unsecured Notes $748
4.350% Debt, Due 2030 - Senior Unsecured Notes $993
4.900% Debt, Due 2035 - Senior Unsecured Notes $1,493
Senior Unsecured Notes $3,983
      Repayments of long-term debt $(2,625) $(3,468) $(4,217)
      Dividends paid $(7,507) $(6,688) $(6,140)
      Purchase of Company stock $(8,088) $(4,494) $(2,779)
      Dividends paid to noncontrolling interest $(439) $(576) $(763)
      Purchase of noncontrolling interest $(3,462)
      Sale of subsidiary stock $111 $362 $716
      Other financing activities $(2,511) $(2,170) $(2,248)
    Net cash used in financing activities $(13,553) $(14,822) $(13,414)
    Effect of exchange rates on cash, cash equivalents and restricted cash $123 $(641) $69
  Net increase (decrease) in cash, cash equivalents and restricted cash $1,785 $(399) $1,094
  Cash, cash equivalents and restricted cash at end of year
  Cash, cash equivalents and restricted cash at end of year
    Income taxes paid $5,364 $5,884 $5,879
    Interest paid $2,793 $2,739 $2,519