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Walmart (WMT) Financials

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$95.02 -0.82 (-0.86%)
Closing price 04/25/2025 03:59 PM Eastern
Extended Trading
$95.05 +0.03 (+0.03%)
As of 04/25/2025 07:59 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
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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Net Income / (Loss) Attributable to Common Shareholders
5,149 -1,798 6,275 1,673 7,891 453 5,494 5,104 4,501 4,577 5,254
Consolidated Net Income / (Loss)
5,147 -1,767 5,809 1,896 8,053 643 5,678 5,307 4,711 4,714 5,425
Net Income / (Loss) Continuing Operations
5,147 -1,767 5,809 1,896 8,053 643 5,678 5,307 4,711 4,714 5,425
Total Pre-Tax Income
6,644 -1,431 8,902 2,688 10,727 915 7,518 7,035 6,213 6,098 6,963
Total Operating Income
6,854 2,695 5,561 6,240 7,316 6,202 7,254 6,841 7,940 6,708 7,859
Total Gross Profit
37,021 37,200 38,625 37,017 39,782 39,621 41,563 40,077 42,525 42,248 44,382
Total Revenue
152,859 152,813 164,048 152,301 161,632 160,804 173,388 161,508 169,335 169,588 180,554
Operating Revenue
151,381 151,469 162,743 151,004 160,280 159,439 171,914 159,938 167,767 168,003 178,830
Other Revenue
1,478 1,344 1,305 1,297 1,352 1,365 1,474 1,570 1,568 1,585 1,724
Total Cost of Revenue
115,838 115,613 125,423 115,284 121,850 121,183 131,825 121,431 126,810 127,340 136,172
Operating Cost of Revenue
115,838 115,613 125,423 115,284 121,850 121,183 131,825 121,431 126,810 127,340 136,172
Total Operating Expenses
30,167 34,505 33,064 30,777 32,466 33,419 34,309 33,236 34,585 35,540 36,523
Selling, General & Admin Expense
30,167 34,505 33,064 30,777 32,466 33,419 34,309 33,236 34,585 35,540 36,523
Total Other Income / (Expense), net
-210 -4,126 3,341 -3,552 3,411 -5,287 264 194 -1,727 -610 -896
Interest Expense
479 584 610 664 642 682 695 714 679 618 717
Interest & Investment Income
31 84 103 107 148 145 146 114 114 140 115
Other Income / (Expense), net
238 -3,626 3,848 -2,995 3,905 -4,750 813 794 -1,162 -132 -294
Income Tax Expense
1,497 336 3,093 792 2,674 272 1,840 1,728 1,502 1,384 1,538
Net Income / (Loss) Attributable to Noncontrolling Interest
-2.00 31 -466 223 162 190 184 203 210 137 171
Basic Earnings per Share
$1.88 ($0.66) $0.77 $0.21 $0.98 $0.06 $0.68 $0.63 $0.56 $0.57 $0.65
Weighted Average Basic Shares Outstanding
2.74B 2.71B 8.17B 8.08B 8.08B 8.08B 8.08B 8.05B 8.04B 8.04B 8.04B
Diluted Earnings per Share
$1.88 ($0.66) $0.77 $0.21 $0.97 $0.06 $0.68 $0.63 $0.56 $0.57 $0.65
Weighted Average Diluted Shares Outstanding
2.75B 2.71B 8.20B 8.11B 8.11B 8.11B 8.11B 8.08B 8.08B 8.08B 8.08B
Basic & Diluted Earnings per Share
- - $0.77 - - - $0.68 - - - $0.65
Weighted Average Basic & Diluted Shares Outstanding
2.71B 2.70B 2.70B 2.69B 2.69B 2.69B 8.06B 8.04B 8.04B 8.03B 8.02B
Cash Dividends to Common per Share
$0.00 $0.00 $0.24 $0.76 $0.00 $0.00 ($0.17) $0.83 $0.00 $0.00 $0.28

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
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 4,051 5,660 3,767
Changes in Operating Assets and Liabilities, net
1,792 1,608 7,094 2,939 -204 -1,043 9,883 -7,352 2,553 1,943 -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 -1,057 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 -10,747 -6,241 -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 - - 0.00
Other Net Changes in Cash
- - -452 - -438 -69 235 - 0.00 0.00 -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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Net Change in Cash & Equivalents
2,108 -2,335 -2,814 1,867 3,263 -1,676 -2,360 -475 -581 1,289 -632
Net Cash From Operating Activities
12,998 6,458 13,143 4,633 13,568 813 16,712 4,249 12,108 6,561 13,525
Net Cash From Continuing Operating Activities
12,998 6,458 13,143 4,633 13,568 813 16,712 4,249 12,108 6,561 13,525
Net Income / (Loss) Continuing Operations
5,147 -1,767 5,809 1,896 8,053 643 5,678 5,307 4,711 4,714 5,425
Consolidated Net Income / (Loss)
5,147 -1,767 5,809 1,896 8,053 643 5,678 5,307 4,711 4,714 5,425
Depreciation Expense
2,699 2,755 2,811 2,845 2,905 2,986 3,117 3,128 3,211 3,260 3,374
Non-Cash Adjustments To Reconcile Net Income
302 4,300 -2,481 3,311 -3,235 5,364 220 -132 1,517 954 1,428
Changes in Operating Assets and Liabilities, net
4,850 1,170 7,004 -3,419 5,845 -8,180 7,697 -4,054 2,669 -2,367 3,298
Net Cash From Investing Activities
-4,026 -4,381 -4,757 -4,860 -5,049 -5,465 -5,913 -4,409 -5,719 -2,533 -8,718
Net Cash From Continuing Investing Activities
-4,026 -4,381 -4,757 -4,860 -5,049 -5,465 -5,913 -4,409 -5,719 -2,533 -8,718
Purchase of Property, Plant & Equipment
-3,953 -4,569 -4,796 -4,429 -4,787 -5,458 -5,932 -4,676 -5,831 -6,189 -7,087
Sale of Property, Plant & Equipment
37 54 44 47 86 30 87 72 220 66 74
Other Investing Activities, net
-92 248 5.00 -526 -435 -37 -68 195 -111 3,590 194
Net Cash From Financing Activities
-6,715 -4,181 -11,458 1,940 -5,249 3,130 -13,235 -321 -6,624 -2,728 -5,149
Net Cash From Continuing Financing Activities
-6,715 -4,181 -11,458 1,940 -5,249 3,130 -13,235 -321 -6,624 -2,728 -5,149
Repayment of Debt
-1,848 -4,664 -7,560 -1,286 232 4,769 -9,668 2,394 -3,948 -84 -1,788
Repurchase of Common Equity
-3,339 -2,961 -2,039 -686 -485 -111 -4,959 -1,059 -1,013 -977 -1,445
Payment of Dividends
-1,538 -1,535 -1,942 -1,538 -5,210 -1,538 1,383 -1,671 -1,677 -1,673 -2,243
Issuance of Common Equity
10 10 11 483 214 10 9.00 15 14 6.00 327
Other Net Changes in Cash
- - 331 - - - - - - - -290

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
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
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 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Total Assets
246,142 247,199 247,656 243,197 245,053 255,121 259,174 252,399 254,054 254,440 263,399
Total Current Assets
83,220 84,164 87,680 75,655 78,511 82,032 88,391 76,877 77,152 76,510 86,938
Cash & Equivalents
11,817 13,923 11,587 8,625 10,575 13,888 12,154 9,867 9,405 8,811 10,049
Accounts Receivable
7,674 7,522 8,218 7,933 7,647 7,891 8,625 8,796 9,075 8,650 10,039
Inventories, net
61,229 59,921 64,706 56,576 56,932 56,722 63,951 54,892 55,382 55,611 63,302
Prepaid Expenses
2,500 2,798 3,169 2,521 3,357 3,531 3,661 3,322 3,290 3,438 3,548
Plant, Property, & Equipment, net
94,741 96,006 97,553 100,760 102,335 104,733 107,471 110,810 111,498 113,818 116,598
Total Noncurrent Assets
68,181 67,029 62,423 66,782 64,207 68,356 63,312 64,712 65,404 64,112 59,863
Noncurrent Note & Lease Receivables
4,505 4,514 4,597 4,919 5,124 5,552 5,806 5,855 6,285 6,341 6,227
Goodwill
29,438 28,664 28,137 28,174 28,306 28,268 28,015 28,113 27,999 27,930 27,942
Other Noncurrent Operating Assets
34,238 33,851 29,689 33,689 30,777 34,536 29,491 30,744 31,120 29,841 25,694
Total Liabilities & Shareholders' Equity
246,142 247,199 247,656 243,197 245,053 255,121 259,174 252,399 254,054 254,440 263,399
Total Liabilities
160,282 161,352 167,273 159,206 165,588 169,562 173,363 161,828 165,764 163,668 168,934
Total Current Liabilities
96,530 99,899 101,408 92,198 95,505 99,220 104,230 92,415 96,100 95,260 102,558
Short-Term Debt
15,012 15,950 12,269 4,563 5,686 7,443 12,748 4,325 7,322 4,690 6,825
Accounts Payable
52,926 54,191 57,263 53,742 54,268 56,576 61,049 56,812 56,071 56,716 62,863
Accrued Expenses
21,061 23,843 27,443 31,126 27,527 29,239 26,132 28,759 24,092 27,656 28,117
Dividends Payable
4,631 3,049 1,527 - 4,602 3,067 1,533 0.00 5,013 3,343 1,674
Current Deferred & Payable Income Tax Liabilities
904 868 900 727 1,325 770 606 307 1,276 576 783
Other Current Liabilities
1,996 1,998 2,006 2,040 2,097 2,125 2,162 2,212 2,326 2,279 2,296
Total Noncurrent Liabilities
63,752 61,453 65,865 67,008 70,083 70,342 69,133 69,413 69,664 68,408 66,376
Long-Term Debt
32,174 29,801 33,935 34,649 38,120 36,806 36,342 36,132 35,928 35,364 33,645
Capital Lease Obligations
4,409 4,420 4,512 4,843 5,039 5,449 5,670 5,709 6,047 6,161 6,056
Noncurrent Deferred & Payable Income Tax Liabilities
13,943 14,092 14,760 14,688 13,999 15,109 14,304 14,629 14,849 14,072 13,748
Other Noncurrent Operating Liabilities
13,226 13,140 12,658 12,828 12,925 12,978 12,817 12,943 12,840 12,811 12,927
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
260 260 260 237 234 232 228 222 217 207 189
Total Equity & Noncontrolling Interests
85,600 85,587 80,123 83,754 79,231 85,327 85,583 90,349 88,073 90,565 94,276
Total Preferred & Common Equity
76,896 77,569 72,253 76,693 72,405 79,556 79,456 83,861 81,293 84,423 88,108
Total Common Equity
76,896 77,569 72,253 76,693 72,405 79,556 79,456 83,861 81,293 84,423 88,108
Common Stock
4,862 4,944 5,087 5,238 5,517 4,904 5,198 5,349 5,430 5,813 6,198
Retained Earnings
80,532 82,519 77,946 83,135 78,035 85,470 85,831 89,814 87,230 90,788 94,435
Accumulated Other Comprehensive Income / (Loss)
-8,498 -9,894 -10,780 -11,680 -11,147 -10,818 -11,573 -11,302 -11,367 -12,178 -12,525
Noncontrolling Interest
8,704 8,018 7,870 7,061 6,826 5,771 6,127 6,488 6,780 6,142 6,168

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
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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Growth Metrics
- - - - - - - - - - -
Revenue Growth
8.37% 8.74% 7.31% 7.58% 5.74% 5.23% 5.69% 6.05% 4.77% 5.46% 4.13%
EBITDA Growth
8.28% -81.10% 55.31% 1.50% 44.28% 143.31% -8.48% 76.73% -29.29% 121.63% -2.19%
EBIT Growth
10.80% -113.30% 82.27% -2.26% 58.22% 255.96% -14.26% 135.29% -39.60% 352.89% -6.22%
NOPAT Growth
-2.01% -56.87% -18.86% 14.17% 3.44% 131.03% 50.97% 17.25% 9.62% 18.98% 11.76%
Net Income Growth
17.94% -156.42% 59.90% -9.84% 56.46% 136.39% -2.26% 179.91% -41.50% 633.13% -4.46%
EPS Growth
23.68% -159.46% 59.90% -9.84% 56.46% 136.39% -2.26% 200.00% -42.27% 850.00% -4.41%
Operating Cash Flow Growth
35.89% 66.96% 66.58% 223.28% 4.39% -87.41% 27.16% -8.29% -10.76% 707.01% -19.07%
Free Cash Flow Firm Growth
-159.61% -104.44% 14.64% 202.10% 193.83% -867.62% -153.85% -146.19% -117.14% 155.34% 66.91%
Invested Capital Growth
10.53% 1.99% -0.03% -6.09% -0.57% 7.36% 6.24% 8.88% 5.69% 2.05% 5.34%
Revenue Q/Q Growth
7.97% -0.03% 7.35% -7.16% 6.13% -0.51% 7.83% -6.85% 4.85% 0.15% 6.47%
EBITDA Q/Q Growth
63.18% -81.37% 569.96% -50.16% 131.95% -68.58% 152.01% -3.76% -7.19% -1.53% 11.21%
EBIT Q/Q Growth
113.61% -113.13% 1,110.63% -65.51% 245.79% -87.06% 455.58% -5.36% -11.22% -2.98% 15.04%
NOPAT Q/Q Growth
37.73% -64.47% 92.36% 21.29% 24.78% -20.65% 25.70% -5.80% 16.66% -13.87% 18.08%
Net Income Q/Q Growth
144.75% -134.33% 428.75% -67.36% 324.74% -92.02% 783.05% -6.53% -11.23% 0.06% 15.08%
EPS Q/Q Growth
154.05% -135.11% 428.75% -67.36% 324.74% -92.02% 783.05% -7.35% -11.11% 1.79% 14.04%
Operating Cash Flow Q/Q Growth
445.88% -50.32% 103.52% -64.75% 192.86% -94.01% 1,955.60% -74.58% 184.96% -45.81% 106.14%
Free Cash Flow Firm Q/Q Growth
45.29% 92.88% 877.65% 237.09% -49.73% -173.43% 56.72% -189.15% 81.35% 337.13% -125.87%
Invested Capital Q/Q Growth
-3.93% -3.28% -1.34% 2.44% 1.72% 4.43% -2.37% 4.99% -1.26% 0.83% 0.78%
Profitability Metrics
- - - - - - - - - - -
Gross Margin
24.22% 24.34% 23.54% 24.31% 24.61% 24.64% 23.97% 24.81% 25.11% 24.91% 24.58%
EBITDA Margin
6.41% 1.19% 7.45% 4.00% 8.74% 2.76% 6.45% 6.66% 5.90% 5.80% 6.06%
Operating Margin
4.48% 1.76% 3.39% 4.10% 4.53% 3.86% 4.18% 4.24% 4.69% 3.96% 4.35%
EBIT Margin
4.64% -0.61% 5.74% 2.13% 6.94% 0.90% 4.65% 4.73% 4.00% 3.88% 4.19%
Profit (Net Income) Margin
3.37% -1.16% 3.54% 1.24% 4.98% 0.40% 3.27% 3.29% 2.78% 2.78% 3.00%
Tax Burden Percent
77.47% 123.48% 65.26% 70.54% 75.07% 70.27% 75.53% 75.44% 75.82% 77.30% 77.91%
Interest Burden Percent
93.68% 153.71% 94.61% 82.84% 95.60% 63.02% 93.19% 92.14% 91.66% 92.73% 92.04%
Effective Tax Rate
22.53% 0.00% 34.75% 29.46% 24.93% 29.73% 24.47% 24.56% 24.18% 22.70% 22.09%
Return on Invested Capital (ROIC)
17.13% 6.18% 11.32% 14.23% 17.18% 13.80% 16.63% 16.44% 18.48% 15.69% 17.73%
ROIC Less NNEP Spread (ROIC-NNEP)
16.63% -4.47% 18.24% 8.49% 23.73% 5.03% 17.19% 16.77% 15.19% 14.55% 15.80%
Return on Net Nonoperating Assets (RNNOA)
6.29% -1.79% 6.53% 4.48% 10.82% 2.57% 7.06% 8.78% 6.86% 6.64% 6.06%
Return on Equity (ROE)
23.42% 4.39% 17.86% 18.72% 28.00% 16.36% 23.69% 25.22% 25.33% 22.33% 23.79%
Cash Return on Invested Capital (CROIC)
5.18% 10.27% 11.38% 17.43% 12.28% 7.14% 10.29% 7.74% 11.09% 14.60% 12.06%
Operating Return on Assets (OROA)
11.23% -1.48% 14.37% 5.40% 17.44% 2.28% 12.17% 12.45% 10.45% 10.00% 11.12%
Return on Assets (ROA)
8.15% -2.82% 8.87% 3.15% 12.51% 1.01% 8.57% 8.66% 7.26% 7.17% 7.97%
Return on Common Equity (ROCE)
21.41% 3.96% 16.24% 16.90% 25.67% 14.94% 21.79% 23.10% 23.56% 20.76% 22.10%
Return on Equity Simple (ROE_SIMPLE)
18.07% 12.62% 0.00% 15.31% 17.59% 20.64% 0.00% 24.21% 19.35% 23.16% 0.00%
Net Operating Profit after Tax (NOPAT)
5,310 1,887 3,629 4,401 5,492 4,358 5,479 5,161 6,020 5,186 6,123
NOPAT Margin
3.47% 1.23% 2.21% 2.89% 3.40% 2.71% 3.16% 3.20% 3.56% 3.06% 3.39%
Net Nonoperating Expense Percent (NNEP)
0.50% 10.65% -6.92% 5.74% -6.55% 8.76% -0.56% -0.33% 3.29% 1.15% 1.93%
Return On Investment Capital (ROIC_SIMPLE)
- - - - - - - - - - 4.30%
Cost of Revenue to Revenue
75.78% 75.66% 76.46% 75.69% 75.39% 75.36% 76.03% 75.19% 74.89% 75.09% 75.42%
SG&A Expenses to Revenue
19.74% 22.58% 20.16% 20.21% 20.09% 20.78% 19.79% 20.58% 20.42% 20.96% 20.23%
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
19.74% 22.58% 20.16% 20.21% 20.09% 20.78% 19.79% 20.58% 20.42% 20.96% 20.23%
Earnings before Interest and Taxes (EBIT)
7,092 -931 9,409 3,245 11,221 1,452 8,067 7,635 6,778 6,576 7,565
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
9,791 1,824 12,220 6,090 14,126 4,438 11,184 10,763 9,989 9,836 10,939
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
4.52 5.20 4.94 5.51 5.32 5.46 5.25 5.85 6.52 7.48 8.66
Price to Tangible Book Value (P/TBV)
7.16 8.51 7.80 9.04 8.25 8.44 7.90 8.92 9.75 10.95 12.67
Price to Revenue (P/Rev)
0.60 0.63 0.62 0.64 0.67 0.68 0.68 0.72 0.83 0.98 1.16
Price to Earnings (P/E)
25.25 41.87 32.40 35.28 30.14 26.64 28.41 25.09 35.40 33.48 40.57
Dividend Yield
1.74% 1.61% 1.60% 1.52% 1.44% 1.41% 1.39% 1.32% 1.16% 0.99% 0.85%
Earnings Yield
3.96% 2.39% 3.09% 2.83% 3.32% 3.75% 3.52% 3.99% 2.82% 2.99% 2.46%
Enterprise Value to Invested Capital (EV/IC)
3.15 3.49 3.53 3.63 3.74 3.72 3.81 3.92 4.52 5.29 6.22
Enterprise Value to Revenue (EV/Rev)
0.67 0.70 0.69 0.71 0.74 0.76 0.75 0.79 0.89 1.04 1.22
Enterprise Value to EBITDA (EV/EBITDA)
11.85 16.59 14.12 14.84 13.57 13.10 13.49 12.89 16.34 16.80 20.02
Enterprise Value to EBIT (EV/EBIT)
17.49 28.87 22.30 23.60 20.27 19.07 20.16 18.40 24.83 24.15 29.11
Enterprise Value to NOPAT (EV/NOPAT)
21.82 28.81 31.07 31.52 31.83 27.02 24.04 25.17 27.93 32.13 36.97
Enterprise Value to Operating Cash Flow (EV/OCF)
18.80 17.92 14.60 11.92 12.30 15.02 13.54 14.77 17.54 17.70 22.81
Enterprise Value to Free Cash Flow (EV/FCFF)
63.92 34.33 31.00 20.16 30.36 53.88 38.18 52.80 41.86 36.59 52.91
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
0.58 0.63 0.52 0.61 0.58 0.64 0.51 0.56 0.51 0.49 0.46
Long-Term Debt to Equity
0.40 0.48 0.47 0.54 0.49 0.49 0.46 0.48 0.46 0.42 0.40
Financial Leverage
0.38 0.40 0.36 0.53 0.46 0.51 0.41 0.52 0.45 0.46 0.38
Leverage Ratio
2.81 2.88 2.77 2.97 2.93 3.05 2.84 2.98 2.89 2.90 2.73
Compound Leverage Factor
2.63 4.42 2.63 2.46 2.80 1.92 2.65 2.74 2.65 2.69 2.51
Debt to Total Capital
36.89% 38.69% 34.41% 38.07% 36.74% 38.96% 33.76% 35.83% 33.74% 33.00% 31.53%
Short-Term Debt to Total Capital
11.73% 9.36% 3.56% 4.43% 5.50% 9.07% 3.16% 5.32% 3.42% 4.84% 3.97%
Long-Term Debt to Total Capital
25.16% 29.33% 30.84% 33.64% 31.24% 29.89% 30.60% 30.51% 30.31% 28.16% 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
6.09% 6.20% 5.70% 5.50% 4.44% 4.52% 4.91% 5.09% 4.63% 4.51% 4.68%
Common Equity to Total Capital
57.03% 55.11% 59.89% 56.43% 58.82% 56.52% 61.33% 59.08% 61.63% 62.49% 63.79%
Debt to EBITDA
1.51 1.99 1.48 1.63 1.45 1.49 1.29 1.22 1.27 1.11 1.08
Net Debt to EBITDA
1.09 1.54 1.19 1.28 1.05 1.16 1.01 0.98 1.03 0.87 0.87
Long-Term Debt to EBITDA
1.03 1.51 1.32 1.44 1.23 1.14 1.17 1.04 1.14 0.95 0.95
Debt to NOPAT
2.77 3.46 3.25 3.47 3.40 3.06 2.30 2.38 2.17 2.13 2.00
Net Debt to NOPAT
2.00 2.67 2.61 2.72 2.45 2.38 1.80 1.92 1.76 1.67 1.60
Long-Term Debt to NOPAT
1.89 2.62 2.91 3.06 2.89 2.35 2.08 2.02 1.95 1.82 1.75
Altman Z-Score
4.17 4.13 4.46 4.39 4.50 4.38 4.73 4.80 5.13 5.41 6.06
Noncontrolling Interest Sharing Ratio
8.60% 9.71% 9.06% 9.69% 8.33% 8.72% 8.02% 8.38% 7.01% 7.05% 7.11%
Liquidity Ratios
- - - - - - - - - - -
Current Ratio
0.84 0.86 0.82 0.82 0.83 0.85 0.83 0.80 0.80 0.85 0.82
Quick Ratio
0.21 0.20 0.18 0.19 0.22 0.20 0.20 0.19 0.18 0.20 0.20
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
-6,608 -471 3,659 12,333 6,200 -4,553 -1,970 -5,697 -1,063 2,520 -652
Operating Cash Flow to CapEx
331.92% 143.03% 276.58% 105.73% 288.62% 14.98% 285.92% 92.29% 215.79% 107.15% 192.86%
Free Cash Flow to Firm to Interest Expense
-13.80 -0.81 6.00 18.57 9.66 -6.68 -2.84 -7.98 -1.56 4.08 -0.91
Operating Cash Flow to Interest Expense
27.14 11.06 21.55 6.98 21.13 1.19 24.05 5.95 17.83 10.62 18.86
Operating Cash Flow Less CapEx to Interest Expense
18.96 3.33 13.76 0.38 13.81 -6.77 15.64 -0.50 9.57 0.71 9.08
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
2.42 2.44 2.51 2.53 2.51 2.52 2.62 2.63 2.61 2.58 2.65
Accounts Receivable Turnover
86.29 77.10 75.41 81.20 81.85 75.85 77.49 78.62 80.41 72.21 72.56
Inventory Turnover
8.23 7.43 8.20 7.99 8.20 7.52 8.79 8.84 8.92 7.97 9.19
Fixed Asset Turnover
6.27 6.32 6.26 6.31 6.28 6.23 6.13 6.15 6.09 6.01 5.90
Accounts Payable Turnover
8.54 7.93 8.51 8.81 8.63 8.18 8.87 9.00 8.85 8.19 8.86
Days Sales Outstanding (DSO)
4.23 4.73 4.84 4.50 4.46 4.81 4.71 4.64 4.54 5.06 5.03
Days Inventory Outstanding (DIO)
44.34 49.14 44.51 45.67 44.52 48.54 41.50 41.30 40.90 45.77 39.70
Days Payable Outstanding (DPO)
42.74 46.01 42.90 41.43 42.28 44.64 41.16 40.57 41.25 44.57 41.18
Cash Conversion Cycle (CCC)
5.83 7.86 6.45 8.73 6.70 8.71 5.05 5.37 4.19 6.26 3.55
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
125,144 121,039 119,421 122,337 124,436 129,950 126,870 133,195 131,519 132,616 133,645
Invested Capital Turnover
4.93 5.01 5.12 4.92 5.05 5.09 5.26 5.14 5.20 5.13 5.23
Increase / (Decrease) in Invested Capital
11,918 2,357 -30 -7,932 -708 8,911 7,449 10,858 7,083 2,666 6,775
Enterprise Value (EV)
394,771 422,692 421,207 443,945 465,061 482,941 483,616 522,137 594,296 701,569 831,189
Market Capitalization
350,245 375,433 378,479 398,615 423,248 433,980 440,607 475,248 550,543 658,735 788,557
Book Value per Share
$28.30 $26.62 $28.44 $26.86 $29.54 $29.52 $31.15 $10.09 $10.50 $10.96 $11.33
Tangible Book Value per Share
$17.84 $16.25 $17.99 $16.36 $19.05 $19.11 $20.71 $6.61 $7.02 $7.49 $7.75
Total Capital
136,018 131,099 128,046 128,310 135,257 140,571 136,737 137,587 136,987 140,991 142,682
Total Debt
50,171 50,716 44,055 48,845 49,698 54,760 46,166 49,297 46,215 46,526 44,990
Total Long-Term Debt
34,221 38,447 39,492 43,159 42,255 42,012 41,841 41,975 41,525 39,701 39,324
Net Debt
36,248 39,129 35,430 38,270 35,810 42,606 36,299 39,892 37,404 36,477 35,953
Capital Expenditures (CapEx)
3,916 4,515 4,752 4,382 4,701 5,428 5,845 4,604 5,611 6,123 7,013
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-13,708 -13,046 -20,605 -21,883 -23,633 -15,245 -21,080 -21,031 -22,871 -18,844 -20,497
Debt-free Net Working Capital (DFNWC)
215 -1,459 -11,980 -11,308 -9,745 -3,091 -11,213 -11,626 -14,060 -8,795 -11,460
Net Working Capital (NWC)
-15,735 -13,728 -16,543 -16,994 -17,188 -15,839 -15,538 -18,948 -18,750 -15,620 -17,126
Net Nonoperating Expense (NNE)
163 3,654 -2,180 2,505 -2,561 3,715 -199 -146 1,309 472 698
Net Nonoperating Obligations (NNO)
39,297 40,656 35,430 42,872 38,877 44,139 36,299 44,905 40,747 38,151 35,953
Total Depreciation and Amortization (D&A)
2,699 2,755 2,811 2,845 2,905 2,986 3,117 3,128 3,211 3,260 3,374
Debt-free, Cash-free Net Working Capital to Revenue
-2.33% -2.17% -3.37% -3.52% -3.75% -2.39% -3.25% -3.20% -3.44% -2.80% -3.01%
Debt-free Net Working Capital to Revenue
0.04% -0.24% -1.96% -1.82% -1.54% -0.48% -1.73% -1.77% -2.11% -1.31% -1.68%
Net Working Capital to Revenue
-2.68% -2.29% -2.71% -2.73% -2.72% -2.48% -2.40% -2.88% -2.82% -2.32% -2.51%
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$0.63 ($0.22) $0.26 $0.21 $0.98 $0.06 $0.23 $0.63 $0.56 $0.57 $0.65
Adjusted Weighted Average Basic Shares Outstanding
8.21B 8.13B 24.51B 8.08B 8.08B 8.08B 24.23B 8.05B 8.04B 8.04B 8.04B
Adjusted Diluted Earnings per Share
$0.63 ($0.22) $0.26 $0.21 $0.97 $0.06 $0.23 $0.63 $0.56 $0.57 $0.65
Adjusted Weighted Average Diluted Shares Outstanding
8.24B 8.13B 24.61B 8.11B 8.11B 8.11B 24.32B 8.08B 8.08B 8.08B 8.08B
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.26 $0.00 $0.00 $0.00 $0.23 $0.00 $0.00 $0.00 $0.65
Adjusted Weighted Average Basic & Diluted Shares Outstanding
8.14B 8.09B 8.09B 8.08B 8.07B 8.08B 24.17B 8.04B 8.04B 8.03B 8.02B
Normalized Net Operating Profit after Tax (NOPAT)
5,310 1,887 3,629 4,401 5,492 4,358 5,479 5,161 6,020 5,186 6,123
Normalized NOPAT Margin
3.47% 1.23% 2.21% 2.89% 3.40% 2.71% 3.16% 3.20% 3.56% 3.06% 3.39%
Pre Tax Income Margin
4.35% -0.94% 5.43% 1.76% 6.64% 0.57% 4.34% 4.36% 3.67% 3.60% 3.86%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
14.81 -1.59 15.42 4.89 17.48 2.13 11.61 10.69 9.98 10.64 10.55
NOPAT to Interest Expense
11.08 3.23 5.95 6.63 8.56 6.39 7.88 7.23 8.87 8.39 8.54
EBIT Less CapEx to Interest Expense
6.63 -9.33 7.63 -1.71 10.16 -5.83 3.20 4.25 1.72 0.73 0.77
NOPAT Less CapEx to Interest Expense
2.91 -4.50 -1.84 0.03 1.23 -1.57 -0.53 0.78 0.60 -1.52 -1.24
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
46.85% 71.80% 58.08% 59.12% 73.08% 62.36% 42.43% 35.75% 21.44% 17.82% 36.04%
Augmented Payout Ratio
120.59% 193.86% 153.25% 140.53% 117.19% 82.61% 80.79% 69.36% 65.15% 57.06% 58.33%

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?
Below is a breakdown of Walmart's net income over the past 5 years:
  • 2021: $13.71 billion
  • 2022: $13.94 billion
  • 2023: $11.29 billion
  • 2024: $16.27 billion
  • 2025: $20.16 billion
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 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%.



This page (NYSE:WMT) was last updated on 4/27/2025 by MarketBeat.com Staff
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