Analysis of Debt
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- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Total Debt (Carrying Amount)
Walmart Inc., balance sheet: debt
US$ in millions
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31).
The carrying amount of total debt and finance lease obligations exhibited fluctuations over the observed period. Initially, a decrease is noted from January 31, 2021, to January 31, 2022, followed by a period of relative stability and then an increase towards the end of the period.
- Short-Term Borrowings
- Short-term borrowings demonstrated a significant increase from 2022 through 2026. Starting at US$410 million in 2022, these borrowings rose substantially to US$6,596 million by 2026. This represents a considerable reliance on short-term financing towards the later years of the analyzed period.
- Short-Term Debt Components
- Both long-term debt due within one year and finance lease obligations due within one year generally decreased from 2021 to 2023, before increasing in 2024. Long-term debt due within one year then decreased again in 2025, before increasing in 2026. Finance lease obligations due within one year showed a more consistent upward trend throughout the period, though the increases were less dramatic than those observed in short-term borrowings.
- Long-Term Debt
- Long-term debt, excluding amounts due within one year, decreased from 2021 to 2022, remained relatively stable between 2022 and 2023, and then increased slightly in 2024. It then decreased in 2025, before increasing again in 2026. Long-term finance lease obligations, excluding amounts due within one year, exhibited a consistent upward trend, though at a slower pace, throughout the entire period.
- Overall Trend
- The total debt and finance lease obligations decreased from US$48,871 million in 2021 to US$42,831 million in 2022. It then experienced a period of growth, reaching US$46,891 million in 2024, before decreasing slightly to US$45,790 million in 2025. A notable increase occurred in 2026, with the total reaching US$51,523 million. The increase in 2026 is largely attributable to the significant rise in short-term borrowings.
The composition of debt shifted over the period, with a growing proportion represented by short-term borrowings, particularly in the later years. This suggests a potential change in financing strategy or increased need for immediate liquidity.
Total Debt (Fair Value)
| Jan 31, 2026 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Short-term borrowings | |
| Long-term debt, including amounts due within one year | |
| Finance lease obligations | |
| Total debt and finance lease obligations (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
Based on: 10-K (reporting date: 2026-01-31).
Weighted-average Interest Rate on Debt
Weighted-average stated interest rate on debt and finance lease obligations:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2026-01-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × ÷ =