An operating lease is treated like a rental contract. Neither the leased asset nor the associated liability is reported on the lessee balance sheet, but the rights may be very similar to the rights of an owner. The lessee only records the lease payments as a rental expense in income statement.

Adjustments to Financial Statements for Operating Leases
Adjusted Financial Ratios for Operating Leases (Summary)
Adjusted Total Asset Turnover
Adjusted Debt to Equity
Adjusted Return on Assets (ROA)

Walmart Inc., adjustments to financial statements

US$ in millions

	Jan 31, 2026	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021
Adjustment to Total Assets
Total assets (as reported)	284,668)	260,823)	252,399)	243,197)	244,860)	252,496)
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)	—)
Total assets (adjusted)	284,668)	260,823)	252,399)	243,197)	244,860)	252,496)
Adjustment to Total Debt
Total debt (as reported)	51,523)	45,790)	46,891)	44,622)	42,831)	48,871)
Add: Operating lease liability (before adoption of FASB Topic 842)²	—)	—)	—)	—)	—)	—)
Add: Operating lease obligations due within one year	1,631)	1,499)	1,487)	1,473)	1,483)	1,466)
Add: Long-term operating lease obligations, excluding due within one year	13,941)	12,825)	12,943)	12,828)	13,009)	12,909)
Total debt (adjusted)	67,095)	60,114)	61,321)	58,923)	57,323)	63,246)

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).

^{1, 2} Equal to total present value of future operating lease payments.

Walmart Inc., Financial Data: Reported vs. Adjusted

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Walmart Inc., adjusted financial ratios

	Jan 31, 2026	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021
Total Asset Turnover¹
Reported total asset turnover	2.48	2.59	2.55	2.49	2.32	2.20
Adjusted total asset turnover	2.48	2.59	2.55	2.49	2.32	2.20
Debt to Equity²
Reported debt to equity	0.52	0.50	0.56	0.58	0.51	0.60
Adjusted debt to equity	0.67	0.66	0.73	0.77	0.69	0.78
Return on Assets³ (ROA)
Reported ROA	7.69%	7.45%	6.15%	4.80%	5.58%	5.35%
Adjusted ROA	7.69%	7.45%	6.15%	4.80%	5.58%	5.35%

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).

¹ See details »

² See details »

³ See details »

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Walmart Inc. adjusted total asset turnover ratio improved from 2024 to 2025 but then deteriorated significantly from 2025 to 2026.
Adjusted debt to equity	A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity.	Walmart Inc. adjusted debt to equity ratio improved from 2024 to 2025 but then slightly deteriorated from 2025 to 2026.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Walmart Inc. adjusted ROA improved from 2024 to 2025 and from 2025 to 2026.

Walmart Inc., Financial Ratios: Reported vs. Adjusted

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	Jan 31, 2026	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021
As Reported
Selected Financial Data (US$ in millions)
Net sales	706,413)	674,538)	642,637)	605,881)	567,762)	555,233)
Total assets	284,668)	260,823)	252,399)	243,197)	244,860)	252,496)
Activity Ratio
Total asset turnover¹	2.48	2.59	2.55	2.49	2.32	2.20
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Net sales	706,413)	674,538)	642,637)	605,881)	567,762)	555,233)
Adjusted total assets	284,668)	260,823)	252,399)	243,197)	244,860)	252,496)
Activity Ratio
Adjusted total asset turnover²	2.48	2.59	2.55	2.49	2.32	2.20

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).

2026 Calculations

¹ Total asset turnover = Net sales ÷ Total assets
= 706,413 ÷ 284,668 = 2.48

² Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 706,413 ÷ 284,668 = 2.48

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Walmart Inc. adjusted total asset turnover ratio improved from 2024 to 2025 but then deteriorated significantly from 2025 to 2026.

	Jan 31, 2026	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021
As Reported
Selected Financial Data (US$ in millions)
Total debt	51,523)	45,790)	46,891)	44,622)	42,831)	48,871)
Total Walmart shareholders’ equity	99,617)	91,013)	83,861)	76,693)	83,253)	80,925)
Solvency Ratio
Debt to equity¹	0.52	0.50	0.56	0.58	0.51	0.60
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Adjusted total debt	67,095)	60,114)	61,321)	58,923)	57,323)	63,246)
Total Walmart shareholders’ equity	99,617)	91,013)	83,861)	76,693)	83,253)	80,925)
Solvency Ratio
Adjusted debt to equity²	0.67	0.66	0.73	0.77	0.69	0.78

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).

2026 Calculations

¹ Debt to equity = Total debt ÷ Total Walmart shareholders’ equity
= 51,523 ÷ 99,617 = 0.52

² Adjusted debt to equity = Adjusted total debt ÷ Total Walmart shareholders’ equity
= 67,095 ÷ 99,617 = 0.67

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Solvency ratio	Description	The company
Adjusted debt-to-equity	A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity.	Walmart Inc. adjusted debt-to-equity ratio improved from 2024 to 2025 but then slightly deteriorated from 2025 to 2026.

	Jan 31, 2026	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021
As Reported
Selected Financial Data (US$ in millions)
Consolidated net income attributable to Walmart	21,893)	19,436)	15,511)	11,680)	13,673)	13,510)
Total assets	284,668)	260,823)	252,399)	243,197)	244,860)	252,496)
Profitability Ratio
ROA¹	7.69%	7.45%	6.15%	4.80%	5.58%	5.35%
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Consolidated net income attributable to Walmart	21,893)	19,436)	15,511)	11,680)	13,673)	13,510)
Adjusted total assets	284,668)	260,823)	252,399)	243,197)	244,860)	252,496)
Profitability Ratio
Adjusted ROA²	7.69%	7.45%	6.15%	4.80%	5.58%	5.35%

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).

2026 Calculations

¹ ROA = 100 × Consolidated net income attributable to Walmart ÷ Total assets
= 100 × 21,893 ÷ 284,668 = 7.69%

² Adjusted ROA = 100 × Consolidated net income attributable to Walmart ÷ Adjusted total assets
= 100 × 21,893 ÷ 284,668 = 7.69%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Walmart Inc. adjusted ROA improved from 2024 to 2025 and from 2025 to 2026.

Walmart Inc. (NASDAQ:WMT)

Analysis of Operating Leases

Adjustments to Financial Statements for Operating Leases

Walmart Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios for Operating Leases (Summary)

Walmart Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Debt to Equity

Adjusted Return on Assets (ROA)