Stock Analysis on Net
Stock Analysis on Net

Walmart Inc. (NASDAQ:WMT)

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Common-Size Balance Sheet: Assets
Quarterly Data

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Walmart Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Apr 30, 2026 Jan 31, 2026 Oct 31, 2025 Jul 31, 2025 Apr 30, 2025 Jan 31, 2025 Oct 31, 2024 Jul 31, 2024 Apr 30, 2024 Jan 31, 2024 Oct 31, 2023 Jul 31, 2023 Apr 30, 2023 Jan 31, 2023 Oct 31, 2022 Jul 31, 2022 Apr 30, 2022 Jan 31, 2022 Oct 31, 2021 Jul 31, 2021 Apr 30, 2021 Jan 31, 2021 Oct 31, 2020 Jul 31, 2020 Apr 30, 2020
Cash and cash equivalents
Receivables, net
Inventories
Prepaid expenses and other
Current assets
Property and equipment, net
Finance lease right-of-use assets, net
Property and equipment, including finance lease right-of-use assets, net
Operating lease right-of-use assets
Goodwill
Other long-term assets
Long-term assets
Total assets

Based on: 10-Q (reporting date: 2026-04-30), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30).

The asset composition of the balance sheet reveals a strategic shift toward increased investment in physical infrastructure and a reduction in liquid cash holdings over the analyzed period. While total assets remain the baseline, the internal distribution indicates a transition from a highly liquid position in 2020-2021 toward a more asset-heavy operational model by 2026.

Liquidity and Working Capital Trends
A notable decline in liquidity is observed in the cash and cash equivalents ratio, which peaked at 9.66% in April 2021 before trending downward to stabilize between 3.4% and 3.8% in the final years. Simultaneously, receivables have shown a gradual increase, rising from 2.16% to 3.68%, suggesting a slight expansion in credit-based transactions relative to total assets. Inventories have exhibited significant volatility, increasing from 17.70% in April 2020 to a peak of 26.13% in October 2022, before settling into a range of 20% to 22%. This suggests a period of aggressive inventory accumulation followed by a correction toward a more sustainable baseline.
Fixed Asset Expansion
Property and equipment, net, represents the most significant growth area within the asset base. After a period of fluctuation between 2020 and 2021, this ratio climbed steadily from 36.52% in January 2021 to 47.58% by April 2026. When including finance lease right-of-use assets, the total investment in physical infrastructure reached nearly 50% of the total asset base. This trend indicates a sustained long-term commitment to expanding or modernizing physical locations and logistics capabilities.
Intangible and Long-term Asset Dynamics
A consistent downward trend is evident in the proportion of goodwill, which decreased from 12.63% in April 2020 to 9.72% in April 2026. This contraction, combined with a reduction in other long-term assets—which fell from a peak of 9.51% to approximately 4.84%—suggests that intangible assets and miscellaneous long-term holdings are becoming a smaller component of the overall balance sheet as physical assets grow.
Overall Asset Structure
The balance between current and long-term assets has remained relatively stable, though long-term assets continue to dominate the structure, typically accounting for 64% to 73% of total assets. The current asset ratio fluctuated between 27% and 35%, reflecting the volatility in inventory levels and the deliberate reduction in cash reserves. The overarching movement indicates a reallocation of capital away from liquidity and intangibles toward tangible, productive operating assets.