Common-Size Income Statement
Quarterly Data
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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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Walmart Inc., common-size consolidated income statement (quarterly data)
Based on: 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 common-size income statement reveals several noteworthy trends in the company’s financial performance over the observed period. Net sales are consistently represented as 100% by definition, allowing for a clear view of the proportional changes in other income statement items. Cost of sales generally remains relatively stable, fluctuating between approximately 75% and 77% of net sales throughout the period. Gross profit demonstrates some variability, generally ranging from 22.93% to 24.98% of net sales, with a noticeable dip in the January 2023 period.
Operating expenses, encompassing operating, selling, general, and administrative expenses, consistently represent a significant portion of net sales, typically between 19.93% and 22.78%. Operating income exhibits more fluctuation, ranging from a low of 1.78% to a high of 5.26%, indicating sensitivity to changes in both gross profit and operating expenses. Interest expense remains a relatively small percentage of net sales, generally below 0.5%. However, other gains and losses introduce considerable volatility, with significant positive and negative impacts observed in various quarters.
- Profitability
- Consolidated net income attributable to Walmart shows considerable variation. It begins at 3.05% of net sales in April 2020, rises to a peak of 4.92% in July 2023, then declines to 2.24% in January 2026. The period from January 2025 to January 2026 shows a notable decrease in net income as a percentage of sales. The impact of noncontrolling interest is minimal, generally less than 0.1% of net sales, though a positive impact is seen in January 2023.
- Gross Margin
- The gross profit margin, as a percentage of net sales, experienced a decline in the first half of 2020, followed by a recovery and relative stability through 2021 and 2022. A dip is observed in January 2023, followed by a rebound, but the margin remains lower than previous highs. The most recent periods show a slight downward trend again.
- Operating Efficiency
- Operating, selling, general and administrative expenses as a percentage of net sales show a general trend of decreasing through July 2022, then increasing again in October 2022 and beyond. This suggests a period of improved operational efficiency followed by increased costs. The significant increase in these expenses in October 2022, reaching 22.78%, is particularly noteworthy.
- Non-Operating Items
- The impact of "Other gains and (losses)" is substantial and inconsistent. Large positive impacts are seen in July 2020 and July 2023, while significant negative impacts are observed in January 2021 and October 2022. These fluctuations contribute significantly to the volatility in income before taxes and net income. The loss on extinguishment of debt in October 2021 also represents a notable, though isolated, impact.
Overall, the company’s profitability appears sensitive to fluctuations in gross margin, operating expenses, and particularly, non-operating items. While net sales remain constant in percentage terms, the proportional changes in other income statement items drive significant variations in net income. The period from 2024 to 2026 shows a potential weakening in profitability, warranting further investigation.