Common-Size Income Statement
Quarterly Data
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- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
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Walmart Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-07-31), 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 common-size income statement reveals a period of relative stability in core margins, punctuated by volatility in non-operating items. Overall profitability is characterized by consistent gross profit levels and a gradual increase in auxiliary income streams.
- Gross Margin and Cost of Sales
- Gross profit as a percentage of net sales generally fluctuates between 23% and 25%. The cost of sales remains the primary expense, consistently ranging from 74.59% to 77.07%. A positive trend is observed toward the end of the analyzed period, with gross profit reaching a peak of 25.41% by July 2026, indicating improved cost management or pricing strategies.
- Revenue Diversification
- Membership and other income demonstrate a steady upward trend as a proportion of net sales. Starting at approximately 0.71% in early 2020, this figure frequently exceeds 0.90% in later periods, peaking at 1.18% in April 2026. This suggests a growing reliance on high-margin, non-sales revenue streams to supplement the top line.
- Operating Performance
- Operating income margins exhibit significant volatility, ranging from a low of 1.78% in October 2022 to a high of 5.26% in July 2021. This variance is largely driven by fluctuations in operating, selling, general, and administrative expenses, which typically oscillate between 19.93% and 22.78% of net sales. A recovery in operating efficiency is evident in the final period, where operating income reaches 5.04%.
- Non-Operating Items and Net Profitability
- Net income is heavily influenced by the volatility of other gains and losses, which cause sharp quarterly swings in income before taxes. For instance, significant losses occurred in January 2021 (-3.70%) and October 2023 (-2.98%), while notable gains were recorded in July 2023 (2.44%). Despite these swings, consolidated net income attributable to Walmart remains positive in most quarters, typically residing between 2% and 4% of net sales. Interest expenses have remained relatively stable, though a significant reduction to 0.09% of net sales is noted in July 2026.