Common-Size Income Statement
Quarterly Data
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- Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Debt to Equity since 2005
- Price to Earnings (P/E) 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-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).
An analysis of the common-size income statement reveals a business model characterized by stable gross margins but significant volatility in bottom-line profitability due to non-operating fluctuations. While core operational metrics remain relatively consistent, the net income attributable to the company is frequently impacted by erratic swings in other gains and losses.
- Gross Profitability and Cost Management
- Gross profit margins consistently fluctuate within a narrow band, typically ranging between 23% and 25% of net sales. The cost of sales remains stable, generally hovering between 75% and 77%. A period of relative compression is observed around January 31, 2023, where gross profit reached a low of 22.93%, followed by a recovery toward 24% in subsequent quarters.
- Operating Efficiency and Income
- Operating expenses, primarily consisting of selling, general, and administrative costs, generally represent between 20% and 21% of net sales. A notable increase in these expenses occurred on October 31, 2022, reaching 22.78%, which coincided with a significant drop in operating income to 1.78%. Outside of this outlier, operating income typically remains between 3% and 5%, indicating a consistent ability to convert sales into operating profit.
- Membership and Diversified Revenue
- A positive upward trend is observable in membership and other income, which grew from approximately 0.7% of net sales in early 2020 to a peak of 1.18% by April 30, 2026. This suggests a strengthening of high-margin, recurring revenue streams relative to overall net sales.
- Non-Operating Volatility and Net Income
- The most significant volatility is found in the other gains and losses line, which exhibits extreme swings ranging from positive 2.44% to negative 3.70%. These fluctuations, combined with occasional one-time events such as the loss on extinguishment of debt in October 2021, directly drive the volatility of the consolidated net income. Consequently, the net income attributable to the company has experienced sharp declines into negative territory (e.g., -1.38% in January 2021 and -1.19% in October 2022) despite steady operating performance.
- Financial Obligations and Taxation
- Net interest expenses remain remarkably stable, typically representing between 0.25% and 0.48% of net sales, indicating a consistent debt service burden. The provision for income taxes generally fluctuates between 0.5% and 1.9% of net sales, moving in correlation with the volatility of pre-tax income.