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Stock Analysis on Net

Walmart Inc. (NASDAQ:WMT)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

Walmart Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

Microsoft Excel
Jul 31, 2026 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
Short-term borrowings 3.57 3.69 2.32 2.91 1.42 2.13 1.18 1.36 1.26 2.15 0.35 3.84 1.78 0.70 0.15 2.75 4.30 4.64 0.17 0.18 0.28 0.15 0.09 0.10 0.15 1.74
Accounts payable 21.88 21.71 22.15 23.27 22.19 21.99 22.49 23.87 22.29 22.07 22.51 23.56 22.18 22.15 22.10 23.12 21.92 21.50 22.57 23.34 20.79 20.35 19.46 21.59 19.52 18.93
Dividends payable 1.34 2.04 0.00 0.66 1.40 2.16 0.00 0.64 1.31 1.97 0.00 0.59 1.20 1.88 0.00 0.62 1.23 1.88 0.00 0.62 1.30 1.97 0.00 0.61 1.29 1.97
Accrued liabilities 10.23 9.51 10.96 10.92 10.64 9.94 11.25 10.67 10.87 9.48 11.39 10.08 11.46 11.23 12.80 11.08 9.65 8.56 10.64 10.00 10.03 9.03 15.04 9.96 10.01 8.75
Accrued income taxes 0.25 0.41 0.21 0.27 0.23 0.56 0.23 0.30 0.23 0.50 0.12 0.23 0.30 0.54 0.30 0.36 0.35 0.37 0.35 0.18 0.11 0.36 0.10 0.22 0.26 0.56
Long-term debt due within one year 1.18 1.35 1.24 1.22 1.48 1.56 1.00 1.23 0.59 0.73 1.37 1.08 1.14 1.62 1.72 2.20 2.15 1.45 1.14 0.64 0.68 1.48 1.23 1.74 2.34 2.57
Operating lease obligations due within one year 0.58 0.57 0.57 0.55 0.58 0.59 0.57 0.57 0.59 0.58 0.59 0.57 0.58 0.61 0.61 0.59 0.59 0.60 0.61 0.61 0.60 0.61 0.58 0.69 0.73 0.74
Finance lease obligations due within one year 0.30 0.29 0.30 0.29 0.31 0.30 0.31 0.30 0.31 0.33 0.29 0.27 0.26 0.25 0.23 0.22 0.22 0.21 0.21 0.21 0.21 0.21 0.19 0.23 0.23 0.22
Current liabilities 39.34% 39.56% 37.75% 40.09% 38.24% 39.23% 37.03% 38.94% 37.44% 37.83% 36.61% 40.22% 38.89% 38.97% 37.91% 40.95% 40.41% 39.22% 35.69% 35.79% 34.01% 34.17% 36.69% 35.13% 34.53% 35.49%
Long-term debt, excluding due within one year 12.41 12.74 12.16 11.93 13.16 13.92 12.81 12.77 13.90 14.14 14.32 14.02 14.43 15.56 14.25 13.70 12.06 13.07 14.24 14.88 16.59 17.02 16.31 16.28 17.25 18.47
Long-term operating lease obligations, excluding due within one year 5.03 4.97 4.90 4.75 4.86 4.88 4.92 4.91 5.03 5.05 5.13 4.95 5.09 5.27 5.27 5.11 5.32 5.37 5.31 5.35 5.50 5.47 5.11 6.37 6.60 6.73
Long-term finance lease obligations, excluding due within one year 2.03 2.01 2.07 2.05 2.20 2.24 2.27 2.30 2.42 2.38 2.26 2.19 2.14 2.06 1.99 1.82 1.79 1.79 1.73 1.66 1.66 1.61 1.52 1.89 1.97 1.92
Deferred income taxes and other 5.54 5.85 5.81 5.66 5.78 5.19 5.52 5.22 5.53 5.84 5.80 5.52 5.92 5.71 6.04 5.96 5.70 5.66 5.50 5.27 5.72 5.98 5.69 5.44 5.45 5.58
Long-term liabilities 25.00% 25.57% 24.95% 24.39% 26.00% 26.22% 25.51% 25.20% 26.89% 27.42% 27.50% 26.67% 27.57% 28.60% 27.55% 26.60% 24.86% 25.90% 26.79% 27.15% 29.47% 30.07% 28.64% 29.99% 31.27% 32.69%
Total liabilities 64.34% 65.13% 62.70% 64.49% 64.24% 65.45% 62.54% 64.14% 64.32% 65.25% 64.12% 66.89% 66.46% 67.57% 65.46% 67.54% 65.27% 65.12% 62.47% 62.93% 63.48% 64.24% 65.33% 65.12% 65.79% 68.18%
Redeemable noncontrolling interest 0.10 0.10 0.10 0.11 0.11 0.12 0.10 0.07 0.08 0.09 0.09 0.09 0.09 0.10 0.10 0.10 0.11 0.11 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Common stock 0.27 0.27 0.28 0.28 0.29 0.30 0.31 0.30 0.32 0.32 0.32 0.10 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.12 0.12 0.11 0.11 0.12 0.12
Capital in excess of par value 2.40 2.38 2.39 2.38 2.11 2.07 2.11 2.05 1.97 1.82 1.80 1.90 1.82 2.14 2.04 1.95 1.89 1.86 1.98 1.96 1.53 1.45 1.44 1.39 1.35 1.28
Retained earnings 35.25 34.61 36.81 35.18 35.57 34.63 37.69 35.85 35.68 34.34 35.58 33.12 33.50 31.84 34.18 31.47 33.38 32.72 35.49 34.99 35.45 34.90 35.15 36.78 36.91 34.84
Accumulated other comprehensive loss -4.49 -4.70 -4.49 -4.55 -4.70 -5.07 -5.22 -4.76 -4.79 -4.47 -4.48 -4.47 -4.24 -4.55 -4.80 -4.35 -4.00 -3.45 -3.58 -3.47 -3.34 -3.36 -4.66 -5.83 -6.65 -6.94
Total Walmart shareholders’ equity 33.42% 32.57% 34.99% 33.29% 33.27% 31.94% 34.89% 33.45% 33.18% 32.00% 33.23% 30.66% 31.18% 29.55% 31.54% 29.17% 31.38% 31.24% 34.00% 33.60% 33.76% 33.11% 32.05% 32.46% 31.73% 29.30%
Nonredeemable noncontrolling interest 2.13 2.19 2.20 2.12 2.38 2.50 2.46 2.34 2.41 2.67 2.57 2.36 2.26 2.79 2.90 3.18 3.24 3.54 3.53 3.46 2.77 2.64 2.62 2.42 2.48 2.52
Total shareholders’ equity 35.56% 34.77% 37.20% 35.41% 35.65% 34.43% 37.35% 35.79% 35.59% 34.67% 35.80% 33.02% 33.45% 32.33% 34.44% 32.35% 34.62% 34.78% 37.53% 37.07% 36.52% 35.76% 34.67% 34.88% 34.21% 31.82%
Total liabilities, redeemable noncontrolling interest, and shareholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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 balance sheet structure exhibits a consistent reliance on liabilities to fund operations, with total liabilities generally fluctuating between 62% and 68% of the total capital structure. A gradual shift is observed toward a higher proportion of shareholders' equity over the analyzed period, moving from 31.82% in April 2020 to 35.56% by July 2026.

Current Liabilities and Short-Term Obligations
Current liabilities represent a significant portion of the funding mix, typically ranging from 34% to 41%. Accounts payable remain a primary driver of this category, maintaining a stable range between 20% and 23%, which indicates a consistent strategy in managing vendor credit. Short-term borrowings exhibit high volatility, characterized by periods of near-zero utilization punctuated by spikes, such as the increase to 4.64% in April 2022, suggesting tactical use of short-term credit markets for liquidity management.
Long-Term Debt and Solvency Trends
A clear downward trend is evident in long-term debt, excluding the current portion, which declined from 18.47% in April 2020 to 12.41% by July 2026. This reduction suggests a strategic deleveraging process or a shift in the financing mix. Long-term operating and finance lease obligations have remained relatively stable, with operating leases gradually decreasing from 6.73% to approximately 5.03%, while finance leases have seen a modest increase from 1.92% to 2.03%.
Equity Composition and Retained Earnings
Total shareholders' equity has grown from 31.82% to 35.56%, primarily supported by retained earnings, which consistently represent between 31% and 37% of the total balance sheet. This indicates a strong capacity for internal capital generation. The accumulated other comprehensive loss has narrowed from a peak of -6.94% in April 2020 to stabilize around -4.49% in the latter part of the period, reducing the negative impact on total equity.
Other Liability Components
Accrued liabilities show periodic fluctuations, generally staying between 8.5% and 12.8%, with a notable peak of 15.04% in January 2021. Dividends payable follow a cyclical pattern, peaking around April of each year (reaching approximately 2% of total capital) and declining toward the end of the calendar year, reflecting the company's dividend distribution schedule.

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