Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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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., consolidated income statement
US$ in millions
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31).
The income statement reveals a generally positive trend in revenue and net income over the six-year period, although with some fluctuations in profitability. Net sales demonstrate consistent growth, increasing from US$555.233 billion in 2021 to US$706.413 billion in 2026. Cost of sales has also risen steadily, but at a pace generally consistent with sales growth. Gross profit has followed the upward trend in net sales, though the rate of increase varied year to year.
- Revenue and Profitability
- Net sales increased each year, indicating strong top-line performance. However, operating income experienced a decline in 2023 before recovering strongly in 2024 and 2025. This suggests potential operational challenges in 2023 that were subsequently addressed. Gross profit margin remained relatively stable, fluctuating between 23.4% and 24.8% throughout the period.
- Expenses
- Operating, selling, general and administrative expenses have consistently increased, mirroring the growth in sales. While these expenses are expected to rise with revenue, monitoring their proportion of sales is crucial for maintaining profitability. The increase in these expenses appears to be slightly outpacing revenue growth in the later years of the period.
- Interest and Other Income
- Interest expense remained relatively consistent, with a slight upward trend. Interest income showed a significant increase from 2022 onwards, partially offsetting the interest expense. Other gains and (losses) were highly volatile, with a substantial loss in 2022 and 2024, and a gain in 2026, impacting income before income taxes. These fluctuations require further investigation to understand their underlying causes.
- Net Income
- Consolidated net income attributable to Walmart generally increased over the period, from US$13.510 billion in 2021 to US$21.893 billion in 2026. However, 2023 saw a decrease in net income, aligning with the dip in operating income. The impact of noncontrolling interest is relatively small but fluctuates, occasionally offsetting some of the gains in net income.
- Tax Rate
- The effective tax rate varied between approximately 21.8% and 26.1% over the period, indicating some fluctuations in taxable income or changes in tax regulations. The provision for income taxes increased in absolute terms alongside income before income taxes.
Membership and other income demonstrated consistent growth, contributing positively to overall revenue. Overall, the financial performance indicates a growing business with some volatility in operating income and the impact of other gains and losses. Continued monitoring of expense management and the factors influencing these non-operating items will be important for sustained profitability.