Name: Walmart Inc. (NASDAQ:WMT) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

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.

Download chart

Walmart Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	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
Net sales	186,100)	175,684)	188,913)	177,769)	175,750)	163,981)	178,830)	168,003)	167,767)	159,938)	171,914)	159,439)	160,280)	151,004)	162,743)	151,469)	151,381)	140,288)	151,525)	139,207)	139,871)	137,159)	150,985)	133,752)	136,824)	133,672)
Cost of sales	(138,804)	(133,058)	(143,615)	(134,706)	(132,771)	(124,303)	(136,172)	(127,340)	(126,810)	(121,431)	(131,825)	(121,183)	(121,850)	(115,284)	(125,423)	(115,613)	(115,838)	(106,847)	(115,522)	(105,023)	(105,183)	(103,272)	(115,261)	(100,339)	(102,689)	(102,026)
Gross profit	47,296)	42,626)	45,298)	43,063)	42,979)	39,678)	42,658)	40,663)	40,957)	38,507)	40,089)	38,256)	38,430)	35,720)	37,320)	35,856)	35,543)	33,441)	36,003)	34,184)	34,688)	33,887)	35,724)	33,413)	34,135)	31,646)
Membership and other income	1,837)	2,067)	1,743)	1,727)	1,652)	1,628)	1,724)	1,585)	1,568)	1,570)	1,474)	1,365)	1,352)	1,297)	1,305)	1,344)	1,478)	1,281)	1,346)	1,318)	1,177)	1,151)	1,094)	956)	918)	950)
Operating, selling, general and administrative expenses	(39,750)	(37,200)	(38,333)	(38,094)	(37,345)	(34,171)	(36,523)	(35,540)	(34,585)	(33,236)	(34,309)	(33,419)	(32,466)	(30,777)	(33,064)	(34,505)	(30,167)	(29,404)	(31,462)	(29,710)	(28,511)	(28,129)	(31,331)	(28,591)	(28,994)	(27,372)
Operating income	9,383)	7,493)	8,708)	6,696)	7,286)	7,135)	7,859)	6,708)	7,940)	6,841)	7,254)	6,202)	7,316)	6,240)	5,561)	2,695)	6,854)	5,318)	5,887)	5,792)	7,354)	6,909)	5,487)	5,778)	6,059)	5,224)
Interest expense, debt and finance lease	(263)	(699)	(709)	(684)	(769)	(637)	(717)	(618)	(679)	(714)	(695)	(682)	(642)	(664)	(610)	(584)	(479)	(455)	(427)	(486)	(515)	(566)	(524)	(541)	(658)	(592)
Interest income	92)	79)	88)	93)	94)	93)	115)	140)	114)	114)	146)	145)	148)	107)	103)	84)	31)	36)	47)	44)	37)	30)	30)	25)	23)	43)
Interest, net	(171)	(620)	(621)	(591)	(675)	(544)	(602)	(478)	(565)	(600)	(549)	(537)	(494)	(557)	(507)	(500)	(448)	(419)	(380)	(442)	(478)	(536)	(494)	(516)	(635)	(549)
Loss on extinguishment of debt	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(2,410)	—)	—)	—)	—)	—)	—)
Other gains and (losses)	(1,200)	275)	(2,117)	2,081)	2,708)	(597)	(294)	(132)	(1,162)	794)	813)	(4,750)	3,905)	(2,995)	3,848)	(3,626)	238)	(1,998)	(725)	1,207)	(953)	(2,529)	(5,586)	1,853)	3,222)	721)
Income (loss) before income taxes	8,012)	7,148)	5,970)	8,186)	9,319)	5,994)	6,963)	6,098)	6,213)	7,035)	7,518)	915)	10,727)	2,688)	8,902)	(1,431)	6,644)	2,901)	4,782)	4,147)	5,923)	3,844)	(593)	7,115)	8,646)	5,396)
Provision for income taxes	(1,483)	(1,658)	(1,578)	(2,098)	(2,168)	(1,355)	(1,538)	(1,384)	(1,502)	(1,728)	(1,840)	(272)	(2,674)	(792)	(3,093)	(336)	(1,497)	(798)	(1,149)	(1,015)	(1,559)	(1,033)	(1,415)	(1,914)	(2,207)	(1,322)
Consolidated net income (loss)	6,529)	5,490)	4,392)	6,088)	7,151)	4,639)	5,425)	4,714)	4,711)	5,307)	5,678)	643)	8,053)	1,896)	5,809)	(1,767)	5,147)	2,103)	3,633)	3,132)	4,364)	2,811)	(2,008)	5,201)	6,439)	4,074)
Consolidated net (income) loss attributable to noncontrolling interest	(163)	(160)	(155)	55)	(125)	(152)	(171)	(137)	(210)	(203)	(184)	(190)	(162)	(223)	466)	(31)	2)	(49)	(71)	(27)	(88)	(81)	(83)	(66)	37)	(84)
Consolidated net income (loss) attributable to Walmart	6,366)	5,330)	4,237)	6,143)	7,026)	4,487)	5,254)	4,577)	4,501)	5,104)	5,494)	453)	7,891)	1,673)	6,275)	(1,798)	5,149)	2,054)	3,562)	3,105)	4,276)	2,730)	(2,091)	5,135)	6,476)	3,990)

A consistent upward trajectory in top-line revenue is observed over the analyzed period. Net sales grew from 133,672 million US dollars in April 2020 to 186,100 million US dollars by July 2026. This growth is characterized by distinct quarterly seasonality, with peaks typically occurring in the January period of each year, reflecting cyclical consumer spending patterns.

Revenue and Income Streams: Net sales exhibit a long-term growth trend, increasing by approximately 39% over the duration of the data. Parallel to this, membership and other income demonstrated steady growth, rising from 950 million US dollars in April 2020 to a peak of 2,067 million US dollars in January 2026, indicating a strengthening of recurring revenue streams.
Gross Profitability: Gross profit followed the upward trend of net sales, expanding from 31,646 million US dollars to 47,296 million US dollars. While cost of sales increased in absolute terms, gross profit margins remained relatively resilient, supporting the company's ability to scale operations while maintaining core profitability.
Operating Performance: Operating income experienced significant volatility. A notable contraction occurred in October 2022, where operating income dropped to 2,695 million US dollars, a substantial decrease compared to the surrounding quarters. However, a recovery trend followed, with operating income reaching 9,383 million US dollars by July 2026, suggesting improved operational efficiency and cost management in later periods.
Expense Management: Operating, selling, general, and administrative expenses trended upward from 27,372 million US dollars to 39,750 million US dollars. These expenses generally tracked with sales growth, although certain periods showed disproportionate spikes, contributing to the aforementioned volatility in operating income.
Net Income and Non-Operating Factors: Consolidated net income attributable to Walmart exhibited high volatility, influenced heavily by "Other gains and (losses)." Significant net losses were recorded in January 2021 (-2,091 million US dollars) and October 2022 (-1,798 million US dollars). Despite these fluctuations, the long-term trend for net income is positive, ending at 6,366 million US dollars in July 2026, compared to 3,990 million US dollars at the start of the period.
Financial Obligations: Net interest expenses remained relatively stable for most of the period, typically fluctuating between 400 million and 700 million US dollars. A sharp decline in net interest expense is observed in July 2026, dropping to 171 million US dollars, which suggests a significant change in debt structure or interest rate environments toward the end of the period.

Overall, the financial performance is defined by robust revenue expansion and growing membership income, which offset the volatility introduced by non-operating items and periodic spikes in operating expenses. The transition from early volatility to higher, more stable net income levels in the final quarters indicates a strengthening of the overall financial position.

AI Ask an analyst for more

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.

How can I help you?

Walmart Inc. (NASDAQ:WMT)

Income StatementQuarterly Data

Income Statement
Quarterly Data