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.

Walmart Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	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	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	(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	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	1,743)	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	(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	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	(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	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	(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)	(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	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	(1,578)	(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)	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	(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	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)

The financial performance presented demonstrates considerable fluctuation over the observed period. Net sales generally increased over time, although quarterly variations are apparent. Cost of sales mirrored the trend in net sales, resulting in a relatively stable gross profit, with some periods exhibiting stronger performance than others. Operating expenses consistently represent a significant portion of revenue, impacting overall operating income.

Revenue and Profitability: Net sales experienced growth from 2020 through 2025, peaking in the January 2026 period. However, growth was not linear, with declines observed in certain quarters, such as October 2020 and April 2022. Gross profit followed a similar pattern, generally increasing but with quarterly volatility. The period from January 2023 to January 2026 shows a consistent upward trend in gross profit. Operating income exhibited more pronounced fluctuations, with a notable dip in October 2021 and a strong recovery in subsequent periods. The highest operating income was recorded in January 2026.
Membership and Other Income: Membership and other income showed a consistent upward trend throughout the period, indicating a growing contribution from this revenue stream. The increase is particularly noticeable from 2021 onwards, suggesting successful expansion or optimization of membership programs. This income source appears to be becoming increasingly important to overall profitability.
Operating Expenses: Operating, selling, general, and administrative expenses increased over the period, generally tracking with revenue growth. However, there were periods where expense growth outpaced revenue growth, such as in October 2022 and January 2023, potentially impacting operating income. The expense increases appear to be substantial in the later periods, requiring further investigation.
Net Income: Consolidated net income experienced significant volatility. A loss was recorded in the April 2020 period, followed by substantial gains in subsequent quarters. A significant loss was again observed in October 2022, followed by a recovery. The highest net income was recorded in July 2025. Net income attributable to Walmart followed a similar pattern, though the magnitude of fluctuations was slightly different. The impact of noncontrolling interests appears relatively small, but is present.
Interest and Other Income/Expenses: Interest expense remained relatively stable, with minor fluctuations. Interest income provided a small offset, but the net interest expense consistently reduced overall profitability. Other gains and (losses) introduced significant volatility, with large gains in some periods (e.g., July 2020) and substantial losses in others (e.g., April 2021, October 2022). These fluctuations significantly impacted income before income taxes.
Tax Provision: The provision for income taxes generally correlated with income before income taxes, increasing during profitable periods and decreasing during periods of loss. The effective tax rate appears to be relatively consistent, though variations exist due to the fluctuating income base.

Overall, the financial performance demonstrates a complex pattern of growth, volatility, and adaptation. While revenue and gross profit generally increased, operating expenses and other income/expense items introduced significant fluctuations in net income. The increasing contribution from membership income is a positive trend, while the volatility in other gains and losses warrants further scrutiny.

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Walmart Inc. (NASDAQ:WMT)

Income Statement Quarterly Data

Income Statement
Quarterly Data