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:	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	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	(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	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	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	(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	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	(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	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	(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)	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	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	(1,658)	(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)	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	(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	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 long-term upward trajectory in top-line revenue is evident, with net sales increasing from 133,672 million USD in April 2020 to 175,684 million USD by April 2026. This growth is characterized by recurring seasonal peaks, specifically during the January quarters of each fiscal year, which consistently represent the highest revenue periods. Gross profit followed a similar expansion pattern, rising from 31,646 million USD at the start of the period to 42,626 million USD by the end, indicating a stable capacity to maintain margins amidst scaling operations.

Operating Performance and Expense Management: Operating, selling, general and administrative expenses grew from 27,372 million USD to 37,200 million USD over the analyzed period. While these costs increased in absolute terms, operating income generally trended upward, reaching a peak of 8,708 million USD in January 2026. A notable contraction in operating income occurred in October 2022, falling to 2,695 million USD, which deviates from the otherwise steady operational growth.
Membership and Other Income Trends: A steady and incremental increase in membership and other income is observed, growing from 950 million USD in April 2020 to 2,067 million USD by April 2026. This represents a significant diversification of revenue streams, as this high-margin income source grew at a faster relative pace than net sales.
Non-Operating Volatility and Net Income: Consolidated net income attributable to Walmart exhibits substantial volatility, primarily driven by "Other gains and (losses)" rather than core operational performance. Significant non-operating losses in January 2021 (-5,586 million USD) and October 2023 (-4,750 million USD) resulted in sharp declines in quarterly net income. Conversely, strong positive swings in other gains, such as in July 2023, contributed to net income peaks of 7,891 million USD. This indicates that the bottom line is highly sensitive to non-core financial events.
Financial Obligations and Interest: Interest expenses remained relatively stable, generally fluctuating between 400 million USD and 770 million USD per quarter. Net interest costs remained negative throughout the period, though they were partially offset by a general increase in interest income, which rose from 43 million USD in April 2020 to peak at 148 million USD in July 2023 before stabilizing.

Overall, the financial data reflects a company with robust and growing core operations and a strengthening membership revenue base, though the final net profit remains subject to significant fluctuations due to volatile non-operating items.

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Walmart Inc. (NASDAQ:WMT)

Income Statement Quarterly Data

Income Statement
Quarterly Data