Stock Analysis on Net
Stock Analysis on Net

Walmart Inc. (NASDAQ:WMT)

$24.99

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.

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Walmart Inc., consolidated income statement (quarterly data)

US$ in millions

Microsoft Excel
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
Cost of sales
Gross profit
Membership and other income
Operating, selling, general and administrative expenses
Operating income
Interest expense, debt and finance lease
Interest income
Interest, net
Loss on extinguishment of debt
Other gains and (losses)
Income (loss) before income taxes
Provision for income taxes
Consolidated net income (loss)
Consolidated net (income) loss attributable to noncontrolling interest
Consolidated net income (loss) attributable to Walmart

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).

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.