Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Walmart Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Jan 31, 2026	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021
Consolidated net income	22,270)	20,157)	16,270)	11,292)	13,940)	13,706)
Depreciation and amortization	14,203)	12,973)	11,853)	10,945)	10,658)	11,152)
Investment (gains) and losses, net	(2,016)	878)	3,193)	1,683)	2,440)	(8,589)
Losses on disposal of business operations	—)	—)	—)	—)	433)	8,401)
Deferred income taxes	2,277)	(635)	(175)	449)	(755)	1,911)
Loss on extinguishment of debt	—)	—)	—)	—)	2,410)	—)
Other operating activities	4,079)	2,889)	2,642)	1,919)	1,652)	1,521)
Receivables, net	(1,136)	(1,106)	(797)	240)	(1,796)	(1,086)
Inventories	(1,443)	(2,755)	2,017)	(528)	(11,764)	(2,395)
Accounts payable	1,611)	3,228)	2,515)	(1,425)	5,520)	6,966)
Accrued liabilities	1,607)	379)	(1,324)	4,393)	1,404)	4,623)
Accrued income taxes	113)	435)	(468)	(127)	39)	(136)
Changes in certain assets and liabilities, net of effects of acquisitions and dispositions	752)	181)	1,943)	2,553)	(6,597)	7,972)
Adjustments to reconcile consolidated net income to net cash provided by operating activities	19,295)	16,286)	19,456)	17,549)	10,241)	22,368)
Net cash provided by operating activities	41,565)	36,443)	35,726)	28,841)	24,181)	36,074)
Payments for property and equipment	(26,642)	(23,783)	(20,606)	(16,857)	(13,106)	(10,264)
Proceeds from the disposal of property and equipment	106)	432)	250)	170)	394)	215)
Proceeds from disposal of certain strategic investments	927)	4,080)	—)	—)	—)	—)
Payments for business acquisitions, net of cash acquired	(53)	(1,896)	(9)	(740)	(359)	(180)
Other investing activities	(688)	(212)	(922)	(295)	7,056)	158)
Net cash used in investing activities	(26,350)	(21,379)	(21,287)	(17,722)	(6,015)	(10,071)
Net change in short-term borrowings	3,523)	2,212)	512)	(34)	193)	(324)
Proceeds from issuance of long-term debt	3,983)	—)	4,967)	5,041)	6,945)	—)
Repayments of long-term debt	(2,625)	(3,468)	(4,217)	(2,689)	(13,010)	(5,382)
Premiums paid to extinguish debt	—)	—)	—)	—)	(2,317)	—)
Dividends paid	(7,507)	(6,688)	(6,140)	(6,114)	(6,152)	(6,116)
Purchase of Company stock	(8,088)	(4,494)	(2,779)	(9,920)	(9,787)	(2,625)
Dividends paid to noncontrolling interest	(439)	(576)	(763)	(444)	(424)	(434)
Purchase of noncontrolling interest	—)	—)	(3,462)	(827)	—)	—)
Sale of subsidiary stock	111)	362)	716)	66)	3,239)	140)
Other financing activities	(2,511)	(2,170)	(2,248)	(2,118)	(1,515)	(1,376)
Net cash used in financing activities	(13,553)	(14,822)	(13,414)	(17,039)	(22,828)	(16,117)
Effect of exchange rates on cash, cash equivalents and restricted cash	123)	(641)	69)	(73)	(140)	235)
Net increase (decrease) in cash, cash equivalents and restricted cash	1,785)	(399)	1,094)	(5,993)	(4,802)	10,121)
Change in cash and cash equivalents reclassified from (to) assets held for sale	—)	—)	—)	—)	1,848)	(1,848)
Cash, cash equivalents and restricted cash at beginning of year	9,536)	9,935)	8,841)	14,834)	17,788)	9,515)
Cash, cash equivalents and restricted cash at end of year	11,321)	9,536)	9,935)	8,841)	14,834)	17,788)

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 information presents a five-year trend of cash flow activity. Overall, net cash provided by operating activities demonstrates a generally positive trend, though with some fluctuation. Investing and financing activities consistently represent cash outflows, with varying magnitudes over the period.

Operating Activities: Net cash provided by operating activities increased from US$36,074 million in 2021 to US$41,565 million in 2026. While there was a decrease from 2021 to 2022, cash flow from operations generally trended upward, peaking in 2024 and 2025 before a further increase in 2026. This positive trend is supported by consistently strong consolidated net income, alongside significant, though fluctuating, adjustments to reconcile net income to cash flow. Depreciation and amortization consistently contribute positively to operating cash flow, ranging from US$10,658 million to US$14,203 million. Changes in working capital accounts, particularly inventories and accounts payable, exhibit considerable volatility, impacting overall operating cash flow.
Investing Activities: Net cash used in investing activities consistently represents a substantial outflow, increasing from US$10,071 million in 2021 to US$26,350 million in 2026. This is primarily driven by significant and increasing payments for property and equipment, which rose from US$10,264 million to US$26,642 million over the period. Proceeds from the disposal of property and equipment remain relatively small. Business acquisitions also contribute to the outflow, with a notable increase in 2025. Other investing activities show fluctuations, including a large inflow in 2022 and outflows in subsequent years.
Financing Activities: Net cash used in financing activities is consistently negative, indicating a net outflow. The outflow decreased from US$16,117 million in 2021 to US$13,553 million in 2026. Significant components of this outflow include dividends paid and the purchase of company stock, both of which increased over the period. Repayments of long-term debt also contribute substantially to the outflow, though proceeds from the issuance of long-term debt partially offset this. A notable decrease in cash used for purchase of noncontrolling interest is observed from 2023 onwards.
Cash Position: Despite consistent outflows from investing and financing activities, the company experienced a net increase in cash, cash equivalents, and restricted cash in 2021, 2024, and 2026. However, decreases were observed in 2022, 2023, and 2025. The ending cash balance increased from US$17,788 million in 2021 to US$11,321 million in 2026, demonstrating overall liquidity.
Notable Items: Investment gains and losses, net, were significantly negative in 2021 but became positive in 2022 and 2023 before fluctuating again. Losses on disposal of business operations were substantial in 2021 and moderate in 2022, disappearing in subsequent years. Deferred income taxes show variability, impacting operating cash flow. A significant inflow from the sale of subsidiary stock is observed in 2025.

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Walmart Inc. (NASDAQ:WMT)

Cash Flow Statement