Cash Flow Statement
Quarterly Data
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.
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- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
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Walmart Inc., consolidated cash flow statement (quarterly data)
US$ in millions
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).
Operational cash flow exhibits significant volatility in net income, yet the overall capacity to generate cash from operating activities remains robust. While consolidated net income experienced periodic declines, including negative values in January 2021 and October 2022, the net cash provided by operating activities frequently remained positive and substantial, often exceeding net income. This discrepancy is largely driven by consistent non-cash charges and fluctuations in working capital, particularly within inventories and accounts payable.
- Operational Cash Flow Dynamics
- Net cash provided by operating activities demonstrates a pattern of strong quarterly peaks, notably reaching 16,712 million in January 2024 and 14,972 million in July 2026. A steady increase in depreciation and amortization is observed, rising from approximately 2,791 million in April 2020 to 3,925 million by July 2026, indicating a growing base of fixed assets.
- Capital Investment Trends
- A sustained upward trajectory in capital expenditures is evident. Payments for property and equipment increased from 1,752 million in April 2020 to a peak of 8,015 million in January 2026. This consistent increase in investment suggests a long-term strategic commitment to infrastructure expansion or technological modernization, resulting in a persistent net cash outflow from investing activities across almost all reporting periods.
- Shareholder Return Strategy
- Dividend payments show a disciplined and incremental increase over the analyzed period. Quarterly dividends transitioned from approximately 1,529 million in early 2020 to nearly 1,973 million by July 2026. Share repurchases are more opportunistic and volatile, with significant spikes such as the 4,555 million spent in April 2025 and 3,024 million in July 2026, indicating a flexible approach to returning capital to shareholders based on available liquidity.
- Financing and Liquidity Management
- Financing activities are characterized by the active management of debt to balance investment outflows. Significant proceeds from the issuance of long-term debt were observed in October 2021 (6,945 million) and April 2022 (4,967 million). Short-term borrowings are utilized frequently to manage quarterly liquidity gaps, as evidenced by the fluctuating net changes in short-term debt throughout the period.
The overall financial position is marked by a cycle where strong operational cash generation funds an escalating capital expenditure program and consistent shareholder distributions. The reliance on debt markets and short-term borrowing fluctuates, serving as a buffer to maintain liquidity while pursuing aggressive growth in physical and technological assets.