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 Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
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Walmart Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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 but maintains a generally strong positive trajectory over the observed period. While consolidated net income fluctuates, including notable quarterly losses in January 2021 and October 2022, net cash provided by operating activities remains robust, frequently exceeding 10 billion USD per quarter. A peak in operating cash flow occurred in January 2024 at 16.7 billion USD, highlighting a capacity to generate liquidity that far exceeds net accounting profits due to substantial non-cash adjustments.
- Capital Investment and Investing Activities
- A consistent and accelerating upward trend in capital expenditures is evident. Payments for property and equipment rose from 1.75 billion USD in April 2020 to a peak of 8.0 billion USD in January 2026. This steady increase in investment indicates a long-term strategic commitment to infrastructure and asset expansion. Net cash used in investing activities remains consistently negative, driven primarily by these capital outflows, though occasionally offset by the disposal of strategic investments.
- Shareholder Distributions and Financing
- Dividend payments demonstrate a disciplined upward progression, increasing from approximately 1.5 billion USD per quarter in 2020 to nearly 2.0 billion USD by April 2026. Share repurchase activity is more irregular, with significant spikes in buybacks, such as the 4.5 billion USD expenditure in April 2025. Financing activities are characterized by alternating periods of short-term borrowing and long-term debt repayment, suggesting active treasury management to optimize the capital structure.
- Working Capital Dynamics
- Significant fluctuations in inventories and accounts payable reflect the seasonal nature of the retail business. Large outflows for inventory are frequently balanced by increases in accounts payable, particularly in the quarters ending October and January. The volatility in these line items suggests aggressive inventory management and a reliance on supplier credit to fund seasonal stock builds.
- Asset Depreciation and Amortization
- Depreciation and amortization expenses show a steady climb, moving from 2.79 billion USD in early 2020 to 3.82 billion USD by April 2026. This growth correlates with the increased capital expenditure trend, confirming that the expansion of the physical asset base is translating into higher periodic non-cash charges.
The overall financial profile reveals a company that utilizes strong operational cash generation to fund an escalating capital investment program while simultaneously increasing returns to shareholders through dividends. The divergence between net income and operating cash flow underscores the impact of non-cash items and working capital shifts on the company's liquidity position.