Analysis of Geographic Areas
Walmart Inc. operates in 2 regions: U.S. operations and Non-U.S. operations.
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- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Area Asset Turnover
Walmart Inc., asset turnover by geographic area
| Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| U.S. operations | ||||||
| Non-U.S. operations |
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).
An examination of asset turnover ratios across geographic areas reveals distinct trends between U.S. and Non-U.S. operations over the observed period. The U.S. operations exhibited a generally increasing trend in asset turnover from 2021 to 2023, followed by a decline in subsequent years. Non-U.S. operations demonstrated more volatility, with an initial decrease followed by a recovery and then a slight decline.
- U.S. Operations Asset Turnover
- The asset turnover ratio for U.S. operations began at 5.02 in 2021 and increased to a peak of 5.32 in 2023. This indicates improving efficiency in utilizing assets to generate sales within the U.S. market during this timeframe. However, from 2023 onward, a downward trend is apparent, with the ratio decreasing to 5.09 in 2024, 4.84 in 2025, and further to 4.53 in 2026. This suggests a potential decrease in the efficiency of asset utilization in the U.S. operations in the later years of the period.
- Non-U.S. Operations Asset Turnover
- Non-U.S. operations started with a ratio of 5.38 in 2021, which decreased to 4.49 in 2022 and 4.34 in 2023. This suggests a period of reduced efficiency in asset utilization in non-U.S. markets. A recovery was observed in 2024, with the ratio returning to 4.49. Further improvement occurred in 2025, reaching 5.04, before declining slightly to 4.62 in 2026. This indicates a fluctuating performance in asset utilization within non-U.S. operations.
- Comparative Analysis
- In 2021, Non-U.S. operations had a higher asset turnover ratio than U.S. operations. However, from 2022 through 2024, the U.S. operations demonstrated a higher ratio. By 2025 and 2026, the gap narrowed, but the U.S. operations maintained a higher ratio. The diverging trends suggest differing operational dynamics and asset management strategies between the two geographic areas. The recent decline in U.S. asset turnover, coupled with the stabilization of Non-U.S. turnover, warrants further investigation to understand the underlying causes and potential implications.
Overall, the asset turnover ratios indicate varying levels of operational efficiency across the two geographic areas. The observed trends suggest a need for continued monitoring and analysis to identify the factors driving these changes and to inform strategic decision-making.
Area Asset Turnover: U.S. operations
Walmart Inc.; U.S. operations; area asset turnover calculation
| Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues | ||||||
| Long-lived assets | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
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).
1 2026 Calculation
Area asset turnover = Revenues ÷ Long-lived assets
= ÷ =
The financial performance of U.S. operations, as indicated by area asset turnover, demonstrates a generally declining trend over the observed period. Revenues consistently increased year-over-year, while long-lived assets also experienced growth. However, the rate of revenue growth has not kept pace with the increase in long-lived assets, resulting in a decreasing asset turnover ratio.
- Revenues
- Revenues exhibited a consistent upward trajectory, increasing from US$436,649 million in 2021 to US$581,175 million in 2026. This represents a cumulative growth of approximately 33.3% over the six-year period. The year-over-year growth rates were positive throughout, although the incremental increase diminished slightly in later years.
- Long-lived assets
- Long-lived assets also increased steadily, rising from US$87,068 million in 2021 to US$128,366 million in 2026. This signifies a cumulative increase of roughly 47.5% over the period. The growth in long-lived assets outpaced revenue growth in several years, contributing to the observed decline in asset turnover.
- Area asset turnover
- The area asset turnover ratio began at 5.02 in 2021 and decreased to 4.53 in 2026. An initial increase was observed from 2021 to 2022 (5.24) and 2022 to 2023 (5.32), indicating improved efficiency in asset utilization. However, the ratio then declined in subsequent years, reaching 5.09 in 2024, 4.84 in 2025, and finally 4.53 in 2026. This suggests a diminishing ability to generate revenue from each dollar invested in long-lived assets within U.S. operations.
The increasing investment in long-lived assets, coupled with a slowing rate of revenue growth, is the primary driver of the declining asset turnover. Further investigation may be warranted to understand the reasons behind the increased asset investment and to assess whether these investments are expected to yield sufficient future returns to improve asset utilization.
Area Asset Turnover: Non-U.S. operations
Walmart Inc.; Non-U.S. operations; area asset turnover calculation
| Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues | ||||||
| Long-lived assets | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
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).
1 2026 Calculation
Area asset turnover = Revenues ÷ Long-lived assets
= ÷ =
The financial performance of non-U.S. operations, as indicated by area asset turnover, demonstrates fluctuations over the observed period. Revenues initially decreased before exhibiting a recovery, while long-lived assets generally increased. The area asset turnover ratio reflects these combined effects, showing a pattern of decline followed by improvement and then a slight decrease.
- Revenues
- Revenues experienced a decrease from US$122,502 million in 2021 to US$102,459 million in 2022. A modest increase to US$102,604 million was noted in 2023, followed by a more substantial rise to US$116,049 million in 2024. This upward trend continued through 2025, reaching US$123,363 million, and further increased to US$131,988 million in 2026.
- Long-Lived Assets
- Long-lived assets showed a consistent increase over the period, rising from US$22,780 million in 2021 to US$22,829 million in 2022. This growth continued, reaching US$23,667 million in 2023 and US$25,858 million in 2024. A slight decrease to US$24,455 million was observed in 2025, but assets increased again to US$28,590 million in 2026.
- Area Asset Turnover
- The area asset turnover ratio began at 5.38 in 2021, then decreased to 4.49 in 2022. It remained relatively stable at 4.34 in 2023 and increased to 4.49 in 2024. A notable improvement was seen in 2025, with the ratio rising to 5.04. However, the ratio experienced a slight decline in 2026, settling at 4.62. This suggests an initial period of decreasing efficiency in asset utilization, followed by improvement, and then a minor reduction in the most recent year.
The interplay between revenue growth and asset investment suggests that while revenues have generally recovered and increased, the growth in long-lived assets has, at times, outpaced revenue gains, impacting the area asset turnover ratio. The increase in the ratio in 2025 indicates improved efficiency, but the subsequent decrease in 2026 warrants further investigation.
Revenues
Walmart Inc., revenues by geographic area
US$ in millions
| Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| U.S. operations | ||||||
| Non-U.S. operations | ||||||
| Total |
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).
Revenues demonstrate consistent growth across the observed period. Total revenues increased from US$559.151 billion in 2021 to US$713.163 billion in 2026. This growth is attributable to increases in both U.S. and Non-U.S. operations, though the patterns of growth differ between the two.
- U.S. Operations Revenue
- U.S. operations consistently contributed the majority of overall revenue. Revenue from U.S. operations increased steadily from US$436.649 billion in 2021 to US$581.175 billion in 2026. The rate of increase appears relatively stable, with annual growth ranging from approximately US$33 billion to US$45 billion. This indicates a reliable and predictable revenue stream from the domestic market.
- Non-U.S. Operations Revenue
- Non-U.S. operations experienced a more volatile revenue pattern. Revenue decreased from US$122.502 billion in 2021 to US$102.459 billion in 2022, representing a decline. However, revenue then began to increase, reaching US$131.988 billion in 2026. The period between 2022 and 2026 shows a recovery and subsequent growth, though the growth rate is not consistent year-over-year. The largest single-year increase occurred between 2023 and 2024.
- Relative Contribution of Geographic Areas
- The proportion of revenue generated by U.S. operations remained consistently high throughout the period, generally accounting for approximately 78-82% of total revenue. Consequently, Non-U.S. operations contributed the remaining 18-22%. While both segments grew in absolute terms, the U.S. operations consistently drove the majority of overall revenue expansion.
Overall, the revenue trend indicates a healthy and expanding business. The stabilization of U.S. revenue coupled with the recovery and growth of Non-U.S. revenue suggests a diversified and strengthening revenue base.
Long-lived assets
Walmart Inc., long-lived assets by geographic area
US$ in millions
| Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| U.S. operations | ||||||
| Non-U.S. operations | ||||||
| Total |
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 values representing long-lived assets demonstrate consistent growth across all reported periods. Analysis reveals differing rates of expansion between the U.S. and Non-U.S. operations, with the U.S. consistently representing the larger portion of total assets.
- U.S. Operations
- U.S. operations exhibited a steady increase in long-lived asset values from US$87,068 million in 2021 to US$128,366 million in 2026. The growth was relatively consistent year-over-year, with a slight acceleration observed between 2023 and 2024, increasing from US$95,567 million to US$104,480 million. This suggests continued investment in long-lived assets within the U.S. market.
- Non-U.S. Operations
- Non-U.S. operations also showed an overall upward trend, increasing from US$22,780 million in 2021 to US$28,590 million in 2026. However, the growth was less consistent than in the U.S. A minor decrease is noted between 2022 and 2023 (US$22,829 million to US$23,667 million), followed by a more substantial increase to US$25,858 million in 2024. A decrease is observed in 2025 to US$24,455 million before resuming growth in 2026. This fluctuation may indicate varying investment strategies or economic conditions impacting Non-U.S. assets.
- Total Long-Lived Assets
- Total long-lived assets increased from US$109,848 million in 2021 to US$156,956 million in 2026. The rate of increase generally accelerated over the period, reflecting the combined growth of both U.S. and Non-U.S. operations. The largest year-over-year increase occurred between 2023 and 2024, moving from US$119,234 million to US$130,338 million.
- Proportional Representation
- Throughout the observed period, U.S. operations consistently accounted for approximately 79% to 82% of the total long-lived assets. This indicates a significant reliance on the U.S. market for long-lived asset investment. The proportion of Non-U.S. operations remained relatively stable, ranging from approximately 20% to 21% of the total.
In summary, the long-lived asset values demonstrate a positive trajectory for both geographic areas. The U.S. operations exhibit more consistent growth and represent the dominant share of total assets, while Non-U.S. operations show some fluctuation but still contribute to overall expansion.