Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Walmart Inc., liquidity ratios (quarterly data)
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).
The overall liquidity profile reflects a sustained contraction in short-term solvency margins over the analyzed period. A consistent downward trajectory is observable across the current, quick, and cash ratios, indicating a tightening of liquid assets relative to current liabilities.
- Current Ratio
- The current ratio transitioned from a peak of 0.95 in April 2021 to a low of 0.77 by April 2026. A notable shift occurred between January 2022 and April 2022, where the ratio fell below the 0.90 threshold. Throughout 2023 and 2024, the ratio exhibited relative stability between 0.80 and 0.85 before resuming a gradual decline in the final quarters of the period.
- Quick Ratio
- A significant decline in the quick ratio is observed, moving from 0.35 in early 2021 to a consistent range between 0.18 and 0.22 from 2022 onward. This trend suggests a growing dependency on inventory turnover to satisfy short-term obligations, as the ratio of highly liquid assets to current liabilities has decreased and stabilized at a substantially lower baseline.
- Cash Ratio
- The most pronounced compression is evident in the cash ratio, which fell from 0.28 in April 2021 to 0.09 by April 2026. A sharp reduction occurred between July 2021 and January 2023, after which the ratio remained largely stagnant, fluctuating minimally between 0.09 and 0.12. This indicates a significant reduction in the proportion of immediate cash and cash equivalents held relative to current liabilities.
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Current Ratio
Walmart Inc., current ratio calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Current assets | 88,394) | 84,874) | 92,920) | 82,033) | 80,253) | 79,458) | 86,938) | 76,510) | 77,152) | 76,877) | 88,391) | 82,032) | 78,511) | 75,655) | 87,680) | 84,164) | 83,220) | 81,070) | 82,964) | 78,243) | 76,591) | |||||||
| Current liabilities | 114,583) | 107,469) | 115,732) | 103,566) | 102,920) | 96,584) | 102,558) | 95,260) | 96,100) | 92,415) | 104,230) | 99,220) | 95,505) | 92,198) | 101,408) | 99,899) | 96,530) | 87,379) | 87,620) | 81,122) | 80,841) | |||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||
| Current ratio1 | 0.77 | 0.79 | 0.80 | 0.79 | 0.78 | 0.82 | 0.85 | 0.80 | 0.80 | 0.83 | 0.85 | 0.83 | 0.82 | 0.82 | 0.86 | 0.84 | 0.86 | 0.93 | 0.95 | 0.96 | 0.95 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | ||||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | 1.07 | 1.06 | 1.04 | 1.03 | 1.02 | 1.00 | 0.98 | 0.97 | 0.94 | 0.93 | 1.09 | 1.07 | 1.08 | 1.06 | 1.03 | 1.02 | 1.04 | 1.03 | 1.02 | |||||||
| Target Corp. | 0.93 | 0.94 | 0.97 | 0.99 | 0.94 | 0.94 | 0.94 | 0.90 | 0.86 | 0.91 | 0.86 | 0.83 | 0.88 | 0.92 | 0.86 | 0.82 | 0.87 | 0.99 | 0.97 | 1.04 | 1.07 | |||||||
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).
1 Q1 2027 Calculation
Current ratio = Current assets ÷ Current liabilities
= 88,394 ÷ 114,583 = 0.77
2 Click competitor name to see calculations.
An analysis of the liquidity position reveals a consistent pattern where current liabilities exceed current assets, resulting in a current ratio that remains below 1.0 across all reported quarters from April 2021 through April 2026.
- Current Ratio Trajectory
- A progressive downward trend is observed in the current ratio, which started at 0.95 in April 2021 and declined to 0.77 by April 2026. The ratio experienced a notable shift in 2022, moving from the 0.90s range into the 0.80s, before further compression occurred in late 2024 and throughout 2025 and 2026, eventually reaching its lowest point in the final quarter of the analyzed period.
- Asset and Liability Dynamics
- Although current assets grew over the long term—increasing from 76,591 million USD in April 2021 to 88,394 million USD in April 2026—this expansion was outpaced by a more aggressive increase in current liabilities. Liabilities rose from 80,841 million USD to 114,583 million USD over the same timeframe. This widening gap between short-term assets and obligations is the primary driver of the declining liquidity ratio.
- Cyclical Fluctuations
- Quarterly volatility is evident in both asset and liability levels, reflecting typical retail operational cycles. Peaks in current assets and liabilities frequently coincide, such as in October 2025, where assets reached 92,920 million USD and liabilities reached 115,732 million USD. Despite these periodic increases in nominal values, the current ratio remained constrained, indicating that the growth in short-term funding or obligations scaled proportionally with or exceeded the growth in liquid assets during peak periods.
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Quick Ratio
Walmart Inc., quick ratio calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Cash and cash equivalents | 10,729) | 10,727) | 10,582) | 9,431) | 9,311) | 9,037) | 10,049) | 8,811) | 9,405) | 9,867) | 12,154) | 13,888) | 10,575) | 8,625) | 11,587) | 13,923) | 11,817) | 14,760) | 16,111) | 22,831) | 22,846) | |||||||
| Receivables, net | 10,662) | 11,172) | 12,115) | 10,518) | 9,686) | 9,975) | 10,039) | 8,650) | 9,075) | 8,796) | 8,625) | 7,891) | 7,647) | 7,933) | 8,218) | 7,522) | 7,674) | 8,280) | 7,349) | 6,103) | 5,797) | |||||||
| Total quick assets | 21,391) | 21,899) | 22,697) | 19,949) | 18,997) | 19,012) | 20,088) | 17,461) | 18,480) | 18,663) | 20,779) | 21,779) | 18,222) | 16,558) | 19,805) | 21,445) | 19,491) | 23,040) | 23,460) | 28,934) | 28,643) | |||||||
| Current liabilities | 114,583) | 107,469) | 115,732) | 103,566) | 102,920) | 96,584) | 102,558) | 95,260) | 96,100) | 92,415) | 104,230) | 99,220) | 95,505) | 92,198) | 101,408) | 99,899) | 96,530) | 87,379) | 87,620) | 81,122) | 80,841) | |||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||
| Quick ratio1 | 0.19 | 0.20 | 0.20 | 0.19 | 0.18 | 0.20 | 0.20 | 0.18 | 0.19 | 0.20 | 0.20 | 0.22 | 0.19 | 0.18 | 0.20 | 0.21 | 0.20 | 0.26 | 0.27 | 0.36 | 0.35 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | ||||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | 0.56 | 0.54 | 0.49 | 0.50 | 0.47 | 0.44 | 0.39 | 0.39 | 0.40 | 0.38 | 0.55 | 0.52 | 0.51 | 0.50 | 0.42 | 0.42 | 0.43 | 0.46 | 0.46 | |||||||
| Target Corp. | 0.18 | 0.26 | 0.18 | 0.23 | 0.15 | 0.23 | 0.16 | 0.17 | 0.18 | 0.20 | 0.09 | 0.08 | 0.07 | 0.11 | 0.04 | 0.05 | 0.05 | 0.27 | 0.25 | 0.38 | 0.42 | |||||||
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).
1 Q1 2027 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 21,391 ÷ 114,583 = 0.19
2 Click competitor name to see calculations.
The liquidity profile over the analyzed period demonstrates a tightening of immediate solvency, characterized by a sustained decline in the quick ratio from early 2021 through 2026. This trend is the result of a simultaneous reduction in highly liquid assets and a systemic increase in short-term obligations.
- Quick Assets Performance
- A downward trajectory is observed in total quick assets during the initial phase of the period, falling from US$ 28,643 million in April 2021 to a minimum of US$ 16,558 million by January 2023. While assets recovered slightly and fluctuated between US$ 17,461 million and US$ 22,697 million in subsequent quarters, they remained significantly below the 2021 peaks.
- Current Liabilities Growth
- Current liabilities exhibited a steady and significant increase, rising from US$ 80,841 million in April 2021 to a peak of US$ 115,732 million in October 2025. This growth in short-term liabilities indicates an expanded base of obligations that must be settled within the current operating cycle.
- Quick Ratio Interpretation
- The quick ratio experienced a sharp contraction from 0.35 in April 2021 to 0.18 by January 2023. Following this decline, the ratio entered a period of relative stagnation, oscillating narrowly between 0.18 and 0.22 through April 2026. The consistent maintenance of a ratio well below 1.0 suggests a strategic or operational reliance on inventory turnover or external financing to meet immediate financial commitments.
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Cash Ratio
Walmart Inc., cash ratio calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Cash and cash equivalents | 10,729) | 10,727) | 10,582) | 9,431) | 9,311) | 9,037) | 10,049) | 8,811) | 9,405) | 9,867) | 12,154) | 13,888) | 10,575) | 8,625) | 11,587) | 13,923) | 11,817) | 14,760) | 16,111) | 22,831) | 22,846) | |||||||
| Total cash assets | 10,729) | 10,727) | 10,582) | 9,431) | 9,311) | 9,037) | 10,049) | 8,811) | 9,405) | 9,867) | 12,154) | 13,888) | 10,575) | 8,625) | 11,587) | 13,923) | 11,817) | 14,760) | 16,111) | 22,831) | 22,846) | |||||||
| Current liabilities | 114,583) | 107,469) | 115,732) | 103,566) | 102,920) | 96,584) | 102,558) | 95,260) | 96,100) | 92,415) | 104,230) | 99,220) | 95,505) | 92,198) | 101,408) | 99,899) | 96,530) | 87,379) | 87,620) | 81,122) | 80,841) | |||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||
| Cash ratio1 | 0.09 | 0.10 | 0.09 | 0.09 | 0.09 | 0.09 | 0.10 | 0.09 | 0.10 | 0.11 | 0.12 | 0.14 | 0.11 | 0.09 | 0.11 | 0.14 | 0.12 | 0.17 | 0.18 | 0.28 | 0.28 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | ||||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | 0.47 | 0.45 | 0.41 | 0.41 | 0.40 | 0.36 | 0.31 | 0.31 | 0.33 | 0.30 | 0.49 | 0.45 | 0.43 | 0.42 | 0.35 | 0.35 | 0.37 | 0.39 | 0.40 | |||||||
| Target Corp. | 0.18 | 0.26 | 0.18 | 0.23 | 0.15 | 0.23 | 0.16 | 0.17 | 0.18 | 0.20 | 0.09 | 0.08 | 0.07 | 0.11 | 0.04 | 0.05 | 0.05 | 0.27 | 0.25 | 0.38 | 0.42 | |||||||
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).
1 Q1 2027 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 10,729 ÷ 114,583 = 0.09
2 Click competitor name to see calculations.
A significant contraction in the cash ratio is evident over the analyzed period, characterized by an initial steep decline followed by a prolonged phase of stabilization at lower levels. This trend indicates a reduction in the immediate liquidity available to cover short-term obligations using only cash and cash equivalents.
- Cash Asset Trajectory
- Total cash assets began the period at a peak of 22,846 million USD in April 2021, subsequently experiencing a sharp downward trend. A notable low was reached in January 2023 at 8,625 million USD. Since that point, cash levels have remained relatively stable, fluctuating within a narrow range between approximately 8,800 million USD and 13,900 million USD, ending the period at 10,729 million USD.
- Current Liabilities Trend
- Current liabilities demonstrated a general upward trajectory, increasing from 80,841 million USD in April 2021 to a peak of 115,732 million USD in October 2025. This growth in short-term obligations has exerted consistent downward pressure on the liquidity ratio, as the denominator increased while cash reserves generally diminished or stagnated.
- Cash Ratio Analysis
- The cash ratio declined from 0.28 in early 2021 to 0.09 by January 2023. From January 2023 through April 2026, the ratio remained remarkably consistent, oscillating narrowly between 0.09 and 0.11. This stabilization suggests a strategic shift or a normalized operational baseline where the company maintains a lean cash position relative to its current liabilities.
The convergence of decreasing cash assets and increasing current liabilities resulted in a permanent shift in the liquidity profile. The transition from a ratio of 0.28 to a stabilized 0.09 indicates a higher reliance on other current assets or operational cash flows to meet short-term liabilities rather than maintaining large static cash reserves.
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