Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Walmart Inc., solvency ratios (quarterly data)
Based on: 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 solvency position, as indicated by the provided ratios, exhibits a generally stable pattern over the observed period, with some fluctuations. Overall, the company maintains a moderate level of debt relative to its equity and assets. A closer examination of individual ratios reveals more nuanced trends.
- Debt to Equity
- The debt to equity ratio generally decreased from 0.62 in April 2021 to a low of 0.50 in January 2025, before increasing to 0.63 in April 2025 and decreasing again to 0.52 in January 2026. This suggests a period of decreasing reliance on equity financing followed by a slight increase and then a decrease. The fluctuations are relatively contained, indicating a consistent capital structure strategy.
- Debt to Equity (Including Operating Lease Liability)
- Including operating lease liabilities, the debt to equity ratio follows a similar trend, starting at 0.80 and decreasing to 0.66 in January 2025, then increasing to 0.80 in April 2025 and decreasing to 0.67 in January 2026. The inclusion of operating leases consistently results in a higher ratio, reflecting the impact of these obligations on the company’s overall leverage. The range is wider than the ratio excluding operating leases, highlighting the significance of these liabilities.
- Debt to Capital
- The debt to capital ratio demonstrates a similar pattern to the debt to equity ratio, moving from 0.38 to 0.33 in January 2025, then increasing to 0.39 in April 2025 and decreasing to 0.34 in January 2026. This indicates a consistent proportion of debt financing within the company’s capital structure. The fluctuations are moderate, suggesting a controlled approach to capital allocation.
- Debt to Capital (Including Operating Lease Liability)
- Similar to the debt to equity ratio including operating leases, this metric shows a higher level of leverage. It begins at 0.45 and decreases to 0.40 in January 2025, then increases to 0.45 in April 2025 and decreases to 0.40 in January 2026. The inclusion of operating lease liabilities consistently elevates the ratio, emphasizing their contribution to the company’s overall debt burden.
- Debt to Assets
- The debt to assets ratio exhibits a slight decreasing trend from 0.20 to 0.18 in January 2025, then increasing to 0.20 in April 2025 and decreasing to 0.18 in January 2026. This suggests a relatively stable proportion of assets financed by debt. The changes are minimal, indicating a consistent asset financing strategy.
- Debt to Assets (Including Operating Lease Liability)
- Including operating lease liabilities, the debt to assets ratio is consistently higher, starting at 0.27 and decreasing to 0.23 in January 2025, then increasing to 0.26 in April 2025 and decreasing to 0.24 in January 2026. This reinforces the impact of operating leases on the company’s overall leverage position when assessed against its asset base.
- Financial Leverage
- Financial leverage, as measured by the ratio, fluctuates between 2.87 and 3.43 over the period. A peak is observed in October 2022 at 3.43, followed by a decrease to 2.86 in January 2026. This indicates varying degrees of financial risk, with the higher values suggesting greater reliance on debt financing to amplify returns. The recent decrease suggests a reduction in financial risk.
- Interest Coverage
- The interest coverage ratio demonstrates a generally strong ability to meet interest obligations. It fluctuates between 7.37 and 11.85, consistently above 7.0. A dip is observed in October 2021 at 7.37, but it recovers and remains robust throughout the rest of the period. The ratio indicates a comfortable margin of safety for covering interest expenses, suggesting a low risk of default.
In summary, the company demonstrates a generally stable solvency position with moderate leverage. The inclusion of operating lease liabilities consistently increases the reported debt ratios. The interest coverage ratio remains strong, indicating a healthy capacity to service its debt obligations. The observed fluctuations appear to be within acceptable ranges and do not suggest any significant deterioration in the company’s financial health.
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Debt Ratios
Coverage Ratios
Debt to Equity
Walmart Inc., debt to equity calculation (quarterly data)
| 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) | ||||||||||||||||||||||||||
| Short-term borrowings | 6,596) | 8,401) | 3,837) | 5,595) | 3,068) | 3,579) | 3,195) | 5,457) | 878) | 9,942) | 4,546) | 1,711) | 372) | 6,811) | 10,634) | 11,432) | 410) | 447) | 671) | 362) | ||||||
| Long-term debt due within one year | 3,542) | 3,523) | 4,011) | 4,085) | 2,598) | 3,246) | 1,495) | 1,865) | 3,447) | 2,806) | 2,897) | 3,975) | 4,191) | 5,458) | 5,316) | 3,580) | 2,803) | 1,575) | 1,617) | 3,500) | ||||||
| Finance lease obligations due within one year | 856) | 842) | 828) | 791) | 800) | 789) | 786) | 844) | 725) | 688) | 653) | 607) | 567) | 549) | 534) | 511) | 511) | 508) | 501) | 507) | ||||||
| Long-term debt, excluding due within one year | 34,624) | 34,445) | 35,640) | 36,520) | 33,401) | 33,645) | 35,364) | 35,928) | 36,132) | 36,342) | 36,806) | 38,120) | 34,649) | 33,935) | 29,801) | 32,174) | 34,864) | 36,425) | 39,581) | 40,273) | ||||||
| Long-term finance lease obligations, excluding due within one year | 5,905) | 5,916) | 5,947) | 5,878) | 5,923) | 6,056) | 6,161) | 6,047) | 5,709) | 5,670) | 5,449) | 5,039) | 4,843) | 4,512) | 4,420) | 4,409) | 4,243) | 4,061) | 3,952) | 3,802) | ||||||
| Total debt | 51,523) | 53,127) | 50,263) | 52,869) | 45,790) | 47,315) | 47,001) | 50,141) | 46,891) | 55,448) | 50,351) | 49,452) | 44,622) | 51,265) | 50,705) | 52,106) | 42,831) | 43,016) | 46,322) | 48,444) | ||||||
| Total Walmart shareholders’ equity | 99,617) | 96,094) | 90,110) | 83,793) | 91,013) | 88,108) | 84,423) | 81,293) | 83,861) | 79,456) | 79,556) | 72,405) | 76,693) | 72,253) | 77,569) | 76,896) | 83,253) | 82,274) | 80,529) | 78,335) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to equity1 | 0.52 | 0.55 | 0.56 | 0.63 | 0.50 | 0.54 | 0.56 | 0.62 | 0.56 | 0.70 | 0.63 | 0.68 | 0.58 | 0.71 | 0.65 | 0.68 | 0.51 | 0.52 | 0.58 | 0.62 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | ||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | 0.18 | 0.19 | 0.20 | 0.21 | 0.23 | 0.23 | 0.25 | 0.27 | 0.28 | 0.22 | 0.21 | 0.28 | 0.29 | 0.30 | 0.31 | 0.33 | 0.34 | 0.36 | ||||||
| Target Corp. | 1.02 | 1.06 | 1.07 | 1.04 | 1.09 | 1.10 | 1.06 | 1.16 | 1.19 | 1.28 | 1.34 | 1.40 | 1.44 | 1.49 | 1.43 | 1.34 | 1.07 | 0.92 | 0.86 | 0.85 | ||||||
Based on: 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 Q4 2026 Calculation
Debt to equity = Total debt ÷ Total Walmart shareholders’ equity
= 51,523 ÷ 99,617 = 0.52
2 Click competitor name to see calculations.
The debt to equity ratio for the analyzed period demonstrates fluctuations, generally remaining within a range of 0.50 to 0.71. An initial decline is observed from April 2021 to January 2022, followed by an increase, peaking in October 2022, before decreasing again and stabilizing in the latter part of the period.
- Initial Decline (Apr 30, 2021 – Jan 31, 2022)
- The debt to equity ratio decreased from 0.62 in April 2021 to 0.51 in January 2022. This suggests a relative strengthening of the equity position compared to debt during this timeframe, potentially due to increased profitability leading to retained earnings or share buybacks. Total debt also decreased during this period.
- Subsequent Increase (Feb 1, 2022 – Oct 31, 2022)
- From January 2022 to October 2022, the ratio increased from 0.51 to 0.71. This indicates a rise in leverage, with debt growing at a faster rate than equity. The increase in total debt contributed to this trend. This could be attributed to strategic investments, acquisitions, or financing activities.
- Stabilization and Fluctuation (Nov 1, 2022 – Jul 31, 2025)
- Following the peak in October 2022, the ratio experienced fluctuations, generally stabilizing between 0.50 and 0.68. While there are quarterly variations, the ratio does not exhibit a strong directional trend. Total debt and total equity both experienced changes during this period, contributing to the observed fluctuations. The ratio concludes the analyzed period at 0.52.
Overall, the debt to equity ratio suggests a moderate level of financial leverage. The observed changes indicate dynamic shifts in the company’s capital structure, potentially influenced by operational decisions and market conditions. The fluctuations throughout the period suggest active management of debt and equity positions.
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Debt to Equity (including Operating Lease Liability)
Walmart Inc., debt to equity (including operating lease liability) calculation (quarterly data)
| 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) | ||||||||||||||||||||||||||
| Short-term borrowings | 6,596) | 8,401) | 3,837) | 5,595) | 3,068) | 3,579) | 3,195) | 5,457) | 878) | 9,942) | 4,546) | 1,711) | 372) | 6,811) | 10,634) | 11,432) | 410) | 447) | 671) | 362) | ||||||
| Long-term debt due within one year | 3,542) | 3,523) | 4,011) | 4,085) | 2,598) | 3,246) | 1,495) | 1,865) | 3,447) | 2,806) | 2,897) | 3,975) | 4,191) | 5,458) | 5,316) | 3,580) | 2,803) | 1,575) | 1,617) | 3,500) | ||||||
| Finance lease obligations due within one year | 856) | 842) | 828) | 791) | 800) | 789) | 786) | 844) | 725) | 688) | 653) | 607) | 567) | 549) | 534) | 511) | 511) | 508) | 501) | 507) | ||||||
| Long-term debt, excluding due within one year | 34,624) | 34,445) | 35,640) | 36,520) | 33,401) | 33,645) | 35,364) | 35,928) | 36,132) | 36,342) | 36,806) | 38,120) | 34,649) | 33,935) | 29,801) | 32,174) | 34,864) | 36,425) | 39,581) | 40,273) | ||||||
| Long-term finance lease obligations, excluding due within one year | 5,905) | 5,916) | 5,947) | 5,878) | 5,923) | 6,056) | 6,161) | 6,047) | 5,709) | 5,670) | 5,449) | 5,039) | 4,843) | 4,512) | 4,420) | 4,409) | 4,243) | 4,061) | 3,952) | 3,802) | ||||||
| Total debt | 51,523) | 53,127) | 50,263) | 52,869) | 45,790) | 47,315) | 47,001) | 50,141) | 46,891) | 55,448) | 50,351) | 49,452) | 44,622) | 51,265) | 50,705) | 52,106) | 42,831) | 43,016) | 46,322) | 48,444) | ||||||
| Operating lease obligations due within one year | 1,631) | 1,592) | 1,580) | 1,539) | 1,499) | 1,507) | 1,493) | 1,482) | 1,487) | 1,474) | 1,472) | 1,490) | 1,473) | 1,457) | 1,464) | 1,485) | 1,483) | 1,486) | 1,441) | 1,448) | ||||||
| Long-term operating lease obligations, excluding due within one year | 13,941) | 13,705) | 13,171) | 12,797) | 12,825) | 12,927) | 12,811) | 12,840) | 12,943) | 12,817) | 12,978) | 12,925) | 12,828) | 12,658) | 13,140) | 13,226) | 13,009) | 13,095) | 13,116) | 12,930) | ||||||
| Total debt (including operating lease liability) | 67,095) | 68,424) | 65,014) | 67,205) | 60,114) | 61,749) | 61,305) | 64,463) | 61,321) | 69,739) | 64,801) | 63,867) | 58,923) | 65,380) | 65,309) | 66,817) | 57,323) | 57,597) | 60,879) | 62,822) | ||||||
| Total Walmart shareholders’ equity | 99,617) | 96,094) | 90,110) | 83,793) | 91,013) | 88,108) | 84,423) | 81,293) | 83,861) | 79,456) | 79,556) | 72,405) | 76,693) | 72,253) | 77,569) | 76,896) | 83,253) | 82,274) | 80,529) | 78,335) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | 0.67 | 0.71 | 0.72 | 0.80 | 0.66 | 0.70 | 0.73 | 0.79 | 0.73 | 0.88 | 0.81 | 0.88 | 0.77 | 0.90 | 0.84 | 0.87 | 0.69 | 0.70 | 0.76 | 0.80 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | 0.25 | 0.27 | 0.28 | 0.30 | 0.31 | 0.33 | 0.35 | 0.38 | 0.40 | 0.32 | 0.31 | 0.38 | 0.40 | 0.42 | 0.43 | 0.45 | 0.48 | 0.50 | ||||||
| Target Corp. | 1.23 | 1.29 | 1.30 | 1.27 | 1.33 | 1.34 | 1.30 | 1.41 | 1.44 | 1.52 | 1.57 | 1.62 | 1.67 | 1.73 | 1.67 | 1.58 | 1.26 | 1.11 | 1.03 | 1.00 | ||||||
Based on: 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 Q4 2026 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Walmart shareholders’ equity
= 67,095 ÷ 99,617 = 0.67
2 Click competitor name to see calculations.
The debt to equity ratio, including operating lease liability, for the analyzed period demonstrates fluctuations, generally remaining within a range of 0.66 to 0.90. An initial decline is observed from April 2021 to January 2022, followed by an increase, and then a period of relative stability before concluding with a slight downward trend.
- Initial Decline (Apr 30, 2021 – Jan 31, 2022)
- The ratio decreased from 0.80 in April 2021 to 0.69 by January 2022. This suggests a strengthening of the equity position relative to debt during this timeframe, potentially due to increased profitability, share issuance, or debt reduction. However, the decrease is not substantial and remains above 0.65 throughout.
- Subsequent Increase (Feb 01, 2022 – Oct 31, 2022)
- From January 2022 to October 2022, the ratio increased, peaking at 0.90. This indicates a rise in debt relative to equity, possibly due to increased borrowing for investments, acquisitions, or to offset operational challenges. The increase in total debt is more pronounced than the decrease in shareholders’ equity during this period.
- Period of Fluctuations and Stabilization (Nov 01, 2022 – Apr 30, 2023)
- The ratio experienced fluctuations between 0.77 and 0.88 over this period. While there isn’t a clear directional trend, the values remain relatively high, suggesting continued reliance on debt financing. Shareholders’ equity also shows some volatility.
- Recent Trends (May 01, 2023 – Jan 31, 2026)
- From April 2023 through January 2026, a slight downward trend is observed, with the ratio decreasing from 0.88 to 0.67. This suggests a gradual improvement in the company’s solvency position, potentially driven by debt repayment or growth in equity. However, the ratio remains within a reasonable range, and the decrease is moderate.
Overall, the debt to equity ratio indicates a generally stable financial structure, with periods of increased and decreased leverage. The recent trend suggests a positive shift towards a more conservative capital structure, but continued monitoring is recommended to assess the sustainability of this trend.
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Debt to Capital
Walmart Inc., debt to capital calculation (quarterly data)
| 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) | ||||||||||||||||||||||||||
| Short-term borrowings | 6,596) | 8,401) | 3,837) | 5,595) | 3,068) | 3,579) | 3,195) | 5,457) | 878) | 9,942) | 4,546) | 1,711) | 372) | 6,811) | 10,634) | 11,432) | 410) | 447) | 671) | 362) | ||||||
| Long-term debt due within one year | 3,542) | 3,523) | 4,011) | 4,085) | 2,598) | 3,246) | 1,495) | 1,865) | 3,447) | 2,806) | 2,897) | 3,975) | 4,191) | 5,458) | 5,316) | 3,580) | 2,803) | 1,575) | 1,617) | 3,500) | ||||||
| Finance lease obligations due within one year | 856) | 842) | 828) | 791) | 800) | 789) | 786) | 844) | 725) | 688) | 653) | 607) | 567) | 549) | 534) | 511) | 511) | 508) | 501) | 507) | ||||||
| Long-term debt, excluding due within one year | 34,624) | 34,445) | 35,640) | 36,520) | 33,401) | 33,645) | 35,364) | 35,928) | 36,132) | 36,342) | 36,806) | 38,120) | 34,649) | 33,935) | 29,801) | 32,174) | 34,864) | 36,425) | 39,581) | 40,273) | ||||||
| Long-term finance lease obligations, excluding due within one year | 5,905) | 5,916) | 5,947) | 5,878) | 5,923) | 6,056) | 6,161) | 6,047) | 5,709) | 5,670) | 5,449) | 5,039) | 4,843) | 4,512) | 4,420) | 4,409) | 4,243) | 4,061) | 3,952) | 3,802) | ||||||
| Total debt | 51,523) | 53,127) | 50,263) | 52,869) | 45,790) | 47,315) | 47,001) | 50,141) | 46,891) | 55,448) | 50,351) | 49,452) | 44,622) | 51,265) | 50,705) | 52,106) | 42,831) | 43,016) | 46,322) | 48,444) | ||||||
| Total Walmart shareholders’ equity | 99,617) | 96,094) | 90,110) | 83,793) | 91,013) | 88,108) | 84,423) | 81,293) | 83,861) | 79,456) | 79,556) | 72,405) | 76,693) | 72,253) | 77,569) | 76,896) | 83,253) | 82,274) | 80,529) | 78,335) | ||||||
| Total capital | 151,140) | 149,221) | 140,373) | 136,662) | 136,803) | 135,423) | 131,424) | 131,434) | 130,752) | 134,904) | 129,907) | 121,857) | 121,315) | 123,518) | 128,274) | 129,002) | 126,084) | 125,290) | 126,851) | 126,779) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to capital1 | 0.34 | 0.36 | 0.36 | 0.39 | 0.33 | 0.35 | 0.36 | 0.38 | 0.36 | 0.41 | 0.39 | 0.41 | 0.37 | 0.42 | 0.40 | 0.40 | 0.34 | 0.34 | 0.37 | 0.38 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | ||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | 0.15 | 0.16 | 0.16 | 0.17 | 0.18 | 0.19 | 0.20 | 0.21 | 0.22 | 0.18 | 0.18 | 0.22 | 0.22 | 0.23 | 0.24 | 0.25 | 0.26 | 0.27 | ||||||
| Target Corp. | 0.50 | 0.52 | 0.52 | 0.51 | 0.52 | 0.52 | 0.51 | 0.54 | 0.54 | 0.56 | 0.57 | 0.58 | 0.59 | 0.60 | 0.59 | 0.57 | 0.52 | 0.48 | 0.46 | 0.46 | ||||||
Based on: 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 Q4 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= 51,523 ÷ 151,140 = 0.34
2 Click competitor name to see calculations.
The debt to capital ratio for the analyzed period demonstrates fluctuations, generally remaining within a relatively narrow range. An initial decrease is observed, followed by a period of increase, and then a subsequent leveling off with some minor variations.
- Overall Trend
- The ratio begins at 0.38 in April 2021 and declines to 0.34 by January 2022. It then increases, peaking at 0.42 in October 2022, before decreasing to 0.37 in January 2023. The ratio fluctuates between 0.36 and 0.41 through April 2024, then shows a slight downward trend to 0.33 in January 2025. A subsequent increase is noted, reaching 0.39 in April 2025, followed by a rise to 0.36 in July 2025, and a further increase to 0.34 in January 2026.
- Initial Decline (Apr 2021 - Jan 2022)
- A consistent decrease in the debt to capital ratio is evident from April 2021 to January 2022. This suggests a reduction in the proportion of debt financing relative to total capital during this period. The decrease, while consistent, is moderate, moving from 0.38 to 0.34.
- Subsequent Increase (Jan 2022 - Oct 2022)
- Following the initial decline, the ratio experiences an increase, reaching its highest point of 0.42 in October 2022. This indicates an increased reliance on debt financing relative to capital. The increase is notable, reversing the prior downward trend.
- Stabilization and Recent Fluctuations (Oct 2022 - Jan 2026)
- From October 2022 through January 2026, the ratio exhibits more moderate fluctuations. While there are increases and decreases, the ratio generally remains within a band of 0.33 to 0.42. The most recent values suggest a slight downward trend, ending at 0.34 in January 2026.
- Total Debt and Total Capital Movements
- Total debt increased from US$48,444 million in April 2021 to US$52,106 million in April 2022, then decreased to US$44,622 million in January 2023. It subsequently increased to US$55,448 million in October 2023, and then decreased to US$45,790 million in January 2025, before increasing again to US$51,523 million in January 2026. Total capital generally increased over the period, moving from US$126,779 million in April 2021 to US$151,140 million in January 2026. These movements in both total debt and total capital contribute to the observed fluctuations in the debt to capital ratio.
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Debt to Capital (including Operating Lease Liability)
Walmart Inc., debt to capital (including operating lease liability) calculation (quarterly data)
| Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Short-term borrowings | 6,596) | 8,401) | 3,837) | 5,595) | 3,068) | 3,579) | 3,195) | 5,457) | 878) | 9,942) | 4,546) | 1,711) | 372) | 6,811) | 10,634) | 11,432) | 410) | 447) | 671) | 362) | ||||||
| Long-term debt due within one year | 3,542) | 3,523) | 4,011) | 4,085) | 2,598) | 3,246) | 1,495) | 1,865) | 3,447) | 2,806) | 2,897) | 3,975) | 4,191) | 5,458) | 5,316) | 3,580) | 2,803) | 1,575) | 1,617) | 3,500) | ||||||
| Finance lease obligations due within one year | 856) | 842) | 828) | 791) | 800) | 789) | 786) | 844) | 725) | 688) | 653) | 607) | 567) | 549) | 534) | 511) | 511) | 508) | 501) | 507) | ||||||
| Long-term debt, excluding due within one year | 34,624) | 34,445) | 35,640) | 36,520) | 33,401) | 33,645) | 35,364) | 35,928) | 36,132) | 36,342) | 36,806) | 38,120) | 34,649) | 33,935) | 29,801) | 32,174) | 34,864) | 36,425) | 39,581) | 40,273) | ||||||
| Long-term finance lease obligations, excluding due within one year | 5,905) | 5,916) | 5,947) | 5,878) | 5,923) | 6,056) | 6,161) | 6,047) | 5,709) | 5,670) | 5,449) | 5,039) | 4,843) | 4,512) | 4,420) | 4,409) | 4,243) | 4,061) | 3,952) | 3,802) | ||||||
| Total debt | 51,523) | 53,127) | 50,263) | 52,869) | 45,790) | 47,315) | 47,001) | 50,141) | 46,891) | 55,448) | 50,351) | 49,452) | 44,622) | 51,265) | 50,705) | 52,106) | 42,831) | 43,016) | 46,322) | 48,444) | ||||||
| Operating lease obligations due within one year | 1,631) | 1,592) | 1,580) | 1,539) | 1,499) | 1,507) | 1,493) | 1,482) | 1,487) | 1,474) | 1,472) | 1,490) | 1,473) | 1,457) | 1,464) | 1,485) | 1,483) | 1,486) | 1,441) | 1,448) | ||||||
| Long-term operating lease obligations, excluding due within one year | 13,941) | 13,705) | 13,171) | 12,797) | 12,825) | 12,927) | 12,811) | 12,840) | 12,943) | 12,817) | 12,978) | 12,925) | 12,828) | 12,658) | 13,140) | 13,226) | 13,009) | 13,095) | 13,116) | 12,930) | ||||||
| Total debt (including operating lease liability) | 67,095) | 68,424) | 65,014) | 67,205) | 60,114) | 61,749) | 61,305) | 64,463) | 61,321) | 69,739) | 64,801) | 63,867) | 58,923) | 65,380) | 65,309) | 66,817) | 57,323) | 57,597) | 60,879) | 62,822) | ||||||
| Total Walmart shareholders’ equity | 99,617) | 96,094) | 90,110) | 83,793) | 91,013) | 88,108) | 84,423) | 81,293) | 83,861) | 79,456) | 79,556) | 72,405) | 76,693) | 72,253) | 77,569) | 76,896) | 83,253) | 82,274) | 80,529) | 78,335) | ||||||
| Total capital (including operating lease liability) | 166,712) | 164,518) | 155,124) | 150,998) | 151,127) | 149,857) | 145,728) | 145,756) | 145,182) | 149,195) | 144,357) | 136,272) | 135,616) | 137,633) | 142,878) | 143,713) | 140,576) | 139,871) | 141,408) | 141,157) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | 0.40 | 0.42 | 0.42 | 0.45 | 0.40 | 0.41 | 0.42 | 0.44 | 0.42 | 0.47 | 0.45 | 0.47 | 0.43 | 0.48 | 0.46 | 0.46 | 0.41 | 0.41 | 0.43 | 0.45 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | 0.20 | 0.21 | 0.22 | 0.23 | 0.24 | 0.25 | 0.26 | 0.27 | 0.29 | 0.24 | 0.24 | 0.28 | 0.28 | 0.29 | 0.30 | 0.31 | 0.32 | 0.34 | ||||||
| Target Corp. | 0.55 | 0.56 | 0.56 | 0.56 | 0.57 | 0.57 | 0.56 | 0.58 | 0.59 | 0.60 | 0.61 | 0.62 | 0.63 | 0.63 | 0.62 | 0.61 | 0.56 | 0.53 | 0.51 | 0.50 | ||||||
Based on: 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 Q4 2026 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 67,095 ÷ 166,712 = 0.40
2 Click competitor name to see calculations.
The debt to capital ratio, inclusive of operating lease liabilities, exhibits fluctuations over the observed period, generally remaining within a relatively narrow range. An initial decline is noted from April 2021 to January 2022, followed by an increase, and then a period of relative stability before another increase towards the end of the observation window.
- Overall Trend
- The ratio begins at 0.45 in April 2021 and decreases to a low of 0.41 by January 2022. It then increases to 0.48 by October 2022 before decreasing again to 0.42 by January 2023. From January 2023 to January 2026, the ratio fluctuates, peaking at 0.47 in October 2023 and reaching 0.42 in January 2026.
- Short-Term Fluctuations (2021-2022)
- A consistent decrease in the ratio is observed throughout 2021, suggesting a reduction in relative debt levels or an increase in capital. This trend reverses in early 2022, with the ratio increasing to 0.46 by April 2022 and remaining at that level through July 2022. The subsequent decline in the ratio during the latter half of 2022 could indicate a shift in financing strategies or capital structure.
- Mid-Term Stability (2022-2024)
- From October 2022 through April 2024, the ratio demonstrates a degree of stability, oscillating between 0.41 and 0.48. This suggests a period of relatively consistent financial leverage. The ratio remains below 0.50 throughout this period.
- Recent Changes (2024-2026)
- The ratio shows an increase from 0.41 in October 2024 to 0.45 in April 2025, followed by a slight decrease to 0.42 in July 2025. The ratio concludes the period at 0.40 in January 2026, indicating a potential recent shift towards reduced leverage or increased capital.
- Capital and Debt Movements
- Total debt generally increased from US$62,822 million in April 2021 to US$69,739 million in October 2023, before decreasing to US$67,095 million in January 2026. Total capital also increased over the period, from US$141,157 million in April 2021 to US$166,712 million in January 2026. The interplay between these increases and decreases drives the observed fluctuations in the debt to capital ratio.
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Debt to Assets
Walmart Inc., debt to assets calculation (quarterly data)
| Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Short-term borrowings | 6,596) | 8,401) | 3,837) | 5,595) | 3,068) | 3,579) | 3,195) | 5,457) | 878) | 9,942) | 4,546) | 1,711) | 372) | 6,811) | 10,634) | 11,432) | 410) | 447) | 671) | 362) | ||||||
| Long-term debt due within one year | 3,542) | 3,523) | 4,011) | 4,085) | 2,598) | 3,246) | 1,495) | 1,865) | 3,447) | 2,806) | 2,897) | 3,975) | 4,191) | 5,458) | 5,316) | 3,580) | 2,803) | 1,575) | 1,617) | 3,500) | ||||||
| Finance lease obligations due within one year | 856) | 842) | 828) | 791) | 800) | 789) | 786) | 844) | 725) | 688) | 653) | 607) | 567) | 549) | 534) | 511) | 511) | 508) | 501) | 507) | ||||||
| Long-term debt, excluding due within one year | 34,624) | 34,445) | 35,640) | 36,520) | 33,401) | 33,645) | 35,364) | 35,928) | 36,132) | 36,342) | 36,806) | 38,120) | 34,649) | 33,935) | 29,801) | 32,174) | 34,864) | 36,425) | 39,581) | 40,273) | ||||||
| Long-term finance lease obligations, excluding due within one year | 5,905) | 5,916) | 5,947) | 5,878) | 5,923) | 6,056) | 6,161) | 6,047) | 5,709) | 5,670) | 5,449) | 5,039) | 4,843) | 4,512) | 4,420) | 4,409) | 4,243) | 4,061) | 3,952) | 3,802) | ||||||
| Total debt | 51,523) | 53,127) | 50,263) | 52,869) | 45,790) | 47,315) | 47,001) | 50,141) | 46,891) | 55,448) | 50,351) | 49,452) | 44,622) | 51,265) | 50,705) | 52,106) | 42,831) | 43,016) | 46,322) | 48,444) | ||||||
| Total assets | 284,668) | 288,655) | 270,837) | 262,372) | 260,823) | 263,399) | 254,440) | 254,054) | 252,399) | 259,174) | 255,121) | 245,053) | 243,197) | 247,656) | 247,199) | 246,142) | 244,860) | 244,851) | 238,552) | 236,581) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to assets1 | 0.18 | 0.18 | 0.19 | 0.20 | 0.18 | 0.18 | 0.18 | 0.20 | 0.19 | 0.21 | 0.20 | 0.20 | 0.18 | 0.21 | 0.21 | 0.21 | 0.17 | 0.18 | 0.19 | 0.20 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | ||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | 0.07 | 0.07 | 0.07 | 0.08 | 0.08 | 0.08 | 0.08 | 0.09 | 0.09 | 0.08 | 0.08 | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 | 0.11 | 0.10 | ||||||
| Target Corp. | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.27 | 0.27 | 0.29 | 0.29 | 0.28 | 0.30 | 0.31 | 0.30 | 0.30 | 0.29 | 0.28 | 0.25 | 0.23 | 0.25 | 0.25 | ||||||
Based on: 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 Q4 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= 51,523 ÷ 284,668 = 0.18
2 Click competitor name to see calculations.
The debt-to-assets ratio for the analyzed period demonstrates a generally stable pattern with some fluctuations. Initially, the ratio exhibited a declining trend from 0.20 in April 2021 to 0.17 in January 2022. Subsequently, the ratio increased, peaking at 0.21 in July 2022 and remaining at that level through October 2022. A notable decrease followed, dropping to 0.18 in January 2023, before stabilizing around 0.20 for the subsequent four quarters. The ratio then experienced a slight decline to 0.18 in July 2024, holding steady through January 2026.
- Overall Trend
- The overall trend indicates a relatively consistent level of financial leverage. While fluctuations occur, the ratio generally remains within a narrow band between 0.17 and 0.21. This suggests a moderate reliance on debt financing relative to the company’s asset base.
- Short-Term Fluctuations
- A distinct increase in the ratio occurred between January 2022 and July 2022, potentially indicating increased borrowing or a decrease in asset value during that period. The subsequent decline from October 2022 to January 2023 suggests a reduction in debt or an increase in assets. The period from April 2023 to July 2024 shows relative stability, followed by a minor decrease.
- Recent Performance
- In the most recent quarters analyzed, the ratio has remained consistently at 0.18, indicating a stabilization of the company’s debt-to-asset position. This suggests a deliberate effort to maintain a specific level of financial leverage or a period of balanced growth in both debt and assets.
- Peak and Trough Values
- The highest ratio observed was 0.21, occurring in three consecutive quarters (July, October 2022, and January 2023). The lowest ratio was 0.17, recorded in January 2022. These values represent the extremes of the observed leverage during the analyzed timeframe.
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Debt to Assets (including Operating Lease Liability)
Walmart Inc., debt to assets (including operating lease liability) calculation (quarterly data)
| 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) | ||||||||||||||||||||||||||
| Short-term borrowings | 6,596) | 8,401) | 3,837) | 5,595) | 3,068) | 3,579) | 3,195) | 5,457) | 878) | 9,942) | 4,546) | 1,711) | 372) | 6,811) | 10,634) | 11,432) | 410) | 447) | 671) | 362) | ||||||
| Long-term debt due within one year | 3,542) | 3,523) | 4,011) | 4,085) | 2,598) | 3,246) | 1,495) | 1,865) | 3,447) | 2,806) | 2,897) | 3,975) | 4,191) | 5,458) | 5,316) | 3,580) | 2,803) | 1,575) | 1,617) | 3,500) | ||||||
| Finance lease obligations due within one year | 856) | 842) | 828) | 791) | 800) | 789) | 786) | 844) | 725) | 688) | 653) | 607) | 567) | 549) | 534) | 511) | 511) | 508) | 501) | 507) | ||||||
| Long-term debt, excluding due within one year | 34,624) | 34,445) | 35,640) | 36,520) | 33,401) | 33,645) | 35,364) | 35,928) | 36,132) | 36,342) | 36,806) | 38,120) | 34,649) | 33,935) | 29,801) | 32,174) | 34,864) | 36,425) | 39,581) | 40,273) | ||||||
| Long-term finance lease obligations, excluding due within one year | 5,905) | 5,916) | 5,947) | 5,878) | 5,923) | 6,056) | 6,161) | 6,047) | 5,709) | 5,670) | 5,449) | 5,039) | 4,843) | 4,512) | 4,420) | 4,409) | 4,243) | 4,061) | 3,952) | 3,802) | ||||||
| Total debt | 51,523) | 53,127) | 50,263) | 52,869) | 45,790) | 47,315) | 47,001) | 50,141) | 46,891) | 55,448) | 50,351) | 49,452) | 44,622) | 51,265) | 50,705) | 52,106) | 42,831) | 43,016) | 46,322) | 48,444) | ||||||
| Operating lease obligations due within one year | 1,631) | 1,592) | 1,580) | 1,539) | 1,499) | 1,507) | 1,493) | 1,482) | 1,487) | 1,474) | 1,472) | 1,490) | 1,473) | 1,457) | 1,464) | 1,485) | 1,483) | 1,486) | 1,441) | 1,448) | ||||||
| Long-term operating lease obligations, excluding due within one year | 13,941) | 13,705) | 13,171) | 12,797) | 12,825) | 12,927) | 12,811) | 12,840) | 12,943) | 12,817) | 12,978) | 12,925) | 12,828) | 12,658) | 13,140) | 13,226) | 13,009) | 13,095) | 13,116) | 12,930) | ||||||
| Total debt (including operating lease liability) | 67,095) | 68,424) | 65,014) | 67,205) | 60,114) | 61,749) | 61,305) | 64,463) | 61,321) | 69,739) | 64,801) | 63,867) | 58,923) | 65,380) | 65,309) | 66,817) | 57,323) | 57,597) | 60,879) | 62,822) | ||||||
| Total assets | 284,668) | 288,655) | 270,837) | 262,372) | 260,823) | 263,399) | 254,440) | 254,054) | 252,399) | 259,174) | 255,121) | 245,053) | 243,197) | 247,656) | 247,199) | 246,142) | 244,860) | 244,851) | 238,552) | 236,581) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | 0.24 | 0.24 | 0.24 | 0.26 | 0.23 | 0.23 | 0.24 | 0.25 | 0.24 | 0.27 | 0.25 | 0.26 | 0.24 | 0.26 | 0.26 | 0.27 | 0.23 | 0.24 | 0.26 | 0.27 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | 0.10 | 0.10 | 0.11 | 0.11 | 0.11 | 0.11 | 0.12 | 0.12 | 0.13 | 0.11 | 0.11 | 0.13 | 0.14 | 0.14 | 0.14 | 0.14 | 0.15 | 0.15 | ||||||
| Target Corp. | 0.33 | 0.33 | 0.35 | 0.34 | 0.34 | 0.33 | 0.33 | 0.35 | 0.35 | 0.34 | 0.35 | 0.36 | 0.35 | 0.34 | 0.34 | 0.34 | 0.30 | 0.28 | 0.30 | 0.30 | ||||||
Based on: 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 Q4 2026 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 67,095 ÷ 284,668 = 0.24
2 Click competitor name to see calculations.
The debt to assets ratio, including operating lease liabilities, for the analyzed period demonstrates a generally stable pattern with some fluctuations. Initially, the ratio exhibited a declining trend from 0.27 in April 2021 to a low of 0.23 in January 2022. Subsequently, the ratio increased, peaking at 0.27 in April 2022, before decreasing again to 0.24 in October 2022.
- Overall Trend
- Throughout the observed timeframe, the ratio remained within a relatively narrow range of 0.23 to 0.27. This suggests a consistent, though not static, level of financial leverage. There isn't a pronounced upward or downward trajectory over the entire period.
- Recent Fluctuations
- From January 2023 through January 2025, the ratio fluctuated between 0.24 and 0.26, indicating a period of relative stability. A slight increase to 0.26 was observed in April 2025, followed by increases to 0.24 in July 2025, 0.24 in October 2025, and 0.24 in January 2026. These recent movements suggest a potential, albeit small, shift in the company’s capital structure.
The observed fluctuations in the debt to assets ratio appear to correlate with changes in both total debt and total assets. Increases in the ratio generally coincide with increases in total debt relative to total assets, and vice versa. The consistency of the ratio within the 0.23-0.27 range suggests a deliberate management of financial leverage, maintaining a balance between debt and equity financing.
- Peak and Low Points
- The highest ratio recorded was 0.27, occurring in April 2021, April 2022, and October 2023. The lowest ratio was 0.23, observed in January 2022, October 2022, and January 2025. These points represent the periods of highest and lowest relative debt financing, respectively.
In conclusion, the debt to assets ratio demonstrates a pattern of moderate stability with periodic adjustments. The company appears to maintain a consistent approach to its capital structure, with fluctuations occurring within a defined range. The recent data suggests a continued commitment to this approach, with minor variations in the ratio.
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Financial Leverage
Walmart Inc., financial leverage calculation (quarterly data)
| 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) | ||||||||||||||||||||||||||
| Total assets | 284,668) | 288,655) | 270,837) | 262,372) | 260,823) | 263,399) | 254,440) | 254,054) | 252,399) | 259,174) | 255,121) | 245,053) | 243,197) | 247,656) | 247,199) | 246,142) | 244,860) | 244,851) | 238,552) | 236,581) | ||||||
| Total Walmart shareholders’ equity | 99,617) | 96,094) | 90,110) | 83,793) | 91,013) | 88,108) | 84,423) | 81,293) | 83,861) | 79,456) | 79,556) | 72,405) | 76,693) | 72,253) | 77,569) | 76,896) | 83,253) | 82,274) | 80,529) | 78,335) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Financial leverage1 | 2.86 | 3.00 | 3.01 | 3.13 | 2.87 | 2.99 | 3.01 | 3.13 | 3.01 | 3.26 | 3.21 | 3.38 | 3.17 | 3.43 | 3.19 | 3.20 | 2.94 | 2.98 | 2.96 | 3.02 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | ||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | 2.61 | 2.73 | 2.64 | 2.78 | 2.86 | 3.00 | 2.96 | 3.12 | 3.19 | 2.82 | 2.75 | 2.83 | 2.93 | 3.08 | 3.11 | 3.20 | 3.25 | 3.47 | ||||||
| Target Corp. | 3.68 | 3.87 | 3.75 | 3.76 | 3.94 | 4.04 | 3.88 | 3.98 | 4.12 | 4.49 | 4.44 | 4.49 | 4.75 | 5.05 | 4.95 | 4.72 | 4.20 | 3.94 | 3.46 | 3.37 | ||||||
Based on: 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 Q4 2026 Calculation
Financial leverage = Total assets ÷ Total Walmart shareholders’ equity
= 284,668 ÷ 99,617 = 2.86
2 Click competitor name to see calculations.
The financial leverage ratio for the analyzed period demonstrates a generally stable pattern with some fluctuations. Initially, the ratio exhibited a slight decrease from 3.02 in April 2021 to 2.96 in July 2021, followed by a modest increase to 2.98 in October 2021. A further slight decrease to 2.94 was observed in January 2022.
A notable increase in financial leverage occurred through April 2022, reaching 3.20, and remained relatively consistent at 3.19 in July 2022. This was followed by a more substantial increase to 3.43 in October 2022, representing the highest point in the observed period. Subsequently, the ratio decreased to 3.17 in January 2023, before rising again to 3.38 in April 2023.
The ratio then experienced a slight decline to 3.21 in July 2023 and 3.26 in October 2023, followed by a decrease to 3.01 in January 2024. A minor increase to 3.13 was seen in April 2024, followed by a return to 3.01 in July 2024. The ratio continued to decrease, reaching 2.99 in October 2024 and 2.87 in January 2025, indicating a reduction in financial leverage. A subsequent increase to 3.13 in April 2025 was observed, followed by a decrease to 3.01 in July 2025 and a further decrease to 3.00 in October 2025. The ratio concluded the analyzed period with values of 2.86 in January 2026.
- Overall Trend
- The overall trend suggests a relatively stable level of financial leverage, fluctuating between approximately 2.86 and 3.43 over the analyzed timeframe. While there are periods of increase and decrease, the ratio does not demonstrate a consistently strong upward or downward trajectory.
- Peak Leverage
- The peak in financial leverage occurred in October 2022, at a ratio of 3.43. This suggests a higher reliance on debt financing during that period compared to other quarters.
- Lowest Leverage
- The lowest point in the observed period was 2.86 in January 2026, indicating a comparatively lower reliance on debt financing at that time.
- Recent Changes
- The most recent quarters show a decreasing trend in financial leverage, moving from 3.01 in July 2025 to 2.86 in January 2026. This could indicate a shift towards more equity financing or a reduction in overall debt levels.
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Interest Coverage
Walmart Inc., interest coverage calculation (quarterly data)
| 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) | ||||||||||||||||||||||||||
| Consolidated net income (loss) attributable to Walmart | 4,237) | 6,143) | 7,026) | 4,487) | 5,254) | 4,577) | 4,501) | 5,104) | 5,494) | 453) | 7,891) | 1,673) | 6,275) | (1,798) | 5,149) | 2,054) | 3,562) | 3,105) | 4,276) | 2,730) | ||||||
| Add: Net income attributable to noncontrolling interest | 155) | (55) | 125) | 152) | 171) | 137) | 210) | 203) | 184) | 190) | 162) | 223) | (466) | 31) | (2) | 49) | 71) | 27) | 88) | 81) | ||||||
| Add: Income tax expense | 1,578) | 2,098) | 2,168) | 1,355) | 1,538) | 1,384) | 1,502) | 1,728) | 1,840) | 272) | 2,674) | 792) | 3,093) | 336) | 1,497) | 798) | 1,149) | 1,015) | 1,559) | 1,033) | ||||||
| Add: Interest expense, debt and finance lease | 709) | 684) | 769) | 637) | 717) | 618) | 679) | 714) | 695) | 682) | 642) | 664) | 610) | 584) | 479) | 455) | 427) | 486) | 515) | 566) | ||||||
| Earnings before interest and tax (EBIT) | 6,679) | 8,870) | 10,088) | 6,631) | 7,680) | 6,716) | 6,892) | 7,749) | 8,213) | 1,597) | 11,369) | 3,352) | 9,512) | (847) | 7,123) | 3,356) | 5,209) | 4,633) | 6,438) | 4,410) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Interest coverage1 | 11.53 | 11.85 | 11.35 | 10.53 | 10.64 | 10.93 | 8.83 | 10.58 | 9.14 | 9.94 | 9.35 | 8.19 | 9.00 | 7.63 | 11.00 | 10.43 | 10.38 | 7.37 | 8.59 | 9.31 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Interest Coverage, Competitors2 | ||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | 77.47 | 73.99 | 71.25 | 67.38 | 63.12 | 60.17 | 58.63 | 55.49 | 54.08 | 54.80 | 54.04 | 53.89 | 54.62 | 52.73 | 50.62 | 48.01 | 45.54 | 41.68 | ||||||
| Target Corp. | 11.71 | 12.13 | 12.94 | 13.88 | 13.80 | 14.18 | 14.45 | 12.52 | 11.55 | 9.69 | 8.80 | 7.58 | 8.15 | 10.70 | 13.46 | 18.76 | 22.16 | 21.38 | 9.43 | 9.08 | ||||||
Based on: 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 Q4 2026 Calculation
Interest coverage
= (EBITQ4 2026
+ EBITQ3 2026
+ EBITQ2 2026
+ EBITQ1 2026)
÷ (Interest expenseQ4 2026
+ Interest expenseQ3 2026
+ Interest expenseQ2 2026
+ Interest expenseQ1 2026)
= (6,679 + 8,870 + 10,088 + 6,631)
÷ (709 + 684 + 769 + 637)
= 11.53
2 Click competitor name to see calculations.
The interest coverage ratio for the analyzed period demonstrates generally healthy levels, indicating a consistent ability to meet interest obligations from earnings. However, fluctuations are observed throughout the period, warranting further examination.
- Overall Trend
- The interest coverage ratio generally remains above 7.37 throughout the observed timeframe, suggesting a comfortable margin of safety for creditors. A slight increasing trend is noticeable from 2021 through 2023, followed by some volatility, and then a return to a strengthening position in the latter part of the period. The ratio concludes at 11.53, representing a solid position.
- Short-Term Fluctuations (2021-2022)
- From April 2021 to July 2022, the ratio exhibits a fluctuating pattern. It begins at 9.31, dips to 8.59, then 7.37, before rising significantly to 11.00 in July 2022. This initial dip could be attributed to seasonal factors or changes in earnings and interest expense. The subsequent increase suggests improved profitability or reduced interest burdens.
- Notable Decline (October 2022)
- A significant decrease in the interest coverage ratio is observed in October 2022, falling to 7.63. This coincides with a substantial negative value for Earnings Before Interest and Tax (EBIT), indicating a period of lower profitability or potentially unusual expenses impacting earnings. This is the lowest point in the observed period.
- Recovery and Subsequent Volatility (2023-2025)
- Following the decline, the ratio recovers strongly, reaching 9.00 in January 2023 and peaking at 11.85 in October 2025. However, this recovery is not entirely smooth, with fluctuations occurring in April 2023 (8.19) and January 2024 (9.14). The final values indicate a stable and strong position, with the ratio consistently above 11.00.
- Interest Expense Considerations
- Interest expense remains relatively stable throughout the period, generally ranging between US$427 million and US$769 million. While not the primary driver of the ratio’s fluctuations, changes in interest expense contribute to the overall trend. The ratio’s movements are more closely tied to the performance of EBIT.
In conclusion, the interest coverage ratio demonstrates a generally strong solvency position, despite some periods of volatility. The company consistently maintains a ratio above a level generally considered acceptable by creditors, and the recent trend indicates improving financial health.
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