Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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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
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- Dividend Discount Model (DDM)
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- Operating Profit Margin since 2005
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Profitability Ratios (Summary)
Walmart Inc., profitability 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 profitability profile exhibits a period of contraction followed by a sustained recovery and expansion in efficiency metrics. While margins experienced volatility between 2021 and 2023, there is a clear upward trajectory in both bottom-line margins and returns on capital from 2023 through 2026.
- Gross and Operating Profit Margins
- Gross profit margins followed a U-shaped trajectory, declining from a peak of 24.55% in April 2021 to a trough of 23.43% in April 2023, before steadily recovering to 24.23% by April 2026. Operating profit margins mirrored this volatility, dropping significantly to a low of 3.37% in January 2023. A subsequent recovery phase saw operating margins rebound to peak at 4.37% in April 2024, eventually stabilizing in the 4.16% to 4.22% range.
- Net Profit Margin
- Net profit margins demonstrated a general expansion over the observed period. After reaching lows of 1.41% in October 2021 and 1.51% in October 2022, the margin entered a growth phase. This trend peaked at 3.29% in October 2025, reflecting a strengthened ability to convert revenue into actual profit compared to the 2021-2022 period.
- Return on Equity (ROE)
- ROE showed significant growth and increased volatility. From a low of 9.75% in October 2021, the ratio climbed aggressively, consistently exceeding 20% from October 2023 onwards. The period concluded with a peak of 24.10% in April 2026, indicating a substantial improvement in the efficiency of generating profits from shareholders' equity.
- Return on Assets (ROA)
- Return on assets followed a pattern similar to ROE, shifting from a low of 3.28% in October 2021 to a higher baseline. A sustained increase is observed starting in 2023, with the ratio breaking the 7% threshold in early 2024 and reaching a maximum of 7.94% in October 2025, signaling enhanced asset utilization and operational efficiency.
Return on Sales
Return on Investment
Gross Profit Margin
Walmart Inc., gross profit margin 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) | ||||||||||||||||||||||||||||
| Gross profit | ||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Gross profit margin1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Costco Wholesale Corp. | ||||||||||||||||||||||||||||
| Target Corp. | ||||||||||||||||||||||||||||
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
Gross profit margin = 100
× (Gross profitQ1 2027
+ Gross profitQ4 2026
+ Gross profitQ3 2026
+ Gross profitQ2 2026)
÷ (Net salesQ1 2027
+ Net salesQ4 2026
+ Net salesQ3 2026
+ Net salesQ2 2026)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The financial performance over the analyzed period reflects a U-shaped trajectory in gross profit margin, characterized by an initial phase of contraction followed by a sustained period of recovery and stabilization. While absolute gross profit and net sales exhibited overall growth, the margin percentage underwent a distinct cycle of compression and expansion.
- Gross Profit Margin Compression
- A consistent downward trend in gross profit margin is observed from April 30, 2021, through April 30, 2023. During this interval, the margin declined from a peak of 24.55% to a low of 23.43%. This compression occurred despite a general increase in net sales, suggesting that the cost of goods sold grew at a faster rate than revenue during this specific window.
- Margin Recovery and Stabilization
- Following the trough in April 2023, a steady recovery phase began. The gross profit margin climbed incrementally each quarter, moving from 23.43% to 24.23% by April 30, 2026. This upward trend indicates an improvement in cost management or a successful adjustment in pricing strategies, allowing the company to regain a significant portion of the margin lost during the previous two years.
- Relationship Between Sales Volume and Absolute Profit
- There is a clear positive correlation between net sales growth and absolute gross profit. Net sales rose from 137,159 million USD in April 2021 to 175,684 million USD by April 2026. Consequently, absolute gross profit increased from 33,887 million USD to 42,626 million USD over the same period. The growth in absolute profit persisted even during the period of margin compression, indicating that increased sales volume was sufficient to offset the decline in percentage efficiency.
- Seasonal Fluctuations
- Net sales and gross profit exhibit recurring seasonal patterns, with peaks typically occurring in the January quarters (e.g., January 31, 2022; January 31, 2023; January 31, 2024; January 31, 2026). These peaks align with higher consumer spending periods, though the gross profit margin remained relatively stable across these seasonal spikes, suggesting that seasonal volume increases did not significantly erode or enhance the underlying margin structure.
Operating Profit Margin
Walmart Inc., operating profit margin 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) | ||||||||||||||||||||||||||||
| Operating income | ||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Operating profit margin1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Costco Wholesale Corp. | ||||||||||||||||||||||||||||
| Target Corp. | ||||||||||||||||||||||||||||
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
Operating profit margin = 100
× (Operating incomeQ1 2027
+ Operating incomeQ4 2026
+ Operating incomeQ3 2026
+ Operating incomeQ2 2026)
÷ (Net salesQ1 2027
+ Net salesQ4 2026
+ Net salesQ3 2026
+ Net salesQ2 2026)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The operating profit margin demonstrates a volatile yet recovering trajectory over the observed period. While net sales grew steadily from 137,159 million USD in April 2021 to 175,684 million USD in April 2026, the efficiency of converting these sales into operating income experienced a distinct cycle of stability, contraction, and subsequent recovery.
- Initial Stability and Peak Performance
- Between April 2021 and January 2022, operating profit margins remained relatively stable and strong, fluctuating within a narrow range between 4.34% and 4.57%. The peak margin of 4.57% was achieved in January 2022, coinciding with a period of consistent operating income growth.
- Period of Margin Contraction
- A significant downward trend began in April 2022, with margins declining steadily to reach a trough of 3.37% in January 2023. This period was marked by a sharp decrease in operating income, most notably in October 2022, where income dropped to 2,695 million USD despite net sales remaining high at 151,469 million USD, indicating a substantial increase in operating expenses relative to revenue.
- Recovery and Long-term Stabilization
- Starting in July 2023, a consistent recovery trend is observed. The operating profit margin climbed from 3.49% in July 2023 back to a range of 4.16% to 4.37% through April 2026. This recovery indicates a restoration of operational efficiency, as operating income grew to a peak of 8,708 million USD in January 2026, effectively aligning profit margins with the levels seen at the start of the analyzed period.
Net Profit Margin
Walmart Inc., net profit margin 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) | ||||||||||||||||||||||||||||
| Consolidated net income (loss) attributable to Walmart | ||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Net profit margin1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Costco Wholesale Corp. | ||||||||||||||||||||||||||||
| Target Corp. | ||||||||||||||||||||||||||||
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
Net profit margin = 100
× (Consolidated net income (loss) attributable to WalmartQ1 2027
+ Consolidated net income (loss) attributable to WalmartQ4 2026
+ Consolidated net income (loss) attributable to WalmartQ3 2026
+ Consolidated net income (loss) attributable to WalmartQ2 2026)
÷ (Net salesQ1 2027
+ Net salesQ4 2026
+ Net salesQ3 2026
+ Net salesQ2 2026)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
An analysis of the financial performance from April 2021 through April 2026 reveals a consistent expansion in scale accompanied by an eventual strengthening of profitability margins. Net sales demonstrated a sustained upward trend, increasing from 137.16 billion USD in April 2021 to 175.68 billion USD by April 2026, despite recurring seasonal fluctuations.
- Net Sales Growth
- Revenue growth was characterized by steady incremental gains with periodic cyclical dips. The highest quarterly revenue peak occurred in January 2026, reaching 188.91 billion USD. This growth indicates a successful expansion of the top line over the five-year period.
- Net Income Volatility
- Consolidated net income exhibited significant volatility, particularly between 2022 and 2023. A notable contraction occurred in October 2022, where a net loss of 1.80 billion USD was recorded. This period of instability was followed by a strong recovery, with net income reaching a peak of 7.89 billion USD in July 2023 and stabilizing above 4 billion USD in the final year of the analysis.
- Net Profit Margin Evolution
- The net profit margin underwent three distinct phases. From April 2021 to early 2023, margins remained volatile, fluctuating between a low of 1.41% and a high of 2.57%. Starting in April 2024, a clear upward trend emerged, with margins consistently exceeding 2.3%. The margin reached its zenith in October 2025 at 3.29% and concluded the period at 3.17% in April 2026.
- Profitability Correlation
- The data indicates that while revenue grew steadily, profitability margins improved more aggressively in the latter half of the observed timeframe. The transition from margins averaging approximately 2% in the early years to consistently exceeding 3% in 2025 and 2026 suggests enhanced operational efficiency or a shift toward higher-margin revenue streams.
Return on Equity (ROE)
Walmart Inc., ROE 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) | ||||||||||||||||||||||||||||
| Consolidated net income (loss) attributable to Walmart | ||||||||||||||||||||||||||||
| Total Walmart shareholders’ equity | ||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| ROE1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||||
| Costco Wholesale Corp. | ||||||||||||||||||||||||||||
| Target Corp. | ||||||||||||||||||||||||||||
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
ROE = 100
× (Consolidated net income (loss) attributable to WalmartQ1 2027
+ Consolidated net income (loss) attributable to WalmartQ4 2026
+ Consolidated net income (loss) attributable to WalmartQ3 2026
+ Consolidated net income (loss) attributable to WalmartQ2 2026)
÷ Total Walmart shareholders’ equity
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial performance from April 2021 through April 2026 indicates a general strengthening of capital efficiency and a sustained increase in profitability. While the initial period was characterized by significant volatility, the latter half of the timeline demonstrates a clear upward shift in the return on shareholders' equity.
- Return on Equity (ROE) Trajectory
- ROE exhibited considerable fluctuation between April 2021 and January 2023, with values oscillating between a low of 9.75% and a high of 20.50%. Following this period of instability, a higher performance baseline was established starting in April 2024, with ROE consistently remaining above 18%. This trend reached a peak of 24.10% by April 2026, reflecting a marked improvement in the ability to generate profit relative to equity.
- Net Income Volatility and Recovery
- Consolidated net income showed substantial quarterly variance. A significant contraction occurred in October 2022, resulting in a net loss of 1,798 million US dollars. However, the subsequent periods showed a robust recovery, with net income frequently exceeding 5,000 million US dollars. The stability of net income in the final eight quarters provided the primary driver for the improved ROE levels observed in 2024 and 2025.
- Equity Base Expansion and Capital Efficiency
- Total shareholders' equity grew from 78,335 million US dollars in April 2021 to 94,330 million US dollars by April 2026. Despite a temporary dip to 72,253 million US dollars in October 2022, the overall trend was one of expansion. The fact that ROE increased while the equity base grew suggests that net income growth outpaced the expansion of shareholders' equity, signifying enhanced operational efficiency and a more effective utilization of capital.
Return on Assets (ROA)
Walmart Inc., ROA 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) | ||||||||||||||||||||||||||||
| Consolidated net income (loss) attributable to Walmart | ||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| ROA1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||||||
| Costco Wholesale Corp. | ||||||||||||||||||||||||||||
| Target Corp. | ||||||||||||||||||||||||||||
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
ROA = 100
× (Consolidated net income (loss) attributable to WalmartQ1 2027
+ Consolidated net income (loss) attributable to WalmartQ4 2026
+ Consolidated net income (loss) attributable to WalmartQ3 2026
+ Consolidated net income (loss) attributable to WalmartQ2 2026)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of profitability metrics between April 2021 and April 2026 reveals a general trajectory of improving asset efficiency despite significant fluctuations in quarterly net income and a steady expansion of the total asset base.
- Asset Base Expansion
- Total assets exhibited a consistent long-term growth trend, increasing from 236,581 million USD in April 2021 to 289,607 million USD by April 2026. This growth was largely linear, with a notable acceleration in asset accumulation starting in July 2025, where total assets surpassed the 270 billion USD threshold.
- Net Income Volatility
- Consolidated net income attributable to the company demonstrated substantial quarterly variance. A significant anomaly occurred in October 2022, where a net loss of 1,798 million USD was recorded. Following this contraction, a recovery phase ensued, with net income reaching peak quarterly levels of 7,891 million USD in July 2023 and 7,026 million USD in July 2025. By the final quarters of the period, net income stabilized above 4,000 million USD.
- Return on Assets (ROA) Performance
- The Return on Assets ratio reflects a transition from moderate to high efficiency. Between April 2021 and January 2023, ROA remained volatile, fluctuating between a low of 3.28% and a high of 5.61%. However, starting in April 2023, a structural shift upward is observed. From April 2024 through April 2026, ROA consistently remained above 6%, peaking at 7.94% in October 2025. This indicates that the company successfully increased its profitability relative to its asset growth, enhancing the overall productivity of its invested capital.
In summary, the data indicates that the company has moved into a more efficient operational phase. The ability to sustain a higher ROA while simultaneously expanding the total asset base suggests improved margins or more effective asset utilization in the latter half of the analyzed period.