Analysis of Reportable Segments
Walmart Inc. operates in 3 segments: Walmart U.S.; Walmart International; and Sam’s Club U.S..
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- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Segment Profit Margin
Walmart Inc., profit margin by reportable segment
| Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| Walmart U.S. | ||||||
| Walmart International | ||||||
| Sam’s Club U.S. |
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31).
Segment profit margins exhibited varied performance across the reporting periods. Walmart U.S. demonstrated relative stability, while Walmart International and Sam’s Club U.S. experienced more pronounced fluctuations.
- Walmart U.S.
- The segment’s profit margin began at 5.17% and increased to 5.49% before declining to 4.90%. Subsequent years showed a recovery, reaching 5.01%, 5.16%, and finally 5.21%. This indicates a generally upward trend over the six-year period, despite a mid-period dip. The segment appears to be consistently profitable, with margins remaining above 5% throughout the analyzed timeframe.
- Walmart International
- This segment’s profit margin showed greater volatility. Starting at 3.02%, it rose significantly to 3.72% then decreased to 2.94%. A substantial increase was observed in 2024, reaching 4.28%, followed by a further increase to 4.51%. The most recent period shows a slight decrease to 3.91%. While exhibiting fluctuations, the segment demonstrates an overall improvement in profitability, ending at a higher margin than its initial value, though with increased variability.
- Sam’s Club U.S.
- Sam’s Club U.S. experienced a downward trend in profit margin from 2.98% to 2.33%. A modest recovery occurred in 2024 (2.54%) and 2025 (2.66%), but the most recent period shows a slight decline to 2.63%. The segment’s margins are consistently the lowest among the three reported segments and have not fully recovered to their initial levels.
Overall, the analysis suggests that while Walmart U.S. maintains a stable and healthy profit margin, Walmart International is improving but remains volatile. Sam’s Club U.S. faces challenges in maintaining its profitability, as evidenced by the declining trend and comparatively lower margins.
Segment Profit Margin: Walmart U.S.
Walmart Inc.; Walmart U.S.; segment profit margin calculation
| Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income (loss) | ||||||
| Net sales | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31).
1 2026 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Net sales
= 100 × ÷ =
The segment experienced generally positive performance over the analyzed period. Both operating income and net sales demonstrated an overall upward trajectory, contributing to a relatively stable segment profit margin. However, fluctuations were observed within the timeframe, warranting further examination.
- Operating Income
- Operating income exhibited growth from 2021 to 2022, increasing from US$19,116 million to US$21,587 million. A slight decrease was noted in 2023, with operating income reaching US$20,620 million. Subsequent years showed renewed growth, with income rising to US$22,154 million in 2024, US$23,882 million in 2025, and reaching US$25,158 million in 2026. This indicates a resilient performance with a temporary dip followed by sustained expansion.
- Net Sales
- Net sales consistently increased throughout the period. From US$369,963 million in 2021, sales grew to US$393,247 million in 2022, US$420,553 million in 2023, US$441,817 million in 2024, US$462,415 million in 2025, and ultimately reached US$482,975 million in 2026. This consistent growth suggests strong market demand and effective sales strategies.
- Segment Profit Margin
- The segment profit margin showed moderate variability. It began at 5.17% in 2021, increased to 5.49% in 2022, then decreased to 4.90% in 2023. The margin recovered to 5.01% in 2024 and continued to improve, reaching 5.16% in 2025 and 5.21% in 2026. While not dramatically volatile, the margin’s fluctuation suggests sensitivity to changes in operating income and net sales, and potentially, cost management efforts. The overall trend indicates a slight improvement in profitability towards the end of the analyzed period.
The correlation between increasing net sales and operating income generally supports the observed trend in segment profit margin. The dip in margin in 2023, despite increased sales, suggests potential cost pressures or a shift in sales mix during that year. The subsequent recovery indicates successful mitigation of these factors or a return to more favorable conditions.
Segment Profit Margin: Walmart International
Walmart Inc.; Walmart International; segment profit margin calculation
| Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income (loss) | ||||||
| Net sales | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31).
1 2026 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Net sales
= 100 × ÷ =
The segment experienced fluctuating performance between 2021 and 2026. While net sales demonstrated overall growth, operating income exhibited more volatility. This resulted in a corresponding fluctuation in the segment profit margin.
- Operating Income
- Operating income initially increased from US$3,660 million in 2021 to US$3,758 million in 2022, representing a modest gain. A subsequent decline was observed in 2023, with operating income falling to US$2,965 million. A significant recovery occurred in 2024, reaching US$4,909 million, followed by further growth to US$5,501 million in 2025. Operating income then decreased slightly in 2026 to US$5,103 million.
- Net Sales
- Net sales decreased from US$121,360 million in 2021 to US$100,959 million in 2022. Sales remained relatively stable in 2023 at US$100,983 million before increasing to US$114,641 million in 2024. Continued growth was observed in 2025, with net sales reaching US$121,885 million, and further expansion to US$130,423 million in 2026.
- Segment Profit Margin
- The segment profit margin began at 3.02% in 2021, increasing to 3.72% in 2022. It then decreased to 2.94% in 2023, coinciding with the decline in operating income. A substantial increase was noted in 2024, with the margin rising to 4.28%, and continuing to 4.51% in 2025. The margin experienced a slight decrease in 2026, settling at 3.91% despite continued growth in net sales.
The divergence between net sales and operating income suggests potential shifts in cost structures or pricing strategies within the segment. While sales have generally trended upward, the fluctuations in operating income indicate that revenue growth has not consistently translated into proportional profit gains. The peak margin in 2025 suggests successful operational improvements or favorable market conditions during that period, but the subsequent decline in 2026 warrants further investigation.
Segment Profit Margin: Sam’s Club U.S.
Walmart Inc.; Sam’s Club U.S.; segment profit margin calculation
| Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income (loss) | ||||||
| Net sales | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31).
1 2026 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Net sales
= 100 × ÷ =
The segment performance of Sam’s Club U.S. demonstrates a generally positive trajectory over the analyzed period, though with some fluctuation. Net sales consistently increased year-over-year, while operating income exhibited more variability. Consequently, the segment profit margin showed a pattern of initial improvement followed by a decline and subsequent recovery.
- Net Sales Trend
- Net sales experienced consistent growth throughout the period, increasing from US$63,910 million in 2021 to US$93,015 million in 2026. This represents a cumulative increase of approximately 45.7% over the six-year period, indicating strong revenue generation within this segment.
- Operating Income Trend
- Operating income increased from US$1,906 million in 2021 to US$2,259 million in 2022, representing a period of initial growth. However, operating income decreased to US$1,964 million in 2023 before recovering to US$2,192 million in 2024. Further growth was observed in 2025 and 2026, reaching US$2,404 million and US$2,442 million respectively. While generally positive, the 2023 dip suggests potential challenges in maintaining profitability during that year.
- Segment Profit Margin Analysis
- The segment profit margin initially improved from 2.98% in 2021 to 3.07% in 2022, aligning with the increase in operating income. A notable decrease was observed in 2023, with the margin falling to 2.33%. The margin then began to recover, reaching 2.54% in 2024, 2.66% in 2025, and stabilizing at 2.63% in 2026. The margin’s recovery, though positive, did not fully return to the levels seen in 2021 and 2022, suggesting that cost management or pricing strategies may have shifted.
Overall, the segment demonstrates a capacity for revenue growth, but profitability, as measured by the segment profit margin, is subject to fluctuations. The consistent increase in net sales, coupled with the recent stabilization of the profit margin, suggests a potentially sustainable growth pattern, though continued monitoring of operating income and margin performance is warranted.
Segment Return on Assets (Segment ROA)
Walmart Inc., ROA by reportable segment
| Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| Walmart U.S. | ||||||
| Walmart International | ||||||
| Sam’s Club U.S. |
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31).
Segment return on assets exhibited varied performance across the reporting periods. Overall, the performance of Walmart U.S. and Sam’s Club U.S. demonstrates relative stability, while Walmart International shows a more pronounced, and generally positive, trend.
- Walmart U.S.
- The segment’s return on assets began at 16.84% in 2021, increased slightly to 17.26% in 2022, then decreased to 15.78% in 2023. A modest recovery to 16.08% occurred in 2024, followed by a slight decline to 15.92% in 2025, and a further decrease to 15.19% in 2026. This indicates a generally stable, but ultimately downward, trend over the six-year period.
- Walmart International
- Walmart International experienced a notable increase in return on assets from 3.34% in 2021 to 4.11% in 2022. Following a slight dip to 3.42% in 2023, the segment demonstrated significant improvement, reaching 5.70% in 2024 and further increasing to 6.87% in 2025. The return on assets for this segment decreased to 5.93% in 2026, but remains substantially higher than the levels observed in 2021 and 2022.
- Sam’s Club U.S.
- Sam’s Club U.S. began with a return on assets of 14.21% in 2021, rising to 15.39% in 2022. A decrease to 12.68% was observed in 2023, followed by a recovery to 13.98% in 2024. The segment’s return on assets increased to 14.26% in 2025 and remained consistent at 14.21% in 2026. This segment’s performance shows moderate fluctuations around its initial level.
The differing trends suggest varying operational efficiencies and market conditions impacting each segment. The substantial improvement in Walmart International’s return on assets warrants further investigation to understand the drivers behind this positive performance. The slight decline in Walmart U.S. return on assets, despite generally strong performance, may also merit attention.
Segment ROA: Walmart U.S.
Walmart Inc.; Walmart U.S.; segment ROA calculation
| Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income (loss) | ||||||
| Total assets | ||||||
| Segment Profitability Ratio | ||||||
| Segment ROA1 | ||||||
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31).
1 2026 Calculation
Segment ROA = 100 × Operating income (loss) ÷ Total assets
= 100 × ÷ =
The segment’s operating income demonstrated a generally positive trajectory over the observed period. Beginning at US$19,116 million in January 2021, it increased to US$21,587 million in January 2022, experienced a slight decrease to US$20,620 million in January 2023, and then resumed growth, reaching US$25,158 million by January 2026. Total assets also exhibited consistent growth throughout the period, rising from US$113,490 million in January 2021 to US$165,627 million in January 2026.
- Segment Return on Assets (ROA)
- Segment ROA initially increased from 16.84% in January 2021 to 17.26% in January 2022. A subsequent decline was observed in January 2023, with ROA falling to 15.78%. The ROA partially recovered to 16.08% in January 2024, but then stabilized around the 15.9% to 16.0% range for the following two years. A further decrease to 15.19% was recorded in January 2026. This suggests that while operating income increased substantially, the growth in assets outpaced the growth in income, leading to a gradual erosion of asset efficiency as measured by ROA.
The consistent growth in total assets, coupled with the fluctuating ROA, indicates that the segment is reinvesting capital, but the returns on those investments are not consistently increasing at the same rate. The slight dip in ROA in January 2023 and the continued decline through January 2026 warrant further investigation to determine the underlying causes, such as changes in asset utilization or profitability margins. Despite the ROA trend, the absolute operating income continues to grow, suggesting overall financial health, but potentially diminishing efficiency in asset deployment.
Segment ROA: Walmart International
Walmart Inc.; Walmart International; segment ROA calculation
| Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income (loss) | ||||||
| Total assets | ||||||
| Segment Profitability Ratio | ||||||
| Segment ROA1 | ||||||
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31).
1 2026 Calculation
Segment ROA = 100 × Operating income (loss) ÷ Total assets
= 100 × ÷ =
The segment’s operating income demonstrated volatility over the observed period. Initial values were relatively stable between 2021 and 2022, followed by a decrease in 2023, and then a substantial increase in both 2024 and 2025. A slight decline in operating income is noted in 2026, though remaining above the 2021-2023 levels.
Total assets exhibited a decreasing trend from 2021 to 2025, before experiencing a modest increase in 2026. The largest decrease in total assets occurred between 2021 and 2022. The asset base remained relatively consistent between 2023 and 2024.
- Segment Return on Assets (ROA)
- Segment ROA generally increased throughout the period. Starting at 3.34% in 2021, it rose to 4.11% in 2022. A slight decrease to 3.42% was observed in 2023, coinciding with the decline in operating income. A significant improvement in ROA occurred in 2024, reaching 5.70%, and continued to climb to a peak of 6.87% in 2025. The ROA experienced a moderate decrease in 2026, settling at 5.93%, but remained considerably higher than the levels recorded in the earlier years of the period.
The increase in segment ROA from 2023 to 2025 suggests improved efficiency in utilizing assets to generate profits, despite the initial decrease in operating income in 2023. The subsequent stabilization of ROA in 2026, while slightly lower than the 2025 peak, indicates a sustained level of profitability relative to the asset base. The concurrent decrease in total assets and increase in operating income contributed to the substantial ROA improvement observed in 2024 and 2025.
Segment ROA: Sam’s Club U.S.
Walmart Inc.; Sam’s Club U.S.; segment ROA calculation
| Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income (loss) | ||||||
| Total assets | ||||||
| Segment Profitability Ratio | ||||||
| Segment ROA1 | ||||||
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31).
1 2026 Calculation
Segment ROA = 100 × Operating income (loss) ÷ Total assets
= 100 × ÷ =
Segment performance for Sam’s Club U.S. demonstrates a generally positive trajectory over the analyzed period, with some fluctuations. Operating income and total assets both increased from 2021 to 2026, contributing to a relatively stable Return on Assets (ROA).
- Operating Income
- Operating income experienced growth from US$1,906 million in 2021 to US$2,259 million in 2022, representing a significant increase. A subsequent decrease to US$1,964 million was observed in 2023, followed by recovery and continued growth to US$2,442 million in 2026. This indicates some volatility but an overall upward trend in profitability.
- Total Assets
- Total assets consistently increased throughout the period, moving from US$13,415 million in 2021 to US$17,186 million in 2026. The rate of increase was most pronounced between 2021 and 2023, then moderated in subsequent years. This suggests continued investment and expansion within the segment.
- Segment ROA
- Segment ROA began at 14.21% in 2021, increased to a peak of 15.39% in 2022, and then decreased to 12.68% in 2023. The ROA subsequently recovered, reaching 13.98% in 2024, 14.26% in 2025, and stabilizing at 14.21% in 2026. While fluctuations occurred, the ROA remained within a relatively narrow range, indicating consistent asset utilization efficiency. The dip in 2023 corresponds with the decrease in operating income, demonstrating a direct relationship between profitability and ROA. The final value in 2026 returns to the initial level observed in 2021.
Overall, Sam’s Club U.S. demonstrates a pattern of growth in both income and asset base. The ROA, while experiencing some short-term variability, remains at a healthy level, suggesting effective management of assets to generate profits.
Segment Asset Turnover
Walmart Inc., asset turnover by reportable segment
| Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| Walmart U.S. | ||||||
| Walmart International | ||||||
| Sam’s Club U.S. |
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31).
An examination of segment asset turnover reveals distinct trends across the three reportable segments over the six-year period. Walmart U.S. demonstrates relative stability initially, followed by a gradual decline, while Walmart International exhibits consistent improvement. Sam’s Club U.S. consistently maintains a significantly higher turnover ratio and shows moderate fluctuations.
- Walmart U.S.
- The asset turnover ratio for Walmart U.S. began at 3.26 and experienced a slight decrease to 3.14 in the following year. It recovered modestly to 3.22, remaining relatively flat at 3.21 before declining to 3.08 and further to 2.92. This indicates a decreasing efficiency in utilizing assets to generate sales within this segment over the latter portion of the analyzed period.
- Walmart International
- Walmart International’s asset turnover ratio showed a minimal change from 1.11 to 1.10, then a positive trend beginning with an increase to 1.16. This upward momentum continued with increases to 1.33, 1.52, and holding steady at 1.51. This suggests improving efficiency in asset utilization within the international segment, potentially due to strategic initiatives or market conditions.
- Sam’s Club U.S.
- Sam’s Club U.S. consistently reported the highest asset turnover ratios among the three segments. The ratio increased from 4.76 to 5.01, then to 5.45 and 5.50, indicating strong asset utilization. A slight decrease to 5.35 was observed, followed by a stabilization at 5.41. This segment consistently demonstrates a greater ability to generate sales from its asset base compared to the other two segments.
The divergence in trends suggests differing operational efficiencies and strategic focuses across the segments. While Walmart U.S. experienced a gradual decline in asset turnover, Walmart International demonstrated significant improvement. Sam’s Club U.S. maintained a consistently high ratio, indicating effective asset management practices.
Segment Asset Turnover: Walmart U.S.
Walmart Inc.; Walmart U.S.; segment asset turnover calculation
| Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | ||||||
| Total assets | ||||||
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | ||||||
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31).
1 2026 Calculation
Segment asset turnover = Net sales ÷ Total assets
= ÷ =
The segment asset turnover for Walmart U.S. demonstrates a generally stable, but slightly declining, pattern over the analyzed period. Net sales consistently increased year-over-year, while total assets also exhibited growth. However, the rate of asset growth appears to be outpacing sales growth in later years, contributing to the observed trend in asset turnover.
- Segment Asset Turnover Trend
- The segment asset turnover ratio began at 3.26 in 2021. It experienced a slight decrease to 3.14 in 2022, followed by a modest recovery to 3.22 in 2023 and remaining relatively flat at 3.21 in 2024. A more noticeable downward trend emerges in the later years, with the ratio declining to 3.08 in 2025 and further to 2.92 in 2026.
- Sales Growth
- Net sales increased steadily throughout the period, moving from US$369,963 million in 2021 to US$482,975 million in 2026. This indicates consistent revenue expansion within the segment.
- Asset Growth
- Total assets also increased consistently, rising from US$113,490 million in 2021 to US$165,627 million in 2026. The increase in assets was particularly pronounced between 2024 and 2026, suggesting potentially increased investment in infrastructure, inventory, or other assets.
- Relationship Between Sales and Assets
- While both sales and assets grew, the declining asset turnover ratio suggests that the company is becoming less efficient in generating sales from its asset base. This could be due to a number of factors, including increased investment in assets that have not yet translated into proportional sales increases, or a shift in business strategy towards lower-margin, higher-volume sales.
The observed decline in segment asset turnover warrants further investigation to determine the underlying causes and potential implications for profitability and capital allocation.
Segment Asset Turnover: Walmart International
Walmart Inc.; Walmart International; segment asset turnover calculation
| Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | ||||||
| Total assets | ||||||
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | ||||||
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31).
1 2026 Calculation
Segment asset turnover = Net sales ÷ Total assets
= ÷ =
The segment asset turnover for Walmart International demonstrates a clear upward trend over the observed period. Initially, the ratio remained relatively stable, followed by a period of significant improvement and subsequent stabilization.
- Net Sales
- Net sales for Walmart International experienced a decrease from US$121,360 million in 2021 to US$100,959 million in 2022. Sales remained relatively flat in 2023 at US$100,983 million before increasing to US$114,641 million in 2024. Continued growth is observed in 2025 and 2026, reaching US$121,885 million and US$130,423 million respectively.
- Total Assets
- Total assets within the segment decreased consistently from US$109,445 million in 2021 to US$80,016 million in 2025. A slight increase in total assets is noted in 2026, reaching US$86,093 million.
- Segment Asset Turnover
- The segment asset turnover ratio was 1.11 in 2021 and 1.10 in 2022, indicating a minimal change. A noticeable increase occurred in 2023, with the ratio rising to 1.16. This upward momentum continued into 2024, reaching 1.33, and further accelerated in 2025 to 1.52. The ratio stabilized in 2026 at 1.51. This suggests increasing efficiency in utilizing assets to generate sales within the segment.
The combination of decreasing assets and increasing sales appears to be the primary driver of the improved asset turnover ratio. While sales initially declined, the subsequent growth, coupled with asset reduction, resulted in a more efficient use of capital. The stabilization of the ratio in the final year suggests that the segment may be approaching a peak in asset utilization, given the current sales and asset levels.
Segment Asset Turnover: Sam’s Club U.S.
Walmart Inc.; Sam’s Club U.S.; segment asset turnover calculation
| Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | ||||||
| Total assets | ||||||
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | ||||||
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31).
1 2026 Calculation
Segment asset turnover = Net sales ÷ Total assets
= ÷ =
Segment performance for Sam’s Club U.S. demonstrates a generally positive trend in asset utilization over the analyzed period. Net sales consistently increased from 2021 to 2026, while total assets also exhibited growth, though at a slower pace. This relationship is reflected in the segment asset turnover ratio.
- Net Sales Trend
- Net sales increased steadily throughout the period, moving from US$63,910 million in 2021 to US$93,015 million in 2026. This represents a cumulative growth of approximately 45.6% over the six-year timeframe. The rate of increase appears relatively consistent year-over-year.
- Total Assets Trend
- Total assets also increased from 2021 to 2026, rising from US$13,415 million to US$17,186 million. This represents a cumulative growth of approximately 28.1% over the six-year timeframe. The growth rate in total assets is less pronounced than that of net sales.
- Segment Asset Turnover
- The segment asset turnover ratio increased from 4.76 in 2021 to 5.50 in 2023, indicating improving efficiency in asset utilization. This suggests that Sam’s Club U.S. was generating more sales revenue for each dollar of assets employed. A slight decrease to 5.35 was observed in 2025, followed by a recovery to 5.41 in 2026. While the 2025 dip warrants monitoring, the ratio remains at a healthy level and above the 2021 baseline.
The consistent growth in net sales coupled with a relatively controlled increase in total assets has resulted in a strengthening asset turnover ratio. This suggests effective management of assets within the Sam’s Club U.S. segment, translating into improved revenue generation from its asset base.
Segment Capital Expenditures to Depreciation
Walmart Inc., capital expenditures to depreciation by reportable segment
| Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| Walmart U.S. | ||||||
| Walmart International | ||||||
| Sam’s Club U.S. |
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31).
The relationship between segment capital expenditures and depreciation exhibits varied trends across the reporting periods. Generally, the ratios indicate the amount of capital expenditure invested for each dollar of depreciation expense, offering insight into the pace of asset renewal and expansion within each segment.
- Walmart U.S.
- The Walmart U.S. segment demonstrates a consistent upward trend in the ratio, increasing from 0.93 in 2021 to 2.15 in 2026. This suggests an accelerating rate of capital expenditure relative to depreciation within this segment. The increase indicates a growing investment in assets, potentially driven by expansion initiatives, technology upgrades, or supply chain improvements, outpacing the depreciation of existing assets. The rate of increase appears to be slowing between 2024 and 2026.
- Walmart International
- The Walmart International segment shows a more moderate increase in the ratio, moving from 0.93 in 2021 to 1.41 in 2025, before decreasing slightly to 1.39 in 2026. While capital expenditure generally increased relative to depreciation, the recent decline suggests a potential stabilization or shift in investment strategy. The growth rate is considerably slower than that of Walmart U.S., indicating a different investment profile.
- Sam’s Club U.S.
- The Sam’s Club U.S. segment exhibits the most volatile pattern. The ratio increased from 0.81 in 2021 to 1.62 in 2024, indicating a substantial increase in capital expenditure relative to depreciation. However, a significant decrease to 1.17 is observed in 2026. This fluctuation could be attributable to specific, large-scale investment projects completed by 2024, followed by a period of lower capital expenditure or accelerated depreciation. The 2026 value is closer to the 2021 level, suggesting a cyclical pattern or a return to a more normalized investment level.
Overall, the segment-specific trends suggest differing investment strategies and asset management approaches. Walmart U.S. is consistently reinvesting at a higher rate, while Walmart International demonstrates more moderate growth. Sam’s Club U.S. appears to be undergoing periods of significant investment followed by stabilization or reduced capital expenditure.
Segment Capital Expenditures to Depreciation: Walmart U.S.
Walmart Inc.; Walmart U.S.; segment capital expenditures to depreciation calculation
| Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Capital expenditures | ||||||
| Depreciation and amortization | ||||||
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | ||||||
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31).
1 2026 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
Over the observed period, capital expenditures within the segment increased consistently, while depreciation and amortization also exhibited growth, though at a slower pace. This resulted in a notable upward trend in the segment capital expenditures to depreciation ratio.
- Capital Expenditures
- Capital expenditures demonstrated a substantial and consistent increase throughout the period, rising from US$6,131 million in 2021 to US$20,157 million in 2026. This represents a cumulative increase of over 228% during the six-year timeframe. The rate of increase appears to accelerate in later years, with larger absolute increases observed between 2023 and 2026 compared to earlier periods.
- Depreciation and Amortization
- Depreciation and amortization also increased over the period, moving from US$6,561 million in 2021 to US$9,390 million in 2026. However, the growth rate was less pronounced than that of capital expenditures, with a cumulative increase of approximately 43%. The increases were relatively consistent year-over-year.
- Segment Capital Expenditures to Depreciation Ratio
- The segment capital expenditures to depreciation ratio increased steadily from 0.93 in 2021 to 2.15 in 2026. This indicates that capital expenditures are growing at a faster rate than depreciation and amortization. A ratio above 1.0 suggests that investment in new assets is outpacing the expense recognized from existing assets. The accelerating trend in this ratio suggests an increasing emphasis on growth and expansion, potentially involving significant investments in property, plant, and equipment.
The divergence between the growth rates of capital expenditures and depreciation suggests a potential shift in the asset base, with newer, more substantial assets being added relative to the depreciation of existing assets. Continued monitoring of this ratio is recommended to assess the long-term implications for profitability and asset utilization.
Segment Capital Expenditures to Depreciation: Walmart International
Walmart Inc.; Walmart International; segment capital expenditures to depreciation calculation
| Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Capital expenditures | ||||||
| Depreciation and amortization | ||||||
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | ||||||
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31).
1 2026 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
The segment capital expenditures to depreciation ratio for Walmart International demonstrates a consistent upward trend over the analyzed period. Initial values indicate capital expenditures were less than depreciation and amortization, but this relationship reversed and strengthened over time.
- Capital Expenditures
- Capital expenditures within Walmart International exhibited a general increasing pattern, rising from US$2,436 million in 2021 to US$3,197 million in 2026. The rate of increase appeared to moderate in the later years, with a smaller difference between 2025 and 2026 compared to earlier periods.
- Depreciation and Amortization
- Depreciation and amortization experienced a decrease from US$2,633 million in 2021 to US$1,963 million in 2022, followed by relative stability between 2022 and 2023. A subsequent increase was observed, reaching US$2,304 million in 2026. The overall trend suggests a moderate increase in depreciation expense over the entire period, but with initial volatility.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio began at 0.93 in 2021, indicating that capital expenditures were slightly less than depreciation and amortization. By 2022, the ratio had risen to 1.27, signifying that capital expenditures exceeded depreciation. This trend continued, reaching 1.41 in 2025 before slightly decreasing to 1.39 in 2026. The consistent values above 1.0 suggest a growing investment in capital assets relative to the depreciation of existing assets within the segment. The slight decrease in the final year may indicate a stabilization of investment relative to depreciation.
The increasing ratio suggests Walmart International is actively investing in its asset base at a rate exceeding the decline in value of existing assets. This could be indicative of expansion plans, modernization efforts, or a strategic shift towards more capital-intensive operations within the international segment.
Segment Capital Expenditures to Depreciation: Sam’s Club U.S.
Walmart Inc.; Sam’s Club U.S.; segment capital expenditures to depreciation calculation
| Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Capital expenditures | ||||||
| Depreciation and amortization | ||||||
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | ||||||
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31).
1 2026 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
Segment capital expenditures for Sam’s Club U.S. demonstrated an increasing trend from 2021 through 2024, followed by a decrease in the most recent two years presented. Depreciation and amortization exhibited a more consistent upward trajectory throughout the entire period. Consequently, the segment capital expenditures to depreciation ratio reveals a dynamic pattern of change.
- Capital Expenditures
- Capital expenditures began at US$488 million in 2021 and increased to US$622 million in 2022, representing a growth of approximately 27.5%. Further increases were observed in 2023 (to US$727 million) and 2024 (to US$1,041 million), with growth rates of 16.7% and 43.2% respectively. A decline is then noted in 2025 (to US$1,212 million) and 2026 (to US$914 million), representing growth of 16.4% and a decrease of 24.6% respectively.
- Depreciation and Amortization
- Depreciation and amortization remained relatively stable between 2021 and 2023, fluctuating around US$600 million. A gradual increase was observed from US$599 million in 2021 to US$609 million in 2023. The rate of increase accelerated in 2024 (to US$642 million) and 2025 (to US$706 million), before continuing to rise to US$782 million in 2026.
- Segment Capital Expenditures to Depreciation Ratio
- The segment capital expenditures to depreciation ratio increased from 0.81 in 2021 to 1.03 in 2022, indicating that capital expenditures began to exceed depreciation expense. This trend continued, with the ratio reaching 1.19 in 2023 and peaking at 1.62 in 2024. The ratio remained high in 2025 at 1.72, before decreasing to 1.17 in 2026. The increase in the ratio suggests a period of significant investment relative to the depreciation of existing assets, followed by a moderation in that relationship. The decline in 2026 could indicate a shift in investment strategy or a greater proportion of recent investments entering their depreciation cycle.
The observed patterns suggest a period of substantial investment in Sam’s Club U.S. between 2021 and 2025, with a subsequent adjustment in capital expenditure levels in 2026. The increasing depreciation expense in later years reflects the impact of these earlier investments.
Net sales
Walmart Inc., net sales by reportable segment
US$ in millions
| Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| Walmart U.S. | ||||||
| Walmart International | ||||||
| Sam’s Club U.S. | ||||||
| Consolidated |
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31).
Net sales demonstrate consistent growth across all reportable segments between January 31, 2021, and January 31, 2026. The Consolidated segment exhibits a steady upward trajectory, reflecting the combined performance of its constituent parts. While all segments contribute to overall growth, the rate of increase varies.
- Walmart U.S.
- Walmart U.S. represents the largest portion of net sales and shows a consistent, albeit gradually decelerating, growth rate. Net sales increased from US$369,963 million in 2021 to US$482,975 million in 2026, representing a cumulative increase of approximately 30.5%. The largest year-over-year increase occurred between 2021 and 2022 (US$23,284 million), while the smallest occurred between 2024 and 2025 (US$20,600 million). This suggests a maturing market with diminishing returns on sales growth.
- Walmart International
- Walmart International experienced a more volatile pattern. A decrease in net sales was observed between 2021 and 2022 (US$20,401 million), followed by relative stagnation between 2022 and 2023. However, from 2023 onwards, the segment demonstrates a consistent upward trend, increasing from US$100,983 million in 2023 to US$130,423 million in 2026. This represents a cumulative increase of approximately 29.1% over the final three years. The recovery suggests successful adaptation to international market conditions or the impact of strategic initiatives.
- Sam’s Club U.S.
- Sam’s Club U.S. exhibits the most consistent growth rate among the three segments. Net sales increased from US$63,910 million in 2021 to US$93,015 million in 2026, representing a cumulative increase of approximately 45.6%. The growth rate remained relatively stable throughout the period, with year-over-year increases ranging from US$9,645 million to US$3,839 million. This consistent performance indicates strong brand loyalty and effective membership strategies.
- Consolidated
- The Consolidated segment’s growth mirrors the combined growth of its segments. Net sales increased from US$555,233 million in 2021 to US$706,413 million in 2026, a cumulative increase of approximately 27.2%. The rate of growth appears to be slowing slightly in the later years, potentially influenced by the decelerating growth in the Walmart U.S. segment, despite the positive momentum in Walmart International and Sam’s Club U.S.
Overall, the net sales figures indicate a healthy and expanding business. The varying growth rates across segments suggest differing market dynamics and strategic priorities. Continued monitoring of these trends will be crucial for informed decision-making.
Operating income (loss)
Walmart Inc., operating income (loss) by reportable segment
US$ in millions
| Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| Walmart U.S. | ||||||
| Walmart International | ||||||
| Sam’s Club U.S. | ||||||
| Corporate and support | ||||||
| Consolidated |
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31).
Operating income exhibited varied performance across reportable segments between January 31, 2021, and January 31, 2026. Overall, consolidated operating income demonstrated a general upward trajectory, though with a notable dip in 2023. Segment-level analysis reveals differing patterns contributing to this consolidated result.
- Walmart U.S.
- Walmart U.S. consistently generated the largest portion of operating income. A general upward trend is observed, increasing from US$19,116 million in 2021 to US$25,158 million in 2026. While there was a slight decrease between 2021 and 2022, operating income subsequently increased each year, indicating strong and sustained performance within this segment.
- Walmart International
- Walmart International experienced more volatility. Operating income increased modestly from US$3,660 million in 2021 to US$3,758 million in 2022, then decreased significantly to US$2,965 million in 2023. A substantial recovery occurred in 2024, reaching US$4,909 million, followed by further growth to US$5,501 million in 2025, before a slight decline to US$5,103 million in 2026. This suggests sensitivity to global economic conditions or specific regional challenges.
- Sam’s Club U.S.
- Sam’s Club U.S. demonstrated relatively stable operating income. It increased from US$1,906 million in 2021 to US$2,259 million in 2022, then decreased to US$1,964 million in 2023. Subsequent years show modest growth, reaching US$2,442 million in 2026. The segment’s performance appears less susceptible to large fluctuations compared to Walmart International.
- Corporate and support
- The Corporate and support segment consistently reported an operating loss. The magnitude of this loss increased over the period, from US$2,134 million in 2021 to US$2,878 million in 2026. This indicates increasing overhead costs or reduced efficiencies within the corporate structure, or potentially allocation of costs to this segment. The loss in 2023 was particularly significant at US$5,121 million.
- Consolidated Performance
- Consolidated operating income peaked in 2024 at US$27,012 million and 2025 at US$29,348 million, before a slight decrease to US$29,825 million in 2026. The dip in consolidated income in 2023 (US$20,428 million) largely corresponds with the decline in both Walmart International and Sam’s Club U.S. operating income, as well as the increased loss within the Corporate and support segment. The strong performance of Walmart U.S. consistently mitigated the impact of these fluctuations.
Total assets
Walmart Inc., total assets by reportable segment
US$ in millions
| Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| Walmart U.S. | ||||||
| Walmart International | ||||||
| Sam’s Club U.S. | ||||||
| Corporate and support | ||||||
| Consolidated |
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31).
Total assets exhibited varied trends across the reportable segments between January 31, 2021, and January 31, 2026. Walmart U.S. demonstrated consistent growth, while Walmart International experienced a decline followed by stabilization. Sam’s Club U.S. showed modest, steady increases, and Corporate and support assets fluctuated over the period. Consolidated total assets initially decreased before recovering and continuing to grow.
- Walmart U.S.
- The segment’s total assets increased steadily from US$113,490 million in 2021 to US$165,627 million in 2026. This represents a cumulative increase of approximately 46% over the five-year period, indicating substantial investment and expansion within the U.S. market. The growth rate appears to have accelerated in the later years of the period.
- Walmart International
- Total assets for Walmart International decreased from US$109,445 million in 2021 to US$86,766 million in 2023, a decline of approximately 20.7%. Assets then stabilized, reaching US$86,093 million in 2026. This suggests potential divestitures, currency fluctuations, or strategic shifts impacting asset holdings in international operations. The segment’s asset base remained relatively flat between 2023 and 2026.
- Sam’s Club U.S.
- Sam’s Club U.S. experienced a consistent, albeit moderate, increase in total assets, rising from US$13,415 million in 2021 to US$17,186 million in 2026. This represents a cumulative increase of approximately 28.1%. The growth was relatively linear throughout the period, suggesting steady expansion and reinvestment within the Sam’s Club business.
- Corporate and support
- Total assets in the Corporate and support segment were volatile. They decreased from US$16,146 million in 2021 to US$10,282 million in 2023, then increased to US$15,762 million in 2026. This fluctuation may be attributable to changes in corporate investments, restructuring activities, or the consolidation of assets. The 2026 value is close to the 2021 level.
- Consolidated
- Consolidated total assets decreased from US$252,496 million in 2021 to US$244,860 million in 2022. However, they subsequently increased to US$284,668 million in 2026, representing a cumulative increase of approximately 12.7% from the 2021 level. The growth in consolidated assets was primarily driven by the expansion of Walmart U.S. and the recovery from the initial decline.
Overall, the asset allocation shifted over the period, with a greater proportion of total assets concentrated in the Walmart U.S. segment and a relatively stable, but lower, proportion in Walmart International. Sam’s Club U.S. maintained a consistent, smaller share of the consolidated total, while Corporate and support assets experienced the most volatility.
Depreciation and amortization
Walmart Inc., depreciation and amortization by reportable segment
US$ in millions
| Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| Walmart U.S. | ||||||
| Walmart International | ||||||
| Sam’s Club U.S. | ||||||
| Corporate and support | ||||||
| Consolidated |
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31).
Depreciation and amortization expense across reportable segments demonstrates varied trends over the five-year period. Overall, consolidated depreciation and amortization expense increased significantly, though not consistently year-over-year. Segment-level analysis reveals differing patterns contributing to this overall trend.
- Walmart U.S.
- Walmart U.S. consistently exhibits the largest depreciation and amortization expense among the segments. A steady upward trend is observed from US$6,561 million in 2021 to US$9,390 million in 2026. The rate of increase accelerates in later years, with a substantial jump between 2023 and 2024, and continuing through 2026. This suggests increased investment in long-lived assets within this segment.
- Walmart International
- Walmart International’s depreciation and amortization expense presents a more volatile pattern. A decrease is noted from US$2,633 million in 2021 to US$1,963 million in 2022, followed by relative stability between 2022 and 2023. A modest increase is then observed from 2023 to 2026, reaching US$2,304 million. This suggests potential asset disposals or changes in asset base in the earlier period, followed by a period of more consistent investment.
- Sam’s Club U.S.
- Sam’s Club U.S. demonstrates a consistent, albeit slower, upward trend in depreciation and amortization expense. Starting at US$599 million in 2021, it increases to US$782 million in 2026. The increases are relatively steady year-over-year, indicating a consistent level of investment in long-lived assets within this segment.
- Corporate and support
- Depreciation and amortization within the Corporate and support segment also shows an increasing trend. Starting at US$1,359 million in 2021, it rises to US$1,727 million in 2026. The increase is not linear, with a slight decrease from 2021 to 2022, but overall demonstrates a growing expense base. This could be attributable to increased investment in corporate infrastructure or support systems.
- Consolidated
- Consolidated depreciation and amortization expense initially decreased from US$11,152 million in 2021 to US$10,658 million in 2022. However, a significant increase is then observed, reaching US$14,203 million in 2026. This overall increase is largely driven by the substantial growth in Walmart U.S. depreciation and amortization, with contributions from the other segments as well. The 2022 dip is likely a result of the combined effects of decreased expense in Walmart International and a slight decrease in Corporate and support, offset by increases in the other segments.
The increasing trend in consolidated depreciation and amortization suggests a growing investment in long-lived assets across the organization, particularly within the Walmart U.S. segment. Further investigation into the nature of these assets and the drivers of the increased expense would provide additional insight.
Capital expenditures
Walmart Inc., capital expenditures by reportable segment
US$ in millions
| Jan 31, 2026 | Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | |
|---|---|---|---|---|---|---|
| Walmart U.S. | ||||||
| Walmart International | ||||||
| Sam’s Club U.S. | ||||||
| Corporate and support | ||||||
| Consolidated |
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31).
Capital expenditures demonstrate a consistent upward trend across all reportable segments between January 31, 2021, and January 31, 2026. The Consolidated figure exhibits the most substantial growth, increasing from US$10.264 billion to US$26.642 billion over the five-year period. While all segments contribute to this overall increase, the magnitude of growth varies significantly.
- Walmart U.S.
- Capital expenditures for Walmart U.S. show a robust and accelerating growth pattern, rising from US$6.131 billion in 2021 to US$20.157 billion in 2026. This represents a more than threefold increase, indicating significant investment in this segment. The rate of increase also appears to be accelerating, particularly between 2023 and 2026.
- Walmart International
- Walmart International’s capital expenditures exhibit a more moderate, yet consistent, upward trend. Increasing from US$2.436 billion in 2021 to US$3.197 billion in 2026, the growth is comparatively slower than that of Walmart U.S. The increase appears relatively stable year-over-year.
- Sam’s Club U.S.
- Sam’s Club U.S. demonstrates fluctuating capital expenditure levels. While increasing from US$488 million in 2021 to US$1.212 billion in 2025, a decrease to US$914 million is observed in 2026. This suggests potential project-based spending or a shift in investment strategy within this segment. The 2026 figure represents a return to levels closer to those seen in earlier years.
- Corporate and support
- Capital expenditures within the Corporate and support segment have increased substantially, moving from US$1.209 billion in 2021 to US$2.374 billion in 2026. While the growth is not as dramatic as Walmart U.S., it still represents a near doubling of investment. The rate of increase appears to be slowing in the later years of the period.
The Consolidated figure’s growth is largely driven by the significant increases in Walmart U.S. and, to a lesser extent, Corporate and support. The fluctuations in Sam’s Club U.S. capital expenditures appear to have a limited impact on the overall Consolidated total. The consistent growth across most segments suggests a broader strategic initiative to invest in infrastructure, technology, and expansion.