Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
- Aggregate Accruals
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Walmart Inc., common-size consolidated income statement (quarterly data)
Based on: 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), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30).
- Gross Profit and Cost of Sales
- The gross profit margin as a percentage of net sales exhibits some volatility over the periods, generally oscillating between approximately 23% and 25%. There is no clear upward or downward trend, but some quarters experience slight dips, notably reaching the lower bound near 22.93%. Correspondingly, the cost of sales remains consistently between approximately 75% and 77% of net sales, which inversely mirrors the changes in gross profit. The cost of sales percentage shows minor fluctuation but remains relatively stable with slight increases in certain quarters.
- Membership and Other Income
- This category, as a percentage of net sales, shows a gradual upward trend, increasing from around 0.7% to nearly 1% in the most recent periods. This suggests a slowly growing contribution from membership fees and ancillary income streams to the overall revenue.
- Operating, Selling, General and Administrative Expenses
- These expenses fluctuate modestly around an average of roughly 20% to 21% of net sales. There are occasional deviations, including a notable peak near 22.78%, but no consistent directional trend is evident. Expense management appears relatively stable without dramatic changes over time.
- Operating Income
- Operating income as a percent of net sales shows more variability than some other metrics. It ranges broadly from a low of approximately 1.78% to a high above 5%, with periods of strong performance and occasional dips. The data reflects intermittent quarters of enhanced operating profitability, interspersed with softer results.
- Net Interest Impact
- Interest expense steadily decreases as a proportion of net sales over time, dropping from about -0.55% toward lower levels near -0.3% to -0.4%. Interest income is negligible but slightly increases in later periods. Net interest expense remains negative but shows improvement, suggesting reduced interest burden or refinancing effects.
- Other Gains and Losses
- This line item experiences significant fluctuations, with periods of positive contributions followed by notable losses. There are sharp negative impacts in some quarters, including one substantial loss marked by -1.73% absent in most other periods. The volatility indicates irregular events affecting financial results beyond core operations.
- Income Before Taxes and Provision for Income Taxes
- Income before income taxes parallels operating trends, showing strong variation from highs above 6% to negative or near-zero figures, indicating sensitivity to operational and non-operational factors. Income tax provisions generally align with profitability, with tax rates fluctuating but mostly falling between approximately 0.2% and 1.9% of net sales, reflecting tax expense variation in response to pre-tax income.
- Consolidated Net Income
- Net income attributable to the company displays marked volatility, ranging from negative values near -1.19% to peak levels exceeding 5%. The data underscores periods of sizable earnings swings, including some quarters with losses and others with robust profit generation. Net income after adjusting for noncontrolling interests follows a similar pattern.
- Summary of Trends
- Overall, the financial performance reflects a consistent sales base with steady gross margins and manageable operating expenses. Profitability metrics show variability indicative of external factors or extraordinary items impacting results unevenly across quarters. Interest costs have modestly decreased, slightly improving net income. Non-operating items contribute notable fluctuations, affecting income before taxes and net income. Membership income is a growing stable source contributing positively to revenue composition.