Common-Size Income Statement
Quarterly Data
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Walmart Inc., common-size consolidated income statement (quarterly data)
Based on: 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), 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 demonstrated a fluctuating but generally stable trend, maintaining values around the mid-23% to mid-24% range of net sales over the reported periods. Correspondingly, the cost of sales consistently represented approximately 75% to 77% of net sales, suggesting steady cost management relative to revenue generation.
- Membership and Other Income
- Membership and other income showed a slight upward trend throughout the periods, increasing from approximately 0.7% to nearly 1.0% of net sales. This indicates a modest growth in non-sales income streams contributing to overall profitability.
- Operating Expenses
- Operating, selling, general, and administrative expenses varied moderately between about 19.9% and 22.8% of net sales. These fluctuations reflect varying levels of operational cost control, with occasional spikes, notably in the period ending October 2022, which may have affected operating profitability.
- Operating Income
- Operating income as a percentage of net sales oscillated between a low near 1.8% and a high slightly above 5.0%. Despite several fluctuations, no clear upward or downward trend is observed, indicating variable operational efficiency or margin pressures during different periods.
- Interest Expense and Income
- Net interest expense remained a relatively small and stable portion of net sales, generally within a narrow band around -0.3% to -0.4%, with some minor variations. Interest income trends show a slight increase over time, indicating a mild improvement in earnings from financial investments or cash holdings.
- Other Gains and Losses
- Other gains and losses showed considerable volatility, including several periods with negative impacts on net sales percentage. The irregular pattern suggests the influence of non-recurring or one-time items impacting financial performance unevenly across quarters.
- Income Before Taxes and Provision for Income Taxes
- Income before income taxes displayed notable variability, ranging from negative figures near zero to peaks above 6% of net sales. The income tax provision followed a less volatile pattern, typically fluctuating between approximately -0.2% and -1.9%, reflecting variability in taxable income and possibly tax strategies or rates.
- Net Income
- The consolidated net income attributable to the company showed uneven fluctuations, including several instances of negative or near-zero results, alternating with periods of stronger profitability reaching above 4% of net sales. These variations indicate the impact of operational, financial, and non-operating items on bottom-line results across the quarters.
- Summary
- Overall, the financial data reveals a company with relatively stable gross profitability and controlled cost of sales, accompanied by fluctuations in operating expenses and operating income margins. Non-operating factors and other gains or losses contribute significantly to variability in income before taxes and net income. The data suggests that while the company maintains consistent core profitability, it experiences periods of increased operational or external financial pressures affecting overall earnings stability.