Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Walmart Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (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).
- Short-term borrowings
- The proportion of short-term borrowings relative to total liabilities and equity displayed notable fluctuations over the periods. Initially low around 2%, it dipped to near 0.1% in late 2020 and early 2021, surged to a peak above 4.5% in early 2022, then exhibited variability with spikes in late 2023 and mid-2025, indicating intermittent reliance on short-term debt financing.
- Accounts payable
- Accounts payable remained a consistently significant component of total liabilities and equity, ranging predominantly between 19% and 23%. A gradual upward trend was observed from mid-2021 through 2025, suggesting increased payables or extended payment cycles over time.
- Dividends payable
- Dividends payable figures demonstrated a recurring quarterly pattern, alternating approximately between 0.6% and 2%. Although some quarters show missing data, the pattern suggests cyclical dividend payment obligations aligning with specific fiscal periods.
- Accrued liabilities
- Accrued liabilities fluctuated moderately between approximately 8.5% and 15%, with a noticeable spike in early 2021 reaching over 15%. Subsequent periods saw stabilization around 9% to 12%, reflecting variations in obligations accrued but not yet paid.
- Accrued income taxes
- The accrued income taxes percentage consistently remained below 1%, typically around 0.1% to 0.5%, with occasional increases correlating with fiscal year-ends, indicative of the timing of tax accruals relative to earnings reporting.
- Long-term debt due within one year
- This category displayed moderate volatility, generally fluctuating between 0.5% and 2.5%, peaking in mid-2020, and then declining towards 2024 and 2025, which may suggest varying schedules of debt maturity or repayment strategies.
- Operating lease obligations due within one year
- The percentage attributed to operating lease obligations due within one year remained relatively stable, slightly declining from approximately 0.75% in 2019 to around 0.55% by 2025, signaling potentially reduced short-term leasing commitments.
- Finance lease obligations due within one year
- Finance lease obligations within one year exhibited a steady incremental increase over the analyzed periods, rising from 0.19% to roughly 0.33% and stabilizing slightly thereafter, which could reflect increased use of finance leasing arrangements.
- Current liabilities
- Current liabilities as a percentage of total funding sources ranged between 32% and 41%, with fluctuations reflecting changes predominantly in accounts payable and accrued liabilities. Notably, there was a peak near 41% in 2022 and late 2025, indicating periods of elevated short-term obligations.
- Long-term debt, excluding due within one year
- Long-term debt showed a general downward trend over the analysis period, starting from above 20% in 2019 and decreasing to near 12% by late 2025, suggesting repayment or refinancing efforts reducing long-term debt relative to the overall capital structure.
- Long-term operating lease obligations, excluding due within one year
- Long-term operating lease obligations exhibited a slow but steady decline from about 6.7% to under 5% over the span, potentially reflecting a strategic reduction in long-term lease commitments or modified lease arrangements.
- Long-term finance lease obligations, excluding due within one year
- In contrast, long-term finance lease obligations increased modestly from approximately 1.6% to about 2.4%, indicating a gradual rise in finance leases as a component of long-term liabilities.
- Deferred income taxes and other
- This category remained relatively stable near 5-6%, with minor fluctuations, signaling consistent deferred tax liabilities and other long-term obligations.
- Long-term liabilities
- The total of long-term liabilities decreased from around 34% to about 24% between 2019 and 2025, reflecting the specifically observed reduction in long-term debt and operating lease obligations, partially offset by increases in finance leasing.
- Total liabilities
- Total liabilities as a portion of total funding sources ranged from about 62% to 68%, with modest fluctuations but no strong trend, indicating a generally stable level of leverage across the periods.
- Redeemable noncontrolling interest
- This component appeared only from early 2022 onward, consistently low at around 0.07% to 0.12%, suggesting a minor role in the overall capital structure.
- Common stock
- Common stock as a proportion of total funding remained very low and stable near 0.1%, with a slight increase to around 0.3% starting in 2024, possibly reflecting share issuances or reclassifications.
- Capital in excess of par value
- Capital in excess of par value demonstrated an increasing trend from about 1.17% to 2.38%, indicating accumulated additional paid-in capital growth over time.
- Retained earnings
- Retained earnings proportions fluctuated between 31% and 37%, with periods of decline and recovery. The overall pattern suggests variability in earnings retention, dividend payments, and profitability cycles within the company's equity base.
- Accumulated other comprehensive loss
- This negative equity component fluctuated between approximately -4.7% and -6.9%, exhibiting cyclical movement without a clear directional trend, indicating ongoing comprehensive losses or valuation adjustments impacting equity.
- Total Walmart shareholders’ equity
- Equity relative to total funding remained concentrated around 29% to 37%, with some volatility. Increases and decreases appear to correlate with fluctuations in retained earnings and capital in excess of par value, showing a generally stable but somewhat variable equity position.
- Nonredeemable noncontrolling interest
- This interest remained relatively stable between about 2.1% and 3.5%, showing minor fluctuations, with a gentle declining trend toward the later periods, indicating a modest noncontrolling stake within the equity structure.
- Total shareholders’ equity
- Total equity percentages ranged from approximately 31.8% to 37.4%, reflecting the combined effects of the noted equity components and indicating an overall balance between liabilities and equity consistent with prior years.
- Total capital structure
- The sum of liabilities, noncontrolling interests, and shareholders’ equity consistently equals 100% as per definition, confirming the comprehensive nature of the breakdown.