Stock Analysis on Net
Stock Analysis on Net

Walmart Inc. (NASDAQ:WMT)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 
Quarterly Data

Walmart Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

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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 Jan 31, 2021 Oct 31, 2020 Jul 31, 2020 Apr 30, 2020
Short-term borrowings 2.32 2.91 1.42 2.13 1.18 1.36 1.26 2.15 0.35 3.84 1.78 0.70 0.15 2.75 4.30 4.64 0.17 0.18 0.28 0.15 0.09 0.10 0.15 1.74
Accounts payable 22.15 23.27 22.19 21.99 22.49 23.87 22.29 22.07 22.51 23.56 22.18 22.15 22.10 23.12 21.92 21.50 22.57 23.34 20.79 20.35 19.46 21.59 19.52 18.93
Dividends payable 0.00 0.66 1.40 2.16 0.00 0.64 1.31 1.97 0.00 0.59 1.20 1.88 0.00 0.62 1.23 1.88 0.00 0.62 1.30 1.97 0.00 0.61 1.29 1.97
Accrued liabilities 10.96 10.92 10.64 9.94 11.25 10.67 10.87 9.48 11.39 10.08 11.46 11.23 12.80 11.08 9.65 8.56 10.64 10.00 10.03 9.03 15.04 9.96 10.01 8.75
Accrued income taxes 0.21 0.27 0.23 0.56 0.23 0.30 0.23 0.50 0.12 0.23 0.30 0.54 0.30 0.36 0.35 0.37 0.35 0.18 0.11 0.36 0.10 0.22 0.26 0.56
Long-term debt due within one year 1.24 1.22 1.48 1.56 1.00 1.23 0.59 0.73 1.37 1.08 1.14 1.62 1.72 2.20 2.15 1.45 1.14 0.64 0.68 1.48 1.23 1.74 2.34 2.57
Operating lease obligations due within one year 0.57 0.55 0.58 0.59 0.57 0.57 0.59 0.58 0.59 0.57 0.58 0.61 0.61 0.59 0.59 0.60 0.61 0.61 0.60 0.61 0.58 0.69 0.73 0.74
Finance lease obligations due within one year 0.30 0.29 0.31 0.30 0.31 0.30 0.31 0.33 0.29 0.27 0.26 0.25 0.23 0.22 0.22 0.21 0.21 0.21 0.21 0.21 0.19 0.23 0.23 0.22
Current liabilities 37.75% 40.09% 38.24% 39.23% 37.03% 38.94% 37.44% 37.83% 36.61% 40.22% 38.89% 38.97% 37.91% 40.95% 40.41% 39.22% 35.69% 35.79% 34.01% 34.17% 36.69% 35.13% 34.53% 35.49%
Long-term debt, excluding due within one year 12.16 11.93 13.16 13.92 12.81 12.77 13.90 14.14 14.32 14.02 14.43 15.56 14.25 13.70 12.06 13.07 14.24 14.88 16.59 17.02 16.31 16.28 17.25 18.47
Long-term operating lease obligations, excluding due within one year 4.90 4.75 4.86 4.88 4.92 4.91 5.03 5.05 5.13 4.95 5.09 5.27 5.27 5.11 5.32 5.37 5.31 5.35 5.50 5.47 5.11 6.37 6.60 6.73
Long-term finance lease obligations, excluding due within one year 2.07 2.05 2.20 2.24 2.27 2.30 2.42 2.38 2.26 2.19 2.14 2.06 1.99 1.82 1.79 1.79 1.73 1.66 1.66 1.61 1.52 1.89 1.97 1.92
Deferred income taxes and other 5.81 5.66 5.78 5.19 5.52 5.22 5.53 5.84 5.80 5.52 5.92 5.71 6.04 5.96 5.70 5.66 5.50 5.27 5.72 5.98 5.69 5.44 5.45 5.58
Long-term liabilities 24.95% 24.39% 26.00% 26.22% 25.51% 25.20% 26.89% 27.42% 27.50% 26.67% 27.57% 28.60% 27.55% 26.60% 24.86% 25.90% 26.79% 27.15% 29.47% 30.07% 28.64% 29.99% 31.27% 32.69%
Total liabilities 62.70% 64.49% 64.24% 65.45% 62.54% 64.14% 64.32% 65.25% 64.12% 66.89% 66.46% 67.57% 65.46% 67.54% 65.27% 65.12% 62.47% 62.93% 63.48% 64.24% 65.33% 65.12% 65.79% 68.18%
Redeemable noncontrolling interest 0.10 0.11 0.11 0.12 0.10 0.07 0.08 0.09 0.09 0.09 0.09 0.10 0.10 0.10 0.11 0.11 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Common stock 0.28 0.28 0.29 0.30 0.31 0.30 0.32 0.32 0.32 0.10 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.12 0.12 0.11 0.11 0.12 0.12
Capital in excess of par value 2.39 2.38 2.11 2.07 2.11 2.05 1.97 1.82 1.80 1.90 1.82 2.14 2.04 1.95 1.89 1.86 1.98 1.96 1.53 1.45 1.44 1.39 1.35 1.28
Retained earnings 36.81 35.18 35.57 34.63 37.69 35.85 35.68 34.34 35.58 33.12 33.50 31.84 34.18 31.47 33.38 32.72 35.49 34.99 35.45 34.90 35.15 36.78 36.91 34.84
Accumulated other comprehensive loss -4.49 -4.55 -4.70 -5.07 -5.22 -4.76 -4.79 -4.47 -4.48 -4.47 -4.24 -4.55 -4.80 -4.35 -4.00 -3.45 -3.58 -3.47 -3.34 -3.36 -4.66 -5.83 -6.65 -6.94
Total Walmart shareholders’ equity 34.99% 33.29% 33.27% 31.94% 34.89% 33.45% 33.18% 32.00% 33.23% 30.66% 31.18% 29.55% 31.54% 29.17% 31.38% 31.24% 34.00% 33.60% 33.76% 33.11% 32.05% 32.46% 31.73% 29.30%
Nonredeemable noncontrolling interest 2.20 2.12 2.38 2.50 2.46 2.34 2.41 2.67 2.57 2.36 2.26 2.79 2.90 3.18 3.24 3.54 3.53 3.46 2.77 2.64 2.62 2.42 2.48 2.52
Total shareholders’ equity 37.20% 35.41% 35.65% 34.43% 37.35% 35.79% 35.59% 34.67% 35.80% 33.02% 33.45% 32.33% 34.44% 32.35% 34.62% 34.78% 37.53% 37.07% 36.52% 35.76% 34.67% 34.88% 34.21% 31.82%
Total liabilities, redeemable noncontrolling interest, and shareholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 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), 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).

The composition of liabilities and shareholders’ equity exhibited several notable trends over the observed period from April 2020 to July 2025. Current liabilities consistently represented a significant portion of the total, generally ranging between 34% and 41%. Long-term liabilities also constituted a substantial component, typically between 25% and 33%. Shareholders’ equity demonstrated a generally stable presence, fluctuating between approximately 29% and 38% of the total.

Short-Term Borrowings
Short-term borrowings were initially low, fluctuating around 1% between April 2020 and January 2022. A significant increase was observed in April 2022, peaking at 4.64%, before declining again to around 1% to 2% for the remainder of the period. This suggests a strategic use of short-term debt, potentially for working capital management or specific investment opportunities, followed by a return to more conventional levels.
Accounts Payable
Accounts payable remained relatively stable, consistently representing between 18% and 24% of the total. A slight upward trend was visible from 2020 to 2022, followed by a modest decline and stabilization around 22% to 24% through July 2025. This indicates consistent supplier credit terms and effective management of payables.
Dividends Payable
Dividends payable exhibited a cyclical pattern, generally around 1% to 2%, with peaks observed in April/May and subsequent declines. The pattern remained consistent throughout the period, suggesting a regular dividend payment schedule.
Accrued Liabilities
Accrued liabilities showed a moderate increase over the period, moving from approximately 8% to 11% of the total. There were fluctuations, peaking in January 2023, but the overall trend indicated a growing level of accrued expenses. This could be related to increased operational activity or changes in accounting practices.
Long-Term Debt
Long-term debt, both current and non-current portions, demonstrated a gradual decline from 2020 to 2024. While there were minor fluctuations, the overall trend suggested a reduction in long-term debt obligations. A slight increase was observed in the latter part of the period, but levels remained below those seen in 2020. The combined long-term debt represented approximately 25% to 33% of the total.
Shareholders’ Equity
Total shareholders’ equity showed a generally increasing trend from 2020 to 2025, fluctuating between approximately 32% and 38% of the total. Retained earnings were the primary driver of this increase, while common stock and capital in excess of par value remained relatively stable. Accumulated other comprehensive loss consistently offset a portion of the gains in retained earnings, but its impact lessened over time. Nonredeemable noncontrolling interest remained a small, but consistent, component.

Overall, the liability structure appeared relatively stable, with current liabilities and long-term debt representing the largest portions. Shareholders’ equity demonstrated a positive trend, driven primarily by retained earnings. The fluctuations in short-term borrowings suggest a dynamic approach to financing, while the consistent levels of accounts payable indicate effective supplier relationships. The observed trends suggest a financially healthy position with a balanced approach to debt and equity financing.

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