Stock Analysis on Net
Stock Analysis on Net

Walmart Inc. (NYSE: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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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 Jan 31, 2020 Oct 31, 2019 Jul 31, 2019 Apr 30, 2019
Short-term borrowings 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 0.24 2.05 1.57 2.06
Accounts payable 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 19.86 20.74 19.53 19.23
Dividends payable 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 0.00 0.63 1.29 1.94
Accrued liabilities 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 9.43 8.74 8.81 8.96
Accrued income taxes 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 0.12 0.14 0.16 0.31
Long-term debt due within one year 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 2.27 1.71 1.87 0.62
Operating lease obligations due within one year 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 0.76 0.73 0.76 0.75
Finance lease obligations due within one year 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 0.22 0.20 0.19 0.19
Current liabilities 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% 32.89% 34.93% 34.18% 34.06%
Long-term debt, excluding due within one year 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 18.48 18.73 18.91 20.22
Long-term operating lease obligations, excluding due within one year 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 6.84 6.56 6.85 6.70
Long-term finance lease obligations, excluding due within one year 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 1.82 1.70 1.67 1.62
Deferred income taxes and other 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 5.48 5.43 5.56 5.45
Long-term liabilities 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% 32.62% 32.41% 32.98% 34.00%
Total liabilities 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% 65.52% 67.35% 67.16% 68.06%
Redeemable noncontrolling interest 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 0.00 0.00 0.00 0.00
Common stock 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 0.12 0.12 0.12 0.12
Capital in excess of par value 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 1.37 1.29 1.23 1.17
Retained earnings 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 35.49 33.63 33.40 32.52
Accumulated other comprehensive loss -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 -5.41 -5.16 -4.80 -4.73
Total Walmart shareholders’ equity 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% 31.57% 29.87% 29.94% 29.08%
Nonredeemable noncontrolling interest 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 2.91 2.78 2.90 2.86
Total shareholders’ equity 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% 34.48% 32.65% 32.84% 31.94%
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% 100.00%

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).

Short-term borrowings
The proportion of short-term borrowings in total liabilities and equity showed considerable fluctuation over the periods, with percentages mostly below 2%. Notably, there was a sharp increase in April 2022 (4.64%) and some variability thereafter, indicating intermittent short-term financing needs.
Accounts payable
Accounts payable consistently ranged from approximately 19% to 24% of total liabilities and equity, with a general increasing trend in later periods. The increase in accounts payable indicates a growing reliance on credit from suppliers over time.
Dividends payable
Dividends payable exhibited a repeating cyclical pattern, alternating between around 1.9% and below 0.7%. This pattern likely reflects dividend payment schedules and timing of obligations recognized in the balance sheet.
Accrued liabilities
Accrued liabilities maintained a range roughly between 8.5% and 15%, with an exceptional spike to 15.04% in January 2021. This volatility illustrates varying short-term obligations accumulated over time, possibly influenced by operational or seasonal factors.
Accrued income taxes
Accrued income taxes were consistently low, typically below 0.6%, with some fluctuations. Peaks occurred sporadically, such as in April 2020 (0.56%) and April 2024 (0.56%), suggesting timing variations in tax accruals.
Long-term debt due within one year
This liability fluctuated mostly between 0.5% and 2.5%, indicating a stable but variable short-term portion of long-term debt obligations due. The share briefly rose above 2% in some periods around 2020 and 2022, signaling refinancing or repayments scheduled.
Operating lease obligations due within one year
The share of operating lease obligations due within one year remained stable between 0.57% and 0.76%, showing minimal variations over time.
Finance lease obligations due within one year
Finance lease obligations within one year showed a gradual upward trend from 0.19% to around 0.3%, reflecting increasing finance lease commitments in the nearer term.
Current liabilities
Current liabilities as a whole hovered mostly between 32% and 41%, with an upward trend noted especially around 2022, peaking at 40.95% in October 2022 before moderating. This indicates a relatively stable but sometimes increasing proportion of short-term obligations in total liabilities and equity.
Long-term debt, excluding due within one year
The share of long-term debt excluding the current portion declined from above 20% in early periods to lows near 12-14% by 2024, suggesting a paydown or refinancing of long-term debt over time.
Long-term operating lease obligations, excluding due within one year
This component decreased steadily from around 6.7% to below 5% over the years, indicating reduced long-term operating lease commitments.
Long-term finance lease obligations, excluding due within one year
Long-term finance lease obligations showed a steady upward movement, increasing from about 1.6% to over 2.3%, demonstrating an increase in long-term leasing liabilities financed through leases.
Deferred income taxes and other
The percentage attributed to deferred income taxes and other liabilities was fairly stable, generally remaining close to 5.5%, with minor fluctuations reflecting consistent proportions of these liabilities.
Long-term liabilities
The total long-term liabilities portion consistently declined from 34% in early periods to around 25-27% in later years, denoting a reduction in the company's long-term obligations relative to total liabilities and equity.
Total liabilities
The overall total liabilities percentage decreased from roughly 68% to the low 60s by early 2020s and fluctuated moderately thereafter, indicating a slight improvement in the liabilities to total capitalization ratio in recent years.
Redeemable noncontrolling interest
Beginning in 2021, redeemable noncontrolling interest accounted for a negligible share, hovering near 0.1%, showing limited impact on capital structure.
Common stock
Common stock as a percentage of total capital remained very low and stable around 0.1-0.3%, with a slight increase after 2023, probably reflecting minor equity issuances or reclassifications.
Capital in excess of par value
This equity component exhibited a gradual increase from approximately 1.17% to above 2.1%, which may indicate accumulated additional paid-in capital or equity issuances.
Retained earnings
Retained earnings were a major component of shareholders' equity, fluctuating between 31% and 37%, with variability reflecting profitability and dividend distributions over time. Noticeable declines and recoveries suggest periodic earnings retention and payout cycles.
Accumulated other comprehensive loss
The accumulated other comprehensive loss was consistently negative, ranging from about -3.3% to -6.9%, with some improvement after 2020 but renewed declines in recent periods, implying ongoing unrealized losses or valuation adjustments impacting equity.
Total Walmart shareholders’ equity
Total shareholders’ equity made up approximately 29-37% of total capital, showing a variable but generally stable equity base with occasional downturns corresponding to liability adjustments or market conditions.
Nonredeemable noncontrolling interest
Nonredeemable noncontrolling interest fluctuated between approximately 2.3% and 3.5%, showing a slight decline in later periods, indicating relatively minor external ownership stakes.
Total shareholders’ equity
The total shareholders' equity percentage ranged from around 31.8% up to 37.5%, with a persistent presence around mid-30% levels, signifying a consistent equity cushion relative to total liabilities and equity.
Overall capital structure
The breakdown demonstrates a stable capital structure with liabilities generally occupying about two-thirds and equity roughly one-third of total capital. Recent years show some modest shifts with decreased long-term liabilities and increased equity components like capital in excess of par value, potentially reflecting strategic financing decisions and operational outcomes.