Walmart Inc. (NYSE:WMT)

Total Assets

The total assets demonstrate an overall increasing trend from January 31, 2020 through January 31, 2025. Starting at approximately $236.5 billion in 2020, the assets rose to about $252.5 billion by 2021, representing noticeable growth during that period. There was a slight dip in 2022 and 2023, with values decreasing to around $244.9 billion and $243.2 billion respectively, indicating a minor contraction or asset reallocation during these years. However, the figures recovered progressively in 2024 and 2025, reaching $252.4 billion and further to $260.8 billion, the highest within the period. This pattern suggests a resilient asset base with short-term fluctuations followed by recovery and growth.

Adjusted Total Assets

The adjusted total assets parallel the trend observed in total assets, starting at approximately $234.6 billion in 2020 and increasing to $250.7 billion in 2021. Similar to total assets, the adjusted figures show a decrease in 2022 and 2023, falling to about $243.4 billion and $241.7 billion respectively, reflecting adjustments that potentially align with changes in asset quality or accounting treatments during these years. From 2024 onwards, adjusted total assets resumed an upward trajectory, rising to $250.7 billion and $259.1 billion in 2024 and 2025. The consistency between total assets and adjusted total assets indicates stability in asset valuation methodologies or adjustments over time.

Summary of Trends

The data indicates that both total assets and adjusted total assets experienced growth from 2020 to 2021, faced slight declines in 2022 and 2023, and then recovered through 2024 and 2025. The overall upward movement across the five-year span suggests an expanding asset base, despite short-term contractions. The close alignment between total and adjusted assets implies that adjustments applied over the periods did not significantly distort the underlying asset values, signaling reliable asset management practices.

Total liabilities

The total liabilities showed an overall increasing trend from January 31, 2020, to January 31, 2025. Starting at 154,943 million US dollars in 2020, liabilities rose to 164,965 million in 2021, followed by a decline in 2022 to 152,969 million. After this dip, the figure increased steadily again reaching 163,131 million by 2025. This pattern indicates some volatility with a temporary reduction in 2022 but a general upward trajectory in liabilities over the six-year period.

Adjusted total liabilities

The adjusted total liabilities closely mirror the trend of total liabilities, exhibiting a similar pattern of increase, decline, and subsequent rise. The adjusted liabilities increased from 148,739 million US dollars in 2020 to 156,520 million in 2021, then decreased to 146,052 million in 2022. Afterward, a steady increase is observed, with adjusted liabilities reaching 156,112 million in 2025. The adjustment appears to smooth the figures slightly lower than the total liabilities but follows an almost parallel trend.

Comparative insights

Both total and adjusted liabilities experienced a peak around 2021, a noticeable decline in 2022, and a steady recovery through 2023 to 2025. The adjusted total liabilities are consistently lower than the total liabilities, suggesting some form of excluded or modified components in the adjusted figures. The data indicates a cautious management of liabilities with periodic reductions, possibly reflecting strategic efforts to optimize the company's financial obligations during the period analyzed.

Total Walmart shareholders’ equity

Over the examined six-year period, total shareholders’ equity exhibited an overall upward trajectory. Beginning at 74,669 million USD in early 2020, equity increased steadily to reach 83,253 million USD by early 2022. However, a decline is evident in the year ending January 2023, where equity decreased to 76,693 million USD, indicating a temporary contraction in shareholder value. The trend reversed the following years, with equity rebounding to 83,861 million USD in 2024 and further rising to 91,013 million USD by 2025, the highest level in the period under review.

Adjusted total shareholders’ equity

The adjusted measure of shareholders’ equity also displayed a consistent growth pattern throughout the period. Starting from 85,842 million USD in 2020, it increased every year except for a dip in 2023, mirroring the pattern seen in total equity. Values reached 94,140 million USD in 2021 and continued to rise to 97,335 million USD by 2022. A decline occurred in 2023, with equity falling to 89,757 million USD. Subsequently, there was a recovery and further growth, with adjusted equity rising to 96,156 million USD in 2024 and culminating at 102,963 million USD in 2025.

Summary of trends and insights

Both total and adjusted shareholders’ equity demonstrate strong recovery and growth over the six-year span, despite experiencing a setback during the fiscal year 2023. The dip in this year suggests potential external or internal challenges affecting shareholder value temporarily. The subsequent recovery indicates a resilient financial position and positive performance or capital management strategies post-2023. Additionally, the adjusted equity values consistently exceed the total equity values, implying that adjustments potentially reflect additional equity components or accounting treatments that provide a more comprehensive measure of shareholder value.

The financial data reveals several notable trends over the examined periods. Both total reported debt and adjusted total debt show a general downward movement from 2020 to 2022, followed by a moderate increase from 2023 onwards, though ending slightly below the initial 2020 levels in 2025. This indicates a reduction in debt levels in the earlier years, with a cautious rise thereafter.

Total shareholders’ equity and adjusted total shareholders’ equity exhibit consistent growth throughout the timeframe. The increase in equity suggests strengthening financial stability and accumulation of retained earnings or other equity components over time.

Total reported capital and adjusted total capital reflect a similar pattern to equity, with a decline from 2020 to 2023, reaching their lowest points in 2023, and then recovering and surpassing earlier values by 2025. This pattern might be related to the interplay between debt reduction efforts and equity growth.

In summary, the company shows a strategic effort to reduce debt in the initial years, improving equity base steadily, and gradually increasing total capital in the later years. The adjusted figures generally track the reported metrics but reflect higher absolute values, which may include additional liabilities or equity components not captured in the reported totals. Overall, the financial position strengthens over the period, with controlled debt and rising equity leading to improved capital structure.

Total Debt

Decreasing from 2020 to 2022, followed by a moderate increase through 2025, ending slightly below the initial level.

Shareholders’ Equity

Consistent growth observed across all years, indicating strengthening financial stability.

Total Capital

Declined until 2023, then increased, surpassing prior values by 2025.

Adjusted Figures

Show the same trends as reported data but consistently higher, suggesting inclusion of additional financial components.

Consolidated Net Income Attributable to Walmart

The consolidated net income shows a fluctuating trend over the six-year period. Starting at 14,881 million USD in January 2020, the figure declined to 13,510 million USD in January 2021, followed by a moderate increase to 13,673 million USD in January 2022. A decline is then observed in January 2023 to 11,680 million USD. From this point onward, the net income experiences significant growth, reaching 15,511 million USD in January 2024 and further increasing to the highest point of 19,436 million USD by January 2025. Overall, the pattern exhibits initial volatility with a notable upward trend in the later years.

Adjusted Consolidated Net Income

The adjusted consolidated net income reveals a different pattern compared to the reported net income. Beginning at 14,323 million USD in January 2020, it rises substantially to 16,317 million USD by January 2021 and remains relatively high at 15,721 million USD in January 2022. However, a sharp decrease occurs in January 2023, dropping to 9,262 million USD. This is followed by a recovery to 17,609 million USD in January 2024 but then decreases again to 16,079 million USD in January 2025. This item demonstrates a more pronounced volatility with a peak in 2021, a trough in 2023, and an incomplete recovery thereafter.

Comparative Insights

While both net income figures show volatility, the consolidated net income follows a pattern of moderate fluctuations followed by a strong upward trend in the last two years. In contrast, the adjusted net income exhibits sharper swings, including a significant drop in 2023 and incomplete rebound by 2025. This suggests potential impacts from extraordinary or non-recurring items that the adjusted figures exclude. The divergence in trends indicates differing impacts of adjustments over the periods, which merits further investigation into the underlying factors influencing these variations.