Walmart Inc. (WMT)

Income Statement

Difficulty: Beginner

The income statement presents information on the financial results of a company’s business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Walmart Inc., Consolidated Income Statement

US$ in millions

12 months ended	Jan 31, 2019	Jan 31, 2018	Jan 31, 2017	Jan 31, 2016	Jan 31, 2015	Jan 31, 2014
Net sales	510,329	495,761	481,317	478,614	482,229	473,076
Cost of sales	(385,301)	(373,396)	(361,256)	(360,984)	(365,086)	(358,069)
Gross profit	125,028	122,365	120,061	117,630	117,143	115,007
Membership and other income	4,076	4,582	4,556	3,516	3,422	3,218
Operating, selling, general and administrative expenses	(107,147)	(106,510)	(101,853)	(97,041)	(93,418)	(91,353)
Operating income	21,957	20,437	22,764	24,105	27,147	26,872
Interest expense, debt, capital lease and financing obligations	(2,346)	(2,330)	(2,367)	(2,548)	(2,461)	(2,335)
Interest income	217	152	100	81	113	119
Interest, net	(2,129)	(2,178)	(2,267)	(2,467)	(2,348)	(2,216)
Loss on extinguishment of debt	—	(3,136)	—	—	—	—
Other gains and (losses)	(8,368)	—	—	—	—	—
Income from continuing operations before income taxes	11,460	15,123	20,497	21,638	24,799	24,656
Provision for income taxes	(4,281)	(4,600)	(6,204)	(6,558)	(7,985)	(8,105)
Income from continuing operations	7,179	10,523	14,293	15,080	16,814	16,551
Income from discontinued operations, net of income taxes	—	—	—	—	285	144
Consolidated net income	7,179	10,523	14,293	15,080	17,099	16,695
Consolidated net income attributable to noncontrolling interest	(509)	(661)	(650)	(386)	(736)	(673)
Consolidated net income attributable to Walmart	6,670	9,862	13,643	14,694	16,363	16,022

Based on: 10-K (filing date: 2019-03-28), 10-K (filing date: 2018-03-30), 10-K (filing date: 2017-03-31), 10-K (filing date: 2016-03-30), 10-K (filing date: 2015-04-01), 10-K (filing date: 2014-03-21).

Item	Description	The company
Net sales	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Walmart Inc.’s net sales increased from 2017 to 2018 and from 2018 to 2019.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Walmart Inc.’s operating income declined from 2017 to 2018 but then increased from 2018 to 2019 not reaching 2017 level.
Income from continuing operations before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Walmart Inc.’s income from continuing operations before income taxes declined from 2017 to 2018 and from 2018 to 2019.
Consolidated net income attributable to Walmart	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Walmart Inc.’s consolidated net income attributable to Walmart declined from 2017 to 2018 and from 2018 to 2019.