Income Statement
Quarterly Data

The income statement presents information on the financial results of a company 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 (quarterly data)

US$ in millions

3 months ended:	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
Net sales	163,981)	178,830)	168,003)	167,767)	159,938)	171,914)	159,439)	160,280)	151,004)	162,743)	151,469)	151,381)	140,288)	151,525)	139,207)	139,871)	137,159)	150,985)	133,752)	136,824)	133,672)	140,608)	126,981)	129,388)	122,949)
Cost of sales	(124,303)	(136,172)	(127,340)	(126,810)	(121,431)	(131,825)	(121,183)	(121,850)	(115,284)	(125,423)	(115,613)	(115,838)	(106,847)	(115,522)	(105,023)	(105,183)	(103,272)	(115,261)	(100,339)	(102,689)	(102,026)	(107,748)	(95,900)	(97,923)	(93,034)
Gross profit	39,678)	42,658)	40,663)	40,957)	38,507)	40,089)	38,256)	38,430)	35,720)	37,320)	35,856)	35,543)	33,441)	36,003)	34,184)	34,688)	33,887)	35,724)	33,413)	34,135)	31,646)	32,860)	31,081)	31,465)	29,915)
Membership and other income	1,628)	1,724)	1,585)	1,568)	1,570)	1,474)	1,365)	1,352)	1,297)	1,305)	1,344)	1,478)	1,281)	1,346)	1,318)	1,177)	1,151)	1,094)	956)	918)	950)	1,063)	1,010)	989)	976)
Operating, selling, general and administrative expenses	(34,171)	(36,523)	(35,540)	(34,585)	(33,236)	(34,309)	(33,419)	(32,466)	(30,777)	(33,064)	(34,505)	(30,167)	(29,404)	(31,462)	(29,710)	(28,511)	(28,129)	(31,331)	(28,591)	(28,994)	(27,372)	(28,601)	(27,373)	(26,871)	(25,946)
Operating income	7,135)	7,859)	6,708)	7,940)	6,841)	7,254)	6,202)	7,316)	6,240)	5,561)	2,695)	6,854)	5,318)	5,887)	5,792)	7,354)	6,909)	5,487)	5,778)	6,059)	5,224)	5,322)	4,718)	5,583)	4,945)
Interest expense, debt and finance lease	(637)	(717)	(618)	(679)	(714)	(695)	(682)	(642)	(664)	(610)	(584)	(479)	(455)	(427)	(486)	(515)	(566)	(524)	(541)	(658)	(592)	(652)	(633)	(641)	(673)
Interest income	93)	115)	140)	114)	114)	146)	145)	148)	107)	103)	84)	31)	36)	47)	44)	37)	30)	30)	25)	23)	43)	41)	44)	56)	48)
Interest, net	(544)	(602)	(478)	(565)	(600)	(549)	(537)	(494)	(557)	(507)	(500)	(448)	(419)	(380)	(442)	(478)	(536)	(494)	(516)	(635)	(549)	(611)	(589)	(585)	(625)
Loss on extinguishment of debt	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(2,410)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other gains and (losses)	(597)	(294)	(132)	(1,162)	794)	813)	(4,750)	3,905)	(2,995)	3,848)	(3,626)	238)	(1,998)	(725)	1,207)	(953)	(2,529)	(5,586)	1,853)	3,222)	721)	962)	244)	(85)	837)
Income (loss) before income taxes	5,994)	6,963)	6,098)	6,213)	7,035)	7,518)	915)	10,727)	2,688)	8,902)	(1,431)	6,644)	2,901)	4,782)	4,147)	5,923)	3,844)	(593)	7,115)	8,646)	5,396)	5,673)	4,373)	4,913)	5,157)
Provision for income taxes	(1,355)	(1,538)	(1,384)	(1,502)	(1,728)	(1,840)	(272)	(2,674)	(792)	(3,093)	(336)	(1,497)	(798)	(1,149)	(1,015)	(1,559)	(1,033)	(1,415)	(1,914)	(2,207)	(1,322)	(1,379)	(1,052)	(1,233)	(1,251)
Consolidated net income (loss)	4,639)	5,425)	4,714)	4,711)	5,307)	5,678)	643)	8,053)	1,896)	5,809)	(1,767)	5,147)	2,103)	3,633)	3,132)	4,364)	2,811)	(2,008)	5,201)	6,439)	4,074)	4,294)	3,321)	3,680)	3,906)
Consolidated net (income) loss attributable to noncontrolling interest	(152)	(171)	(137)	(210)	(203)	(184)	(190)	(162)	(223)	466)	(31)	2)	(49)	(71)	(27)	(88)	(81)	(83)	(66)	37)	(84)	(153)	(33)	(70)	(64)
Consolidated net income (loss) attributable to Walmart	4,487)	5,254)	4,577)	4,501)	5,104)	5,494)	453)	7,891)	1,673)	6,275)	(1,798)	5,149)	2,054)	3,562)	3,105)	4,276)	2,730)	(2,091)	5,135)	6,476)	3,990)	4,141)	3,288)	3,610)	3,842)

The financial data over the quarterly periods show notable trends and fluctuations in Walmart Inc.'s performance metrics, reflecting operational, market, and economic influences throughout the time span analyzed.

Net Sales: Net sales demonstrate a generally upward trend with seasonal fluctuations, peaking notably in January quarters, consistent with retail industry patterns. There are incremental increases from early periods (Apr 2019 at 122,949 million USD) to the most recent (Apr 2025 at 163,981 million USD). The data indicate strong sales growth over the years despite some short-term declines, particularly visible between Jan 2024 and Apr 2025.
Cost of Sales: Cost of sales follows the sales trend, rising consistently but at a generally proportional rate. This suggests controlled cost management relative to sales volume increases. The cost increases appear slightly less volatile than sales, with costs in Apr 2025 at 124,303 million USD from 93,034 million USD in Apr 2019, indicating inflationary or scale-related cost pressures.
Gross Profit: Gross profit remains positive throughout, with a rising trend aligned with increasing net sales. Margins appear stable with gross profit growing from about 29,915 million USD (Apr 2019) to 39,678 million USD (Apr 2025), pointing to effective pricing or cost control that sustains profitability despite cost escalations.
Membership and Other Income: Income from memberships and other sources steadily grows, rising from 976 million USD in Apr 2019 to 1,628 million USD in Apr 2025, which implies a strengthening of ancillary revenue streams, potentially enhancing overall earnings stability.
Operating, Selling, General and Administrative Expenses (SG&A): Operating and administrative expenses show an upward trend, increasing from 25,946 million USD in Apr 2019 to 34,171 million USD by Apr 2025. The increase, though substantial, appears controlled relative to revenue growth, reflecting investments in operations but also cost management efforts.
Operating Income: Operating income fluctuates but generally increases, illustrating somewhat volatile but progressive operational profitability. A significant dip is seen in Oct 2022 at 2,695 million USD, but a recovery follows, reaching 7,135 million USD by Apr 2025, indicating responses to operational challenges and strong recovery dynamics.
Net Interest Expense: Net interest, calculated as interest expense minus interest income, experiences moderate fluctuations around a decreasing trend in expense, reflecting potentially more favorable debt management or interest conditions. Expense varies from -625 million USD (Apr 2019) to -544 million USD (Apr 2025), showing some reduction in financing costs.
Other Gains and Losses: This item is highly volatile, with periods of significant gains and losses, including a large negative impact around Jan 2021 (-5,586 million USD). Such variability suggests exposure to non-operational risks or gains/losses from asset sales, impairments, or other financial events, impacting overall profitability unpredictably.
Income Before Taxes: Income before income taxes fluctuates with the operating income pattern but shows overall growth from 5,157 million USD (Apr 2019) to 5,994 million USD (Apr 2025), with occasional negative or reduced periods corresponding to volatility in other gains/losses and operating challenges.
Provision for Income Taxes: The provision follows income patterns but fluctuates less drastically, generally ranging between -1,000 million USD and -3,000 million USD. This consistency aligns proportionally with taxable income levels and suggests stable effective tax rates over time.
Consolidated Net Income Attributable to Walmart: Net income attributable to Walmart shows notable volatility with substantial peaks and troughs. Periods such as Jan 2021 and Oct 2022 exhibit marked negative or lower profitability (-2,091 million USD and -1,798 million USD respectively), contrasting with strong rebounds in other quarters (up to 7,891 million USD in Jul 2023). Despite fluctuations, the overall trajectory is positive with growth apparent from around 3,842 million USD (Apr 2019) to 4,487 million USD (Apr 2025).

In summary, the company exhibits strong sales growth and improved gross profitability but faces volatility in operating income and net earnings, partly due to irregular other gains/losses and occasional operational challenges. Cost management appears effective relative to expanding sales, and membership income contributes increasingly to revenue diversity. Interest expenses seem well controlled, supporting sustained profitability despite some periods of income instability.

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Walmart Inc. (NYSE:WMT)

Income Statement Quarterly Data

Income Statement
Quarterly Data