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.
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- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Dividend Discount Model (DDM)
- Price to Earnings (P/E) since 2005
- Analysis of Debt
- Aggregate Accruals
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Walmart Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 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), 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).
The financial data indicates multiple trends and variations across several key performance indicators over the reported quarters.
- Net Sales
- Net sales show a general upward trajectory, increasing from 122,949 million USD in April 2019 to a peak of 178,830 million USD in January 2025. Periodic fluctuations are evident, with some declines observed around April 2020 and again in April 2025, but the overall trend reflects growth.
- Cost of Sales
- Cost of sales follows a similar upward trend as net sales, starting at 93,034 million USD in April 2019 and reaching 136,172 million USD by January 2025. The increase in costs has been roughly proportional to sales growth, maintaining the gross margin within a relatively consistent range.
- Gross Profit
- Gross profit has steadily increased from 29,915 million USD to 42,658 million USD over the same period, illustrating effective management of cost relative to sales, despite some volatility in intermediate quarters.
- Membership and Other Income
- This revenue stream exhibits gradual growth with some volatility, rising from 976 million USD in April 2019 to 1,727 million USD in January 2025. Peaks and troughs in this area suggest possible seasonality or changes in membership activity.
- Operating, Selling, General and Administrative Expenses
- Operating expenses have consistently increased over time, starting at 25,946 million USD and peaking at 38,094 million USD in October 2025. The rising costs may be attributable to expanded operations or inflationary pressures, with occasional sharper increases reflecting potential strategic investments or cost escalations.
- Operating Income
- Operating income displays significant fluctuation but an overall upward trend from 4,945 million USD in April 2019 to approximately 7,859 million USD in January 2025. A notable dip occurs in October 2022, with recovery observed in subsequent quarters, indicating operational resilience amid challenges.
- Interest Expense and Interest Income
- Net interest expense generally remains stable with slight variations, averaging around negative 500 to 600 million USD. Interest income shows modest increases in later periods, reflecting improved investments or higher interest-bearing assets.
- Other Gains and Losses
- There is considerable volatility in other gains and losses, including notable large negative impacts such as in January 2021, with occasional large positive spikes later. This volatility suggests occasional extraordinary items affecting periodic results.
- Income Before Taxes
- Income before taxes inherently follows the operating income trend but is notably affected by other gains/losses and interest impact. Despite fluctuations, the figure generally increases over time, culminating near 8,186 million USD by October 2025.
- Provision for Income Taxes
- The tax provision varies with income before taxes but with some periods of lower taxation possibly linked to tax planning or loss carryforwards. Periods of increased tax expense correspond with higher income quarters.
- Consolidated Net Income
- Consolidated net income attributable to the entity demonstrates growth from 3,842 million USD in April 2019 to 6,143 million USD by October 2025, with periodic decreases reflecting operational challenges or extraordinary items. Notably, negative net income appears in January 2021 and again in October 2022, indicating episodes of financial stress or unusual charges.
Overall, the data reveals sustained revenue growth accompanied by rising costs and expenses. Profitability metrics show resilience with growing margins despite periodic setbacks. Fluctuations in other gains and losses contribute to quarter-on-quarter volatility in net income, highlighting elements of financial risk or one-time events. Interest expenses remain controlled relative to operating income, supporting stable financial leverage.