Stock Analysis on Net
Stock Analysis on Net

Walmart Inc. (NYSE:WMT)

$24.99

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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Walmart Inc., consolidated income statement (quarterly data)

US$ in millions

Microsoft Excel
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
Cost of sales
Gross profit
Membership and other income
Operating, selling, general and administrative expenses
Operating income
Interest expense, debt and finance lease
Interest income
Interest, net
Loss on extinguishment of debt
Other gains and (losses)
Income (loss) before income taxes
Provision for income taxes
Consolidated net income (loss)
Consolidated net (income) loss attributable to noncontrolling interest
Consolidated net income (loss) attributable to Walmart

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).

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.