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:	Jul 31, 2025	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	175,750)	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	(132,771)	(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	42,979)	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	1,652)	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	(37,345)	(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	7,286)	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	(769)	(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	94)	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	(675)	(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)	2,708)	(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	9,319)	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	(2,168)	(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)	7,151)	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	(125)	(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	7,026)	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)

Net sales: Net sales exhibited a general upward trend over the periods, increasing from $122,949 million in April 2019 to $175,750 million in July 2025. There were occasional fluctuations, including slight declines in some quarters, but overall sales demonstrated consistent growth, especially notable from early 2021 onward.
Cost of sales: The cost of sales followed a similar pattern to net sales, rising from $93,034 million in April 2019 to $132,771 million by July 2025. The cost increases generally corresponded with sales growth, though some quarters showed minor decreases or slower cost growth, indicating possible improvements in cost management or product mix changes.
Gross profit: Gross profit showed steady increase over the periods, rising from $29,915 million in April 2019 to $42,979 million in July 2025. This increase reflects the growth in net sales; however, gross profit growth was relatively moderate compared to net sales growth, implying some pressure on margins or increased cost absorption.
Membership and other income: This income source generally increased from $976 million in early 2019 to around $1,652 million by mid-2025, with occasional fluctuations. The upward trend suggests growth in membership-related revenues or other ancillary income streams.
Operating, selling, general and administrative expenses (SG&A): SG&A expenses increased from $25,946 million in April 2019 to $37,345 million in July 2025. Expense growth roughly paralleled revenue increases, although some quarters saw sharper rises, indicating fluctuations in operating efficiency or increased spending on sales and administration.
Operating income: Operating income displayed volatility, rising from $4,945 million in April 2019 to peaks above $7,900 million in some quarters by 2025 but with notable declines such as in October 2022. Despite the fluctuations, operating income generally trended upward, supported by sales growth and management of operating expenses.
Interest expense and income: Interest expense slightly increased from $673 million in April 2019 to around $769 million in July 2025, showing moderate variability. Interest income fluctuated more, rising from $48 million to a peak of $146 million in some quarters before settling around $94 million. Net interest charge remained a modest negative impact on income throughout the periods.
Loss on extinguishment of debt: A significant loss of $2,410 million was recorded in October 2021, representing an isolated event impacting financial results that quarter with no recurrence in other periods.
Other gains and losses: Other gains and losses showed considerable volatility, including large negative and positive swings. Notable were large losses in early 2021 and gains in subsequent quarters, indicating impacts from non-recurring or unusual items affecting net income variability.
Income before income taxes: Income before taxes fluctuated substantially, with a low of -$593 million in January 2021 and highs exceeding $10,000 million in mid-2023. These swings largely reflect operating income variability and other gains and losses affecting pre-tax profitability.
Provision for income taxes: The provision for income taxes generally increased in correlation with pre-tax income but showed variability in relation to net income fluctuations and other unusual items. The tax expense ranged from lows near -$798 million to highs exceeding -$3,000 million in some quarters.
Consolidated net income attributable to Walmart: Net income attributable to Walmart displayed substantial volatility with peaks above $7,000 million and troughs including negative results in early 2021 and late 2022. Despite this, a general upward trend in profitability was evident, aligned with sales growth and operational performance while subject to the impacts of non-recurring charges and market conditions.

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Walmart Inc. (NYSE:WMT)

Income StatementQuarterly Data

Income Statement
Quarterly Data