Income Statement
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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- Statement of Comprehensive Income
- Common-Size Income Statement
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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Walmart Inc., consolidated income statement
US$ in millions
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
- Net Sales and Cost of Sales
- Net sales demonstrated a consistent upward trend from 2020 to 2025, increasing from $519,926 million to $674,538 million. Cost of sales also rose steadily during the same period, from $394,605 million to $511,753 million, indicating rising expenses associated with the generation of sales.
- Gross Profit
- Gross profit showed continuous growth, rising from $125,321 million in 2020 to $162,785 million in 2025. This increase reflects an improving ability to generate profit from core operations despite rising costs.
- Membership and Other Income
- This income category remained relatively stable with a slight increasing trend, rising from $4,038 million in 2020 to $6,447 million in 2025, suggesting modest growth in supplementary revenue streams.
- Operating, Selling, General and Administrative Expenses
- Operating expenses grew consistently, increasing from $108,791 million in 2020 to $139,884 million in 2025. The rise may reflect investments in operational capability, inflationary pressures, or expansion activities.
- Operating Income
- Operating income fluctuated over the years, starting at $20,568 million in 2020, peaking at $25,942 million in 2022, then declining to $20,428 million in 2023 before recovering to $29,348 million in 2025. These variations indicate periods of both operational challenges and gains.
- Net Interest
- Net interest expense decreased from $2,410 million in 2020 to $1,836 million in 2022, but then increased again to $2,245 million in 2025. This pattern suggests changes in debt servicing costs and interest income fluctuations over time.
- Loss on Extinguishment of Debt and Other Gains/Losses
- A loss on extinguishment of debt was recorded only in 2022 for $2,410 million, possibly reflecting a strategic debt restructuring. Other gains and losses were negative overall, with significant losses in 2022, 2023, and 2024, indicating volatility in non-operational activities.
- Income Before Income Taxes and Provision for Income Taxes
- Income before income taxes showed variability, starting at $20,116 million in 2020, declining to $17,016 million in 2023, and then rising to $26,309 million by 2025, demonstrating recovery and growth. The provision for income taxes fluctuated but generally increased over the period, from $4,915 million in 2020 to $6,152 million in 2025, consistent with rising pre-tax income.
- Consolidated Net Income and Net Income Attributable to Walmart
- Consolidated net income attributable to Walmart initially decreased from $14,881 million in 2020 to $11,680 million in 2023, followed by a substantial recovery and growth to $19,436 million in 2025. This trend underscores challenges in the middle years met with significant financial improvement by 2025.
- Net Income Attributable to Noncontrolling Interest
- The net income loss attributable to noncontrolling interest exhibited variability, generally trending towards increasing losses in 2024 and 2025, which marginally offset the consolidated net income attributable to Walmart.