Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Walmart Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Jan 31, 2026	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021
Short-term borrowings	6,596)	3,068)	878)	372)	410)	224)
Accounts payable	63,061)	58,666)	56,812)	53,742)	55,261)	49,141)
Accrued wages and benefits	7,878)	7,897)	8,590)	8,287)	7,908)	7,654)
Self-insurance	5,525)	4,976)	4,916)	4,724)	4,652)	4,698)
Accrued non-income taxes	4,110)	3,503)	3,459)	3,425)	3,247)	3,328)
Opioid litigation settlement	—)	—)	—)	2,949)	—)	—)
Deferred gift card revenue	2,941)	2,755)	2,664)	2,488)	2,559)	2,310)
Other	10,733)	10,214)	9,130)	9,253)	7,694)	19,976)
Accrued liabilities	31,187)	29,345)	28,759)	31,126)	26,060)	37,966)
Accrued income taxes	596)	608)	307)	727)	851)	242)
Long-term debt due within one year	3,542)	2,598)	3,447)	4,191)	2,803)	3,115)
Operating lease obligations due within one year	1,631)	1,499)	1,487)	1,473)	1,483)	1,466)
Finance lease obligations due within one year	856)	800)	725)	567)	511)	491)
Current liabilities	107,469)	96,584)	92,415)	92,198)	87,379)	92,645)
Long-term debt, excluding due within one year	34,624)	33,401)	36,132)	34,649)	34,864)	41,194)
Long-term operating lease obligations, excluding due within one year	13,941)	12,825)	12,943)	12,828)	13,009)	12,909)
Long-term finance lease obligations, excluding due within one year	5,905)	5,923)	5,709)	4,843)	4,243)	3,847)
Deferred income taxes and other	16,549)	14,398)	14,629)	14,688)	13,474)	14,370)
Long-term liabilities	71,019)	66,547)	69,413)	67,008)	65,590)	72,320)
Total liabilities	178,488)	163,131)	161,828)	159,206)	152,969)	164,965)
Redeemable noncontrolling interest	293)	271)	222)	237)	—)	—)
Common stock	797)	802)	805)	269)	276)	282)
Capital in excess of par value	6,816)	5,503)	4,544)	4,969)	4,839)	3,646)
Retained earnings	104,774)	98,313)	89,814)	83,135)	86,904)	88,763)
Accumulated other comprehensive loss	(12,770)	(13,605)	(11,302)	(11,680)	(8,766)	(11,766)
Total Walmart shareholders’ equity	99,617)	91,013)	83,861)	76,693)	83,253)	80,925)
Nonredeemable noncontrolling interest	6,270)	6,408)	6,488)	7,061)	8,638)	6,606)
Total shareholders’ equity	105,887)	97,421)	90,349)	83,754)	91,891)	87,531)
Total liabilities, redeemable noncontrolling interest, and shareholders’ equity	284,668)	260,823)	252,399)	243,197)	244,860)	252,496)

Based on: 10-K (reporting date: 2026-01-31), 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).

Overall, the company’s liabilities and stockholders’ equity demonstrate a generally increasing trend from 2021 to 2026, with some fluctuations in specific categories. Total liabilities increased significantly over the period, while stockholders’ equity also grew, though at a comparatively slower pace. A notable increase in short-term borrowings is observed towards the end of the period.

Short-Term Borrowings: Short-term borrowings experienced substantial growth, rising from US$224 million in 2021 to US$6,596 million in 2026. This represents a significant reliance on short-term financing, particularly in the later years. The increase is especially pronounced between 2023 and 2026.
Accounts Payable: Accounts payable exhibited a steady increase from US$49,141 million in 2021 to US$63,061 million in 2026. This suggests a consistent increase in the volume of purchases made on credit, or potentially extended payment terms with suppliers.
Accrued Liabilities: Accrued liabilities showed variability, decreasing from US$37,966 million in 2021 to US$26,060 million in 2022, then increasing to US$31,187 million in 2026. This fluctuation may be related to timing differences in expense recognition or changes in business operations.
Long-Term Debt: Long-term debt, excluding amounts due within one year, remained relatively stable between US$34,649 million and US$41,194 million throughout the period. However, a slight increase is observed in the later years, reaching US$34,624 million in 2026.
Total Liabilities: Total liabilities increased from US$164,965 million in 2021 to US$178,488 million in 2026. The most significant increase occurred between 2025 and 2026, driven largely by the increase in short-term borrowings. This indicates a growing overall debt burden for the company.
Stockholders’ Equity: Total stockholders’ equity increased from US$87,531 million in 2021 to US$105,887 million in 2026. This growth was primarily driven by increases in retained earnings and capital in excess of par value. However, accumulated other comprehensive loss consistently offset some of these gains.
Retained Earnings: Retained earnings demonstrated a positive trend, increasing from US$88,763 million in 2021 to US$104,774 million in 2026. This suggests consistent profitability and reinvestment of earnings into the business.
Capital Structure: The proportion of liabilities to stockholders’ equity increased over the period. In 2021, total liabilities represented approximately 1.88 times stockholders’ equity. By 2026, this ratio had risen to approximately 1.68 times. This suggests a shift towards greater reliance on debt financing.
Specific Items: The Opioid litigation settlement appeared in 2023 for US$2,949 million, representing a significant one-time liability. Redeemable noncontrolling interest remained relatively stable, increasing slightly from US$237 million in 2023 to US$293 million in 2026.

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Walmart Inc. (NASDAQ:WMT)

Balance Sheet: Liabilities and Stockholders’ Equity