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, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
Short-term borrowings	3,068)	878)	372)	410)	224)	575)
Accounts payable	58,666)	56,812)	53,742)	55,261)	49,141)	46,973)
Accrued wages and benefits	7,897)	8,590)	8,287)	7,908)	7,654)	6,093)
Self-insurance	4,976)	4,916)	4,724)	4,652)	4,698)	4,469)
Accrued non-income taxes	3,503)	3,459)	3,425)	3,247)	3,328)	3,039)
Opioid litigation settlement	—)	—)	2,949)	—)	—)	—)
Deferred gift card revenue	2,755)	2,664)	2,488)	2,559)	2,310)	1,990)
Other	10,214)	9,130)	9,253)	7,694)	19,976)	6,705)
Accrued liabilities	29,345)	28,759)	31,126)	26,060)	37,966)	22,296)
Accrued income taxes	608)	307)	727)	851)	242)	280)
Long-term debt due within one year	2,598)	3,447)	4,191)	2,803)	3,115)	5,362)
Operating lease obligations due within one year	1,499)	1,487)	1,473)	1,483)	1,466)	1,793)
Finance lease obligations due within one year	800)	725)	567)	511)	491)	511)
Current liabilities	96,584)	92,415)	92,198)	87,379)	92,645)	77,790)
Long-term debt, excluding due within one year	33,401)	36,132)	34,649)	34,864)	41,194)	43,714)
Long-term operating lease obligations, excluding due within one year	12,825)	12,943)	12,828)	13,009)	12,909)	16,171)
Long-term finance lease obligations, excluding due within one year	5,923)	5,709)	4,843)	4,243)	3,847)	4,307)
Deferred income taxes and other	14,398)	14,629)	14,688)	13,474)	14,370)	12,961)
Long-term liabilities	66,547)	69,413)	67,008)	65,590)	72,320)	77,153)
Total liabilities	163,131)	161,828)	159,206)	152,969)	164,965)	154,943)
Redeemable noncontrolling interest	271)	222)	237)	—)	—)	—)
Common stock	802)	805)	269)	276)	282)	284)
Capital in excess of par value	5,503)	4,544)	4,969)	4,839)	3,646)	3,247)
Retained earnings	98,313)	89,814)	83,135)	86,904)	88,763)	83,943)
Accumulated other comprehensive loss	(13,605)	(11,302)	(11,680)	(8,766)	(11,766)	(12,805)
Total Walmart shareholders’ equity	91,013)	83,861)	76,693)	83,253)	80,925)	74,669)
Nonredeemable noncontrolling interest	6,408)	6,488)	7,061)	8,638)	6,606)	6,883)
Total shareholders’ equity	97,421)	90,349)	83,754)	91,891)	87,531)	81,552)
Total liabilities, redeemable noncontrolling interest, and shareholders’ equity	260,823)	252,399)	243,197)	244,860)	252,496)	236,495)

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).

The analysis of the financial data over the observed periods reveals several key trends and fluctuations in Walmart Inc.'s liabilities and shareholders' equity components:

Short-term borrowings: Short-term borrowings display notable volatility, starting at $575 million in 2020, dropping to $224 million in 2021, followed by a gradual increase until a significant spike occurs in 2025 to $3,068 million, indicating a sharp increase in short-term financing needs in the latest year.
Accounts payable: Accounts payable steadily increases from $46,973 million in 2020 to $58,666 million in 2025, representing consistent growth in the company’s obligations to suppliers, which may reflect expansion or increased purchasing activity.
Accrued wages and benefits: Accrued wages and benefits rise gradually from $6,093 million in 2020, peaking at $8,590 million in 2024, then slightly decreasing to $7,897 million in 2025, suggesting variability in payroll-related liabilities likely due to operational factors or workforce changes.
Self-insurance: Self-insurance liabilities show a steady, modest increase from $4,469 million in 2020 to $4,976 million in 2025, indicating consistent levels of risk exposure being accounted for internally.
Accrued non-income taxes: This category remains relatively stable with slight increases over time, from $3,039 million in 2020 to $3,503 million in 2025, suggesting tax-related obligations have remained consistent relative to company activities.
Opioid litigation settlement: Presented only for 2023 at $2,949 million, this item indicates a significant one-time liability recognized during that year, likely reflecting settlement costs related to legal issues.
Deferred gift card revenue: Deferred gift card revenue increases steadily from $1,990 million in 2020 to $2,755 million in 2025, implying a growing amount of unredeemed gift card liabilities, which may reflect consumer purchasing trends.
Other liabilities: The 'Other' liabilities category shows significant fluctuations, notably jumping from $6,705 million in 2020 to $19,976 million in 2021, then oscillating between $7,694 million and $10,214 million in subsequent years. The spike in 2021 may reflect a reclassification or recognition of substantial new liabilities.
Accrued liabilities: Accrued liabilities demonstrate variability, peaking at $37,966 million in 2021 before decreasing to $29,345 million by 2025, indicating changing short-term obligations possibly linked to operational or timing factors.
Accrued income taxes: Accrued income taxes fluctuate markedly, with a low of $242 million in 2021 and a peak of $851 million in 2022, followed by a decline. This inconsistency suggests variable income tax obligations, potentially due to changes in profitability or tax planning strategies.
Long-term debt due within one year: This liability decreases significantly over the analyzed period from $5,362 million in 2020 to $2,598 million in 2025, indicating a reduction in near-term long-term debt obligations, possibly through repayments or refinancing.
Operating lease and finance lease obligations: Operating lease obligations due within one year remain relatively steady, slightly increasing from $1,793 million in 2020 to $1,499 million in 2025, while finance lease obligations due within one year gradually increase, culminating at $800 million in 2025, reflecting rising lease commitments.
Current liabilities: Current liabilities overall show a rising trend from $77,790 million in 2020 to $96,584 million in 2025, indicative of an increasing level of short-term obligations.
Long-term debt (excluding current portion): Long-term debt decreases from $43,714 million in 2020 to $33,401 million in 2025, signaling active debt management or repayments reducing the company's long-term borrowing.
Long-term operating and finance lease obligations: Long-term operating lease obligations decline moderately from $16,171 million in 2020 to $12,825 million in 2025, whereas finance lease obligations increase notably from $4,307 million to $5,923 million, possibly indicating a shift in leasing arrangements or asset management strategies.
Deferred income taxes and other long-term liabilities: Deferred income taxes and other liabilities fluctuate with slight ups and downs, maintaining levels around $14,000 million, reflecting ongoing tax deferrals and other provisions.
Total long-term liabilities: Total long-term liabilities reduce from $77,153 million in 2020 to $66,547 million in 2025 after some fluctuations, suggesting an overall decline in long-term obligations.
Total liabilities: Despite fluctuations in individual components, total liabilities rise from $154,943 million in 2020 to $163,131 million in 2025 with some variability, indicating a general increase in the company's total obligations.
Redeemable noncontrolling interests: This category appears from 2023, showing small values around $237 million in 2023 and slightly decreasing thereafter, hinting at minor ownership interests redeemable by third parties.
Common stock and capital in excess of par value: Common stock remains mostly stable until 2023 when it jumps to $805 million, maintaining around that level in 2025. Capital in excess of par value generally increases over time, signaling additional paid-in capital from shareholders.
Retained earnings: Retained earnings exhibit growth from $83,943 million in 2020 to $98,313 million in 2025, with a dip in 2023, reflecting accumulated profits with a temporary reduction potentially related to distributions or losses.
Accumulated other comprehensive loss: This component varies notably, showing reduction in losses through 2022 but increasing again to -$13,605 million by 2025, indicating fluctuations in items such as foreign currency translation adjustments or unrealized losses.
Total Walmart shareholders’ equity: Shareholders' equity trends upwards from $74,669 million in 2020 to $91,013 million in 2025, despite some declines in 2023, reflecting an overall strengthening equity base.
Nonredeemable noncontrolling interests: Nonredeemable noncontrolling interests fluctuate without a clear trend, hovering between $6,408 million and $8,638 million, indicating variable minority interests.
Total shareholders’ equity: Total equity increases from $81,552 million in 2020 to $97,421 million in 2025, representing growth in the company's net asset base attributable to shareholders.
Total liabilities, redeemable noncontrolling interest, and shareholders’ equity: This aggregate measure increases steadily from $236,495 million in 2020 to $260,823 million in 2025, consistent with growth in both liabilities and equity portions of the balance sheet.

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Walmart Inc. (NYSE:WMT)

Balance Sheet: Liabilities and Stockholders’ Equity