Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Walmart Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
Consolidated net income	20,157)	16,270)	11,292)	13,940)	13,706)	15,201)
Depreciation and amortization	12,973)	11,853)	10,945)	10,658)	11,152)	10,987)
Investment (gains) and losses, net	878)	3,193)	1,683)	2,440)	(8,589)	(1,886)
Losses on disposal of business operations	—)	—)	—)	433)	8,401)	15)
Asda pension contribution	—)	—)	—)	—)	—)	(1,036)
Deferred income taxes	(635)	(175)	449)	(755)	1,911)	320)
Loss on extinguishment of debt	—)	—)	—)	2,410)	—)	—)
Other operating activities	2,889)	2,642)	1,919)	1,652)	1,521)	1,981)
Receivables, net	(1,106)	(797)	240)	(1,796)	(1,086)	154)
Inventories	(2,755)	2,017)	(528)	(11,764)	(2,395)	(300)
Accounts payable	3,228)	2,515)	(1,425)	5,520)	6,966)	(274)
Accrued liabilities	379)	(1,324)	4,393)	1,404)	4,623)	186)
Accrued income taxes	435)	(468)	(127)	39)	(136)	(93)
Changes in certain assets and liabilities, net of effects of acquisitions and dispositions	181)	1,943)	2,553)	(6,597)	7,972)	(327)
Adjustments to reconcile consolidated net income to net cash provided by operating activities	16,286)	19,456)	17,549)	10,241)	22,368)	10,054)
Net cash provided by operating activities	36,443)	35,726)	28,841)	24,181)	36,074)	25,255)
Payments for property and equipment	(23,783)	(20,606)	(16,857)	(13,106)	(10,264)	(10,705)
Proceeds from the disposal of property and equipment	432)	250)	170)	394)	215)	321)
Proceeds from disposal of certain strategic investments	4,080)	—)	—)	—)	—)	—)
Payments for business acquisitions, net of cash acquired	(1,896)	(9)	(740)	(359)	(180)	(56)
Other investing activities	(212)	(922)	(295)	7,056)	158)	1,312)
Net cash used in investing activities	(21,379)	(21,287)	(17,722)	(6,015)	(10,071)	(9,128)
Net change in short-term borrowings	2,212)	512)	(34)	193)	(324)	(4,656)
Proceeds from issuance of long-term debt	—)	4,967)	5,041)	6,945)	—)	5,492)
Repayments of long-term debt	(3,468)	(4,217)	(2,689)	(13,010)	(5,382)	(1,907)
Premiums paid to extinguish debt	—)	—)	—)	(2,317)	—)	—)
Dividends paid	(6,688)	(6,140)	(6,114)	(6,152)	(6,116)	(6,048)
Purchase of Company stock	(4,494)	(2,779)	(9,920)	(9,787)	(2,625)	(5,717)
Dividends paid to noncontrolling interest	(576)	(763)	(444)	(424)	(434)	(555)
Purchase of noncontrolling interest	—)	(3,462)	(827)	—)	—)	—)
Sale of subsidiary stock	362)	716)	66)	3,239)	140)	52)
Other financing activities	(2,170)	(2,248)	(2,118)	(1,515)	(1,376)	(960)
Net cash used in financing activities	(14,822)	(13,414)	(17,039)	(22,828)	(16,117)	(14,299)
Effect of exchange rates on cash, cash equivalents and restricted cash	(641)	69)	(73)	(140)	235)	(69)
Net increase (decrease) in cash, cash equivalents and restricted cash	(399)	1,094)	(5,993)	(4,802)	10,121)	1,759)
Change in cash and cash equivalents reclassified from (to) assets held for sale	—)	—)	—)	1,848)	(1,848)	—)
Cash, cash equivalents and restricted cash at beginning of year	9,935)	8,841)	14,834)	17,788)	9,515)	7,756)
Cash, cash equivalents and restricted cash at end of year	9,536)	9,935)	8,841)	14,834)	17,788)	9,515)

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 Income and Operating Performance

The consolidated net income demonstrates variability over the periods, with a decline from 15,201 million USD in 2020 to a low of 11,292 million USD in 2023, followed by a notable recovery reaching 20,157 million USD by 2025. This suggests a cyclical pattern with recent strong profitability. Depreciation and amortization expenses have remained relatively stable, showing a gradual increase from 10,987 million USD in 2020 to 12,973 million USD in 2025, indicating ongoing investments in capital assets.

Investment Gains and Losses

Investment gains and losses exhibit significant fluctuations, with a substantial loss of 8,589 million USD in 2021, contrasting with gains in other years such as 3,193 million USD in 2024. The losses on disposal of business operations spike notably in 2021 (8,401 million USD) but are otherwise minimal or absent, indicating a one-time event affecting that period.

Working Capital Components

Receivables and inventories show volatile changes, with inventories displaying sharp negative swings in 2022 (-11,764 million USD) and 2025 (-2,755 million USD) contrasting with positive changes in 2024 (2,017 million USD). Accounts payable and accrued liabilities also vary significantly, with peaks in 2021 and 2023, reflecting changing operational dynamics and possibly timing differences in payments and accruals.

Cash Flow Activities

Operating Activities: Net cash provided by operating activities remains robust, peaking at 36,443 million USD in 2025 after a low in 2022 (24,181 million USD). Adjustments to reconcile net income to cash flows indicate substantial non-cash charges and working capital impacts, fluctuating widely but generally supporting strong operating cash generation.
Investing Activities: Payments for property and equipment display a steady upward trend from -10,705 million USD in 2020 to -23,783 million USD in 2025, indicating increased capital expenditure. Proceeds from disposals are relatively minor except for a significant inflow related to strategic investments in 2025 (4,080 million USD). Net cash used in investing activities shows increasing outflows over time, reaching -21,379 million USD in 2025.
Financing Activities: Financing cash flows show consistent negative net cash used, though the magnitude declines after peaking in 2022 (-22,828 million USD). Repayments of long-term debt have been significant each year, peaking in 2022 (-13,010 million USD), with varying proceeds from debt issuance. Dividends paid remain relatively steady, around -6,000 million USD annually, while the purchase of company stock is highly variable, with a marked decrease in 2024 (-2,779 million USD) compared to previous years. Other financing activities contribute modest outflows.

Liquidity Position

Cash and cash equivalents exhibit volatility, increasing sharply from 9,515 million USD at the start of 2020 to 17,788 million USD in 2021, then declining to 8,841 million USD in 2023 before partially recovering. The net increase or decrease in cash shows corresponding fluctuations, with notable decreases in 2022 and 2023 and modest increases in other periods. Exchange rate effects are generally minor but were negative in the final noted period (2025).

Other Observations

Specific items such as pension contributions appear only early in the timeline, and losses on debt extinguishment occur sporadically, indicating non-recurring events. The purchase and sale of noncontrolling interests and subsidiary stocks fluctuate, reflecting strategic corporate actions. Deferred income taxes and accrued income taxes show alternating positive and negative movements, suggesting tax position variability.

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Walmart Inc. (NYSE:WMT)

Cash Flow Statement