Stock Analysis on Net

Walmart Inc. (NYSE:WMT)

Cash Flow Statement 
Quarterly Data

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 (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: 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
Consolidated net income (loss) 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
Depreciation and amortization 3,369 3,374 3,260 3,211 3,128 3,117 2,986 2,905 2,845 2,811 2,755 2,699 2,680 2,706 2,650 2,641 2,661 2,819 2,771 2,771 2,791 2,828 2,723 2,722 2,714
Investment (gains) and losses, net 551 224 135 1,158 (639) (835) 4,801 (3,835) 3,062 (3,928) 3,623 (1) 1,989 609 (1,188) 942 2,077 (1,706) (2,877) (3,223) (783) (975) (180) 52 (783)
(Gains) and losses on disposal of business operations 433 7,373 991 37 16 (1)
Asda pension contribution (1,036)
Deferred income taxes (76) (390) (1) (346) 102 494 (1,105) 1,161 (725) 421 (83) 180 (69) 647 (1,017) (230) (155) 665 774 388 84 (254) 333 117 124
Loss on extinguishment of debt 2,410
Other operating activities 501 1,204 819 359 507 1,230 563 600 249 998 677 303 (59) 595 451 336 270 591 625 356 (51) 1,043 590 273 75
Receivables, net 268 289 (1,475) 234 (154) (126) (786) (261) 376 299 (933) 37 837 (954) (1,294) (376) 828 (1,251) (658) (101) 924 (507) (317) 8 970
Inventories (807) 6,445 (7,966) (705) (529) 9,338 (7,543) 376 (154) 8,480 (5,278) 969 (4,699) 899 (9,938) (1,238) (1,487) 5,865 (10,726) 245 2,221 7,258 (7,778) 641 (421)
Accounts payable (310) (4,178) 6,240 953 213 (4,831) 4,347 2,028 971 (4,608) 3,636 1,187 (1,640) (2,386) 7,787 1,123 (1,004) (1,587) 7,501 2,235 (1,183) (3,199) 4,167 612 (1,854)
Accrued liabilities (3,627) 1,186 603 3,239 (4,649) 2,971 (2,927) 3,079 (4,447) 3,039 3,793 2,510 (4,949) 2,126 690 2,592 (4,004) 2,827 368 3,537 (2,109) 1,293 550 (143) (1,514)
Accrued income taxes 903 (54) 232 (706) 963 (324) (166) (538) 560 (178) 35 (33) 49 15 185 (589) 428 (394) (46) (745) 1,049 (45) (54) (340) 346
Changes in certain assets and liabilities, net of effects of acquisitions and dispositions (3,573) 3,688 (2,366) 3,015 (4,156) 7,028 (7,075) 4,684 (2,694) 7,032 1,253 4,670 (10,402) (300) (2,570) 1,512 (5,239) 5,460 (3,561) 5,171 902 4,800 (3,432) 778 (2,473)
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities 772 8,100 1,847 7,397 (1,058) 11,034 170 5,515 2,737 7,334 8,225 7,851 (5,861) 4,257 736 5,201 47 15,202 (1,277) 5,500 2,943 6,422 33 3,942 (343)
Net cash provided by (used in) operating activities 5,411 13,525 6,561 12,108 4,249 16,712 813 13,568 4,633 13,143 6,458 12,998 (3,758) 7,890 3,868 9,565 2,858 13,194 3,924 11,939 7,017 10,716 3,354 7,622 3,563
Payments for property and equipment (4,986) (7,087) (6,189) (5,831) (4,676) (5,932) (5,458) (4,787) (4,429) (4,796) (4,569) (3,953) (3,539) (4,518) (3,569) (2,805) (2,214) (3,826) (2,869) (1,817) (1,752) (2,940) (2,894) (2,666) (2,205)
Proceeds from the disposal of property and equipment 25 74 66 220 72 87 30 86 47 44 54 37 35 104 114 104 72 116 16 23 60 103 90 86 42
Proceeds from disposal of certain strategic investments 267 3,813
Payments for business acquisitions, net of cash acquired (1,896) (9) (10) (114) (18) (598) (111) (248) (5) (165) (10) (56)
Other investing activities (132) (76) (223) (108) 195 (68) (37) (339) (478) 5 248 (92) (456) 40 (477) (499) 7,992 146 (15) 21 6 (6) 343 (109) 1,084
Net cash (used in) provided by investing activities (5,093) (8,718) (2,533) (5,719) (4,409) (5,913) (5,465) (5,049) (4,860) (4,757) (4,381) (4,026) (4,558) (4,485) (3,932) (3,448) 5,850 (3,564) (2,873) (1,938) (1,696) (2,843) (2,461) (2,689) (1,135)
Net change in short-term borrowings 2,521 (468) 365 (2,270) 4,585 (9,071) 5,402 2,838 1,343 (6,485) (3,779) (765) 10,995 (35) (213) 303 138 (23) (123) (3,720) 3,542 (4,374) 1,282 (1,165) (399)
Proceeds from issuance of long-term debt 3,983 4,967 72 4,969 6,945 1,472 42 3,978
Repayments of long-term debt (651) (1,243) (1,574) (4) (150) (2,279) (1,784) (1,250) (513) (926) (10,000) (2,500) (510) (1,250) (1,195) (2,937) (1,500) (43) (364)
Premiums paid to extinguish debt (2,317)
Dividends paid (1,880) (1,684) (1,668) (1,665) (1,671) (1,534) (1,534) (1,534) (1,538) (1,514) (1,519) (1,538) (1,543) (1,525) (1,536) (1,542) (1,549) (1,534) (1,524) (1,529) (1,529) (1,503) (1,509) (1,516) (1,520)
Purchase of Company stock (4,555) (1,445) (977) (1,013) (1,059) (1,497) (111) (485) (686) (1,212) (2,961) (3,339) (2,408) (2,419) (2,168) (2,391) (2,809) (1,439) (463) (723) (888) (1,122) (1,572) (2,135)
Dividends paid to noncontrolling interest (559) (5) (12) (545) (4) (214) (428) (16) (404) (6) (14) (358) (10) (66) (148) (148) (163) (96)
Sale of subsidiary stock 327 6 14 15 9 10 214 483 11 10 10 35 8 2,979 177 75 24 116
Purchase of noncontrolling interest (3,462) (827)
Other financing activities (61) (669) (449) (435) (617) (593) (483) (327) (845) 175 (885) (570) (838) (340) (238) (193) (744) (197) (327) (127) (725) (173) (157) (268) (310)
Net cash provided by (used in) financing activities 8 (5,149) (2,728) (6,624) (321) (13,235) 3,130 (5,249) 1,940 (11,458) (4,181) (6,715) 5,315 (4,715) (6,554) (6,160) (5,399) (4,777) (3,526) (8,379) 565 (7,086) (1,682) (4,685) (846)
Effect of exchange rates on cash, cash equivalents and restricted cash 70 (290) (11) (346) 6 76 (154) (7) 154 258 (231) (149) 49 (22) (97) 30 (51) 405 (101) 346 (415) 97 100 (220) (46)
Net increase (decrease) in cash, cash equivalents and restricted cash 396 (632) 1,289 (581) (475) (2,360) (1,676) 3,263 1,867 (2,814) (2,335) 2,108 (2,952) (1,332) (6,715) (13) 3,258 5,258 (2,576) 1,968 5,471 884 (689) 28 1,536

Based on: 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30).


Consolidated Net Income (Loss)
The consolidated net income shows significant volatility over the periods. It peaked in July 2023 with 8,053 million US dollars and saw negative values in January 2021 and October 2022. There is an observable pattern of sharp fluctuations rather than steady growth or decline, indicating possible business or economic impacts affecting profits irregularly.
Depreciation and Amortization
Depreciation and amortization expenses display a gradual upward trend, increasing from 2,714 million US dollars in April 2019 to 3,369 million in April 2025. This steady increase likely reflects ongoing capital asset investments and aging fixed assets.
Investment Gains and Losses, Net
The net investment gains and losses fluctuate considerably, with large negative spikes such as -3,835 million in July 2023 and corresponding large gains such as 4,801 million in October 2023. This suggests active investment management with periodic gains and losses impacting results sporadically.
Other Operating Activities
Other operating activities have generally trended upward, notably reaching a peak of 1,230 million in January 2024. This category shows variability but overall growth, which may indicate improved operational efficiency or changes in working capital components.
Working Capital Items (Receivables, Inventories, Accounts Payable, Accrued Liabilities)
Receivables and inventories show highly volatile values, alternating between positive and negative changes without a clear directional trend. Accounts payable and accrued liabilities similarly display significant fluctuations with alternating increases and decreases, reflecting variability in supplier payments and operating cycle timing. These irregular movements suggest ongoing adjustments in working capital management.
Net Cash Provided by (Used in) Operating Activities
Operating cash flow generally remains strong, peaking at 16,712 million in April 2024 despite some periods of decline such as in April 2022. The trends indicate consistent cash generation from core business operations, albeit with fluctuations that align with underlying income volatility.
Payments for Property and Equipment
Capital expenditures have generally increased over time, from around 2,200 million in early periods to peaks near 7,000 million in recent periods. This rising investment level indicates a strategic focus on expanding or upgrading fixed assets.
Proceeds from Disposal of Property and Equipment
Proceeds from disposals remain relatively modest compared to payments, usually under 200 million per quarter, which suggests limited asset liquidation relative to ongoing investment.
Net Cash (Used in) Provided by Investing Activities
Investing activities consistently represent a use of cash, with net outflows increasing over time to as much as 8,718 million in January 2025. The growing cash outflows reflect intensified capital spending and acquisitions activity.
Debt and Borrowings
Short-term borrowings fluctuate frequently, including sharp increases and decreases, showing active management of short-term financing. Long-term debt issuance occurs intermittently, with notable inflows in October 2019, April 2021, and April 2023. Repayments generally trend downward but with significant spikes indicating debt reduction efforts. Overall, debt management appears dynamic with periods of both financing and deleveraging.
Dividends and Share Repurchases
Dividends paid maintain a relatively consistent payout circa 1,500 million per quarter, slightly increasing in later periods up to 1,880 million, indicating a stable return of cash to shareholders. Share repurchases demonstrate substantial reductions starting from 2,135 million in April 2019 down to much lower or irregular amounts, with a sharp increase again in April 2025. These share buyback trends suggest strategic variability possibly related to market conditions or capital allocation priorities.
Net Cash Provided by (Used in) Financing Activities
Financing activities primarily exhibit net cash outflows, often substantial, with exceptions such as positive inflows in April 2020 and April 2022. These patterns reflect active capital structure management involving debt issuance, repayments, dividends, and share repurchases, with a generally conservative cash outflow tendency.
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash
The net change in cash balances shows significant volatility, with both substantial increases and decreases. Large positive shifts occur in April 2020 and January 2021, while notable declines appear in October 2021 and January 2023. This variability corresponds with the fluctuations in operating, investing, and financing cash flows described above.