Operating Profit Margin
since 2005
Calculation
Walmart Inc., operating profit margin, long-term trends, calculation
| Operating profit margin | = | 100 | × | Operating income1 | ÷ | Net sales1 | |
|---|---|---|---|---|---|---|---|
| Jan 31, 2025 | 4.35% | = | 100 | × | 29,348) | ÷ | 674,538) |
| Jan 31, 2024 | 4.20% | = | 100 | × | 27,012) | ÷ | 642,637) |
| Jan 31, 2023 | 3.37% | = | 100 | × | 20,428) | ÷ | 605,881) |
| Jan 31, 2022 | 4.57% | = | 100 | × | 25,942) | ÷ | 567,762) |
| Jan 31, 2021 | 4.06% | = | 100 | × | 22,548) | ÷ | 555,233) |
| Jan 31, 2020 | 3.96% | = | 100 | × | 20,568) | ÷ | 519,926) |
| Jan 31, 2019 | 4.30% | = | 100 | × | 21,957) | ÷ | 510,329) |
| Jan 31, 2018 | 4.12% | = | 100 | × | 20,437) | ÷ | 495,761) |
| Jan 31, 2017 | 4.73% | = | 100 | × | 22,764) | ÷ | 481,317) |
| Jan 31, 2016 | 5.04% | = | 100 | × | 24,105) | ÷ | 478,614) |
| Jan 31, 2015 | 5.63% | = | 100 | × | 27,147) | ÷ | 482,229) |
| Jan 31, 2014 | 5.68% | = | 100 | × | 26,872) | ÷ | 473,076) |
| Jan 31, 2013 | 5.96% | = | 100 | × | 27,801) | ÷ | 466,114) |
| Jan 31, 2012 | 5.98% | = | 100 | × | 26,558) | ÷ | 443,854) |
| Jan 31, 2011 | 6.10% | = | 100 | × | 25,542) | ÷ | 418,952) |
| Jan 31, 2010 | 5.91% | = | 100 | × | 23,950) | ÷ | 405,046) |
| Jan 31, 2009 | 5.68% | = | 100 | × | 22,798) | ÷ | 401,244) |
| Jan 31, 2008 | 5.87% | = | 100 | × | 21,996) | ÷ | 374,526) |
| Jan 31, 2007 | 5.94% | = | 100 | × | 20,497) | ÷ | 344,992) |
| Jan 31, 2006 | 5.93% | = | 100 | × | 18,530) | ÷ | 312,427) |
| Jan 31, 2005 | 5.99% | = | 100 | × | 17,091) | ÷ | 285,222) |
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), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-01-31), 10-K (reporting date: 2013-01-31), 10-K (reporting date: 2012-01-31), 10-K (reporting date: 2011-01-31), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-01-31), 10-K (reporting date: 2007-01-31), 10-K (reporting date: 2006-01-31), 10-K (reporting date: 2005-01-31).
1 US$ in millions
The financial data over the examined periods reveals multiple notable trends in operating income, net sales, and operating profit margin.
- Operating Income
- Operating income shows a general upward trend from 2005 to 2013, increasing from 17,091 million US dollars to a peak of 27,801 million US dollars. However, following this peak, a decline occurs in subsequent years with some fluctuations, reaching lower points around 20,428 million US dollars in 2023. Nevertheless, the recent two years show a recovery, with operating income rising again to 27,012 million US dollars in 2024 and 29,348 million US dollars in 2025, suggesting a resurgence in operational profitability.
- Net Sales
- Net sales exhibit a consistent upward trajectory across the entire timeline. Starting at 285,222 million US dollars in 2005, net sales increase steadily year-over-year, reaching 674,538 million US dollars by 2025. This sustained growth highlights successful top-line expansion without any periods of contraction, indicating strong market demand and effective sales strategies.
- Operating Profit Margin
- The operating profit margin demonstrates a gradual decline over the period, beginning at 5.99% in 2005 and falling to its lowest point of 3.37% in 2023. This decline suggests increasing pressure on profitability relative to revenue generation, possibly due to rising costs or competitive pricing pressures. However, from 2023 onwards, a rebound is observed with margins improving to 4.20% in 2024 and 4.35% in 2025, indicating improved operational efficiency or cost management in recent years.
In summary, while net sales have steadily increased demonstrating consistent revenue growth, operating income and profit margins reveal a period of challenge starting in the mid-2010s with declines in profitability. The recovery in the most recent years points to a positive turnaround in operational performance and efficiency despite prior margin compression.
Comparison to Competitors
Walmart Inc., operating profit margin, long-term trends, comparison to competitors
| Walmart Inc. | Costco Wholesale Corp. | Target Corp. | |
|---|---|---|---|
| Jan 31, 2025 | 4.35% | — | 5.22% |
| Jan 31, 2024 | 4.20% | 3.72% | 5.31% |
| Jan 31, 2023 | 3.37% | 3.41% | 3.53% |
| Jan 31, 2022 | 4.57% | 3.50% | 8.44% |
| Jan 31, 2021 | 4.06% | 3.49% | 6.99% |
| Jan 31, 2020 | 3.96% | 3.33% | 5.96% |
| Jan 31, 2019 | 4.30% | 3.17% | 5.45% |
| Jan 31, 2018 | 4.12% | 3.24% | 6.00% |
| Jan 31, 2017 | 4.73% | 3.26% | 7.15% |
| Jan 31, 2016 | 5.04% | 3.16% | 7.49% |
| Jan 31, 2015 | 5.63% | 3.19% | 6.25% |
| Jan 31, 2014 | 5.68% | 2.92% | 5.83% |
| Jan 31, 2013 | 5.96% | 2.97% | 7.33% |
| Jan 31, 2012 | 5.98% | 2.84% | 7.62% |
| Jan 31, 2011 | 6.10% | 2.80% | 7.79% |
| Jan 31, 2010 | 5.91% | 2.72% | 7.15% |
| Jan 31, 2009 | 5.68% | 2.54% | 6.78% |
| Jan 31, 2008 | 5.87% | 2.77% | 8.32% |
| Jan 31, 2007 | 5.94% | 2.55% | 8.52% |
| Jan 31, 2006 | 5.93% | 2.76% | 8.22% |
| Jan 31, 2005 | 5.99% | 2.84% | 7.69% |
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), 10-K (reporting date: 2019-01-31), 10-K (reporting date: 2018-01-31), 10-K (reporting date: 2017-01-31), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-01-31), 10-K (reporting date: 2013-01-31), 10-K (reporting date: 2012-01-31), 10-K (reporting date: 2011-01-31), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-01-31), 10-K (reporting date: 2007-01-31), 10-K (reporting date: 2006-01-31), 10-K (reporting date: 2005-01-31).