Return on Equity (ROE)
since 2005
Calculation
Walmart Inc., ROE, long-term trends, calculation
| ROE | = | 100 | × | Consolidated net income attributable to Walmart1 | ÷ | Total Walmart shareholders’ equity1 | |
|---|---|---|---|---|---|---|---|
| Jan 31, 2026 | 21.98% | = | 100 | × | 21,893) | ÷ | 99,617) |
| Jan 31, 2025 | 21.36% | = | 100 | × | 19,436) | ÷ | 91,013) |
| Jan 31, 2024 | 18.50% | = | 100 | × | 15,511) | ÷ | 83,861) |
| Jan 31, 2023 | 15.23% | = | 100 | × | 11,680) | ÷ | 76,693) |
| Jan 31, 2022 | 16.42% | = | 100 | × | 13,673) | ÷ | 83,253) |
| Jan 31, 2021 | 16.69% | = | 100 | × | 13,510) | ÷ | 80,925) |
| Jan 31, 2020 | 19.93% | = | 100 | × | 14,881) | ÷ | 74,669) |
| Jan 31, 2019 | 9.20% | = | 100 | × | 6,670) | ÷ | 72,496) |
| Jan 31, 2018 | 12.66% | = | 100 | × | 9,862) | ÷ | 77,869) |
| Jan 31, 2017 | 17.54% | = | 100 | × | 13,643) | ÷ | 77,798) |
| Jan 31, 2016 | 18.24% | = | 100 | × | 14,694) | ÷ | 80,546) |
| Jan 31, 2015 | 20.10% | = | 100 | × | 16,363) | ÷ | 81,394) |
| Jan 31, 2014 | 21.01% | = | 100 | × | 16,022) | ÷ | 76,255) |
| Jan 31, 2013 | 22.27% | = | 100 | × | 16,999) | ÷ | 76,343) |
| Jan 31, 2012 | 22.01% | = | 100 | × | 15,699) | ÷ | 71,315) |
| Jan 31, 2011 | 23.91% | = | 100 | × | 16,389) | ÷ | 68,542) |
| Jan 31, 2010 | 20.26% | = | 100 | × | 14,335) | ÷ | 70,749) |
| Jan 31, 2009 | 20.53% | = | 100 | × | 13,400) | ÷ | 65,285) |
| Jan 31, 2008 | 19.70% | = | 100 | × | 12,731) | ÷ | 64,608) |
| Jan 31, 2007 | 18.33% | = | 100 | × | 11,284) | ÷ | 61,573) |
| Jan 31, 2006 | 21.12% | = | 100 | × | 11,231) | ÷ | 53,171) |
| Jan 31, 2005 | 20.79% | = | 100 | × | 10,267) | ÷ | 49,396) |
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), 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 return on equity (ROE) for the analyzed period demonstrates considerable fluctuation, generally remaining within a range of approximately 9% to 24% between 2005 and 2026. An initial period of relative stability is followed by increased volatility and a subsequent recovery towards the end of the observed timeframe.
- Initial Period (2005-2007)
- From 2005 to 2007, ROE exhibited a slight decreasing trend, moving from 20.79% to 18.33%. While a decrease, the values remained consistently high, indicating strong profitability relative to shareholder equity.
- Period of Stability and Growth (2008-2011)
- Between 2008 and 2011, ROE experienced a period of growth, increasing from 19.70% to a peak of 23.91% in 2011. This suggests improved efficiency in generating profits from shareholder investments during this period. The increase was not monotonic, with a slight dip in 2012.
- Mid-Period Volatility (2012-2015)
- The years 2012 through 2015 saw increased volatility in ROE. It decreased from 22.01% in 2012 to 18.24% in 2015. This period indicates a potential weakening in the company’s ability to generate profits from equity, or a change in capital structure.
- Significant Decline and Recovery (2016-2019)
- A substantial decline in ROE occurred between 2016 and 2018, falling from 18.24% to a low of 9.20% in 2019. This represents a significant decrease in profitability relative to equity. However, a notable recovery began in 2020, with ROE increasing to 19.93%.
- Recent Performance (2020-2026)
- From 2020 to 2026, ROE demonstrated a generally upward trend, fluctuating between 16.42% and 21.98%. The values in these later years suggest a return to stronger profitability and efficient capital utilization. The ROE reached 21.98% in 2026, indicating a strong return for shareholders.
Overall, the ROE figures suggest a company capable of generating substantial returns on equity, although subject to periods of volatility. The recent trend indicates a strengthening of financial performance and improved efficiency in utilizing shareholder investments.
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Comparison to Competitors
Walmart Inc., ROE, long-term trends, comparison to competitors
| Walmart Inc. | Costco Wholesale Corp. | Target Corp. | |
|---|---|---|---|
| Jan 31, 2026 | 21.98% | — | 22.92% |
| Jan 31, 2025 | 21.36% | 27.77% | 27.89% |
| Jan 31, 2024 | 18.50% | 31.19% | 30.81% |
| Jan 31, 2023 | 15.23% | 25.11% | 24.75% |
| Jan 31, 2022 | 16.42% | 28.31% | 54.15% |
| Jan 31, 2021 | 16.69% | 28.51% | 30.25% |
| Jan 31, 2020 | 19.93% | 21.89% | 27.73% |
| Jan 31, 2019 | 9.20% | 24.00% | 26.00% |
| Jan 31, 2018 | 12.66% | 24.49% | 25.06% |
| Jan 31, 2017 | 17.54% | 24.86% | 24.99% |
| Jan 31, 2016 | 18.24% | 19.46% | 25.96% |
| Jan 31, 2015 | 20.10% | 22.39% | -11.69% |
| Jan 31, 2014 | 21.01% | 16.73% | 12.14% |
| Jan 31, 2013 | 22.27% | 18.82% | 18.11% |
| Jan 31, 2012 | 22.01% | 13.83% | 18.51% |
| Jan 31, 2011 | 23.91% | 12.18% | 18.85% |
| Jan 31, 2010 | 20.26% | 12.03% | 16.21% |
| Jan 31, 2009 | 20.53% | 10.83% | 16.15% |
| Jan 31, 2008 | 19.70% | 13.95% | 18.61% |
| Jan 31, 2007 | 18.33% | 12.56% | 17.83% |
| Jan 31, 2006 | 21.12% | 12.07% | 16.95% |
| Jan 31, 2005 | 20.79% | 11.97% | 24.55% |
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), 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).
Comparison to Sector (Consumer Staples Distribution & Retail)
Walmart Inc., ROE, long-term trends, comparison to sector (consumer staples distribution & retail)
| Walmart Inc. | Consumer Staples Distribution & Retail | |
|---|---|---|
| Jan 31, 2026 | 21.98% | — |
| Jan 31, 2025 | 21.36% | 23.45% |
| Jan 31, 2024 | 18.50% | 22.34% |
| Jan 31, 2023 | 15.23% | 18.37% |
| Jan 31, 2022 | 16.42% | 22.67% |
| Jan 31, 2021 | 16.69% | 20.26% |
| Jan 31, 2020 | 19.93% | 21.15% |
| Jan 31, 2019 | 9.20% | 13.40% |
| Jan 31, 2018 | 12.66% | 15.56% |
| Jan 31, 2017 | 17.54% | 19.15% |
| Jan 31, 2016 | 18.24% | 19.33% |
| Jan 31, 2015 | 20.10% | 16.13% |
| Jan 31, 2014 | 21.01% | 19.13% |
| Jan 31, 2013 | 22.27% | 21.24% |
| Jan 31, 2012 | 22.01% | 20.44% |
| Jan 31, 2011 | 23.91% | 21.63% |
| Jan 31, 2010 | 20.26% | 18.70% |
| Jan 31, 2009 | 20.53% | 18.76% |
| Jan 31, 2008 | 19.70% | 18.92% |
| Jan 31, 2007 | 18.33% | 17.66% |
| Jan 31, 2006 | 21.12% | 19.27% |
| Jan 31, 2005 | 20.79% | 20.37% |
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), 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).
Comparison to Industry (Consumer Staples)
Walmart Inc., ROE, long-term trends, comparison to industry (consumer staples)
| Walmart Inc. | Consumer Staples | |
|---|---|---|
| Jan 31, 2026 | 21.98% | — |
| Jan 31, 2025 | 21.36% | 32.41% |
| Jan 31, 2024 | 18.50% | 32.18% |
| Jan 31, 2023 | 15.23% | 30.71% |
| Jan 31, 2022 | 16.42% | 32.10% |
| Jan 31, 2021 | 16.69% | 31.40% |
| Jan 31, 2020 | 19.93% | 30.98% |
| Jan 31, 2019 | 9.20% | 22.71% |
| Jan 31, 2018 | 12.66% | 28.05% |
| Jan 31, 2017 | 17.54% | 25.14% |
| Jan 31, 2016 | 18.24% | 25.00% |
| Jan 31, 2015 | 20.10% | 23.15% |
| Jan 31, 2014 | 21.01% | 23.21% |
| Jan 31, 2013 | 22.27% | 24.09% |
| Jan 31, 2012 | 22.01% | 23.55% |
| Jan 31, 2011 | 23.91% | 23.75% |
| Jan 31, 2010 | 20.26% | 24.19% |
| Jan 31, 2009 | 20.53% | 23.20% |
| Jan 31, 2008 | 19.70% | 22.49% |
| Jan 31, 2007 | 18.33% | 18.15% |
| Jan 31, 2006 | 21.12% | 18.58% |
| Jan 31, 2005 | 20.79% | 22.40% |
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), 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).