Walmart Inc. (NYSE:WMT)

Net Sales

The net sales exhibit a consistent upward trend from 2005 through 2025. Starting at approximately 285 billion US dollars in 2005, sales increased steadily each year, reaching over 674 billion US dollars by 2025. This represents a strong and continuous growth in revenue over the two-decade period, indicating expansion and increased market penetration.

Operating Income

Operating income shows a general growth trend from 2005 to 2013, rising from about 17 billion US dollars to a peak of approximately 27.8 billion US dollars in 2013. Following this peak, there was a decline with operating income dropping to around 20.4 billion US dollars by 2018. Afterward, operating income experienced fluctuations but remained below the 2013 peak until 2023, where a recovery is visible with income reaching 29.3 billion US dollars in 2025. This indicates variability in operational efficiency or expense management over time despite increasing sales.

Consolidated Net Income Attributable to Walmart

The net income attributable to Walmart increased from around 10.3 billion US dollars in 2005 to a peak near 17 billion US dollars in 2009. Thereafter, a decline is observed through 2018, reaching a low of approximately 6.7 billion US dollars. Following 2018, net income showed recovery and fluctuations, reaching about 19.4 billion US dollars in 2025, which is the highest point within the timeframe. The pattern suggests periods of profitability challenges, potentially due to market conditions or internal factors, followed by a strong recovery phase.

Overall Financial Performance Summary

The company’s revenue consistently increased, indicating strong sales growth and an expanding business footprint. However, profitability measures such as operating income and net income showed more volatility, with peaks around 2013 followed by declines until 2018 and subsequent recovery. This suggests that while top-line growth was steady, operational and net profitability faced headwinds, possibly relating to cost pressures, restructuring, or market conditions. The recovery in recent years points to improved operational efficiencies or favorable market dynamics supporting profitability gains.

The analysis of the financial data reveals distinct trends in both current assets and total assets over the two-decade period.

Current Assets

Current assets demonstrated a generally upward trajectory from 2005 through 2015, increasing from approximately 38,491 million USD to around 63,278 million USD. This indicates growth in liquid or short-term assets available to the company. However, after peaking in 2015, current assets exhibited some volatility, with values declining to about 57,239 million USD in 2016 and fluctuating through subsequent years. Notably, from 2019 to 2021, a sharp increase was observed, with current assets rising significantly from roughly 61,897 million USD in 2019 to 90,067 million USD in 2021. This spike could suggest strategic accumulation of liquid resources or inventory during this period. Following 2021, a downward adjustment occurred, reducing current assets to approximately 75,655 million USD by 2023, before slightly rebounding to 79,458 million USD in 2025.

Total Assets

Total assets steadily increased throughout the entire period, starting at around 120,223 million USD in 2005 and reaching approximately 260,823 million USD by 2025. This continuous growth denotes expansion of the company's overall asset base, encompassing both current and non-current assets. While the growth was generally consistent, some fluctuations were evident around the mid-2010s; for instance, total assets slightly declined from about 204,751 million USD in 2013 to around 198,825 million USD in 2016. Nonetheless, the trend resumed upward momentum post-2016, culminating in significant asset accumulation by 2025. The stable increase in total assets suggests ongoing investment in long-term resources and infrastructure, underpinning the company’s sustained operational capabilities and capacity to generate revenue.

The analysis of the presented financial data reveals notable trends and fluctuations in key balance sheet components over a two-decade period.

Current liabilities

Current liabilities generally exhibit an upward trend from 2005 through 2025. Beginning at approximately 42.9 billion USD in 2005, the figure increases steadily, reaching around 96.6 billion USD by 2025. While some years show minor declines or plateaus, the overall trajectory indicates growing short-term obligations, with significant growth particularly evident after 2015.

Total debt and finance lease obligations

Total debt displays more variability compared to current liabilities. Starting at about 31.5 billion USD in 2005, it rises significantly to a peak near 56.6 billion USD in 2013. Thereafter, a declining trend is evident until 2022, reaching about 42.8 billion USD. From 2022 onwards, modest increases occur, ending close to 45.8 billion USD in 2025. This pattern suggests periods of increased leverage followed by deleveraging efforts, then stabilization.

Total Walmart shareholders’ equity

Shareholders' equity demonstrates growth over the examined timeframe, starting from roughly 49.4 billion USD in 2005 to 91.0 billion USD in 2025. Although some intermittent declines are observed—for example, around 2015 and 2019—the general pattern reflects expansion in net assets attributable to shareholders, supporting a strengthening equity base.

Overall, the company’s financial structure indicates an increase in current liabilities and shareholders’ equity over the long term, while total debt has experienced a cyclical pattern with peaks and troughs. The increase in shareholders’ equity alongside rising current liabilities may imply reinvestment in operations and growth, balanced with careful management of debt levels. The trends also suggest responsiveness to external financial conditions or strategic funding decisions aiming to optimize the capital structure.

The financial data reveals distinct trends in the cash flows from operating, investing, and financing activities over the analyzed periods. The patterns indicate changes in the company’s cash management strategies and business operations dynamics.

Net cash provided by operating activities

This item exhibits an overall upward trend with some fluctuations throughout the years. Starting from approximately $15.0 billion in 2005, cash inflows from operations increased steadily, peaking intermittently around 2017 and 2021 with values exceeding $31 billion and $36 billion respectively. Thereafter, there are declines noticeable in the periods of 2018, 2019, and 2022, suggesting variability in operational cash generation but generally maintaining a strong positive cash flow. The increase in 2021 can be interpreted as a significant operational cash boost, potentially due to strategic initiatives or increased revenue.

Net cash used in investing activities

Investing activities show persistent negative values across the entire timeline, indicating continuous outflows likely related to asset purchases, capital expenditures, or acquisitions. Starting at around -$12.4 billion in 2005, the outflows fluctuate with periods of increased expenditure, notably in 2019 (-$24.0 billion) and 2023 (-$17.7 billion), reflecting possibly large-scale investments or expansion activities. Conversely, lower outflows were recorded in certain years such as 2018 (-$9.1 billion) and 2022 (-$6.0 billion), which could correspond with reduced capital spending or asset sales.

Net cash used in financing activities

Cash flows related to financing activities remain negative throughout, indicating net outflows that might include debt repayments, dividend payments, or share repurchases. Values show significant variation; initial years like 2005 to 2007 depict moderate outflows between -$2.6 billion and -$4.8 billion, escalating substantially to near -$19 billion in 2017 and 2018. A notable contraction in outflows appears in 2019 (-$2.5 billion), possibly indicating a temporary scaling back of financing expenditures. The subsequent years demonstrate renewed large outflows, with figures ranging roughly from -$13 billion to -$22 billion, suggesting ongoing financial obligations or shareholder distributions.

In summary, the company maintains robust operational cash generation with occasional declines, consistent investing cash outflows suggest active asset management and expansion, while fluctuating but substantially negative financing cash flows hint at significant repayment or shareholder return activities. The observed fluctuations across the years reflect a dynamic approach to balancing operational performance, investment priorities, and financing strategies.

The analysis of the earnings per share (EPS) and dividend per share over the observed periods reveals notable trends in profitability and shareholder returns.

Basic and Diluted Earnings Per Share (EPS)

Both basic and diluted EPS demonstrate a general upward trajectory from 2005 through 2025, indicating improved profitability per share over the long term. Specifically, EPS rose from approximately 0.80 US dollars in 2005 to 2.42 US dollars in 2025 for basic EPS, and similarly for diluted EPS.

However, the trend is punctuated by certain fluctuations. Between 2013 and 2019, there is evidence of a decline; basic EPS dropped from a high of 1.68 (2013) down to 0.76 by 2019, which may suggest challenges in profitability during this interval. Following 2019, EPS resumed growth, reaching a peak in 2025, which reflects a recovery and strengthening of earnings.

The parallel movements of basic and diluted EPS values throughout the timeframe suggest minimal dilution impact from outstanding convertible securities, maintaining close alignment between the two metrics.

Dividend Per Share

Dividend per share shows a consistent and steady increase across all years, rising from 0.17 US dollars in 2005 to 0.83 US dollars in 2025. This continuous growth indicates a stable and progressively generous dividend policy, enhancing shareholder value by providing increasing cash returns.

The dividend increases appear relatively smooth, without interruptions or declines, suggesting the company maintained robust cash flow and confidence in future earnings to support ongoing dividend payments.

Overall, the data suggests a company that experienced a period of earnings contraction around the mid-2010s but successfully managed to return to growing profitability thereafter. Meanwhile, the commitment to increasing dividends steadily reflects sustained confidence in operational stability and financial strength, benefiting shareholders over the entire period.