Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Walmart Inc., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-07-31), 10-Q (reporting date: 2026-04-30), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 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).
The overall liquidity profile exhibits a sustained downward trajectory across all measured metrics from April 2021 through July 2026. There is a consistent pattern of diminishing short-term coverage, characterized by a gradual erosion of the buffer between current assets and current liabilities.
- Current Ratio
- A steady decline is observed, moving from a peak of 0.96 in July 2021 to a low of 0.77 by July 2026. The ratio remained consistently below 1.0 throughout the entire period, indicating that current liabilities exceeded current assets. A notable contraction occurred between January 2022 and January 2023, where the ratio fell from 0.93 to 0.82.
- Quick Ratio
- The quick ratio experienced a significant initial decrease from 0.36 in July 2021 to 0.18 by January 2023. Following this decline, the ratio entered a period of relative stabilization, fluctuating within a narrow range between 0.18 and 0.22. The substantial gap between the current ratio and the quick ratio highlights a heavy reliance on inventory to satisfy short-term obligations.
- Cash Ratio
- The most acute contraction is evident in the cash ratio, which fell from 0.28 in early 2021 to a floor of 0.09 observed repeatedly between January 2023 and July 2026. This trend reflects a reduction in the proportion of highly liquid assets held relative to immediate liabilities, with the ratio stabilizing at approximately 0.10 toward the end of the analyzed period.
The convergence of these trends suggests a strategy of leaner working capital management or an increase in short-term liabilities. The stabilization of the quick and cash ratios from 2023 onwards indicates that a new operational baseline for liquidity has been established, even as the current ratio continued a slight downward drift toward 0.77.
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Current Ratio
Walmart Inc., current ratio calculation (quarterly data)
| Jul 31, 2026 | Apr 30, 2026 | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Current assets | 88,703) | 88,394) | 84,874) | 92,920) | 82,033) | 80,253) | 79,458) | 86,938) | 76,510) | 77,152) | 76,877) | 88,391) | 82,032) | 78,511) | 75,655) | 87,680) | 84,164) | 83,220) | 81,070) | 82,964) | 78,243) | 76,591) | |||||||
| Current liabilities | 115,630) | 114,583) | 107,469) | 115,732) | 103,566) | 102,920) | 96,584) | 102,558) | 95,260) | 96,100) | 92,415) | 104,230) | 99,220) | 95,505) | 92,198) | 101,408) | 99,899) | 96,530) | 87,379) | 87,620) | 81,122) | 80,841) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Current ratio1 | 0.77 | 0.77 | 0.79 | 0.80 | 0.79 | 0.78 | 0.82 | 0.85 | 0.80 | 0.80 | 0.83 | 0.85 | 0.83 | 0.82 | 0.82 | 0.86 | 0.84 | 0.86 | 0.93 | 0.95 | 0.96 | 0.95 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | — | 1.07 | 1.06 | 1.04 | 1.03 | 1.02 | 1.00 | 0.98 | 0.97 | 0.94 | 0.93 | 1.09 | 1.07 | 1.08 | 1.06 | 1.03 | 1.02 | 1.04 | 1.03 | 1.02 | |||||||
| Target Corp. | 0.99 | 0.93 | 0.94 | 0.97 | 0.99 | 0.94 | 0.94 | 0.94 | 0.90 | 0.86 | 0.91 | 0.86 | 0.83 | 0.88 | 0.92 | 0.86 | 0.82 | 0.87 | 0.99 | 0.97 | 1.04 | 1.07 | |||||||
Based on: 10-Q (reporting date: 2026-07-31), 10-Q (reporting date: 2026-04-30), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 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).
1 Q2 2027 Calculation
Current ratio = Current assets ÷ Current liabilities
= 88,703 ÷ 115,630 = 0.77
2 Click competitor name to see calculations.
An analysis of the liquidity metrics reveals a persistent downward trend in the current ratio over the period from April 2021 to July 2026. While current assets have increased in absolute terms, the growth of current liabilities has occurred at a faster pace, resulting in a progressive compression of the short-term liquidity position.
- Current Ratio Trajectory
- The current ratio opened at 0.95 in April 2021 and maintained a range between 0.93 and 0.96 through January 2022. A notable decline occurred throughout 2022, with the ratio falling to 0.82 by January 2023. Following a period of relative stabilization between 0.80 and 0.85 from 2023 through early 2025, a further downward shift is observed, culminating in a low of 0.77 by July 2026.
- Current Asset Evolution
- Current assets demonstrated a general upward trend, rising from 76,591 million US dollars in April 2021 to 88,703 million US dollars by July 2026. The growth pattern is characterized by cyclical fluctuations, with recurring dips typically occurring around January of each calendar year, followed by recovery and growth in the subsequent quarters.
- Current Liability Expansion
- Current liabilities grew more aggressively than assets over the observed timeframe. Starting at 80,841 million US dollars in April 2021, liabilities increased to 115,630 million US dollars by July 2026. This substantial increase in short-term obligations is the primary driver behind the deterioration of the current ratio.
- Liquidity Position Assessment
- The current ratio remained consistently below the 1.0 threshold for the entire duration of the analysis. This indicates that current liabilities exceeded current assets at every quarterly mark. The trend from 0.95 toward 0.77 suggests an increasing reliance on operational cash flow and high inventory turnover to meet short-term obligations, as the asset-to-liability coverage has diminished over time.
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Quick Ratio
Walmart Inc., quick ratio calculation (quarterly data)
| Jul 31, 2026 | Apr 30, 2026 | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Cash and cash equivalents | 11,529) | 10,729) | 10,727) | 10,582) | 9,431) | 9,311) | 9,037) | 10,049) | 8,811) | 9,405) | 9,867) | 12,154) | 13,888) | 10,575) | 8,625) | 11,587) | 13,923) | 11,817) | 14,760) | 16,111) | 22,831) | 22,846) | |||||||
| Receivables, net | 11,075) | 10,662) | 11,172) | 12,115) | 10,518) | 9,686) | 9,975) | 10,039) | 8,650) | 9,075) | 8,796) | 8,625) | 7,891) | 7,647) | 7,933) | 8,218) | 7,522) | 7,674) | 8,280) | 7,349) | 6,103) | 5,797) | |||||||
| Total quick assets | 22,604) | 21,391) | 21,899) | 22,697) | 19,949) | 18,997) | 19,012) | 20,088) | 17,461) | 18,480) | 18,663) | 20,779) | 21,779) | 18,222) | 16,558) | 19,805) | 21,445) | 19,491) | 23,040) | 23,460) | 28,934) | 28,643) | |||||||
| Current liabilities | 115,630) | 114,583) | 107,469) | 115,732) | 103,566) | 102,920) | 96,584) | 102,558) | 95,260) | 96,100) | 92,415) | 104,230) | 99,220) | 95,505) | 92,198) | 101,408) | 99,899) | 96,530) | 87,379) | 87,620) | 81,122) | 80,841) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Quick ratio1 | 0.20 | 0.19 | 0.20 | 0.20 | 0.19 | 0.18 | 0.20 | 0.20 | 0.18 | 0.19 | 0.20 | 0.20 | 0.22 | 0.19 | 0.18 | 0.20 | 0.21 | 0.20 | 0.26 | 0.27 | 0.36 | 0.35 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | — | 0.56 | 0.54 | 0.49 | 0.50 | 0.47 | 0.44 | 0.39 | 0.39 | 0.40 | 0.38 | 0.55 | 0.52 | 0.51 | 0.50 | 0.42 | 0.42 | 0.43 | 0.46 | 0.46 | |||||||
| Target Corp. | 0.26 | 0.18 | 0.26 | 0.18 | 0.23 | 0.15 | 0.23 | 0.16 | 0.17 | 0.18 | 0.20 | 0.09 | 0.08 | 0.07 | 0.11 | 0.04 | 0.05 | 0.05 | 0.27 | 0.25 | 0.38 | 0.42 | |||||||
Based on: 10-Q (reporting date: 2026-07-31), 10-Q (reporting date: 2026-04-30), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 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).
1 Q2 2027 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 22,604 ÷ 115,630 = 0.20
2 Click competitor name to see calculations.
Analysis of the liquidity position indicates a significant contraction in the quick ratio during the initial phase of the period, followed by a period of relative stability. The ratio transitioned from a peak of 0.35 in April 2021 to a consolidated range between 0.18 and 0.22 from January 2022 through July 2026.
- Quick Ratio Stability
- Following a sharp decline between April 2021 and April 2022, the quick ratio remained consistently low, reaching a minimum of 0.18 in January 2023, April 2024, and April 2025. The ratio ended the period at 0.20, suggesting a sustained liquidity profile where quick assets cover approximately 20% of current liabilities.
- Quick Asset Volatility
- Total quick assets exhibited significant fluctuation, peaking at 28,934 million US dollars in July 2021 before declining to a low of 16,558 million US dollars in January 2023. A moderate recovery trend is observed from 2023 onwards, with assets climbing back to 22,604 million US dollars by July 2026.
- Current Liability Growth
- Current liabilities showed a general upward trajectory, increasing from 80,841 million US dollars in April 2021 to 115,630 million US dollars by July 2026. This growth in short-term obligations exerted consistent downward pressure on the quick ratio, particularly during periods where quick asset growth did not keep pace with liability expansion.
- Liquidity Correlation
- The compression of the quick ratio is attributed to the convergence of decreasing quick assets and increasing current liabilities between 2021 and 2023. The subsequent stabilization of the ratio, despite the continued increase in liabilities, was supported by a gradual recovery in the total volume of quick assets.
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Cash Ratio
Walmart Inc., cash ratio calculation (quarterly data)
| Jul 31, 2026 | Apr 30, 2026 | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Cash and cash equivalents | 11,529) | 10,729) | 10,727) | 10,582) | 9,431) | 9,311) | 9,037) | 10,049) | 8,811) | 9,405) | 9,867) | 12,154) | 13,888) | 10,575) | 8,625) | 11,587) | 13,923) | 11,817) | 14,760) | 16,111) | 22,831) | 22,846) | |||||||
| Total cash assets | 11,529) | 10,729) | 10,727) | 10,582) | 9,431) | 9,311) | 9,037) | 10,049) | 8,811) | 9,405) | 9,867) | 12,154) | 13,888) | 10,575) | 8,625) | 11,587) | 13,923) | 11,817) | 14,760) | 16,111) | 22,831) | 22,846) | |||||||
| Current liabilities | 115,630) | 114,583) | 107,469) | 115,732) | 103,566) | 102,920) | 96,584) | 102,558) | 95,260) | 96,100) | 92,415) | 104,230) | 99,220) | 95,505) | 92,198) | 101,408) | 99,899) | 96,530) | 87,379) | 87,620) | 81,122) | 80,841) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Cash ratio1 | 0.10 | 0.09 | 0.10 | 0.09 | 0.09 | 0.09 | 0.09 | 0.10 | 0.09 | 0.10 | 0.11 | 0.12 | 0.14 | 0.11 | 0.09 | 0.11 | 0.14 | 0.12 | 0.17 | 0.18 | 0.28 | 0.28 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | — | 0.47 | 0.45 | 0.41 | 0.41 | 0.40 | 0.36 | 0.31 | 0.31 | 0.33 | 0.30 | 0.49 | 0.45 | 0.43 | 0.42 | 0.35 | 0.35 | 0.37 | 0.39 | 0.40 | |||||||
| Target Corp. | 0.26 | 0.18 | 0.26 | 0.18 | 0.23 | 0.15 | 0.23 | 0.16 | 0.17 | 0.18 | 0.20 | 0.09 | 0.08 | 0.07 | 0.11 | 0.04 | 0.05 | 0.05 | 0.27 | 0.25 | 0.38 | 0.42 | |||||||
Based on: 10-Q (reporting date: 2026-07-31), 10-Q (reporting date: 2026-04-30), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 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).
1 Q2 2027 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 11,529 ÷ 115,630 = 0.10
2 Click competitor name to see calculations.
The analyzed period reveals a significant contraction in the cash ratio, characterized by an initial sharp decline followed by a prolonged phase of stabilization at a lower liquidity level. This trend is the result of a substantial reduction in total cash assets coupled with a general increase in current liabilities.
- Cash Ratio Trajectory
- The cash ratio began at 0.28 in early 2021, maintaining this level through July 2021 before entering a period of volatility and decline. A notable drop occurred between October 2021 (0.18) and January 2023, where the ratio reached a low of 0.09. From April 2023 through July 2026, the ratio remained remarkably stable, oscillating within a narrow band between 0.09 and 0.14, ultimately settling at 0.10.
- Cash Asset Dynamics
- Total cash assets experienced a marked downward trend in the first half of the observed period. Assets decreased from a peak of 22,846 million USD in April 2021 to 8,625 million USD by January 2023. Following this decline, cash levels stabilized, fluctuating primarily between 9,000 million USD and 11,500 million USD for the remainder of the period.
- Current Liabilities Evolution
- Current liabilities exhibited a consistent upward trajectory, increasing from 80,841 million USD in April 2021 to 115,630 million USD by July 2026. This steady growth in short-term obligations contributed to the systemic compression of the cash ratio, as the growth in liabilities outpaced the recovery or maintenance of cash reserves.
- Liquidity Implications
- The shift from a cash ratio of 0.28 to approximately 0.10 indicates a transition toward a more aggressive liquidity management strategy. The sustained low ratio suggests a reliance on other current assets or operational cash flows to meet short-term obligations rather than maintaining a high volume of immediate cash reserves.
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