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: 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), 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).
- Current Ratio
- The current ratio experienced a gradual increase from 0.77 in April 2020 to a peak near 0.97 in January 2021, indicating an improved short-term liquidity position during that period. From early 2021 through mid-2023, the ratio showed mild fluctuations, mostly maintaining a level between 0.82 and 0.95. However, a slight downward trend is visible from mid-2023 onwards, with values declining to approximately 0.78 by July 2025. Overall, the current ratio consistently remained below 1.0, suggesting limited current asset coverage relative to current liabilities across the entire timeframe.
- Quick Ratio
- The quick ratio displayed more variability, starting at 0.24 in April 2020 and rising to a high of 0.36 in July 2021. This increase suggests a temporary strengthening in the company's ability to meet short-term obligations without relying on inventory. Post-July 2021, the ratio declined steadily and remained relatively low, fluctuating between 0.18 and 0.22 from early 2022 through mid-2025. These figures indicate a consistently tight liquidity position when considering only the most liquid assets, excluding inventory.
- Cash Ratio
- The cash ratio showed the most pronounced decrease over the periods analyzed. Initially at 0.18 in April 2020, it increased to a peak of 0.28 between April and July 2021, reflecting a temporary accumulation of cash and cash equivalents relative to current liabilities. However, from late 2021 onward, the ratio steadily decreased to approximately 0.09 by mid-2023 and remained near that level through July 2025. This downward trend points to a reduced proportion of highly liquid cash assets available to cover short-term liabilities.
- Summary of Trends
- Across all three liquidity ratios, there was an observable peak around mid-2021, followed by gradual declines or stabilization at lower levels through mid-2025. The current ratio's persistent sub-1.0 values highlight a consistent short-term liquidity challenge. The quick and cash ratios reinforce this view, indicating reliance on inventory and a low level of immediately available liquid assets over much of the period. These patterns suggest the company may face constraints in covering short-term obligations solely with liquid assets, which could warrant monitoring of working capital efficiency and liquidity management strategies.
Current Ratio
Walmart Inc., current ratio calculation (quarterly data)
| 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 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Current assets | 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) | 90,067) | 73,602) | 64,996) | 63,328) | |||||||
| Current liabilities | 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) | 92,645) | 88,121) | 81,957) | 82,647) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Current ratio1 | 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 | 0.97 | 0.84 | 0.79 | 0.77 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | 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 | 1.00 | 1.00 | 0.99 | 0.98 | |||||||
| Target Corp. | 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 | 1.03 | 1.05 | 1.11 | 1.01 | |||||||
Based on: 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), 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).
1 Q2 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 82,033 ÷ 103,566 = 0.79
2 Click competitor name to see calculations.
- Current Assets
- The current assets exhibited a general upward trend from April 2020 through October 2022, increasing from approximately 63.3 billion USD to nearly 87.7 billion USD. This rise indicates growth in liquid resources and assets expected to be converted to cash within a year. Subsequently, from January 2023 onward, current assets experienced fluctuations, decreasing notably to around 75.7 billion USD in January 2023, then partially recovering and fluctuating between approximately 76.5 billion USD and 88.4 billion USD. The most recent data shows a level near 82.0 billion USD as of July 2025, suggesting some variability but overall maintenance of a substantial current asset base.
- Current Liabilities
- Current liabilities also showed an upward movement over the observed period, starting at about 82.6 billion USD in April 2020 and reaching levels above 104 billion USD by October 2023. Thereafter, liabilities remained relatively high, oscillating around 92.4 billion to 103.6 billion USD through July 2025. This persistent increase in liabilities may reflect growing short-term obligations associated with operations or financing activities.
- Current Ratio
- The current ratio fluctuated throughout the period, generally remaining below 1.0, ranging from 0.77 to about 0.97. The highest ratio was observed in January 2021 at 0.97, indicating that current assets were nearly sufficient to cover current liabilities at that time. Subsequently, the ratio declined and stabilized mostly between 0.78 and 0.85, reflecting a relatively consistent but modest level of liquidity. The data suggests that although current assets grew, current liabilities increased correspondingly or at a higher pace, keeping the current ratio below the standard benchmark of 1.0 for liquidity.
- Overall Insights
- The data reveals a pattern of increasing current assets alongside rising current liabilities over the multi-year period. However, the current ratio indicates that liquidity levels have remained tight, with assets only slightly trailing liabilities. Businesses in this situation may face challenges in meeting short-term obligations without relying on additional financing or asset management strategies. The observed volatility in current assets from early 2023 onward suggests potential variability in working capital management or operational factors impacting liquidity.
Quick Ratio
Walmart Inc., quick ratio calculation (quarterly data)
| 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 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Cash and cash equivalents | 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) | 17,741) | 14,325) | 16,906) | 14,930) | |||||||
| Receivables, net | 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) | 6,516) | 5,770) | 5,111) | 5,029) | |||||||
| Total quick assets | 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) | 24,257) | 20,095) | 22,017) | 19,959) | |||||||
| Current liabilities | 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) | 92,645) | 88,121) | 81,957) | 82,647) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Quick ratio1 | 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 | 0.26 | 0.23 | 0.27 | 0.24 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | 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 | 0.47 | 0.45 | 0.42 | 0.49 | |||||||
| Target Corp. | 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 | 0.42 | 0.31 | 0.46 | 0.32 | |||||||
Based on: 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), 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).
1 Q2 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 19,949 ÷ 103,566 = 0.19
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in the liquidity position as reflected by total quick assets, current liabilities, and the quick ratio over the observed periods.
- Total Quick Assets
- The total quick assets show a fluctuating pattern across the quarters. Initial data points indicate an increase from approximately 20 billion to a peak near 29 billion US dollars. Following this, there is a decline toward values largely below 20 billion, with occasional increases, but no clear sustained upward trend in recent quarters. The values appear to oscillate with some cyclical tendencies but generally demonstrate a downward adjustment after mid-2021.
- Current Liabilities
- Current liabilities exhibit a consistent rising trend over the periods, increasing from roughly 82.6 billion US dollars to over 103 billion in the later quarters. This steady increase in current liabilities suggests growing short-term obligations, placing additional pressure on liquidity.
- Quick Ratio
- The quick ratio remains relatively stable but low throughout the entire period, fluctuating mainly between 0.18 and 0.36. The ratio peaked around mid-2021, coinciding with high quick asset values and comparatively lower current liabilities. However, the ratio generally hovers below 0.3, indicating a modest level of liquid asset coverage for short-term liabilities. The recent trend points to a slight decline or stabilization near the lower bound, reflecting tightening liquidity conditions.
Overall, the data indicate that while quick assets have experienced some volatility with peaks and troughs, current liabilities have steadily increased, leading to subdued quick ratio levels. This suggests that the company's immediate liquidity position remains constrained, with liquid assets covering only a fraction of short-term liabilities. Such a scenario might warrant attention to ensure sufficient liquid resources are maintained to meet near-term obligations without dependency on inventory or longer-term assets.
Cash Ratio
Walmart Inc., cash ratio calculation (quarterly data)
| 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 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Cash and cash equivalents | 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) | 17,741) | 14,325) | 16,906) | 14,930) | |||||||
| Total cash assets | 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) | 17,741) | 14,325) | 16,906) | 14,930) | |||||||
| Current liabilities | 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) | 92,645) | 88,121) | 81,957) | 82,647) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Cash ratio1 | 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 | 0.19 | 0.16 | 0.21 | 0.18 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | 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 | 0.41 | 0.40 | 0.35 | 0.44 | |||||||
| Target Corp. | 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 | 0.42 | 0.31 | 0.46 | 0.32 | |||||||
Based on: 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), 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).
1 Q2 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 9,431 ÷ 103,566 = 0.09
2 Click competitor name to see calculations.
- Total Cash Assets
- The total cash assets display significant fluctuations over the observed periods. Initially, there is a moderate increase from approximately $14.9 billion to a peak near $22.8 billion in early 2021. Following this peak, there is a notable decline through 2022 and into 2023, reaching a low around $8.6 billion. Mid-2023 marks a recovery phase where cash assets rise again, reaching above $13.8 billion, but subsequently, a gradual downward trend resumes. By the latest periods in 2025, cash assets stabilize somewhat around the $9.3 to $9.4 billion mark. This pattern suggests variable liquidity reserves, potentially reflecting changing operational needs or strategic cash management decisions.
- Current Liabilities
- Current liabilities exhibit an overall increasing trend with some volatility. Starting near $82.6 billion, liabilities decreased slightly into mid-2020 but then resumed an upward movement to approximately $92.6 billion by early 2021. In subsequent quarters, liabilities continued to rise steadily, surpassing $100 billion at multiple points starting mid-2022 and maintaining levels above $96 billion afterward. The peak liability is observed around $104.2 billion in late 2023. These increases may indicate growing short-term obligations or expanded operational scale, requiring scrutiny for potential impacts on liquidity and working capital management.
- Cash Ratio
- The cash ratio consistently remains below 0.3 throughout the periods, indicating relatively low immediate liquidity relative to current liabilities. It peaks around 0.28 in mid-2021, aligning with the observed peak in total cash assets. Subsequently, the ratio declines steadily to a range of approximately 0.09 to 0.14 from mid-2022 onward, stabilizing near the lower end of this range through to early 2025. This persistent low cash ratio may suggest reliance on other forms of liquidity or short-term financing to meet obligations, highlighting a conservative cash holding relative to current liabilities.
- Overall Insights
- The data reveal an environment of fluctuating liquidity, with cash reserves peaking and then declining against a backdrop of rising current liabilities. The decreasing cash ratio over time implies a reduced cash buffer relative to immediate obligations. This behavior may reflect active capital deployment strategies, such as investments, debt repayment, or operational capital requirements. Attention should be given to the adequacy of liquidity and risk management practices given the expanding liabilities and relatively modest cash coverage over the analysis period.