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-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 liquidity position, as indicated by the observed ratios, demonstrates a generally declining trend over the analyzed period. While fluctuations exist, the overall movement suggests a decreasing ability to meet short-term obligations using liquid assets. This summary details the observed patterns for the current, quick, and cash ratios.
- Current Ratio
- The current ratio experienced a slight initial increase from 0.95 in April 2021 to 0.96 in July 2021, before stabilizing around 0.95. A consistent downward trend commenced in early 2022, reaching a low of 0.80 in April and July 2024. A minor recovery to 0.85 was noted in October 2024, followed by a decline to 0.78 in April 2025, and a stabilization around 0.79-0.80 through January 2026. This indicates a weakening in the company’s ability to cover its current liabilities with current assets.
- Quick Ratio
- The quick ratio exhibited a similar pattern to the current ratio, though with lower values overall. It began at 0.35 in April 2021 and peaked at 0.36 in July 2021, before declining. The most significant decrease occurred between 2021 and 2022, falling to a low of 0.18 in January 2023. The ratio fluctuated between 0.18 and 0.22 for the subsequent periods, with a slight upward trend towards 0.20 by January 2026. This suggests a consistent limitation in the ability to meet short-term obligations with the most liquid assets, excluding inventory.
- Cash Ratio
- The cash ratio demonstrated the most pronounced downward trend. Starting at 0.28 in April 2021, it steadily decreased to 0.09 in January 2023. While some minor fluctuations occurred, the ratio remained relatively low, generally between 0.09 and 0.14, throughout the remainder of the analyzed period, stabilizing around 0.09-0.10 by January 2026. This indicates a significant reduction in the company’s capacity to cover immediate liabilities with cash and cash equivalents.
Collectively, these ratios suggest a gradual erosion of the company’s short-term liquidity. The consistent decline in all three ratios warrants further investigation into the underlying causes, such as changes in working capital management, inventory levels, or debt structure. The observed trends could potentially indicate increased financial risk if not addressed.
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Current Ratio
Walmart Inc., current ratio calculation (quarterly data)
| 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 | 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 | 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 | 0.79 | 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. | — | — | 1.06 | 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. | 0.94 | 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-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 Q4 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 84,874 ÷ 107,469 = 0.79
2 Click competitor name to see calculations.
The current ratio exhibited a generally declining trend over the observed period, spanning from April 2021 to January 2026. While fluctuations occurred, the ratio consistently decreased from an initial value of 0.95 to 0.79.
- Initial Period (Apr 2021 – Oct 2021)
- The current ratio remained relatively stable, fluctuating between 0.95 and 0.96. This suggests a consistent, though modest, ability to cover short-term liabilities with short-term assets during this timeframe.
- Downward Trend (Jan 2022 – Jan 2023)
- A noticeable downward trend commenced in January 2022, with the current ratio decreasing from 0.93 to 0.82 by January 2023. This decline indicates a weakening in the company’s ability to meet its short-term obligations with its current assets. The ratio fell below 0.90 during this period.
- Stabilization and Further Decline (Apr 2023 – Jan 2026)
- Following the decline, the ratio experienced a slight stabilization around 0.80-0.85 during the latter half of 2023 and early 2024. However, a further decline was observed in late 2024 and early 2025, reaching a low of 0.78 in April 2025. The ratio concluded the observed period at 0.79 in January 2026, indicating continued pressure on short-term liquidity.
- Magnitude of Change
- The overall decrease in the current ratio from 0.95 in April 2021 to 0.79 in January 2026 represents a reduction of approximately 17%. This suggests a significant shift in the company’s liquidity position over the five-year period.
The observed trend warrants further investigation into the underlying factors contributing to the decline in the current ratio. These factors could include changes in working capital management, increases in short-term debt, or shifts in the composition of current assets and liabilities.
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Quick Ratio
Walmart Inc., quick ratio calculation (quarterly data)
| 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 | 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 | 11,172) | 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 | 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 | 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 | 0.20 | 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. | — | — | 0.54 | 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 | 0.23 | 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-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 Q4 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 21,899 ÷ 107,469 = 0.20
2 Click competitor name to see calculations.
The quick ratio for the analyzed period demonstrates a generally low and fluctuating level of liquidity. An initial period of relative stability is followed by a consistent decline, with a slight recovery in the most recent quarters. Overall, the company’s ability to meet its short-term obligations using its most liquid assets appears constrained.
- Overall Trend
- The quick ratio generally decreased from 0.35 in April 2021 to a low of 0.18 in January 2023. A modest recovery is then observed, with the ratio stabilizing around 0.20 in the latter part of the analyzed period, reaching 0.20 in January 2026.
- Initial Period (Apr 2021 – Oct 2021)
- The quick ratio remained relatively stable, fluctuating between 0.35 and 0.36 in April and July 2021, before decreasing to 0.27 by October 2021. This suggests a slight weakening in the company’s immediate liquidity position during this timeframe.
- Period of Decline (Jan 2022 – Jan 2023)
- A consistent downward trend is evident from January 2022 through January 2023. The quick ratio decreased from 0.26 to 0.18, indicating a progressively diminished ability to cover current liabilities with quick assets. This period coincides with increasing current liabilities.
- Stabilization and Slight Recovery (Apr 2023 – Jan 2026)
- From April 2023 onwards, the quick ratio shows signs of stabilization, fluctuating between 0.19 and 0.22. The ratio concludes the analyzed period at 0.20 in January 2026. While not a substantial increase, this suggests a potential bottoming out of the liquidity decline.
- Asset and Liability Dynamics
- Total quick assets experienced fluctuations throughout the period, but generally remained within a range of US$17.5 billion to US$29 billion. Current liabilities, however, consistently increased from US$80.8 billion in April 2021 to US$115.7 billion in October 2025, before decreasing slightly to US$107.5 billion in January 2026. The increasing liabilities, coupled with relatively stable quick assets, contributed to the observed decline in the quick ratio.
In conclusion, the quick ratio indicates a constrained liquidity position that deteriorated over much of the analyzed period. While a recent stabilization is observed, the ratio remains relatively low, suggesting continued vulnerability to short-term financial pressures.
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Cash Ratio
Walmart Inc., cash ratio calculation (quarterly data)
| Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Cash and cash equivalents | 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 | 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 | 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 | 0.09 | 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. | — | — | 0.45 | 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 | 0.23 | 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-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 Q4 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 10,727 ÷ 107,469 = 0.10
2 Click competitor name to see calculations.
The cash ratio for the analyzed period demonstrates a generally declining trend, with some quarterly fluctuations. Initially, the ratio stood at 0.28 during the first two quarters analyzed, then decreased consistently over the subsequent quarters. A slight recovery is observed in later periods, but the ratio remains below the initial levels.
- Overall Trend
- A clear downward trend in the cash ratio is evident from April 2021 to January 2023. The ratio decreased from 0.28 to a low of 0.09. Following this decline, the ratio experienced modest increases, peaking at 0.12 in October 2023, but subsequently stabilized around 0.09 to 0.10 for the remainder of the analyzed period.
- Significant Decreases
- The most substantial decreases in the cash ratio occurred between July 2021 and January 2023. This period saw a reduction from 0.28 to 0.09, indicating a weakening ability to cover current liabilities with immediately available cash. The decrease from April 2022 to January 2023 was particularly pronounced, falling from 0.12 to 0.09.
- Recent Stability
- From October 2023 through July 2025, the cash ratio exhibited relative stability, fluctuating between 0.09 and 0.12. This suggests a potential leveling off of the decline, although the ratio remains comparatively low. A slight increase to 0.10 is observed in the final two periods analyzed.
- Total Cash Assets
- Total cash assets generally decreased over the analyzed period, contributing to the declining cash ratio. While some quarterly increases were observed, the overall trend is downward, from approximately US$22.8 billion in April 2021 to around US$10.7 billion in January 2026. This reduction in cash holdings, coupled with increasing current liabilities, explains the ratio’s behavior.
- Current Liabilities
- Current liabilities demonstrated an increasing trend throughout most of the analyzed period. Starting at US$80.8 billion in April 2021, they rose to US$115.7 billion in October 2025 before decreasing slightly to US$107.5 billion in January 2026. This increase in short-term obligations, alongside the decrease in cash assets, further exacerbated the decline in the cash ratio.
In summary, the cash ratio indicates a diminishing capacity to meet short-term obligations with cash and cash equivalents. While recent periods show some stabilization, the ratio remains at a relatively low level compared to the beginning of the analyzed timeframe. The combined effect of decreasing cash assets and increasing current liabilities is the primary driver of this trend.
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