Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
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Solvency Ratios (Summary)
Walmart Inc., solvency ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30).
The financial leverage ratios indicate moderate variability over the observation period. The financial leverage ratio decreased from 3.44 in April 2019 to a low near 2.87 in January 2025, with intermittent rises and falls, suggesting cautious management of equity and debt balance, with slight deleveraging trends towards the end of the period.
Debt to equity ratios demonstrate a general downward trend when excluding operating lease liabilities, starting at 0.85 in April 2019 and declining to 0.63 by April 2025, although fluctuations appear throughout the quarters. When including operating lease liabilities, this ratio remains higher, starting at 1.11 and ending at 0.80, illustrating the impact of lease obligations on the company's overall financial leverage.
In terms of debt to capital, a gradual decline is observed. The standard ratio fell from 0.46 to 0.39 over the period, reflecting a slight reduction in reliance on debt financing relative to total capital. When considering operating lease liabilities, this ratio also declined from 0.53 to 0.45, consistent with the trend observed in debt to equity including leases.
Similarly, debt to assets ratios show a subtle decrease. The basic ratio started at 0.25 and closed at 0.20 by early 2025, signaling a minor reduction in the proportion of assets financed by debt. Including operating lease liabilities pushes this metric higher, from 0.32 down to 0.26 across the same timeframe, reinforcing the influence of lease obligations on the asset base financed through debt.
The interest coverage ratio, available from January 2020, exhibited an overall upward pattern with some volatility. Starting at 8.74, it peaked around 11.98 in October 2020, indicating improved ability to cover interest expenses during that time. Post that peak, coverage fluctuated between approximately 7.37 and 11.0, generally maintaining strong capacity to meet interest obligations, highlighting stable earnings relative to interest burden.
Overall, the data reflect a company managing its financial leverage prudently with gradual debt reduction relative to equity, capital, and assets. Lease liabilities notably affect leverage metrics, indicating material off-balance-sheet financing considerations. Interest coverage ratios underscore robust earnings supporting debt service capacity despite some quarter-to-quarter variations.
Debt Ratios
Coverage Ratios
Debt to Equity
Walmart Inc., debt to equity calculation (quarterly data)
| 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 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||
| Short-term borrowings | |||||||||||||||||||||||||||||||||
| Long-term debt due within one year | |||||||||||||||||||||||||||||||||
| Finance lease obligations due within one year | |||||||||||||||||||||||||||||||||
| Long-term debt, excluding due within one year | |||||||||||||||||||||||||||||||||
| Long-term finance lease obligations, excluding due within one year | |||||||||||||||||||||||||||||||||
| Total debt | |||||||||||||||||||||||||||||||||
| Total Walmart shareholders’ equity | |||||||||||||||||||||||||||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||
| Debt to equity1 | |||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | |||||||||||||||||||||||||||||||||
| Target Corp. | |||||||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30).
1 Q1 2026 Calculation
Debt to equity = Total debt ÷ Total Walmart shareholders’ equity
= ÷ =
2 Click competitor name to see calculations.
The financial data reveals several trends in the debt levels, shareholders' equity, and leverage ratios over the analyzed periods. These trends provide insight into the company's financial structure and its evolution across multiple quarters.
- Total Debt
-
Total debt shows a generally fluctuating pattern but with a tendency toward gradual reduction in the longer term. Starting around 57.96 billion US dollars in April 2019, total debt decreased through early 2021, reaching a low near 42.83 billion by January 2022. Following this low point, debt levels increased once again, hitting above 55 billion US dollars in October 2023, before trending lower again toward approximately 52.87 billion US dollars by April 2025. This intermittent fluctuation suggests phases of debt repayment and subsequent borrowing or other financing actions.
- Total Walmart Shareholders’ Equity
-
Shareholders’ equity displayed an overall growth trend across the timeline. From approximately 68.2 billion US dollars in April 2019, equity steadily increased, surpassing 80 billion US dollars by mid-2021 and continuing upward to reach a peak over 91 billion US dollars by January 2025. Despite some periods of modest decline, this upward trajectory reflects sustained increases in retained earnings or additional equity infusions that strengthen the company's net asset base.
- Debt to Equity Ratio
-
The debt to equity ratio, a key measure of financial leverage, demonstrates a general downward trend with some intermediate variability. Initially at 0.85 in April 2019, this ratio decreased steadily until early 2022, when it reached a low of approximately 0.50–0.54, indicating reduced reliance on debt financing relative to equity. Subsequently, the ratio experienced some rebounds peaking near 0.7 in the late 2023 periods before dropping again toward the range of 0.5–0.6 by early 2025. Overall, the patterns suggest a conservative capital structure approach with a gradual reduction in leverage over time, interrupted by occasional borrowing increases.
In summary, the company’s financial profile over the periods analyzed demonstrates a strategic movement toward strengthening equity positions while managing and occasionally adjusting debt levels. The reduction in the debt to equity ratio implies enhanced financial stability and potentially lower financial risk, although the intermittent rises in debt highlight ongoing efforts to balance capital needs with risk management considerations.
Debt to Equity (including Operating Lease Liability)
Walmart Inc., debt to equity (including operating lease liability) calculation (quarterly data)
| 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 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||
| Short-term borrowings | |||||||||||||||||||||||||||||||||
| Long-term debt due within one year | |||||||||||||||||||||||||||||||||
| Finance lease obligations due within one year | |||||||||||||||||||||||||||||||||
| Long-term debt, excluding due within one year | |||||||||||||||||||||||||||||||||
| Long-term finance lease obligations, excluding due within one year | |||||||||||||||||||||||||||||||||
| Total debt | |||||||||||||||||||||||||||||||||
| Operating lease obligations due within one year | |||||||||||||||||||||||||||||||||
| Long-term operating lease obligations, excluding due within one year | |||||||||||||||||||||||||||||||||
| Total debt (including operating lease liability) | |||||||||||||||||||||||||||||||||
| Total Walmart shareholders’ equity | |||||||||||||||||||||||||||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | |||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | |||||||||||||||||||||||||||||||||
| Target Corp. | |||||||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30).
1 Q1 2026 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Walmart shareholders’ equity
= ÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several noteworthy trends in the company’s financial leverage and equity position over the period examined.
- Total Debt (Including Operating Lease Liability)
-
Total debt figures have exhibited fluctuations across the quarters, with values starting around $75.4 billion in April 2019, experiencing a general decline reaching a low point near $57.3 billion by January 2022, before rising again to approximately $67.2 billion by April 2025. This cyclical pattern suggests periods of debt reduction followed by increases, which may be influenced by financing activities or operational needs.
- Total Shareholders’ Equity
-
Shareholders’ equity shows a gradually increasing trend overall, beginning near $68.2 billion in April 2019 and advancing to a high of about $91.0 billion by January 2025. Though occasional dips are observable, such as a decline to roughly $72.3 billion in October 2022 and April 2023, the general trajectory remains upward, indicating strengthening equity and potential retention of earnings or capital appreciation over the period.
- Debt to Equity Ratio (Including Operating Lease Liability)
-
The debt to equity ratio demonstrates a downward trend from early in the period, starting at 1.11 in April 2019 and declining to approximately 0.66 by January 2025, with some intermittent increases. The ratio fluctuates, reflecting changes in the relative amount of debt and equity, but the general decrease suggests a gradual reduction in financial leverage. This lower leverage ratio potentially implies a more conservative capital structure and reduced risk from borrowing over time.
In summary, the company’s financial position signals a progressive strengthening in equity coupled with a moderated use of debt. While total debt has cycles of increase and decrease, the overall trend in leverage is downward, supported by growth in shareholders' equity. This financial pattern can be indicative of a deliberate strategy to balance capital structure, potentially enhancing financial stability and creditworthiness.
Debt to Capital
Walmart Inc., debt to capital calculation (quarterly data)
| Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||
| Short-term borrowings | |||||||||||||||||||||||||||||||||
| Long-term debt due within one year | |||||||||||||||||||||||||||||||||
| Finance lease obligations due within one year | |||||||||||||||||||||||||||||||||
| Long-term debt, excluding due within one year | |||||||||||||||||||||||||||||||||
| Long-term finance lease obligations, excluding due within one year | |||||||||||||||||||||||||||||||||
| Total debt | |||||||||||||||||||||||||||||||||
| Total Walmart shareholders’ equity | |||||||||||||||||||||||||||||||||
| Total capital | |||||||||||||||||||||||||||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||
| Debt to capital1 | |||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | |||||||||||||||||||||||||||||||||
| Target Corp. | |||||||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30).
1 Q1 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several key patterns regarding the company's debt and capital structure over the examined periods.
- Total Debt
- The total debt exhibits a fluctuating but generally declining trend from April 2019 to January 2025. Starting at approximately 57,962 million US dollars in April 2019, debt levels decreased steadily to a low around 42,831 million in January 2022. After this trough, debt increased somewhat, reaching peaks near 55,448 million in October 2023 before decreasing again toward the end of the period in April 2025. These fluctuations suggest varying financing needs and debt management strategies over time, with a notable reduction in debt levels during the early part of the COVID-19 pandemic, followed by increased borrowing in later quarters.
- Total Capital
- Total capital shows a relatively stable pattern within a moderate range between 121,315 million and 136,803 million US dollars. The capital remained generally around 126,000 to 130,000 million in the earlier quarters, with slight increases occurring later, peaking at approximately 136,803 million in April 2024. This indicates that the overall capitalization of the company remained steady with modest growth, reflecting consistent investment or retained earnings across the quarters without dramatic expansions or contractions.
- Debt to Capital Ratio
- The debt to capital ratio experiences a gradual downward trajectory from 0.46 in April 2019 to a minimum of 0.33 in January 2025, albeit with intermittent rises. This ratio reflects the proportion of debt relative to total capital. The initial decrease in the ratio early in the timeline matches the reduction in total debt noted previously, indicating deleveraging or improved capital structure. However, in the mid to later quarters, the ratio fluctuates between 0.33 and 0.41, showing some variability in leveraging strategies. The lowest point around the start of 2025 reveals the strongest equity position relative to debt over the observed period, while the intermittent rises suggest episodes where debt financing was increased.
In summary, the data shows a company that has managed to reduce its relative debt burden over a multi-year horizon, maintaining steady capital levels. The patterns imply strategic adjustments in financing with a cautious approach to debt, especially during and after the pandemic period, eventually attaining a relatively lower debt-to-capital ratio indicative of a more conservative financial stance by the end of the latest period analyzed.
Debt to Capital (including Operating Lease Liability)
Walmart Inc., debt to capital (including operating lease liability) calculation (quarterly data)
| 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 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||
| Short-term borrowings | |||||||||||||||||||||||||||||||||
| Long-term debt due within one year | |||||||||||||||||||||||||||||||||
| Finance lease obligations due within one year | |||||||||||||||||||||||||||||||||
| Long-term debt, excluding due within one year | |||||||||||||||||||||||||||||||||
| Long-term finance lease obligations, excluding due within one year | |||||||||||||||||||||||||||||||||
| Total debt | |||||||||||||||||||||||||||||||||
| Operating lease obligations due within one year | |||||||||||||||||||||||||||||||||
| Long-term operating lease obligations, excluding due within one year | |||||||||||||||||||||||||||||||||
| Total debt (including operating lease liability) | |||||||||||||||||||||||||||||||||
| Total Walmart shareholders’ equity | |||||||||||||||||||||||||||||||||
| Total capital (including operating lease liability) | |||||||||||||||||||||||||||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | |||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | |||||||||||||||||||||||||||||||||
| Target Corp. | |||||||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30).
1 Q1 2026 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= ÷ =
2 Click competitor name to see calculations.
The analysis of the company's debt and capital structure over the examined periods reveals several noteworthy trends and fluctuations.
- Total Debt (including operating lease liability)
- The total debt figures exhibit a fluctuating pattern within the range of approximately $57 billion to $75 billion. Debt levels peaked around April 30, 2019, and again in April 30, 2020, with values near $75 billion. Subsequent quarters observed a general decline reaching a low near $57 billion in October 2021. Following this trough, the debt gradually increased once more, with intermittent rises and falls, peaking again around October 2023 at nearly $70 billion before declining slightly by April 2025.
- Total Capital (including operating lease liability)
- Total capital values remained relatively stable throughout the periods, primarily oscillating between approximately $135 billion and $151 billion. Several peaks emerged, notably in October 2020, July 2023, and January 2025, approaching or exceeding $149 billion, while troughs were observed around January 2023 at approximately $135 billion. Overall, the capital base demonstrated mild volatility but lacked significant directional trends.
- Debt to Capital Ratio (including operating lease liability)
- The debt-to-capital ratio shows a declining trend from 0.53 in April 2019 to approximately 0.40 in January 2025, indicating a gradual reduction in leverage over the period. There are observable short-term fluctuations; for example, the ratio decreases steadily until it reaches a low around July 2021 (0.41), followed by increases and decreases, with the lowest point near early 2024 at 0.40. This ratio's decline suggests an incremental shift towards a more conservative capital structure with lower proportional debt.
In summary, the total debt levels oscillate with periods of increase and decrease, while total capital remains relatively stable with minor fluctuations. The debt-to-capital ratio indicates a slow but consistent movement towards reduced leverage, implying improved financial stability or a strategic decision to lower debt reliance relative to capital. The combination of these trends may reflect efforts at balance sheet optimization in response to market conditions or operational strategies over the analyzed timeframe.
Debt to Assets
Walmart Inc., debt to assets calculation (quarterly data)
| Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||
| Short-term borrowings | |||||||||||||||||||||||||||||||||
| Long-term debt due within one year | |||||||||||||||||||||||||||||||||
| Finance lease obligations due within one year | |||||||||||||||||||||||||||||||||
| Long-term debt, excluding due within one year | |||||||||||||||||||||||||||||||||
| Long-term finance lease obligations, excluding due within one year | |||||||||||||||||||||||||||||||||
| Total debt | |||||||||||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||
| Debt to assets1 | |||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | |||||||||||||||||||||||||||||||||
| Target Corp. | |||||||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30).
1 Q1 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
The financial data reveals distinct trends in the company's debt management relative to its assets over multiple quarters. The total debt figures exhibit fluctuations with a general tendency to decrease from the mid-2019 peak of approximately US$58 billion to lows around US$43 billion in late 2021 and early 2023, followed by intermittent increases. Total assets, however, display a broadly increasing trajectory over the period, rising from around US$234 billion in April 2019 to approximately US$262 billion in April 2025.
The debt to assets ratio, an indicator of financial leverage, demonstrates a notable downward movement from 0.25 in April 2019 to a trough near 0.17 in early 2022, reflecting improved asset coverage of liabilities. Subsequent quarters show some variance, with the ratio stabilizing mostly in the range of 0.18 to 0.21, suggesting a relatively consistent leverage position after the initial improvement. This pattern indicates that the company has managed to reduce its relative debt burden, partly through asset growth and efforts to lower absolute debt levels, although there is some cyclical fluctuation in recent periods.
- Total Debt
- Total debt showed volatility but a general downward trend from mid-2019 through early 2023, with several rebounds later in the timeline. The lowest debt levels align with early 2022 and 2023 periods, marking phases of reduced leverage risk.
- Total Assets
- Total assets consistently expanded over the observed periods, evidencing asset base growth that likely supported operational scaling or investment activities. This steady asset increase contributed to lowering financial risk ratios despite periodic debt rises.
- Debt to Assets Ratio
- The ratio declined significantly from 0.25 to under 0.18 from 2019 to early 2022, reflecting better asset coverage and a reduction in financial leverage. Post-2022, the ratio oscillated slightly but remained relatively stable around 0.18 to 0.21, suggesting controlled leverage and a balanced approach to managing debt relative to asset growth.
Overall, the data suggests a strategic focus on strengthening the balance sheet by growing assets and managing debt levels prudently. The company appears to have improved its financial stability by lowering leverage while supporting asset accumulation, although certain recent fluctuations indicate responsiveness to operational or market conditions requiring adjusted capital structures.
Debt to Assets (including Operating Lease Liability)
Walmart Inc., debt to assets (including operating lease liability) calculation (quarterly data)
| 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 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||
| Short-term borrowings | |||||||||||||||||||||||||||||||||
| Long-term debt due within one year | |||||||||||||||||||||||||||||||||
| Finance lease obligations due within one year | |||||||||||||||||||||||||||||||||
| Long-term debt, excluding due within one year | |||||||||||||||||||||||||||||||||
| Long-term finance lease obligations, excluding due within one year | |||||||||||||||||||||||||||||||||
| Total debt | |||||||||||||||||||||||||||||||||
| Operating lease obligations due within one year | |||||||||||||||||||||||||||||||||
| Long-term operating lease obligations, excluding due within one year | |||||||||||||||||||||||||||||||||
| Total debt (including operating lease liability) | |||||||||||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | |||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | |||||||||||||||||||||||||||||||||
| Target Corp. | |||||||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30).
1 Q1 2026 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
The analysis of the financial data reveals several notable trends in the company's balance sheet over the presented quarterly periods.
- Total debt (including operating lease liability)
- The total debt exhibits a general downward trend from April 2019 through January 2021, decreasing from approximately 75.4 billion USD to a low of about 57.3 billion USD. After January 2021, the debt levels show some fluctuations, with periods of increases and decreases. Notably, the debt rises again, peaking near 69.7 billion USD in October 2023 before declining once more by the most recent quarter in April 2025. These movements suggest active management of debt obligations, with efforts to reduce leverage during early periods followed by tactical increases and subsequent reductions.
- Total assets
- Total assets maintain a relatively stable but slightly upward trajectory from April 2019 to October 2024, moving from around 234.5 billion USD to a peak exceeding 263.3 billion USD. There are minor fluctuations within this timeframe; however, the overall pattern indicates growth in the asset base. The most recent quarter shows a modest decline from the peak, yet total assets remain significantly above the levels observed at the start of the period. This suggests ongoing investment and acquisition activities contributing to asset accumulation.
- Debt to assets ratio (including operating lease liability)
- The debt to assets ratio exhibits a gradual decline over the initial years, dropping from 0.32 in April 2019 to a low near 0.23 by January 2022. This decline corresponds with the reduction in debt levels and the concurrent increase in total assets, denoting an improving leverage position. Post-2022, the ratio fluctuates within a narrow band between approximately 0.23 and 0.27, reflecting a relatively stable leverage status despite the fluctuations in absolute debt amounts and assets. The ratio's stability in recent periods indicates a deliberate balance between debt utilization and asset growth, maintaining a moderate leverage level.
In summary, the company demonstrates prudent financial management by reducing debt relative to assets in the earlier periods, followed by tactical adjustments to leverage in later years while supporting asset growth. The stability in the debt to asset ratio across recent quarters points to a consistent capital structure strategy aimed at balancing risk and growth opportunities.
Financial Leverage
Walmart Inc., financial leverage calculation (quarterly data)
| 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 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||||||||||
| Total Walmart shareholders’ equity | |||||||||||||||||||||||||||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||
| Financial leverage1 | |||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | |||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | |||||||||||||||||||||||||||||||||
| Target Corp. | |||||||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30).
1 Q1 2026 Calculation
Financial leverage = Total assets ÷ Total Walmart shareholders’ equity
= ÷ =
2 Click competitor name to see calculations.
The analysis of the financial data over the given periods reveals several notable trends concerning total assets, shareholders' equity, and financial leverage ratios.
- Total assets
- The total assets of the company exhibit a relatively stable trend with fluctuations over the observed periods. Initially, assets hovered around the mid-230 billion US$ range, with some growth evident towards late 2019 and early 2020. While there was a decline observed in April 2020, assets subsequently increased through the remainder of 2020 and into early 2021, peaking around 259 billion US$ in late 2023. However, slight decreases appeared sporadically afterward, with assets ending near 262 billion US$ by April 2025. Overall, the asset base slightly grew, reflecting modest expansion or accumulation of resources.
- Total Walmart shareholders’ equity
- Shareholders' equity showed moderate growth with some volatility. Early values around 68-75 billion US$ transitioned to a higher range between 78-83 billion US$ by early 2022. Notable dips appeared in mid-2022 and mid-2023 where equity fell below previous highs, before rebounding late in 2023 and early 2024, reaching a peak above 91 billion US$ in early 2025. This pattern suggests intermittent changes in retained earnings or shareholder transactions but overall indicates an upward equity trend over the five-year horizon.
- Financial leverage ratio
- The financial leverage ratio demonstrated fluctuations within a relatively narrow band, ranging from about 2.87 to 3.44 during the analyzed periods. The ratio generally oscillated around approximately 3.0, with a higher point recorded in early 2019 and a general tendency to decrease during parts of 2020 and 2021, indicating a moderate reduction in leverage or relative debt position. However, from mid-2022 onward, the leverage ratio experienced some upward movements followed by decreases, concluding near 3.13 in April 2025. This suggests the company maintained a fairly stable capital structure with moderate variability in debt to equity relationships.
In summary, the company's total assets and shareholders’ equity have shown modest growth with periodic fluctuations, potentially reflecting operational changes, market conditions, or strategic financial decisions. Financial leverage remained relatively stable, signaling consistent use of debt relative to equity. The combined trends indicate a generally steady financial position with measured growth and prudent capital management across the periods analyzed.
Interest Coverage
Walmart Inc., interest coverage calculation (quarterly data)
| 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 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||
| Consolidated net income (loss) attributable to Walmart | |||||||||||||||||||||||||||||||||
| Add: Net income attributable to noncontrolling interest | |||||||||||||||||||||||||||||||||
| Add: Income tax expense | |||||||||||||||||||||||||||||||||
| Add: Interest expense, debt and finance lease | |||||||||||||||||||||||||||||||||
| Earnings before interest and tax (EBIT) | |||||||||||||||||||||||||||||||||
| Solvency Ratio | |||||||||||||||||||||||||||||||||
| Interest coverage1 | |||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Interest Coverage, Competitors2 | |||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | |||||||||||||||||||||||||||||||||
| Target Corp. | |||||||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30).
1 Q1 2026 Calculation
Interest coverage
= (EBITQ1 2026
+ EBITQ4 2025
+ EBITQ3 2025
+ EBITQ2 2025)
÷ (Interest expenseQ1 2026
+ Interest expenseQ4 2025
+ Interest expenseQ3 2025
+ Interest expenseQ2 2025)
= ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The earnings before interest and tax (EBIT) exhibit notable volatility across the observed periods. Initially, EBIT values fluctuate moderately around the 5,000 to 6,000 million USD range, with a pronounced peak occurring in the July 2020 quarter where EBIT reaches 9,304 million USD. This peak is followed by a decline and increasing instability, including a sharp negative value of -69 million USD in January 2021 and another negative outlier of -847 million USD in October 2022. Subsequently, EBIT rebounds significantly, achieving values above 7,000 million USD several times, including peaks around 11,369 million USD in July 2023, followed by a decrease towards the last reported periods with figures around 6,600 to 7,600 million USD.
The interest expense associated with debt and finance leases remains relatively stable throughout the period, ranging mostly between 400 and 700 million USD. There is no marked trend of increase or decrease, suggesting consistent financing costs over time. Minor fluctuations do not show large spikes or declines that might indicate changes in debt levels or interest rates.
Interest coverage ratios, which help assess the company's ability to meet interest obligations, show improvement over time with values generally ranging from about 7.37 to 11.98. The earliest available data points start around 8.74 and trend upward with some variability but maintain relatively strong coverage. This robustness in interest coverage suggests that despite fluctuations in EBIT, the company's earnings have been sufficient to cover interest expenses comfortably, with widening margins particularly notable after the initial quarters covered.
Overall, the financial data indicates periods of operational stress and recovery, particularly reflected in EBIT's volatility, including negative quarters which might suggest extraordinary events or operational challenges. Interest expenses remain steady, supporting the notion of manageable debt servicing costs. The interest coverage ratio trend denotes an improved capacity to service debt over time, underscoring financial resilience amidst EBIT fluctuations.