Walmart Inc. (NYSE:WMT)

Gross Profit Margin

The gross profit margin exhibited a generally stable pattern over the analyzed periods, fluctuating within a narrow range around 24%. The margin peaked slightly above 24.5% in early 2021, followed by a gradual decline to below 23.5% by early 2023. Subsequently, it showed a modest recovery, rising steadily and reaching around 24.2% by early 2025, indicating resilience in cost management relative to sales.

Operating Profit Margin

This margin demonstrated a more dynamic trend. Initial quarters showed an upward movement, reaching approximately 4.5% by early 2022. However, a notable dip occurred following that period, declining to below 3.5% by late 2022. From early 2023 onward, the operating profit margin evidenced recovery and growth, climbing back above 4% and stabilizing around 4.2% toward early 2025. This suggests fluctuations in operating efficiency and expense control, with improvements in recent periods.

Net Profit Margin

The net profit margin varied considerably throughout the time frame. Early on, there was a peak near 3.6% in late 2020, followed by a decline to approximately 1.4% in late 2021. After this low point, the net margin gradually improved, reaching above 3% by early 2025. This pattern may reflect impacts from non-operating factors, taxation, or extraordinary items, with an overall trend of recovery and strengthening profitability.

Return on Equity (ROE)

ROE experienced significant volatility. Initial values were strong, above 22%, but declined sharply to below 10% by late 2021. Following this trough, ROE increased markedly, peaking at 23.8% by early 2025. This rebound indicates improved management effectiveness in generating returns on shareholder investments after a period of underperformance.

Return on Assets (ROA)

The ROA trend mirrored that of ROE, though with less extreme fluctuations. An early peak near 7.9% was followed by a drop to around 3.3% in late 2021. From that point, ROA rose steadily, exceeding 7.9% by early 2025. This suggests enhanced asset utilization and operational efficiency recovery after a period of lower profitability.

The financial data reveals several notable trends in gross profit, net sales, and gross profit margin over the observed periods.

Net Sales

Net sales demonstrate a generally increasing trend over time, despite some fluctuations within certain quarters. Starting from approximately 133.7 billion US dollars in April 2020, net sales consistently rise, reaching values around 177.8 billion US dollars by October 2025. This indicates a steady growth in revenue generation capacity, with periodic seasonal or market-related adjustments reflected in the quarter-to-quarter variances.

Gross Profit

Gross profit mirrors the growth pattern evident in net sales, with an overall upward trend from roughly 31.6 billion US dollars in April 2020 to about 43.1 billion US dollars by October 2025. Periodic fluctuations correspond with variations in net sales, showing resilience and improvement in gross profitability. There are instances of slight declines or plateaus in gross profit, typically following quarters with reduced net sales growth, suggesting a correlation between sales volume and gross earnings.

Gross Profit Margin

The gross profit margin percentage maintains a relatively stable trajectory throughout the periods, ranging mostly in the low to mid-24% range. Starting near 23.94% in April 2020, it fluctuates modestly, dipping slightly below 23.5% in some quarters and climbing towards 24.18% by the final period. This stability suggests effective cost management alongside sales growth, allowing the company to maintain consistent profitability ratios despite external pressures or market conditions.

Overall, the data illustrates a solid growth posture with increasing revenue and gross profit levels complemented by a stable gross profit margin. This combination points to sustained operational efficiency and effective pricing or cost strategies over the analyzed timeframe.

Net Sales

Net sales exhibit a generally positive trend over the periods analyzed, with some fluctuations. Starting from 133,672 million US dollars in April 2020, sales increased gradually, peaking at 178,830 million US dollars in January 2025. Though there are occasional slight declines, such as in October 2020 and April 2022, the overall pattern indicates steady growth in revenue generation over the long term.

Operating Income

Operating income demonstrates a more volatile pattern compared to net sales. Initial values increased from 5,224 million US dollars in April 2020, reaching peaks over 7,000 million US dollars in several quarters, notably in July 2021 and July 2024. However, there are notable dips, particularly in October 2022 with a significant decrease to 2,695 million US dollars. Post this low point, operating income recovers and stabilizes around the 6,000 to 7,500 million US dollars range, suggesting periods of operational challenges followed by recovery phases.

Operating Profit Margin

The operating profit margin fluctuates within a narrow band, mostly hovering between 3.3% and 4.6%. Starting at 3.93% in April 2020, it experiences an upward trend peaking around 4.57% in January 2022. A decline follows, reaching as low as 3.37% in January 2023, but thereafter the margin stabilizes and slightly improves again, ending at 4.16% in October 2025. This indicates some variability in operational efficiency and cost control, but overall maintaining moderate profitability relative to sales.

Combined Insights

The data reflects a pattern of consistent revenue growth accompanied by operational income volatility. Despite fluctuations in operating income, the operating profit margin remains relatively stable, underscoring resilience in managing operational expenses. The significant drop in operating income in late 2022 suggests a particular challenge during that period; however, the subsequent recovery highlights the company’s capacity to restore operational performance. Overall, the financial trends signify sustainable growth with episodes requiring management attention to address periods of reduced profitability.

The financial performance over the observed quarters exhibits a dynamic pattern in key metrics such as net sales, consolidated net income attributable, and net profit margin.

Net Sales

The net sales figures show a general growth trend across the periods analyzed. Starting from approximately $134 billion in April 2020, sales experience some seasonal fluctuations but consistently increase to reach about $178 billion by October 2025. Notable growth phases occur from early 2023 onwards, where sales consistently rise quarter-over-quarter, demonstrating resilience and expansion in revenue generation.

Consolidated Net Income Attributable

The consolidated net income attributable presents considerable volatility, with both positive and negative values throughout the timeline. Initial quarters demonstrate strong profitability peaks, such as $6.5 billion in July 2020, followed by a significant loss in January 2021 (-$2.1 billion). Despite these fluctuations, there is a recovery over subsequent periods, with high earnings particularly evident in July 2023 ($7.9 billion) and July 2025 ($7.0 billion). The data indicates episodic dips, but overall, the net income remains positively oriented with recurrent robust earnings.

Net Profit Margin

The net profit margin shows variable but generally stable performance, predominantly ranging from approximately 1.4% to 3.6%. A decline in margin is noted around the mid-2021 period, with a low of 1.41% in October 2021. However, subsequent periods indicate recovery and even improvement in profitability efficiency, peaking near 3.3% by October 2025. The margins correlate with the profit trends, reinforcing periods of profitability improvement and effective cost management.

Overall, the data reveals that the company sustains solid revenue growth over the analyzed quarters while facing periodic earnings volatility. The improvement in net profit margin towards later periods suggests strategic adjustments enhancing operational efficiency or product mix, supporting higher profitability despite competitive or market challenges. The cyclical nature of net income reflects underlying business or external influences affecting profitability, but the long-term direction appears positive.

The analysis of the quarterly financial data reveals several notable trends and variations in the company's financial performance and equity position over the observed periods.

Consolidated Net Income

The consolidated net income attributable to Walmart demonstrates considerable fluctuations, including several quarters with negative values, indicating losses. The net income peaked notably in quarters such as July 2023 with 7,891 million US$ and showed strong recovery following downturns such as the loss reported in January 2021 (-2,091 million US$) and October 2022 (-1,798 million US$). The values reveal a pattern of volatility but generally display recovery and growth in many of the latter periods, reflecting possible operational improvements or cyclical effects in earnings generation.

Total Shareholders’ Equity

Total Walmart shareholders’ equity shows an overall upward trend with some intermittent declines. Starting around 68,240 million US$, equity increased steadily through several quarters, surpassing 80,000 million US$ multiple times. There were decreases noted around April 2022 and October 2022, with equity dropping to 72,253 million US$ before rebounding and reaching new highs of over 96,000 million US$ by October 2024. This trend suggests ongoing capital growth, possibly due to retained earnings and equity financing activities, despite some periods of equity reduction.

Return on Equity (ROE)

ROE data reflects significant volatility, moving within a range from a low of 9.75% to nearly 24%. The higher ROE values are frequently aligned with quarters reporting strong net income. The lowest ROE figures coincided with quarters of negative or reduced net income, indicating the sensitivity of profitability relative to equity invested. Over the course of the data, ROE shows a general capability to recover and maintain strong profitability levels, often exceeding 20%, which suggests effective utilization of shareholders' equity to generate earnings in most periods.

In summary, the financial data suggest that while the company experienced periods of net income losses and equity fluctuations, it demonstrated resilience with recoveries in profitability and growth in shareholders' equity. The ROE pattern supports this interpretation, highlighting a generally effective financial performance despite episodic challenges.

Net Income Trends

The consolidated net income attributable to Walmart demonstrates notable volatility across the observed periods. Initially, net income peaks at 6,476 million USD in July 2020, followed by a decline that bottoms out with a loss of 2,091 million USD in January 2021. Subsequently, the income recovers, showing fluctuating gains and losses, including a significant negative figure (-1,798 million USD) in October 2022. From early 2023 onward, net income generally trends upward with some fluctuations, reaching values above 7,000 million USD in July 2023 and October 2025, demonstrating a recovery and growth phase after periods of decline.

Total Assets Trends

Total assets exhibit a steady and gradual upward trajectory throughout the period. Starting at approximately 233 billion USD in April 2020, the asset base experiences consistent growth with minor fluctuations. By October 2025, total assets reach nearly 289 billion USD, reflecting a solid expansion in the company’s asset base over the five-year span. This increase suggests sustained investments or asset accumulation despite the variability in net income.

Return on Assets (ROA) Trends

Return on assets (ROA) fluctuates between 3.28% and 7.94% over the reporting periods. The ROA peaks early in October 2020 at 7.87%, then declines to a low of 3.28% in October 2021, corresponding with some lower net income quarters. Subsequently, ROA rebounds steadily, surpassing 7.0% in several quarters from 2024 onwards, including a peak of 7.94% in October 2025. The pattern suggests an improvement in asset profitability in the most recent periods, aligning with the recovery in net income.

Overall Analysis

The company exhibits resilience with a positive long-term trend in both total assets and profitability measured by ROA, despite experiencing intermittent quarters with net losses. Volatility in net income may indicate episodic challenges or strategic shifts affecting earnings. The increasing total asset base indicates ongoing capital investment or accumulation, supporting future growth potential. Improvement in ROA in the later periods reflects enhanced efficiency in asset utilization, signaling improved operational performance.