Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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- Statement of Comprehensive Income
- Common-Size Income Statement
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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Profitability Ratios (Summary)
Walmart Inc., profitability 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).
- Gross Profit Margin
- The gross profit margin remained relatively stable throughout the observed periods, fluctuating narrowly between approximately 23.43% and 24.55%. Initial data from early 2020 indicate margins near 24%, which gradually declined to a low point around 23.43% in early 2023. By early 2025, the gross profit margin showed a modest recovery, rising back to approximately 24.16%. This stability suggests consistent control over production costs relative to sales revenue over the period.
- Operating Profit Margin
- The operating profit margin exhibited more variation, beginning around 3.9% in early 2020, then increasing steadily to a peak near 4.57% in early 2022. After this peak, a dip occurred, falling to about 3.37% in early 2023. Subsequently, the margin recovered and showed a clear upward trend, reaching approximately 4.37% by early 2025. This pattern reflects fluctuations in operational efficiency and possible variations in operating expenses or other operating income factors during the timeframe.
- Net Profit Margin
- Net profit margin experienced notable volatility. Starting around 2.8% in early 2020, it peaked above 3.6% in late 2019 and early 2020, then declined sharply to about 1.41% by early 2022. Following this trough, it demonstrated gradual improvement, climbing towards roughly 2.77% by early 2025. The swings suggest varying impacts from non-operational items, tax effects, or changes in interest expenses affecting ultimate profitability.
- Return on Equity (ROE)
- ROE showed a pronounced downward trend from a high of 24.24% in early 2020 down to a low near 9.75% in early 2022. After this decline, a rebound occurred, climbing to approximately 22.46% by early 2025. The fluctuations indicate shifts in profitability relative to shareholders' equity, potentially influenced by changes in net income or equity base over time.
- Return on Assets (ROA)
- Return on assets decreased from a high of 7.87% in early 2020 to a low near 3.28% in early 2022. Subsequently, ROA improved steadily, recovering to about 7.17% by early 2025. This trend corresponds with the patterns seen in net profit margin and ROE, pointing to variations in asset utilization and overall profitability throughout the periods examined.
Return on Sales
Return on Investment
Gross Profit Margin
Walmart Inc., gross profit margin 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) | |||||||||||||||||||||||||||||||||
| Gross profit | |||||||||||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||||||||||
| Gross profit margin1 | |||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Gross Profit Margin, 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
Gross profit margin = 100
× (Gross profitQ1 2026
+ Gross profitQ4 2025
+ Gross profitQ3 2025
+ Gross profitQ2 2025)
÷ (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The financial data reveals several noteworthy trends in key performance metrics over the observed quarters. Net sales exhibit a general upward trajectory over time, reflecting growth in revenue despite periodic fluctuations. Beginning at approximately 123 billion US dollars in April 2019, net sales experience recurring seasonal dips and recoveries but reach about 164 billion US dollars by April 2025, indicating a significant increase over the analysis period.
Gross profit follows a pattern broadly consistent with net sales but with less volatility in relative terms. Starting near 29.9 billion US dollars in April 2019, gross profit increases steadily and reaches nearly 39.7 billion US dollars by April 2025. This upward movement suggests effective management of cost of goods sold relative to sales expansions.
The gross profit margin, available from January 2020 onwards, maintains relative stability with minor fluctuations around the 24% level. It begins at 24.1% in early 2020 and sees modest variations, dipping slightly below 23.5% in mid-periods but generally trending upward toward 24.16% by April 2025. The margin stability alongside increasing sales and gross profit highlights consistent profitability at the gross profit level, despite varying market conditions and operational adjustments.
Seasonal variations are apparent, particularly in net sales and gross profit figures, with peaks commonly observed in January quarters aligning with typical retail seasonality. Despite these seasonal effects, the long-term quarter-to-quarter comparisons indicate sustained growth and resilience.
In summary, the observed data reflect positive growth trends in net sales and gross profit, supported by a stable gross profit margin. This suggests ongoing efficiencies in cost control relative to revenue generation, and effective operational execution that sustains profitability throughout the periods analyzed.
- Net Sales
- Increased from approximately $123 billion (Apr 2019) to about $164 billion (Apr 2025), showing consistent long-term growth with seasonal fluctuations.
- Gross Profit
- Grew from roughly $29.9 billion to $39.7 billion over the same period, reflecting expansion in absolute profitability.
- Gross Profit Margin
- Remained stable near 24%, with slight variances but no significant downward or upward trends, indicating sustained operational efficiency.
Operating Profit Margin
Walmart Inc., operating profit margin calculation (quarterly data)
| Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||
| Operating income | |||||||||||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||||||||||
| Operating profit margin1 | |||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Operating Profit Margin, 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
Operating profit margin = 100
× (Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025
+ Operating incomeQ2 2025)
÷ (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The operating income demonstrates noticeable fluctuations across the periods from April 2019 to April 2025. Initial values show moderate stability with amounts ranging roughly from $4,700 million to $6,000 million. A significant peak is observed in April 2021 and July 2021, reaching above $7,300 million, followed by a decline to about $2,700 million in October 2022. After this trough, there is a recovery trend with values climbing steadily to reach nearly $7,940 million by October 2024. The latest data points suggest a slight moderation, with operating income slightly decreasing to around $7,135 million and $7,859 million by January and April 2025 respectively.
Net sales exhibit a general upward trend, starting at approximately $122,949 million in April 2019 and gradually increasing with some variability to exceed $178,000 million by January 2025. Notable surges occur around January 2021 and January 2023, with sales peaking near $162,743 million and $171,914 million respectively. Despite some fluctuations, the overall pattern suggests consistent growth in sales volumes over the observed timeframe, indicating expanding revenue generation capabilities.
The operating profit margin, although not available for all periods, presents a range mostly between 3.3% and 4.6%. There is an observable dip in the margin around October 2022, coinciding with the sharp decline in operating income. Subsequently, margins stabilize and improve slightly, trending upward toward 4.3% to 4.4% in the latest periods. This indicates a recovery or improvement in operational efficiency or cost management following temporarily reduced profitability.
- Operating income
- Shows volatility with peaks in mid-2021 and late 2024, with a notable trough in late 2022. After the low point, a recovery and growth trend is evident.
- Net sales
- Displays a steady upward trajectory, indicating consistent revenue growth across the periods, with some seasonal or cyclical variations.
- Operating profit margin
- Varies moderately but tends to maintain a narrow band, reflecting stable profit efficiency. The margin dipped during periods of lower operating income but recovered thereafter.
In summary, the data reflects an overall growth in sales and a recovery in profitability following a period of reduced operating income and margin. The patterns suggest effective management responses to challenges encountered around late 2022, leading to improved financial performance by early 2025. The consistency in operating profit margins alongside growing net sales and rebounding operating income indicates sustained operational strength and improving market conditions.
Net Profit Margin
Walmart Inc., net profit margin 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 | |||||||||||||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||||||||||
| Net profit margin1 | |||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Net Profit Margin, 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
Net profit margin = 100
× (Consolidated net income (loss) attributable to WalmartQ1 2026
+ Consolidated net income (loss) attributable to WalmartQ4 2025
+ Consolidated net income (loss) attributable to WalmartQ3 2025
+ Consolidated net income (loss) attributable to WalmartQ2 2025)
÷ (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The financial data reveals distinct trends in net sales, net income, and net profit margin over multiple quarterly periods. The analysis highlights fluctuations and notable shifts that provide insights into performance patterns.
- Net Sales
- Net sales have shown a general upward trajectory over the periods analyzed, starting from approximately $122.9 billion and reaching a peak around $178.8 billion before a slight decline in the latest period to roughly $164.0 billion. The data indicates steady growth with some seasonality, typically increasing in the first quarter of calendar years and stabilizing or slightly dipping in subsequent quarters. This positive trend suggests successful sales growth, possibly driven by expansion, enhanced operations, or market demand.
- Consolidated Net Income
- The consolidated net income attributable to Walmart exhibits higher volatility compared to net sales. Initial quarters show moderate profits around the $3.2 to $4.1 billion range. There are significant spikes in net income in Jul 2020 ($6.5 billion) and Apr 2023 ($7.9 billion), contrasted by substantial losses in Jan 2021 (-$2.1 billion) and Oct 2022 (-$1.8 billion). This volatility indicates episodes of either exceptional expenses or other unusual items impacting net income considerably. In more recent periods, excluding the losses, net income remains broadly stable, generally hovering between $4.5 billion and $5.5 billion.
- Net Profit Margin
- Net profit margin data is available starting from Jan 2020 and shows margins fluctuating between 1.4% and 3.6%. The margin peaked at 3.62% in Jan 2020, coinciding with a high net income period, followed by a decline to 1.41% in Jan 2022, signaling pressure on profitability. Since then, the margin has recovered somewhat to remain near 2.8-3.0% in the most recent quarters. This indicates relative resilience in managing costs and maintaining profitability despite fluctuations in net income.
Overall, the company's sales show consistent growth with some seasonal variations, while net income reflects higher variability due to extraordinary items or market conditions affecting profitability. Profit margins have experienced oscillations but demonstrate a recovery trend in the latter periods, suggesting effective management of operational efficiency and expenses in recent quarters.
Return on Equity (ROE)
Walmart Inc., ROE calculation (quarterly data)
| Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||
| Consolidated net income (loss) attributable to Walmart | |||||||||||||||||||||||||||||||||
| Total Walmart shareholders’ equity | |||||||||||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||||||||||
| ROE1 | |||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| ROE, 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
ROE = 100
× (Consolidated net income (loss) attributable to WalmartQ1 2026
+ Consolidated net income (loss) attributable to WalmartQ4 2025
+ Consolidated net income (loss) attributable to WalmartQ3 2025
+ Consolidated net income (loss) attributable to WalmartQ2 2025)
÷ Total Walmart shareholders’ equity
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Income Trends
- The net income attributable to the company exhibited considerable volatility over the analyzed quarterly periods. From April 2019 to January 2020, net income remained relatively stable around the 3,000 to 4,000 million USD range, with a peak of 6,476 million USD in July 2020 during the pandemic's early phase. Subsequently, there is a notable dip to negative 2,091 million USD in January 2021, indicating a significant loss during that quarter. After this, net income rebounded and showed a fluctuating but generally positive pattern, reaching highs such as 7,891 million USD in October 2023. However, there are intermittent sharp declines, including another negative net income of 1,798 million USD in October 2022 and relatively lower income in April 2024. Overall, the data reflects cyclical fluctuations with occasional steep downturns but a capacity for recovery.
- Shareholders’ Equity Trends
- Total shareholders’ equity demonstrated a steady growth trend over the entire period, increasing from approximately 68,205 million USD in April 2019 to a high near 91,013 million USD in January 2025. Minor declines are observed in certain quarters, such as around April 2020 and April 2022, but the general progression is upward. This indicates consistent accumulation of equity capital, possibly due to retained earnings and capital injections, supporting the company’s financial stability despite net income volatility.
- Return on Equity (ROE) Analysis
- Return on equity data is available from October 2019 onward and reveals a fluctuating yet generally strong performance metric. The ROE peaked at around 24.24% in January 2020, reflecting effective utilization of shareholder equity to generate profits. Following this peak, a decline is noticeable, with ROE descending to as low as 9.75% in January 2022. Subsequently, ROE regained strength, oscillating between 15% and over 23% through January 2025, indicating periods of improved profitability relative to equity. The data aligns with net income fluctuations and suggests the company’s profitability relative to shareholder equity is subject to periodic variability but remains generally healthy.
- Correlations and Insights
- The financial indicators together paint a picture of a company experiencing significant short-term profit volatility, likely influenced by external conditions such as economic cycles or extraordinary events. Despite fluctuations in net income, shareholders’ equity has grown steadily, demonstrating overall financial resilience. The ROE variations correspond with income changes, confirming profitability swings against equity base. Notably, periods of negative net income coincide with lower or missing ROE values, reflecting temporary financial setbacks. Nonetheless, the recovery in net income and ROE in following quarters suggests an ability to regain profitability effectively.
Return on Assets (ROA)
Walmart Inc., ROA 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 | |||||||||||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||||||||||
| ROA1 | |||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| ROA, 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
ROA = 100
× (Consolidated net income (loss) attributable to WalmartQ1 2026
+ Consolidated net income (loss) attributable to WalmartQ4 2025
+ Consolidated net income (loss) attributable to WalmartQ3 2025
+ Consolidated net income (loss) attributable to WalmartQ2 2025)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals several notable trends regarding profitability and asset management over the periods analyzed.
- Consolidated Net Income
- The consolidated net income attributable shows significant volatility with periodic fluctuations across quarters. There are quarters with severe dips into negative territory, notably in January 2021 and October 2022, reflecting losses rather than profits. However, positive rebounds often follow these downtrends, indicating recovery phases. The overall trend does not indicate consistent growth but rather cyclical swings which may be influenced by specific operational or market challenges in certain quarters. Notably, some recent quarters present strong earnings, suggesting periods of improved financial performance.
- Total Assets
- Total assets show a generally stable yet slightly upward trend over the analyzed timeframe. While occasional fluctuations occur, the asset base increases moderately, suggesting ongoing investment or acquisition activities. Despite periodic declines, the overall asset size remains in a relatively consistent range around 235 billion to 263 billion US dollars, reflecting stable asset management practices.
- Return on Assets (ROA)
- ROA, expressed as a percentage, exhibits a pattern of fluctuations that align somewhat with the net income volatility. The return on assets ranges approximately between 3.28% and 7.87%, indicating variations in how efficiently the company is generating profit from its asset base. Periods of lower ROA correspond to quarters with net losses or diminished earnings, whereas higher ROA values align with quarters showing stronger net income. The data suggests an overall capability to maintain ROA mostly above 5% in many periods, indicative of relatively effective asset utilization during profitable quarters.
In summary, the data suggests that the company experiences cyclical earnings performance with some volatility and occasional losses, but manages to maintain a solid asset base and a moderately effective use of assets to generate profits. The fluctuations in net income and ROA highlight periods of operational challenges as well as recovery phases. Strategic focus on stabilizing earnings and continuing prudent asset management could enhance financial stability further.