Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Walmart Inc., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 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 exhibits a generally stable trend with minor fluctuations. Starting at approximately 24.1% in the first available quarter of April 2020, the margin slightly decreased to a low near 23.43% in early 2023. Subsequently, it showed a gradual increase, reaching around 24.18% to 24.3% by late 2024 and early 2025. This indicates a relatively consistent level of profitability at the gross profit level, suggesting stable cost management relative to revenue.
- Operating Profit Margin
- The operating profit margin demonstrates more variability over the same period. Beginning close to 3.96% in April 2020, margins initially improved, peaking at about 4.57% in early 2022. This was followed by a decline to approximately 3.37% to 3.49% during 2022 and early 2023. Afterwards, the margin rebounded steadily, surpassing 4.3% by late 2024. These fluctuations may reflect changes in operating expenses, efficiency, or investment activity impacting operational profitability.
- Net Profit Margin
- The net profit margin shows considerable volatility throughout the quarters. Starting near 2.86% in early 2020, the margin increased to a peak above 3.6% in early 2020 but then declined significantly to a low near 1.41% by early 2022. The margin recovered to some extent afterward, fluctuating between approximately 1.5% and 3.1% through late 2024 and early 2025. The irregular pattern suggests variable influences from non-operating items, taxes, or extraordinary expenses affecting overall profitability.
- Return on Equity (ROE)
- ROE displays a cyclical but overall positive trend with considerable oscillations. Initially high at nearly 25% in early 2020, it declined sharply through 2021, reaching a low of around 9.75%. A recovery phase followed with ROE rising steadily back over 20% by late 2024. This variability in ROE may be attributable to fluctuations in net income and changes in shareholders’ equity, reflecting the company's profitability relative to equity investment over time.
- Return on Assets (ROA)
- ROA mirrors the pattern observed in ROE with notable ups and downs. Starting at approximately 7.87% in early 2020, it decreased to about 3.28% by early 2022. Following this trough, ROA improved steadily to around 7.88% by early 2025. These movements point to variations in asset utilization and net income generation, indicating the company’s efficiency in using assets to generate profit has varied but improved toward the most recent periods.
Return on Sales
Return on Investment
Gross Profit Margin
Walmart Inc., gross profit margin calculation (quarterly data)
| Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Gross profit | 42,979) | 39,678) | 42,658) | 40,663) | 40,957) | 38,507) | 40,089) | 38,256) | 38,430) | 35,720) | 37,320) | 35,856) | 35,543) | 33,441) | 36,003) | 34,184) | 34,688) | 33,887) | 35,724) | 33,413) | 34,135) | 31,646) | 32,860) | 31,081) | 31,465) | 29,915) | ||||||||
| Net sales | 175,750) | 163,981) | 178,830) | 168,003) | 167,767) | 159,938) | 171,914) | 159,439) | 160,280) | 151,004) | 162,743) | 151,469) | 151,381) | 140,288) | 151,525) | 139,207) | 139,871) | 137,159) | 150,985) | 133,752) | 136,824) | 133,672) | 140,608) | 126,981) | 129,388) | 122,949) | ||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||||||
| Gross profit margin1 | 24.18% | 24.16% | 24.13% | 24.00% | 23.94% | 23.83% | 23.73% | 23.64% | 23.55% | 23.43% | 23.46% | 23.68% | 23.90% | 24.23% | 24.44% | 24.41% | 24.51% | 24.55% | 24.30% | 24.24% | 24.11% | 23.94% | 24.10% | — | — | — | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | ||||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | — | 11.09% | 10.99% | 10.98% | 10.92% | 10.80% | 10.69% | 10.67% | 10.57% | 10.44% | 10.41% | 10.39% | 10.48% | 10.71% | 10.94% | 11.02% | 11.13% | 11.23% | 11.30% | 11.32% | 11.20% | 11.15% | 11.02% | 11.09% | ||||||||
| Target Corp. | 27.79% | 28.05% | 28.21% | 28.39% | 28.42% | 27.97% | 27.63% | 26.77% | 26.11% | 24.82% | 24.64% | 25.46% | 26.23% | 28.30% | 29.28% | 29.67% | 30.24% | 30.32% | 29.27% | 29.19% | 28.92% | 28.68% | 29.76% | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 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 Q2 2026 Calculation
Gross profit margin = 100
× (Gross profitQ2 2026
+ Gross profitQ1 2026
+ Gross profitQ4 2025
+ Gross profitQ3 2025)
÷ (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
= 100 × (42,979 + 39,678 + 42,658 + 40,663)
÷ (175,750 + 163,981 + 178,830 + 168,003)
= 24.18%
2 Click competitor name to see calculations.
The financial data indicates several notable trends in gross profit, net sales, and gross profit margin over the analyzed periods.
- Gross Profit
-
Gross profit demonstrates an overall upward trajectory from April 30, 2019, through July 31, 2025. Initial fluctuations are observed with values increasing from 29,915 million USD to around 35,724 million USD by January 31, 2021, followed by some variability but maintaining an upward slope. Peaks appear around January 31, 2024 (40,089 million USD) and continued elevated levels towards July 31, 2025 (42,979 million USD), signifying consistent growth in the company's gross earnings.
- Net Sales
-
Net sales exhibit a comparable upward pattern, starting at 122,949 million USD in April 2019 and increasing steadily throughout the timeline. Variations between quarters are present but the general progression is positive, reaching over 178,830 million USD by January 31, 2025. Some quarters, particularly in fiscal years 2020 and 2021, witness substantial increases aligning with the period following the initial economic impacts of the pandemic, suggesting strong recovery and growth in sales volume.
- Gross Profit Margin
-
The gross profit margin is reported from January 31, 2020, onward and remains relatively stable across the periods analyzed. Margins fluctuate mildly around the 23.4% to 24.6% range, exhibiting a slight but consistent increase over time. This stability amidst growing sales and gross profits implies effective cost control and pricing strategies, maintaining profitability levels despite external market pressures.
In summary, both gross profit and net sales show positive growth trends with some quarterly volatility, while the gross profit margin remains stable with a modest upward trend. This suggests the company has been successful in expanding its revenue base while maintaining efficiency in its cost structure over the analyzed periods.
Operating Profit Margin
Walmart Inc., operating profit margin calculation (quarterly data)
| Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Operating income | 7,286) | 7,135) | 7,859) | 6,708) | 7,940) | 6,841) | 7,254) | 6,202) | 7,316) | 6,240) | 5,561) | 2,695) | 6,854) | 5,318) | 5,887) | 5,792) | 7,354) | 6,909) | 5,487) | 5,778) | 6,059) | 5,224) | 5,322) | 4,718) | 5,583) | 4,945) | ||||||||
| Net sales | 175,750) | 163,981) | 178,830) | 168,003) | 167,767) | 159,938) | 171,914) | 159,439) | 160,280) | 151,004) | 162,743) | 151,469) | 151,381) | 140,288) | 151,525) | 139,207) | 139,871) | 137,159) | 150,985) | 133,752) | 136,824) | 133,672) | 140,608) | 126,981) | 129,388) | 122,949) | ||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||||||
| Operating profit margin1 | 4.22% | 4.37% | 4.35% | 4.31% | 4.28% | 4.24% | 4.20% | 4.00% | 3.49% | 3.46% | 3.37% | 3.49% | 4.10% | 4.27% | 4.57% | 4.50% | 4.54% | 4.34% | 4.06% | 4.11% | 3.96% | 3.93% | 3.96% | — | — | — | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | — | 3.82% | 3.76% | 3.74% | 3.72% | 3.63% | 3.48% | 3.46% | 3.41% | 3.39% | 3.45% | 3.46% | 3.50% | 3.55% | 3.61% | 3.50% | 3.49% | 3.48% | 3.36% | 3.43% | 3.33% | 3.16% | 3.17% | 3.21% | ||||||||
| Target Corp. | 5.13% | 5.42% | 5.22% | 5.54% | 5.70% | 5.32% | 5.31% | 4.68% | 4.36% | 3.51% | 3.53% | 4.40% | 5.35% | 7.40% | 8.44% | 8.41% | 8.58% | 8.60% | 6.99% | 6.66% | 5.87% | 4.98% | 5.96% | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 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 Q2 2026 Calculation
Operating profit margin = 100
× (Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025)
÷ (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
= 100 × (7,286 + 7,135 + 7,859 + 6,708)
÷ (175,750 + 163,981 + 178,830 + 168,003)
= 4.22%
2 Click competitor name to see calculations.
The available financial data presents trends in operating income, net sales, and operating profit margin over multiple quarters from April 2019 to July 2025. Several patterns and fluctuations can be observed across these metrics.
- Operating Income
- The operating income exhibits notable volatility throughout the quarters. Initial values start around $4,945 million in April 2019, rising to a peak of $7,354 million by July 2021. After this high point, there is a pronounced decline to $2,695 million in October 2022, possibly indicating a significant operational setback during this period.
- Following this trough, operating income recovers sharply, climbing back above $7,000 million by July 2024, with some fluctuation but generally maintaining elevated levels through to the latest period in July 2025. This pattern suggests resilience and effective management of operating activities after a temporary downturn.
- Net Sales
- Net sales demonstrate a steady upward trend over the observed periods. Starting from approximately $122,949 million in April 2019, sales gradually increase, surpassing $170,000 million by January 2024 and maintaining levels near $175,750 million by July 2025.
- The growth in sales is generally consistent despite some minor fluctuations, indicating a sustained expansion in revenue-generating activities across the quarters. This trend could reflect broader market demand growth or effective sales strategies, contributing positively to overall company performance.
- Operating Profit Margin
- The operating profit margin data, available from January 2020 onwards, shows minor but meaningful fluctuations. Starting near 3.96% in early 2020, the margin increases to a peak of approximately 4.57% by January 2022.
- Thereafter, the margin declines moderately to a low around 3.37% in July 2022, coinciding with the notable dip in operating income noted for October 2022. Following this low, the operating profit margin rebounded consistently, reaching above 4.3% from January 2024 through mid-2025.
- The pattern in margin performance aligns with the operating income trends, suggesting operational efficiency compression during the downturn and subsequent improvement through recovery phases.
In summary, the overall financial data reflects steady revenue growth accompanied by periods of volatility in operating income and profit margins. While an observable downturn in late 2022 impacted profitability, the subsequent quarters indicate a recovery and stabilization at improved levels of operating performance. These dynamics illustrate the company's capacity to navigate operational challenges while continuing to expand top-line revenues.
Net Profit Margin
Walmart Inc., net profit margin calculation (quarterly data)
| Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | 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 | 7,026) | 4,487) | 5,254) | 4,577) | 4,501) | 5,104) | 5,494) | 453) | 7,891) | 1,673) | 6,275) | (1,798) | 5,149) | 2,054) | 3,562) | 3,105) | 4,276) | 2,730) | (2,091) | 5,135) | 6,476) | 3,990) | 4,141) | 3,288) | 3,610) | 3,842) | ||||||||
| Net sales | 175,750) | 163,981) | 178,830) | 168,003) | 167,767) | 159,938) | 171,914) | 159,439) | 160,280) | 151,004) | 162,743) | 151,469) | 151,381) | 140,288) | 151,525) | 139,207) | 139,871) | 137,159) | 150,985) | 133,752) | 136,824) | 133,672) | 140,608) | 126,981) | 129,388) | 122,949) | ||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||||||
| Net profit margin1 | 3.11% | 2.77% | 2.88% | 2.95% | 2.36% | 2.91% | 2.41% | 2.57% | 2.24% | 1.83% | 1.93% | 1.51% | 2.38% | 2.28% | 2.41% | 1.41% | 1.79% | 2.19% | 2.43% | 3.62% | 3.33% | 2.83% | 2.86% | — | — | — | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | — | 2.97% | 2.94% | 2.98% | 2.95% | 2.88% | 2.78% | 2.70% | 2.65% | 2.60% | 2.63% | 2.59% | 2.62% | 2.65% | 2.67% | 2.59% | 2.61% | 2.58% | 2.48% | 2.55% | 2.45% | 2.36% | 2.44% | 2.47% | ||||||||
| Target Corp. | 3.72% | 3.95% | 3.84% | 4.06% | 4.18% | 3.87% | 3.85% | 3.40% | 3.12% | 2.49% | 2.55% | 3.17% | 3.92% | 5.48% | 6.55% | 6.56% | 6.29% | 6.30% | 4.67% | 4.31% | 4.16% | 3.46% | 4.20% | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 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 Q2 2026 Calculation
Net profit margin = 100
× (Consolidated net income (loss) attributable to WalmartQ2 2026
+ Consolidated net income (loss) attributable to WalmartQ1 2026
+ Consolidated net income (loss) attributable to WalmartQ4 2025
+ Consolidated net income (loss) attributable to WalmartQ3 2025)
÷ (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
= 100 × (7,026 + 4,487 + 5,254 + 4,577)
÷ (175,750 + 163,981 + 178,830 + 168,003)
= 3.11%
2 Click competitor name to see calculations.
The financial data over the analyzed periods reveals fluctuating performance trends across net income, net sales, and net profit margin.
- Consolidated Net Income (Loss) Attributable to Walmart (in US$ millions)
- The net income exhibits significant volatility, with periods of substantial gains alternating with notable losses. For example, the net income rose from 3,842 million in April 2019 to peak at 6,476 million in July 2020, before dropping to a loss of -2,091 million in January 2021. Thereafter, it rebounded to 6,275 million in January 2023 but again declined to lower levels such as 453 million in October 2023. The pattern indicates occasional sharp downturns interrupting generally positive income trends, suggesting episodic challenges or one-time impacts influencing profitability in certain quarters.
- Net Sales (in US$ millions)
- Net sales consistently increased over the period, showing a steady upward trend with minor short-term fluctuations. From 122,949 million in April 2019, net sales rose to 178,830 million by January 2025. This steady growth suggests expanding revenue generation, likely driven by sales volume increases or price adjustments. Short-term contractions, such as the dip from 140,608 million in January 2020 to 133,672 million in April 2020, appear isolated and temporary within an overall positive trajectory.
- Net Profit Margin (percentage)
- Net profit margin displayed modest variability while generally maintaining a positive range between approximately 1.4% and 3.6%. Early data is limited, but from April 2020 onward, margins fluctuated without a clear directional trend. Margins peaked around January 2020 at 3.62% and troughed near 1.41% in January 2022. These fluctuations might correlate with the swings in net income, implying that margin variability is influenced more by profitability shifts than by changes in sales levels alone.
Overall, the data reflects strong revenue growth with periodic disruptions impacting net income and profit margins. The volatility in net income, including intermittent losses, contrasts with the steady increase in net sales. This suggests that while the top line exhibits resilience and growth, profitability is susceptible to cyclical or extraordinary factors affecting costs, expenses, or market conditions during certain quarters.
Return on Equity (ROE)
Walmart Inc., ROE calculation (quarterly data)
| Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | 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 | 7,026) | 4,487) | 5,254) | 4,577) | 4,501) | 5,104) | 5,494) | 453) | 7,891) | 1,673) | 6,275) | (1,798) | 5,149) | 2,054) | 3,562) | 3,105) | 4,276) | 2,730) | (2,091) | 5,135) | 6,476) | 3,990) | 4,141) | 3,288) | 3,610) | 3,842) | ||||||||
| Total Walmart shareholders’ equity | 90,110) | 83,793) | 91,013) | 88,108) | 84,423) | 81,293) | 83,861) | 79,456) | 79,556) | 72,405) | 76,693) | 72,253) | 77,569) | 76,896) | 83,253) | 82,274) | 80,529) | 78,335) | 80,925) | 81,431) | 75,310) | 68,240) | 74,669) | 71,649) | 70,327) | 68,205) | ||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||||||
| ROE1 | 23.69% | 22.46% | 21.36% | 22.33% | 18.42% | 23.30% | 18.50% | 20.50% | 17.65% | 15.61% | 15.23% | 12.41% | 17.88% | 16.90% | 16.42% | 9.75% | 12.48% | 15.64% | 16.69% | 24.24% | 23.76% | 22.02% | 19.93% | — | — | — | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | — | 28.91% | 29.80% | 30.98% | 31.19% | 32.95% | 32.73% | 24.92% | 25.11% | 25.46% | 26.55% | 27.40% | 28.31% | 28.28% | 28.39% | 27.97% | 28.51% | 28.67% | 27.75% | 29.10% | 21.89% | 22.08% | 22.74% | 23.55% | ||||||||
| Target Corp. | 25.47% | 28.00% | 27.89% | 30.16% | 31.10% | 29.84% | 30.81% | 29.02% | 28.13% | 23.45% | 24.75% | 31.29% | 39.88% | 54.37% | 54.15% | 49.13% | 42.45% | 41.32% | 30.25% | 28.70% | 28.00% | 24.80% | 27.73% | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 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 Q2 2026 Calculation
ROE = 100
× (Consolidated net income (loss) attributable to WalmartQ2 2026
+ Consolidated net income (loss) attributable to WalmartQ1 2026
+ Consolidated net income (loss) attributable to WalmartQ4 2025
+ Consolidated net income (loss) attributable to WalmartQ3 2025)
÷ Total Walmart shareholders’ equity
= 100 × (7,026 + 4,487 + 5,254 + 4,577)
÷ 90,110 = 23.69%
2 Click competitor name to see calculations.
The analysis of the quarterly financial data over the presented periods reveals multiple fluctuations, particularly in net income and shareholders' equity, alongside variations in return on equity (ROE) percentages.
- Consolidated Net Income (Loss) Attributable to Walmart
- Net income demonstrates considerable volatility across the quarters. Initial values hovered between approximately $3.2 billion and $4.1 billion from April 2019 to January 2020, followed by a notable spike in July 2020 reaching about $6.5 billion. However, the trend includes sharp declines, highlighted by negative income reported in January 2021 (-$2.1 billion) and again in October 2022 (-$1.8 billion). After these troughs, net income recovered significantly, peaking close to $7.9 billion in October 2023. Recent quarters show persistent fluctuations but maintain positive territory with values generally ranging from roughly $4.5 billion to $7.0 billion.
- Total Walmart Shareholders' Equity
- Shareholders’ equity reflects a gradual upward trajectory with some intermittent declines. Starting from about $68.2 billion in April 2019, equity grew steadily, peaking near $83.3 billion by January 2022. Thereafter, a decrease ensued, declining to approximately $72.3 billion in April 2023. Following this period, equity resumed growth, reaching highs above $91.0 billion by January 2025. The underlying trend suggests overall strengthening of equity capital despite sporadic contractions, indicating periodic adjustments or perhaps dividend distributions or share repurchases.
- Return on Equity (ROE)
- ROE exhibits variations consistent with the fluctuations observed in net income and equity. From the available data starting in April 2020, ROE initially increased, exceeding 24% in January 2021. It then declined through much of 2021, reaching a low of under 10% in January 2022. Subsequent quarters demonstrate recovery with ROE rising back above 20% in some periods, notably peaking at 23.69% in January 2025. This pattern highlights cyclical profitability and efficient use of equity capital across the timeline, correlating with the income volatility.
In summary, the financial performance exhibits pronounced income volatility with intermittent losses, though the overall shareholders' equity displays a long-term increasing trend despite some decreases. ROE trends align with net income fluctuations, reflecting shifting profitability and capital efficiency over the quarters analyzed.
Return on Assets (ROA)
Walmart Inc., ROA calculation (quarterly data)
| Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Consolidated net income (loss) attributable to Walmart | 7,026) | 4,487) | 5,254) | 4,577) | 4,501) | 5,104) | 5,494) | 453) | 7,891) | 1,673) | 6,275) | (1,798) | 5,149) | 2,054) | 3,562) | 3,105) | 4,276) | 2,730) | (2,091) | 5,135) | 6,476) | 3,990) | 4,141) | 3,288) | 3,610) | 3,842) | ||||||||
| Total assets | 270,837) | 262,372) | 260,823) | 263,399) | 254,440) | 254,054) | 252,399) | 259,174) | 255,121) | 245,053) | 243,197) | 247,656) | 247,199) | 246,142) | 244,860) | 244,851) | 238,552) | 236,581) | 252,496) | 250,863) | 237,382) | 232,892) | 236,495) | 239,830) | 234,861) | 234,544) | ||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||||||
| ROA1 | 7.88% | 7.17% | 7.45% | 7.47% | 6.11% | 7.46% | 6.15% | 6.29% | 5.50% | 4.61% | 4.80% | 3.62% | 5.61% | 5.28% | 5.58% | 3.28% | 4.21% | 5.18% | 5.35% | 7.87% | 7.54% | 6.45% | 6.29% | — | — | — | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | — | 10.39% | 10.41% | 10.32% | 10.55% | 10.56% | 10.24% | 8.84% | 9.12% | 8.99% | 9.05% | 8.91% | 9.11% | 8.84% | 8.74% | 8.05% | 8.45% | 8.25% | 7.91% | 7.18% | 7.20% | 7.17% | 7.74% | 7.26% | ||||||||
| Target Corp. | 6.79% | 7.45% | 7.08% | 7.47% | 8.01% | 7.49% | 7.48% | 6.46% | 6.34% | 5.22% | 5.21% | 6.20% | 8.05% | 11.52% | 12.91% | 12.46% | 12.28% | 12.25% | 8.52% | 7.54% | 7.34% | 6.18% | 7.67% | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 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 Q2 2026 Calculation
ROA = 100
× (Consolidated net income (loss) attributable to WalmartQ2 2026
+ Consolidated net income (loss) attributable to WalmartQ1 2026
+ Consolidated net income (loss) attributable to WalmartQ4 2025
+ Consolidated net income (loss) attributable to WalmartQ3 2025)
÷ Total assets
= 100 × (7,026 + 4,487 + 5,254 + 4,577)
÷ 270,837 = 7.88%
2 Click competitor name to see calculations.
The data reveals fluctuations in consolidated net income attributable to the company over the observed periods. Initially, net income experienced moderate variability, ranging between approximately 3,000 to 4,000 million USD. A significant spike occurred in mid-2020, reaching a peak around 6,476 million USD, followed by a brief sharp decline into negative territory in early 2021. Subsequent periods show recovery with oscillations, including multiple peaks above 5,000 million USD and intermittent declines below that level. The most recent data reflects another considerable increase, nearing 7,000 million USD, indicating potential cyclical or seasonal influences on profitability.
Total assets display a generally upward trend throughout the time frame. Starting from approximately 234,544 million USD, assets experienced incremental growth with some minor fluctuations. The overall increase led to total assets surpassing 270,000 million USD by early 2025. This gradual accumulation of assets suggests ongoing investment or expansion activities despite short-term variances.
Return on assets (ROA) percentages, available from early 2020 onward, show a degree of variability with values ranging from about 3.28% to nearly 7.9%. There is an observable dip in ROA in early 2021, consistent with the noted negative net income period, indicating reduced asset profitability during that quarter. Following this low point, ROA recovered and stabilized somewhat, generally maintaining a range between 5% and 7%, suggesting improved efficiency in generating earnings from assets over time.
- Consolidated net income trends
- Marked by fluctuations with notable peaks and troughs, including a significant peak in mid-2020 and dips into negative territory in early 2021 and late 2022, followed by recovery and growth toward early 2025.
- Total assets progression
- Gradual growth over the period, moving from approximately 234 billion to over 270 billion USD, showing consistent asset base expansion despite short-term variability.
- Return on assets (ROA) dynamics
- ROA displays correlation with net income trends, with lower percentages during negative income quarters and subsequent recovery. It generally stabilizes within a moderate range, highlighting effective asset utilization post-2021 dip.