Analysis of Reportable Segments
Walmart Inc. operates in 3 segments: Walmart U.S.; Walmart International; and Sam’s Club U.S..
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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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Segment Profit Margin
Walmart Inc., profit margin by reportable segment
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | |
|---|---|---|---|---|---|---|
| Walmart U.S. | ||||||
| Walmart International | ||||||
| Sam’s Club U.S. |
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
- Walmart U.S. Profit Margin
- The profit margin for Walmart U.S. exhibited a general upward trend from 5.1% in 2020 to a peak of 5.49% in 2022. However, there was a noticeable decline to 4.9% in 2023, followed by a moderate recovery to 5.16% in 2025. This indicates some variability with a slight overall increase over the six-year period.
- Walmart International Profit Margin
- The international segment displayed a consistent improvement in profit margin over the years. Starting at 2.81% in 2020, the margin rose steadily each year except for a minor dip in 2023 to 2.94%. Subsequently, the margin improved significantly, reaching 4.51% by 2025. This trend suggests effective growth and increasing profitability in international markets.
- Sam’s Club U.S. Profit Margin
- The profit margin of Sam’s Club U.S. steadily increased from 2.79% in 2020 to 3.07% in 2022. This was followed by a marked decline to 2.33% in 2023, with a gradual rebound to 2.66% by 2025. Despite fluctuations, the margin shows a slight overall positive trajectory but with greater volatility compared to other segments.
- Overall Observations
- Across all segments, there is evidence of growth in profit margins over the six-year period, albeit with varying degrees of fluctuation. The international segment demonstrated the most consistent and significant improvement, while Walmart U.S. and Sam’s Club U.S. experienced more pronounced variability, particularly notable declines in 2023 followed by recoveries. These patterns may reflect segment-specific challenges and opportunities impacting profitability.
Segment Profit Margin: Walmart U.S.
Walmart Inc.; Walmart U.S.; segment profit margin calculation
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income (loss) | ||||||
| Net sales | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
1 2025 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Net sales
= 100 × ÷ =
The analysis of the Walmart U.S. reportable segment reveals a generally positive performance trajectory over the specified period.
- Net Sales
- The net sales exhibit a consistent upward trend from January 31, 2020, to January 31, 2025. The figures increased steadily from $341,004 million in 2020 to $462,415 million in 2025, indicating sustained growth in revenue generation within this segment over the six-year span.
- Operating Income (Loss)
- Operating income followed an overall increasing pattern analogous to net sales. It rose from $17,380 million in 2020 to $23,882 million in 2025, with a slight decline noted in 2023 when the operating income decreased to $20,620 million from $21,587 million in 2022. The recovery in 2024 and 2025 suggests resilience and improved operational efficiency post the downturn in 2023.
- Segment Profit Margin
- The segment profit margin percentage displayed minor fluctuations throughout the reporting periods. Beginning at 5.10% in 2020, it peaked at 5.49% in 2022 but declined to 4.90% in 2023, before gradually improving again to 5.16% by 2025. This variability in margin reflects changes in cost structure, pricing strategies, or operational effectiveness but generally remained above 4.9%, indicating relatively stable profitability relative to sales.
In summary, the Walmart U.S. segment demonstrated sustained revenue growth alongside improving operating income, despite a temporary decline in 2023. Profit margins experienced slight fluctuations but maintained stability, supporting the conclusion that operational performance remained solid throughout the period.
Segment Profit Margin: Walmart International
Walmart Inc.; Walmart International; segment profit margin calculation
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income (loss) | ||||||
| Net sales | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
1 2025 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Net sales
= 100 × ÷ =
- Operating Income (Loss)
- The operating income exhibited a generally positive trend from January 31, 2020, to January 31, 2025. Starting at $3,370 million in 2020, it increased to a peak of $3,758 million in 2022 before experiencing a decline to $2,965 million in 2023. After this dip, the operating income rebounded significantly to $4,909 million in 2024 and further increased to $5,501 million in 2025. This pattern suggests a temporary slowdown in profitability in 2023 followed by strong recovery and growth in subsequent years.
- Net Sales
- Net sales showed variability over the period. Beginning at $120,130 million in 2020, the figure increased slightly to $121,360 million in 2021. This was followed by a notable decline to approximately $101,000 million in both 2022 and 2023. Net sales then experienced a robust recovery, rising to $114,641 million in 2024 and reaching $121,885 million by 2025, nearly returning to the levels observed in 2020 and 2021. This fluctuation indicates challenges impacting sales during 2022 and 2023, with a strong rebound thereafter.
- Segment Profit Margin
- The segment profit margin demonstrated an upward trend overall. It increased from 2.81% in 2020 to 3.02% in 2021, then to 3.72% in 2022. Despite a slight decline to 2.94% in 2023, the margin improved significantly to 4.28% in 2024 and further to 4.51% in 2025. This indicates enhanced profitability efficiency within the segment, especially in the latter years, despite some volatility around 2023.
- Summary
- In summary, the segment experienced fluctuations in both net sales and operating income around the middle of the reporting period, specifically in 2022 and 2023. However, the latter period, 2024 and 2025, showed notable recovery and strong growth in operating income and profit margins, alongside a rebound in net sales. The improvement in profit margins suggests better cost management or pricing strategies contributing to enhanced profitability despite earlier sales challenges.
Segment Profit Margin: Sam’s Club U.S.
Walmart Inc.; Sam’s Club U.S.; segment profit margin calculation
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income (loss) | ||||||
| Net sales | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
1 2025 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Net sales
= 100 × ÷ =
- Net Sales
- The net sales exhibit a consistent upward trend over the analyzed period. Starting from approximately $58.8 billion in early 2020, sales increased steadily each year, reaching about $90.2 billion by early 2025. This reflects a strong growth trajectory with no interruptions or declines, suggesting successful revenue generation and expansion within the segment.
- Operating Income
- Operating income follows a generally increasing pattern, rising from $1.642 billion in early 2020 to $2.404 billion by early 2025. However, there is a noticeable dip in the year ending January 2023 when operating income decreased from $2.259 billion the previous year to $1.964 billion. After this decline, income recovered and improved significantly in the subsequent years. This fluctuation may indicate a temporary increase in costs or other operational challenges during that period.
- Segment Profit Margin
- The segment profit margin shows some variability but generally remains within the range of 2.33% to 3.07%. Peak margin occurs in early 2022 at just over 3%, followed by a decline to 2.33% in early 2023, coinciding with the dip in operating income. Afterward, the margin recovers moderately, reaching approximately 2.66% by early 2025. The fluctuations suggest that while profitability remains positive, margin pressures occurred in the 2023 period, possibly from rising costs or pricing pressures, but the segment managed a rebound afterwards.
- Overall Analysis
- The data reflects robust sales growth with increasing operating income and profit margins demonstrating overall financial health. Temporary margin and income pressures observed in early 2023 highlight some operational or market challenges but do not detract from the positive long-term performance trend. The segment’s ability to regain profitability and continue growth indicates effective management and resilience in a dynamic business environment.
Segment Return on Assets (Segment ROA)
Walmart Inc., ROA by reportable segment
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | |
|---|---|---|---|---|---|---|
| Walmart U.S. | ||||||
| Walmart International | ||||||
| Sam’s Club U.S. |
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
- Walmart U.S.
- The ROA for Walmart U.S. demonstrated a generally stable performance over the analyzed periods, beginning at 15.75% in early 2020 and peaking at 17.26% in early 2022. However, a decline followed, with values decreasing to 15.78% by early 2023. Subsequent years showed moderate fluctuations, with ROA holding near the 16% mark but slightly tapering to 15.92% by early 2025. This indicates a slight cyclical behavior but overall maintains a robust asset profitability close to the initial levels.
- Walmart International
- Walmart International's ROA exhibited a notable upward trajectory throughout the period. Starting from a relatively low base of 3.18% in early 2020, the figure progressed steadily, with a minor dip to 3.42% in early 2023. Afterward, a marked acceleration is observed, reaching 5.7% in early 2024 and further improving to 6.87% by early 2025. This trend suggests significant enhancements in asset efficiency or profitability within the international segment, reflecting successful operational developments or market conditions abroad.
- Sam’s Club U.S.
- The ROA for Sam’s Club U.S. rose impressively from 12.17% in early 2020 to 15.39% by early 2022, indicating improved asset utilization and earnings generation. Following this peak, a decline occurred in early 2023, with the ROA dropping to 12.68%, signaling a potential operational or market-related challenge. Nevertheless, the segment rebounded steadily in subsequent years, climbing to 13.98% in early 2024 and achieving 14.26% by early 2025. This recovery points to efficiency gains or favorable market adjustments contributing to asset profitability.
Segment ROA: Walmart U.S.
Walmart Inc.; Walmart U.S.; segment ROA calculation
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income (loss) | ||||||
| Total assets | ||||||
| Segment Profitability Ratio | ||||||
| Segment ROA1 | ||||||
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
1 2025 Calculation
Segment ROA = 100 × Operating income (loss) ÷ Total assets
= 100 × ÷ =
- Operating Income (Loss)
- The operating income has demonstrated a generally positive trend over the reviewed periods from January 31, 2020, to January 31, 2025. Starting at $17,380 million in 2020, it increased consistently until reaching $21,587 million in 2022. There was a slight decline in 2023 to $20,620 million; however, the figure rebounded in subsequent years to $22,154 million in 2024 and further to $23,882 million in 2025. This overall upward movement indicates a strengthening profitability at the segment level despite minor fluctuations.
- Total Assets
- Total assets show a steady and robust increase throughout the six-year period. Assets rose from $110,353 million in 2020 to $150,006 million in 2025, reflecting ongoing investment and growth activities. The asset base expanded each year without any decrease, signifying a sustained capital allocation and resource growth aligned with business operations.
- Segment Return on Assets (ROA)
- The segment ROA exhibited a fluctuating pattern within a relatively narrow range. Beginning at 15.75% in 2020, ROA climbed to a peak of 17.26% in 2022, indicating improved efficiency in generating earnings from assets. Subsequently, there was a decrease to 15.78% in 2023, followed by a slight recovery to 16.08% in 2024 and a marginal decline to 15.92% in 2025. Despite these fluctuations, the ROA remained relatively stable around the 16% mark, suggesting consistent asset utilization performance over the period.
Segment ROA: Walmart International
Walmart Inc.; Walmart International; segment ROA calculation
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income (loss) | ||||||
| Total assets | ||||||
| Segment Profitability Ratio | ||||||
| Segment ROA1 | ||||||
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
1 2025 Calculation
Segment ROA = 100 × Operating income (loss) ÷ Total assets
= 100 × ÷ =
The data on the Walmart International segment reveals notable trends in financial performance and asset utilization over the six-year period.
- Operating Income
- Operating income exhibited a generally increasing trend from 2020 through 2025, beginning at $3,370 million in 2020 and rising to $5,501 million in 2025. There was steady growth in the initial years with a slight decline observed in 2023 to $2,965 million. However, this was followed by a significant recovery and notable increase in 2024 and 2025.
- Total Assets
- Total assets peaked in 2021 at approximately $109.4 billion and subsequently declined each year, reaching $80.0 billion by 2025. This consistent reduction in assets suggests a strategic contraction or optimization of asset base within the segment.
- Segment Return on Assets (ROA)
- Segment ROA showed a positive upward trajectory overall, starting at 3.18% in 2020 and increasing to 6.87% in 2025. Despite a dip in 2023 to 3.42%, the ROA improved sharply in the last two years. This improvement indicates enhanced efficiency in utilizing assets to generate operating income, especially after the period of declining assets.
Overall, the Walmart International segment demonstrates growing profitability supported by improving asset efficiency amidst a declining asset base. The decline in total assets alongside rising operating income and ROA indicates potential strategic focus on higher margin activities or divestiture of lower-performing assets. The dip in 2023’s operating income corresponds with a slight decrease in ROA, suggesting temporary operational challenges during that year, which were effectively addressed in subsequent periods.
Segment ROA: Sam’s Club U.S.
Walmart Inc.; Sam’s Club U.S.; segment ROA calculation
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income (loss) | ||||||
| Total assets | ||||||
| Segment Profitability Ratio | ||||||
| Segment ROA1 | ||||||
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
1 2025 Calculation
Segment ROA = 100 × Operating income (loss) ÷ Total assets
= 100 × ÷ =
- Operating Income (Loss)
- The operating income for the segment exhibited a generally upward trend over the six-year period. Starting at $1,642 million in 2020, it increased to $1,906 million in 2021 and further to $2,259 million in 2022. There was a slight decline in 2023, dropping to $1,964 million, but the figure rebounded in the following years, reaching $2,192 million in 2024 and further climbing to $2,404 million in 2025. This pattern suggests resilience and recovery after a minor downturn.
- Total Assets
- Total assets showed a consistent growth trajectory throughout the period. Beginning at $13,494 million in 2020, the assets remained relatively stable into 2021 at $13,415 million but then increased steadily each year. By 2022 the assets were $14,678 million, rising to $15,490 million in 2023, $15,682 million in 2024, and reaching $16,862 million by 2025. This continuous asset growth indicates ongoing investment and possibly expansion within the segment.
- Segment Return on Assets (ROA)
- The segment ROA followed a similar general upward trend with some fluctuations. Starting at 12.17% in 2020, it increased to 14.21% in 2021 and peaked at 15.39% in 2022. However, in 2023, ROA declined to 12.68% before recovering to 13.98% in 2024 and slightly increasing again to 14.26% in 2025. These variations in ROA mirror the fluctuations observed in operating income, indicating that profitability relative to assets improved steadily over most of the period with a temporary dip in 2023.
Segment Asset Turnover
Walmart Inc., asset turnover by reportable segment
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | |
|---|---|---|---|---|---|---|
| Walmart U.S. | ||||||
| Walmart International | ||||||
| Sam’s Club U.S. |
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
The data on annual reportable segment asset turnover ratios reveals distinct trends across the three segments over the six-year period.
- Walmart U.S.
- The asset turnover ratio for this segment exhibits minor fluctuations within a relatively narrow range. The ratio begins at 3.09 in 2020, increases to 3.26 in 2021, then slightly declines to 3.14 in 2022. Following this, there is a modest uptick to 3.22 in 2023, before a slight decline to 3.21 in 2024, and further decreases to 3.08 in 2025. Overall, the ratio remains close to the 3.1-3.3 range, indicating stable efficiency in utilizing assets to generate revenue, without major changes in turnover performance.
- Walmart International
- This segment shows a generally upward trajectory in asset turnover over the time frame. Starting at 1.14 in 2020, the ratio experiences a gradual decline through 2022, hitting a low of 1.10, followed by a recovery and acceleration upward to 1.16 in 2023. The increase becomes more pronounced thereafter, reaching 1.33 in 2024 and further rising to 1.52 in 2025. This emerging trend suggests improving asset utilization efficiency in the international operations segment, with increasing revenue generated per unit of assets.
- Sam’s Club U.S.
- This segment displays a strong and consistent growth pattern in asset turnover. Beginning at 4.36 in 2020, the ratio increases steadily each year, peaking at 5.50 in 2024 before experiencing a slight decline to 5.35 in 2025. Despite this small dip at the end, the overall trend indicates significant improvements in the efficiency with which assets generate sales within this segment, positioning it as the most asset-efficient among the three segments throughout the period.
In summary, the Walmart U.S. segment maintains relative stability in asset turnover without marked improvement, while Walmart International shows a clear positive trend after initial stagnation. Sam’s Club U.S. demonstrates the most robust increase in asset turnover, indicating enhanced operational efficiency over time within that segment.
Segment Asset Turnover: Walmart U.S.
Walmart Inc.; Walmart U.S.; segment asset turnover calculation
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | ||||||
| Total assets | ||||||
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | ||||||
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
1 2025 Calculation
Segment asset turnover = Net sales ÷ Total assets
= ÷ =
The data reveals several key trends regarding the Walmart U.S. reportable segment over the six-year period ending January 31, 2025. Net sales have demonstrated a consistent upward trajectory, increasing from $341,004 million in 2020 to $462,415 million in 2025. This steady growth indicates expanding revenue generation capabilities within the segment.
Total assets have also increased over the same period, rising from $110,353 million in 2020 to $150,006 million in 2025. This growth in asset base suggests ongoing investments and expansion efforts, which may support future sales growth and operational capacity.
Regarding asset efficiency, the segment asset turnover ratio shows some variability but remains relatively stable across the years. The ratio started at 3.09 in 2020, peaked at 3.26 in 2021, and then experienced minor fluctuations, resulting in 3.08 by 2025. This measure suggests that despite the increase in total assets, the efficiency at which the segment uses its assets to generate sales has remained consistent and relatively efficient throughout the period.
- Net Sales
- Displayed a steady increase annually without any declines, reflecting consistent revenue growth.
- Total Assets
- Showed a continuous compounding increase, implying ongoing asset accumulation possibly linked to expansion or modernization.
- Segment Asset Turnover
- Remained stable with slight variations, indicating maintained asset utilization efficiency despite growing asset investments.
Segment Asset Turnover: Walmart International
Walmart Inc.; Walmart International; segment asset turnover calculation
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | ||||||
| Total assets | ||||||
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | ||||||
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
1 2025 Calculation
Segment asset turnover = Net sales ÷ Total assets
= ÷ =
- Net Sales
- Net sales exhibited a fluctuating pattern over the periods analyzed. Beginning at $120,130 million in 2020, sales increased slightly to $121,360 million in 2021 before experiencing a notable decline to $100,959 million in 2022. The sales figure remained relatively stable in 2023 at $100,983 million, followed by a recovery and upward trend in 2024 and 2025, reaching $114,641 million and $121,885 million respectively.
- Total Assets
- Total assets showed a consistent decreasing trend throughout the period. Assets started at $105,811 million in 2020 and decreased steadily each year to reach $80,016 million by 2025. This reduction indicates a contraction in asset base over the six-year period.
- Segment Asset Turnover
- The segment asset turnover ratio demonstrated a generally positive trend, indicating improved efficiency in the use of assets to generate sales. The ratio decreased slightly from 1.14 in 2020 to 1.10 in 2022, but then increased significantly to 1.16 in 2023 and continued rising to 1.33 and 1.52 in 2024 and 2025 respectively. This suggests better utilization of assets despite the declining asset base.
- Summary of Trends and Insights
- Overall, the data reflects a scenario where sales faced some volatility, with a dip during the middle years followed by a recovery towards the end of the period. Concurrently, the total asset base contracted steadily, yet the efficiency ratio improved markedly, implying stronger asset management or strategic shifts that enhanced sales generation relative to asset size. This combination indicates an emphasis on asset optimization amid variable market conditions.
Segment Asset Turnover: Sam’s Club U.S.
Walmart Inc.; Sam’s Club U.S.; segment asset turnover calculation
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | ||||||
| Total assets | ||||||
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | ||||||
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
1 2025 Calculation
Segment asset turnover = Net sales ÷ Total assets
= ÷ =
- Net Sales
- Net sales exhibited a consistent upward trajectory over the analyzed period, increasing from $58,792 million in 2020 to $90,238 million in 2025. This growth reflects a strengthening revenue base, with particularly notable increments between 2021 and 2023. Although growth continued in subsequent years, the pace of increase appears to moderate slightly toward the end of the period.
- Total Assets
- Total assets showed a gradual rise overall, starting from $13,494 million in 2020 and reaching $16,862 million in 2025. While there was a minor decline between 2020 and 2021, asset levels resumed growth from 2022 onward. This suggests ongoing investment or asset acquisition to support expanding operations, with incremental increases each subsequent year.
- Segment Asset Turnover
- The segment asset turnover ratio demonstrates an improving efficiency in asset utilization over the period from 4.36 in 2020 to a peak of 5.5 in 2024, followed by a slight decline to 5.35 in 2025. This indicates that the segment generated increasing sales per dollar of asset investment, reflecting enhanced operational productivity and perhaps effective asset management, even as the asset base grew.
- Overall Insights
- The data reveals a positive trend of growth in net sales accompanied by a moderate increase in total assets, with the asset turnover ratio improving concurrently. This combination suggests that the segment managed to increase sales at a faster rate than asset growth, thereby improving efficiency. The slight decrease in asset turnover at the end of the period may warrant monitoring but does not significantly detract from the generally favorable performance trends observed.
Segment Capital Expenditures to Depreciation
Walmart Inc., capital expenditures to depreciation by reportable segment
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | |
|---|---|---|---|---|---|---|
| Walmart U.S. | ||||||
| Walmart International | ||||||
| Sam’s Club U.S. |
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
- Capital Expenditures to Depreciation Ratio Trends
- Over the six-year period from 2020 to 2025, the capital expenditures to depreciation ratios for the three reportable segments exhibit distinct upward trends, indicating increased investment relative to depreciation.
- Walmart U.S.
- The ratio starts at 0.99 in 2020 and experiences a slight decline to 0.93 in 2021. Following this, there is a consistent and significant increase each year, reaching 1.25 in 2022, 1.62 in 2023, then progressing to 1.81 in 2024 and 1.93 in 2025. This suggests a growing focus on capital expenditure investments compared to the depreciation expense, with a sharper acceleration beginning in 2022.
- Walmart International
- The international segment displays a similar initial decline from 1.04 in 2020 to 0.93 in 2021. Subsequently, the ratio rises steadily, reaching 1.27 in 2022 and increasing moderately to 1.34 in 2023. From 2023 through 2025, the growth rate slows somewhat, moving incrementally to 1.35 in 2024 and 1.41 in 2025. This pattern reflects a moderate but consistent increase in capital expenditures relative to depreciation, with less volatility compared to the U.S. segment.
- Sam’s Club U.S.
- This segment begins with the lowest ratio among the three at 0.87 in 2020 and declines slightly to 0.81 in 2021. From 2022 onward, notable growth is observed: 1.03 in 2022, then jumping to 1.19 in 2023. The increase becomes more pronounced in the last two years, reaching 1.62 in 2024 and 1.72 in 2025. The accelerating upward trend suggests increased capital expenditure commitments relative to depreciation, with a pace faster than Walmart International but slightly slower than Walmart U.S.
- General Observations
- Across all segments, the capital expenditures to depreciation ratio was lowest in 2021, after which all segments show a clear and sustained upward trajectory through 2025. The investments relative to depreciation expense have intensified, especially pronounced in Walmart U.S. and Sam’s Club U.S. These patterns suggest strategic capital investments aimed at renewing or expanding asset bases, potentially indicating a phase of growth or modernization. The slower growth in the international segment may reflect different market conditions or investment priorities.
Segment Capital Expenditures to Depreciation: Walmart U.S.
Walmart Inc.; Walmart U.S.; segment capital expenditures to depreciation calculation
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Capital expenditures | ||||||
| Depreciation and amortization | ||||||
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | ||||||
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
1 2025 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
The data reflects the financial activity related to capital expenditures, depreciation and amortization, and their ratio for the Walmart U.S. segment over a six-year period ending January 31, 2025.
- Capital Expenditures
- Capital expenditures exhibited a consistent upward trend throughout the analyzed period. Starting from $6,315 million in 2020, there was a decline in 2021 to $6,131 million, followed by a substantial increase in subsequent years, reaching $16,466 million in 2025. This represents a cumulative growth of more than 160% from the starting figure in 2020 to 2025, indicating a significant investment in the segment’s fixed assets.
- Depreciation and Amortization
- Depreciation and amortization expenses increased steadily year-over-year from $6,408 million in 2020 to $8,549 million in 2025. The growth is more moderate compared to capital expenditures, with a rise of approximately 33% over the six years. This suggests an increasing asset base being depreciated but at a slower growth rate than the investment in new assets.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation and amortization began below parity at 0.99 in 2020 and decreased slightly to 0.93 in 2021, indicating a period where depreciation slightly outpaced spending on new assets. Thereafter, the ratio increased sharply each year, reaching 1.93 in 2025. This trend indicates that capital expenditures increasingly exceeded depreciation expenses, suggesting accelerated asset acquisition and expansion relative to the existing asset base being depreciated.
Overall, the data reveals a strategic emphasis on expanding and upgrading the Walmart U.S. segment’s physical infrastructure, as demonstrated by rising capital investments outpacing the growth in depreciation. This aggressive reinvestment can be interpreted as a focus on long-term capacity enhancement and modernization initiatives within the segment.
Segment Capital Expenditures to Depreciation: Walmart International
Walmart Inc.; Walmart International; segment capital expenditures to depreciation calculation
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Capital expenditures | ||||||
| Depreciation and amortization | ||||||
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | ||||||
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
1 2025 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
The analysis of the Walmart International segment over the six-year period reveals several notable trends related to capital expenditures and depreciation metrics.
- Capital Expenditures
- Capital expenditures demonstrate a generally increasing trend, rising from $2,801 million in 2020 to $3,178 million in 2025. Despite a dip observed in 2021 to $2,436 million, capital spending rebounded and progressively increased in subsequent years, reflecting heightened investment activity in the segment.
- Depreciation and Amortization
- The depreciation and amortization expense shows a declining pattern from $2,682 million in 2020 to $1,963 million in 2022, after which it stabilizes somewhat before increasing moderately to $2,260 million in 2025. The initial drop followed by a mild recovery suggests changes in asset base age or composition, possibly reflecting cost management or asset retirements.
- Segment Capital Expenditures to Depreciation Ratio
- This ratio, which compares capital expenditures to depreciation, rises notably from 1.04 in 2020 to 1.41 in 2025. The upward trajectory indicates that capital investments are growing at a faster pace than the depreciation expense, suggesting an expanding asset base or increased reinvestment intensity within the segment over time.
Overall, the data indicates an escalation in capital investment coupled with relatively slower growth in depreciation charges, which implies an expansion phase and potential modernization or scaling of the asset infrastructure within the Walmart International segment. This trend could affect future profitability and operational capacity, warranting continued monitoring.
Segment Capital Expenditures to Depreciation: Sam’s Club U.S.
Walmart Inc.; Sam’s Club U.S.; segment capital expenditures to depreciation calculation
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Capital expenditures | ||||||
| Depreciation and amortization | ||||||
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | ||||||
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
1 2025 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
- Capital expenditures
- There is a clear upward trend in capital expenditures over the six-year period. Starting from $525 million in January 2020, the expenditures decreased slightly to $488 million in January 2021, but subsequently increased each year, reaching $1,212 million by January 2025. The increase is particularly sharp after January 2022, with nearly doubling observed between January 2022 and January 2025.
- Depreciation and amortization
- This expense remained relatively stable throughout the period, with values ranging from $599 million to $706 million. Although minor fluctuations are observed, the overall trend shows a gradual increase from $605 million in January 2020 to $706 million in January 2025.
- Segment capital expenditures to depreciation ratio
- The ratio experienced a significant rise over the period. Initially, this ratio was below 1.0 in the first two years (0.87 and 0.81), indicating that capital expenditures were less than depreciation expenses. From January 2022 onward, the ratio rose above 1.0, suggesting investments started to exceed the depreciating assets. This upward trend intensified, reaching 1.72 by January 2025, reflecting an increasingly aggressive capital investment strategy relative to asset wear and tear.
- Summary Insights
- The data indicates a strategic shift towards increased investment in assets within the segment, particularly evident after 2021. While depreciation and amortization expenses show only slight growth, capital expenditures have surged significantly, implying expansion, modernization, or enhancement initiatives. The rising capital expenditures to depreciation ratio supports this notion by revealing that asset additions outpace asset consumption, potentially positioning the segment for future growth and increased capacity.
Net sales
Walmart Inc., net sales by reportable segment
US$ in millions
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | |
|---|---|---|---|---|---|---|
| Walmart U.S. | ||||||
| Walmart International | ||||||
| Sam’s Club U.S. | ||||||
| Consolidated |
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
- Walmart U.S. Net Sales
- The net sales for Walmart U.S. show a consistent upward trend over the periods analyzed, increasing every year from 341,004 million USD in 2020 to 462,415 million USD in 2025. This indicates steady growth in the domestic segment with notable year-over-year increases, reflecting strong demand or expanded operations within the U.S. market.
- Walmart International Net Sales
- The Walmart International segment presents a more variable pattern. The sales figures were relatively stable between 2020 and 2021 but then experienced a significant decrease in 2022 and 2023, dropping from 121,360 million USD in 2021 to approximately 100,959 and 100,983 million USD respectively. However, a recovery phase is observed starting from 2024, with sales increasing to 114,641 million USD and continuing upward to 121,885 million USD by 2025. This suggests temporary challenges or restructuring efforts in the international market, followed by a rebound.
- Sam’s Club U.S. Net Sales
- The Sam’s Club U.S. segment exhibits a strong and consistent growth trend throughout the period. Sales grow from 58,792 million USD in 2020 to 90,238 million USD in 2025. The growth rate appears robust year-over-year, indicating expanding market penetration or increased consumer spending within this division.
- Consolidated Net Sales
- The consolidated net sales aggregate these segments and show a clear upward progression from 519,926 million USD in 2020 to 674,538 million USD in 2025. The steady increase aligns with the trends in the Walmart U.S. and Sam’s Club U.S. segments, while the temporary dip and recovery in international sales have a lesser impact on the overall consolidation. This indicates that overall company sales performance is strong, driven primarily by domestic growth and the Sam’s Club segment.
Operating income (loss)
Walmart Inc., operating income (loss) by reportable segment
US$ in millions
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | |
|---|---|---|---|---|---|---|
| Walmart U.S. | ||||||
| Walmart International | ||||||
| Sam’s Club U.S. | ||||||
| Corporate and support | ||||||
| Consolidated |
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
The financial data reveals distinct trends across the company’s reportable segments and consolidated operating income over six fiscal years.
- Walmart U.S.
- The Walmart U.S. segment exhibited a generally upward trend in operating income from 2020 through 2025. Starting at US$17,380 million in 2020, the operating income increased steadily each year, with a slight dip in 2023 to US$20,620 million before resuming growth to US$23,882 million in 2025. This indicates consistent performance improvement with minor volatility in 2023.
- Walmart International
- Operating income for Walmart International showed modest growth initially, rising from US$3,370 million in 2020 to US$3,758 million in 2022, followed by a notable decline to US$2,965 million in 2023. The segment then experienced a sharp recovery and strong growth in the subsequent years, reaching US$5,501 million by 2025. This pattern suggests external factors or market challenges in 2023 that were effectively addressed, leading to a significant rebound.
- Sam’s Club U.S.
- Sam’s Club U.S. segment demonstrated consistent growth in operating income from US$1,642 million in 2020 to US$2,404 million in 2025. The segment showed a steady increase each year, except for a decrease in 2023 to US$1,964 million, which was followed by a recovery and growth in subsequent years. The interruption in 2023 aligns with a broader pattern seen in other segments, possibly indicating a period of operational challenges across the company.
- Corporate and Support
- This segment consistently recorded operating losses each year. The loss peaked significantly in 2023 at US$5,121 million, representing a notable increase from previous years. Prior to 2023, losses were somewhat stable, ranging between US$1,662 million and US$2,134 million. The partial recovery in losses, reducing to about US$2,439 million in 2025, suggests efforts to contain corporate expenses or restructuring impacts after the spike in 2023.
- Consolidated
- Overall consolidated operating income reflects the combined effect of all segments. The income increased from US$20,568 million in 2020 to a peak of US$25,942 million in 2022, followed by a sharp decline in 2023 to US$20,428 million. This decrease corresponds with the increased corporate losses and declines in international and Sam’s Club segments. Thereafter, the consolidated income recovered strongly, reaching US$29,348 million in 2025, surpassing previous highs. The recovery demonstrates resilience and growth capacity, despite the temporary downturn in 2023.
Total assets
Walmart Inc., total assets by reportable segment
US$ in millions
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | |
|---|---|---|---|---|---|---|
| Walmart U.S. | ||||||
| Walmart International | ||||||
| Sam’s Club U.S. | ||||||
| Corporate and support | ||||||
| Consolidated |
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
The analysis of total assets across the various reportable segments over the six-year period reveals distinct trends and notable patterns in the composition and growth of assets.
- Walmart U.S.
- The Walmart U.S. segment demonstrates a consistent upward trajectory in total assets from 2020 to 2025. Beginning at approximately $110.4 billion in 2020, assets steadily increase each year, culminating in $150.0 billion by 2025. This represents a significant growth of about 36%, indicating strong asset accumulation and potential expansion or reinvestment within the U.S. market.
- Walmart International
- The Walmart International segment exhibits a contrasting trend. Initial assets in 2020 were approximately $105.8 billion, with a modest increase to roughly $109.4 billion in 2021. However, from 2021 onwards, there is a marked decline each consecutive year, reaching around $80.0 billion by 2025. This represents a reduction of approximately 27% from the peak in 2021, suggesting a strategic contraction, asset divestiture, or challenges in international markets.
- Sam’s Club U.S.
- Assets in the Sam’s Club U.S. segment show a gradual growth pattern. Starting at about $13.5 billion in 2020, values remain relatively stable initially but begin to increase steadily from 2022 onward, finishing at $16.9 billion in 2025. This approximate 25% increase over the period reflects moderate asset growth, likely aligned with business expansion or asset investments within this segment.
- Corporate and Support
- The Corporate and support segment reveals more volatility compared to the other segments. Assets rise significantly from $6.8 billion in 2020 to $16.1 billion in 2021, nearly a 137% increase. Following this peak, assets fluctuate downward to $13.7 billion in 2022 and $10.3 billion in 2023, before recovering to $12.8 billion in 2024 and $13.9 billion in 2025. The initial spike followed by variability suggests changes related to corporate restructuring, adjustments in support functions, or reallocation of assets related to corporate activities.
- Consolidated Total Assets
- Consolidated total assets reflect the aggregate effects of segment trends. Starting at approximately $236.5 billion in 2020, assets increase to $252.5 billion in 2021. A decline ensues over the next two years, reaching roughly $243.2 billion in 2023, before rebounding to $252.4 billion in 2024 and further increasing to $260.8 billion in 2025. The overall six-year increase of about 10% suggests balanced but moderate asset growth, influenced positively by the growth in Walmart U.S. and Sam’s Club and offset by declines in the International segment.
In summary, asset growth is predominantly driven by the Walmart U.S. and Sam’s Club U.S. segments, reflecting strong domestic market focus and investment. Conversely, the Walmart International segment contracts significantly, indicating potential strategic shifts or operational challenges abroad. The Corporate and support segment demonstrates considerable volatility, possibly attributable to internal organizational changes or asset reallocation. The consolidated total assets trend encapsulates these divergent segment performances, resulting in modest overall growth during the period analyzed.
Depreciation and amortization
Walmart Inc., depreciation and amortization by reportable segment
US$ in millions
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | |
|---|---|---|---|---|---|---|
| Walmart U.S. | ||||||
| Walmart International | ||||||
| Sam’s Club U.S. | ||||||
| Corporate and support | ||||||
| Consolidated |
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
The data concerning depreciation and amortization across various segments reveals distinct trends over the reported periods.
- Walmart U.S.
- The Walmart U.S. segment exhibits a consistent upward trajectory in depreciation and amortization expenses from 2020 to 2025. Beginning at $6,408 million in early 2020, the values steadily increase each year, reaching $8,549 million in 2025. This represents a notable growth indicating possibly increased asset base, capital expenditures, or adjustments related to property, plant, and equipment within this core segment.
- Walmart International
- The Walmart International segment shows a fluctuating pattern. Starting at $2,682 million in 2020, there is a slight decline through 2021 ($2,633 million) and a marked decrease in 2022 ($1,963 million). Following this low point, depreciation and amortization values demonstrate moderate recovery through 2025, reaching $2,260 million. This pattern could reflect restructuring, divestitures, or changes in international operations and asset management.
- Sam’s Club U.S.
- Sam's Club U.S. segment displays relative stability with modest growth. Values range narrowly from $605 million in 2020 to $706 million in 2025. The slight increase suggests stable capital assets and depreciation policies within this segment, with no major changes in asset levels or accounting methods evident.
- Corporate and Support
- The Corporate and support segment reveals a mild upward trend in depreciation and amortization. The figures move from $1,292 million in 2020 to $1,458 million in 2025, indicating incremental increases that may stem from corporate investments in fixed assets or support infrastructure.
- Consolidated
- At the consolidated level, the depreciation and amortization expenses show minor fluctuations but an overall increasing trend. Starting at $10,987 million in 2020, the total dips to $10,658 million in 2022, after which it climbs to $12,973 million by 2025. This mirrors underlying segment behaviors, particularly the growth in Walmart U.S. and partial recovery in the international segment, contributing to the overall upward trend in total expenses.
In summary, the depreciation and amortization data demonstrates significant growth in the primary U.S. segment, stability and modest growth in subsidiary segments, and some volatility internationally, likely reflecting strategic asset management and business dynamics across regions. The consolidated results indicate steady increases aligned with capital asset trends across most segments.
Capital expenditures
Walmart Inc., capital expenditures by reportable segment
US$ in millions
| Jan 31, 2025 | Jan 31, 2024 | Jan 31, 2023 | Jan 31, 2022 | Jan 31, 2021 | Jan 31, 2020 | |
|---|---|---|---|---|---|---|
| Walmart U.S. | ||||||
| Walmart International | ||||||
| Sam’s Club U.S. | ||||||
| Corporate and support | ||||||
| Consolidated |
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).
- Walmart U.S. Capital Expenditures
- There is a consistent upward trend in the capital expenditures for Walmart U.S. over the six-year period. Starting at $6,315 million in 2020, the expenditures decreased slightly to $6,131 million in 2021, followed by a significant increase each subsequent year, reaching $16,466 million in 2025. This represents a substantial growth in investments, particularly notable from 2021 onward.
- Walmart International Capital Expenditures
- The capital expenditures for Walmart International show a relatively stable but slowly increasing pattern. The values decreased from $2,801 million in 2020 to $2,436 million in 2021, then experienced gradual increases each year, reaching $3,178 million in 2025. The increments are modest compared to other segments.
- Sam’s Club U.S. Capital Expenditures
- Sam’s Club U.S. capital expenditures exhibit a steady rise throughout the period. Starting from $525 million in 2020, expenditures show a minor decline in 2021 to $488 million, followed by continuous increases each year, peaking at $1,212 million in 2025. The growth rate accelerates notably after 2022.
- Corporate and Support Capital Expenditures
- The Corporate and Support segment demonstrates a significant growth trend in capital expenditures. Beginning at $1,064 million in 2020, amounts steadily increase every year, with particularly sharp rises observed from 2022 onward, reaching $2,927 million in 2025. This suggests enhanced investment in corporate infrastructure and support functions.
- Consolidated Capital Expenditures
- The consolidated capital expenditures reflect the aggregated pattern of all segments, showing an overall increasing trend from $10,705 million in 2020 to $23,783 million in 2025. The data indicates a strong emphasis on capital investment growth, particularly after 2021, aligning with the trends seen in the primary revenue-generating segments and corporate support functions.