WALMART INC. (WMT) — DATA TABLES

Companion to the investment report | Fiscal year ended January 31, 2026

Sources and abbreviations used throughout this page:

10-K FY26: Walmart Inc. Form 10-K for the fiscal year ended January 31, 2026, filed March 13, 2026. Main source. Every figure comes from here unless another source is named.
10-K FY25: Walmart Inc. Form 10-K for the fiscal year ended January 31, 2025. Used only for comparison and for the January 31, 2024 balance sheet.
Proxy 2026: Walmart Inc. 2026 Proxy Statement for the June 4, 2026 Annual Shareholders' Meeting (cycle 2026, step 1 of the proxy rule: the proxy for this cycle exists and is used).
Market data: provided with the request, not taken from the filings: closing price US$119.14 for the last trading day of fiscal 2026, and 7,972,402,501 shares outstanding at March 11, 2026.

All amounts in US$ millions unless stated. Fiscal years end January 31 (FY2026 = year ended January 31, 2026). IS = Consolidated Statements of Income; BS = Consolidated Balance Sheets; CF = Consolidated Statements of Cash Flows; SE = Consolidated Statements of Shareholders' Equity.

A.1 · Table 1 — The statements

A.1.1 Income statement (10-K FY26, IS)

Line	FY2026	FY2025	FY2024	Source
Net sales	706,413	674,538	642,637	IS
Membership and other income	6,750	6,447	5,488	IS
Total revenues	713,163	680,985	648,125	IS
Cost of sales	535,395	511,753	490,142	IS
Gross profit (net sales − cost of sales, company definition)	171,018	162,785	152,495	MD&A, Results of Operations
Operating, selling, general and administrative expenses	147,943	139,884	130,971	IS
Operating income	29,825	29,348	27,012	IS
Interest: debt	2,318	2,249	2,259	IS
Interest: finance lease	481	479	424	IS
Interest income	(368)	(483)	(546)	IS
Interest, net	2,431	2,245	2,137	IS
Other (gains) and losses	(2,075)	794	3,027	IS
Income before income taxes	29,469	26,309	21,848	IS
Provision for income taxes	7,199	6,152	5,578	IS
Consolidated net income	22,270	20,157	16,270	IS
Net income attributable to noncontrolling interest	(377)	(721)	(759)	IS
Net income attributable to Walmart	21,893	19,436	15,511	IS
Basic EPS (US$)	2.74	2.42	1.92	IS
Diluted EPS (US$)	2.73	2.41	1.91	IS
Weighted-average shares, basic (mn)	7,983	8,041	8,077	IS, Note 2
Weighted-average shares, diluted (mn)	8,022	8,081	8,108	IS, Note 2
Dividends declared per share (US$)	0.94	0.83	0.76	IS
Other comprehensive income (loss), net	1,009	(2,859)	944	Statement of comprehensive income

Operating expenses are not broken down line by line on the face of the income statement. The items the document does quantify inside them: advertising costs 5.4 bn / 5.1 bn / 4.4 bn (Note 1); depreciation and amortization 14,203 / 12,973 / 11,853 (CF; the company states operating expenses comprise "substantially all" depreciation, Note 1); share-based compensation 3,603 / 2,769 / 2,093 (Note 3); operating lease cost 2,434 / 2,347 / 2,277 (Note 6); defined contribution expense 1,896 / 1,829 / 1,613 (Note 10). Research and development expense: not available (the tax note shows R&D tax credits of 323 in FY2026, but no R&D expense is disclosed).

A.1.2 Balance sheet (10-K FY26, BS; January 31, 2024 column from 10-K FY25, BS)

Line	Jan 31, 2026	Jan 31, 2025	Jan 31, 2024
Cash and cash equivalents	10,727	9,037	9,867
Receivables, net	11,172	9,975	8,796
Inventories	58,851	56,435	54,892
Prepaid expenses and other	4,124	4,011	3,322
Total current assets	84,874	79,458	76,877
Property and equipment, net	136,083	119,993	110,810
Operating lease right-of-use assets	14,750	13,599	13,673
Finance lease right-of-use assets, net	6,123	6,112	5,855
Goodwill	28,735	28,792	28,113
Other long-term assets	14,103	12,869	17,071
Total assets	284,668	260,823	252,399
Short-term borrowings	6,596	3,068	878
Accounts payable	63,061	58,666	56,812
Accrued liabilities	31,187	29,345	28,759
Accrued income taxes	596	608	307
Long-term debt due within one year	3,542	2,598	3,447
Operating lease obligations due within one year	1,631	1,499	1,487
Finance lease obligations due within one year	856	800	725
Total current liabilities	107,469	96,584	92,415
Long-term debt	34,624	33,401	36,132
Long-term operating lease obligations	13,941	12,825	12,943
Long-term finance lease obligations	5,905	5,923	5,709
Deferred income taxes and other	16,549	14,398	14,629
Redeemable noncontrolling interest	293	271	222
Common stock	797	802	805
Capital in excess of par value	6,816	5,503	4,544
Retained earnings	104,774	98,313	89,814
Accumulated other comprehensive loss	(12,770)	(13,605)	(11,302)
Total Walmart shareholders' equity	99,617	91,013	83,861
Nonredeemable noncontrolling interest	6,270	6,408	6,488
Total shareholders' equity	105,887	97,421	90,349
Common shares at year end (mn)	7,969	8,024	8,054

Share counts at year end from SE. Shares outstanding on the 10-K cover date (March 11, 2026): 7,972,402,501, as provided with the market data. Treasury stock: not applicable — repurchased shares are "constructively retired and returned to an unissued status" (Note 3).

A.1.3 Cash flow statement (10-K FY26, CF)

Line	FY2026	FY2025	FY2024
Consolidated net income	22,270	20,157	16,270
Depreciation and amortization	14,203	12,973	11,853
Investment (gains) and losses, net	(2,016)	878	3,193
Deferred income taxes	2,277	(635)	(175)
Other operating activities	4,079	2,889	2,642
Receivables, net	(1,136)	(1,106)	(797)
Inventories	(1,443)	(2,755)	2,017
Accounts payable	1,611	3,228	2,515
Accrued liabilities	1,607	379	(1,324)
Accrued income taxes	113	435	(468)
Net cash provided by operating activities	41,565	36,443	35,726
Payments for property and equipment	(26,642)	(23,783)	(20,606)
Proceeds from disposal of property and equipment	106	432	250
Proceeds from disposal of certain strategic investments	927	4,080	—
Payments for business acquisitions, net of cash acquired	(53)	(1,896)	(9)
Other investing activities	(688)	(212)	(922)
Net cash used in investing activities	(26,350)	(21,379)	(21,287)
Net change in short-term borrowings	3,523	2,212	512
Proceeds from issuance of long-term debt	3,983	—	4,967
Repayments of long-term debt	(2,625)	(3,468)	(4,217)
Dividends paid	(7,507)	(6,688)	(6,140)
Purchase of Company stock	(8,088)	(4,494)	(2,779)
Dividends paid to noncontrolling interest	(439)	(576)	(763)
Purchase of noncontrolling interest	—	—	(3,462)
Sale of subsidiary stock	111	362	716
Other financing activities	(2,511)	(2,170)	(2,248)
Net cash used in financing activities	(13,553)	(14,822)	(13,414)
Effect of exchange rates	123	(641)	69
Net change in cash, cash equivalents and restricted cash	1,785	(399)	1,094
Cash, equivalents and restricted cash at end of year	11,321	9,536	9,935
Income taxes paid	5,364	5,884	5,879
Interest paid	2,793	2,739	2,519

Free cash flow (company definition, MD&A): operating cash flow − payments for property and equipment = 14,923 / 12,660 / 15,120.

A.1.4 Segments and disaggregated revenue (10-K FY26, Note 11 and MD&A)

Segment	FY2026	FY2025	FY2024
Walmart U.S. net sales	482,975	462,415	441,817
Walmart International net sales	130,423	121,885	114,641
Sam's Club U.S. net sales	93,015	90,238	86,179
Total net sales	706,413	674,538	642,637
Walmart U.S. membership and other income	2,624	2,594	1,985
Walmart International membership and other income	1,565	1,478	1,408
Sam's Club U.S. membership and other income	2,525	2,323	2,051
Corporate and support membership and other income	36	52	44
Walmart U.S. gross profit	132,615	125,964	118,254
Walmart International gross profit	27,847	26,618	24,810
Sam's Club U.S. gross profit	10,556	10,203	9,431
Walmart U.S. operating expenses	110,081	104,676	98,085
Walmart International operating expenses	24,309	22,595	21,309
Sam's Club U.S. operating expenses	10,639	10,122	9,290
Corporate and support operating expenses	2,914	2,491	2,287
Walmart U.S. operating income	25,158	23,882	22,154
Walmart International operating income	5,103	5,501	4,909
Sam's Club U.S. operating income	2,442	2,404	2,192
Corporate and support operating loss	(2,878)	(2,439)	(2,243)
Consolidated operating income	29,825	29,348	27,012
Sam's Club U.S. net sales excluding fuel	83,744	79,777	75,057
Sam's Club U.S. operating income excluding fuel	1,822	1,785	1,659
Sam's Club U.S. fuel-related expenses	8.7 bn	9.9 bn	10.6 bn
Walmart U.S. calendar comparable sales	4.3%	4.8%	5.5%
of which eCommerce contribution (approx.)	4.3%	2.9%	not available
Sam's Club U.S. calendar comparable sales (with fuel)	2.9%	4.7%	2.3%
of which fuel impact	(1.9)%	(1.5)%	not available
of which eCommerce contribution (approx.)	3.3%	2.3%	not available
Retail units at year end	10,955	10,771	10,616
of which Walmart U.S. / International / Sam's Club U.S.	4,611 / 5,743 / 601	4,605 / 5,566 / 600	4,615 / 5,402 / 599
Retail square feet at year end (mn)	1,057	1,053	1,053

eCommerce net sales (company figures, "approximately", US$ bn)	FY2026	FY2025	FY2024
Walmart U.S.	99.6	79.3	65.4
Walmart International	35.8	29.5	24.8
Sam's Club U.S.	15.0	12.1	9.9
Total (our sum)	150.4	120.9	100.1

Walmart U.S. net sales by category	FY2026	FY2025	FY2024
Grocery	285,482	276,003	264,210
General merchandise	115,060	113,921	113,985
Health and wellness	69,547	62,092	54,898
Other	12,886	10,399	8,724
Total	482,975	462,415	441,817

Walmart International net sales by market	FY2026	FY2025	FY2024
Mexico and Central America	52,492	51,970	49,726
China	24,623	19,975	17,011
Canada	23,724	23,035	22,639
Other	29,584	26,905	25,265
Total	130,423	121,885	114,641

Sam's Club U.S. net sales by category	FY2026	FY2025	FY2024
Grocery	64,706	61,253	57,565
Fuel and other	11,570	12,960	13,707
General merchandise	11,549	11,215	10,947
Health and wellness	5,190	4,810	3,960
Total	93,015	90,238	86,179

Revenues by geography (total revenues)	FY2026	FY2025	FY2024
U.S. operations	581,175	557,622	532,076
Non-U.S. operations	131,988	123,363	116,049
Total	713,163	680,985	648,125

Segment assets, D&A, capex	FY2026	FY2025	FY2024
Walmart U.S. total assets / D&A / capex	165,627 / 9,390 / 20,157	150,006 / 8,549 / 16,466	137,782 / 7,671 / 13,877
Walmart International	86,093 / 2,304 / 3,197	80,016 / 2,260 / 3,178	86,136 / 2,159 / 2,911
Sam's Club U.S.	17,186 / 782 / 914	16,862 / 706 / 1,212	15,682 / 642 / 1,041
Corporate and support	15,762 / 1,727 / 2,374	13,939 / 1,458 / 2,927	12,799 / 1,381 / 2,777
Long-lived assets U.S. / non-U.S.	128,366 / 28,590	115,250 / 24,455	104,480 / 25,858

Capital expenditure allocation (MD&A, Capital Allocation): supply chain, customer-facing initiatives, technology and other 16,468 (FY25: 14,603); store and club remodels 5,571 (5,552); new stores and clubs, including expansions and relocations 1,406 (450); total U.S. 23,445 (20,605); Walmart International 3,197 (3,178); total 26,642 (23,783).

Company-reported ROI (non-GAAP, MD&A): 15.1% FY2026, 15.5% FY2025. ROA 8.2% / 7.9%. Scale (Item 1): approximately 280 million customers a week, more than 10,900 stores in 19 countries; International operates in 18 countries. Owned / leased retail units (Item 2): Walmart U.S. 3,728 / 883; Sam's Club U.S. 464 / 137; International 1,486 / 4,257.

Employees: approximately 2.1 million at January 31, 2026 (approximately 1.6 million in the U.S., 0.5 million internationally); in the U.S. approximately 92% hourly and 68% full-time (Item 1).

A.2 · Table 2 — The notes

Taxes (Note 8). Pre-tax income U.S. 23,272 / non-U.S. 6,197 (FY25: 18,571 / 7,738). Current tax 4,922 (FY25 6,815); deferred tax 2,277 (FY25 −663). Effective rate 24.4% / 23.4% / 25.5%. Current tax by jurisdiction: U.S. federal 2,128 (FY25 3,478), state 678 (886), non-U.S. 2,116 (2,451); deferred U.S. federal 2,010 (FY25 −214). Cash taxes paid FY2026 5,364: U.S. federal 1,743, state and local 895, non-U.S. 2,726 (Mexico 1,285, China 382). FY2026 rate reconciliation (amount, % of pre-tax): statutory 6,188 (21.0%); state and local 760 (2.6%); India valuation allowance 461 (1.6%); India other (93) (−0.3%); Luxembourg valuation allowance (1,811) (−6.1%); Luxembourg internal reorganization 1,814 (6.2%); Luxembourg other 83 (0.3%); other foreign 498 (1.7%); cross-border tax laws 400 (1.4%); foreign tax credits (586) (−2.0%); R&D credits (323) (−1.1%); other credits (167) (−0.6%); other valuation allowances 374 (1.3%); share-based compensation (373) (−1.3%); internal reorganization nondeductible (349) (−1.2%); other nontaxable 132 (0.4%); unrecognized tax benefits 301 (1.0%); other (110) (−0.5%); total 7,199 (24.4%). The FY2025 and FY2024 reconciliations are shown only in percentages under the previous format (ASU 2023-09 adopted prospectively). Deferred tax assets 14,539 (FY25 16,498), of which loss and credit carryforwards 4,615 (7,539), accrued liabilities 3,504, lease obligations 5,181, other 1,239; valuation allowances (4,421) (FY25 (7,405)); deferred tax liabilities 17,476 (14,364), of which property and equipment 6,122 (4,303), acquired intangibles 1,066, inventory 3,570, lease ROU 5,345, other 1,373. Net deferred tax liability 7,358 (5,271). NOL and capital loss carryforwards approximately 19.6 bn, of which approximately 13.1 bn expire through 2046. Gross unrecognized tax benefits 2,440 (FY25 3,757), of which 2.0 bn would affect the rate; FY2026 decreases for prior-year positions (1,360), settlements (328). OBBB Act: impacts "not material" to tax expense or rate; certain provisions decreased cash taxes paid in fiscal 2026 (MD&A).

Debt (Note 5, MD&A, Item 7A). Short-term borrowings 6,596 at 4.0% weighted average (FY25 3,068 at 5.3%); maximum month-end 10,241; average daily 7,031. Undrawn committed lines 15,000 (five-year 5,000 maturing April 2030; 364-day 10,000 maturing April 2026), SOFR + 45 bp, most restrictive covenant on maximum secured debt. Letters of credit available 2.0 bn, issued 1.7 bn (unrecorded current obligation). Long-term debt 38,166 total: U.S. dollar fixed 32,032 (3.9%), variable 750 (4.1%), euro 1,955 (4.0%), sterling 3,677 (5.4%), yen 388 (0.5%), other (636). Maturities: FY27 3,542; FY28 3,237; FY29 3,389; FY30 2,143; FY31 2,600; thereafter 23,255. FY2026 issuance (April 28, 2025): 750 floating 2027, 750 4.100% 2027, 1,000 4.350% 2030, 1,500 4.900% 2035; net proceeds 3,983; no financial covenants restricting dividends or buybacks. Repayments: 875 (3.550%) and 1,750 (3.900%). Fair value of long-term debt 36,777 vs carrying 38,166. Variable-rate share of total debt after swaps 27%; +100 bp ≈ 0.1 bn annual interest. Estimated contractual interest on long-term debt 17.3 bn, approximately 1.7 bn in FY27. Ratings: S&P AA / A-1+, Moody's Aa2 / P-1, Fitch AA / F1+. Convertible debt: not applicable.

Share-based compensation (Note 3). Expense 3,603 / 2,769 / 2,093: RSUs 2,028; restricted and performance RSUs 587; other 988 (includes the 0.7 bn PhonePe modification charge). Tax benefit 0.9 bn. Unrecognized cost: RSUs 2,239 (0.8 years), performance RSUs 670 (1.3 years); plus approximately 3 bn unrecognized cost at subsidiaries with performance conditions "including vesting upon an initial public offering". PhonePe ownership approximately 84% → 73% after option exercises. Plan of 2025: 215 mn shares registered.

Shares (Note 3, Item 5, SE). Repurchased 85.0 mn shares at average US$95.13, cash 8,088 (FY25 61.9 mn, US$72.72, 4,494; FY24 54.6 mn, US$50.87, 2,779), settlement-date basis. Cost in SE: 8,080 / 4,477 / 2,791. Q4 FY2026 trade-date purchases: November 3,187,083 at US$104.48; December 3,472,099 at US$113.61; January 3,073,037 at US$116.69. Remaining authorization at January 31, 2026: 4.0 bn under the November 2022 20.0 bn program; new 30.0 bn authorization approved February 2026, effective February 23, 2026. Shares issued under "Other" in SE: 30 mn / 31 mn / 29 mn. Antidilutive awards: "not significant". Dilutive impact of awards: 39 / 40 / 31 mn.

Revenue (Note 1). Membership fee revenue 4.4 bn / 3.8 bn / 3.1 bn, recognized over the membership term. Deferred gift card revenue 2,941 (FY25 2,755). Deferred membership revenue sits inside "Other" accrued liabilities and is not quantified. Remaining performance obligations: not available. Supplier payments reduce cost of sales when inventory is sold.

Contingencies (Note 9, Item 3). Opioid settlement of approximately 3.3 bn accrued in FY2023, fully paid by January 31, 2025. Ongoing opioid matters: approximately 230 MDL cases plus 13 other cases at March 6, 2026; Florida Health Sciences Center jury trial ended in mistrial December 8, 2025, retrial scheduled August 27, 2026; DOJ civil case trial scheduled November 2027; False Claims Act qui tam, renewed motion to dismiss pending. No accrual, no range of loss. Asda equal value claims: approximately 73,000 claimants (FY25: approximately 70,000); third phase hearing from November 23, 2026; indemnification up to a contractually determined amount, no range. Money transfer agent services: DOJ grand jury subpoenas, no range. Driver platform: FTC and states settlement, stipulated order March 3, 2026, judgment 100 mn, of which approximately 63 mn suspended, approximately 37 mn accrued at January 31, 2026; other proceedings, no range. Mexico (COFECE): penalty MXN 93.4 mn (approximately US$5 mn), under appeal. India: Directorate of Enforcement show cause notice (FDI rules) and CCI investigation, no range. EPA Clean Air Act finding of violation: penalties could exceed US$1 mn. Indemnification liabilities from divestitures 0.7 bn (FY25 0.6 bn), maximum potential payments 3.4 bn (Note 1).

Goodwill and intangibles (Note 1). Goodwill 28,735: Walmart U.S. 4,792, Walmart International 23,622, Sam's Club U.S. 321. FY2025 VIZIO acquisition added 1,375. Qualitative test first; management "determined the fair value of each reporting unit is significantly greater than the carrying amount"; no impairment in FY2024-FY2026. Headroom margin: not available. Indefinite-lived intangibles (mainly trade names) 4.3 bn (FY25 4.5 bn), in other long-term assets. Definite-lived intangibles: not available.

Fair value (Note 7). Equity investments Level 1 1,037, Level 2 3,462; debt investments Level 3 1,176 (mainly the retained Asda investment, largely mandatorily redeemable in fiscal 2029); total 5,675 (FY25 4,222). Other gains and losses: gain 2.1 bn / losses 0.8 bn and 3.0 bn. A 10% change in the price of the equity investments ≈ 0.4 bn. Derivatives: interest rate swaps notional 4,771, fair value (411); cross-currency swaps notional 6,020, fair value (920).

Receivables, inventory, reserves (Note 1, Note 4). Net receivables from customers 4.9 bn (FY25 4.4 bn). Card and electronic transfers settling within seven days classified as cash: 4.4 bn (FY25 2.3 bn). Allowance for credit losses: not available. Inventory: Walmart U.S. retail inventory method with LIFO; Sam's Club weighted-average cost LIFO; International FIFO. LIFO reserve: not available. Accrued liabilities: wages and benefits 7,878 (7,897; FY24 8,590); self-insurance 5,525 (4,976; FY24 4,916); non-income taxes 4,110 (3,503; FY24 3,459); deferred gift card revenue 2,941 (2,755; FY24 2,664); other 10,733 (10,214; FY24 9,130).

Supplier financing (Note 1). Confirmed obligations to financial institutions 5,989 at year end (FY25 5,725), invoices confirmed 40,342, paid 40,062; payment terms 30-90 days; classified in accounts payable and operating cash flow.

Leases and commitments (Note 6, MD&A). Operating lease cost 2,434; finance lease amortization 888, interest 383; variable lease cost 1,180. New operating lease assets 2,303 (FY25 1,974); new finance lease assets 703 (FY25 1,455). Remaining term 11.3 / 11.5 years; discount rate 6.7% / 7.0%. Undiscounted obligations operating 22,624, finance 10,815; net 15,572 and 6,761. Unrecorded purchase obligations 41.4 bn, of which 18.3 bn within one year (FY25: 37.2 bn and 15.9 bn). Redeemable noncontrolling interest in a Walmart U.S. subsidiary: holder's put at fair value from December 2027.

Property and equipment (Note 1). Gross 256,421 (FY25 231,617; FY24 219,859): land 20,754; buildings and improvements 128,472; fixtures and equipment 85,539; transportation equipment 2,928; construction in progress 18,728 (FY25 15,403; FY24 13,390). Accumulated depreciation 120,338 (111,624; 109,049). Useful lives 3-40, 2-30, 3-15 years. Changes in useful-life estimates: none disclosed.

Auditor and controls. Ernst & Young LLP, auditor since 1969; unqualified opinions on the financial statements and on internal control dated March 13, 2026. One Critical Audit Matter: Contingencies (Note 9). No changes in internal control that materially affected it; global financial systems upgrade ongoing (Item 9A). Subsequent event: FY2027 annual dividend US$0.99 per share (Note 12). Rule 10b5-1 plan: Chris Nicholas, 34,800 shares April 2026-March 2027 (Item 9B). Listing moved from NYSE to Nasdaq effective December 9, 2025 (Item 5).

Pensions. Defined benefit plans: not applicable (the document reports only defined contribution plans, Note 10).

A.3 · Table 3 — Items for the calculations

Item	FY2026	FY2025	FY2024	Source
Depreciation and amortization	14,203	12,973	11,853	CF
Inventories	58,851	56,435	54,892	BS
Receivables, net (gross and allowance not disclosed)	11,172	9,975	8,796	BS
Accounts payable	63,061	58,666	56,812	BS
Accrued liabilities	31,187	29,345	28,759	BS
Working capital change in CF (sum of five lines)	+752	+181	+1,943	CF
Acquisitions net of cash	53	1,896	9	CF
Gross / net property and equipment	256,421 / 136,083	231,617 / 119,993	219,859 / 110,810	Note 1
Costs capitalized in the year (software, other)	not available	not available	not available	—
Research and development	not available	not available	not available	—
Shares issued (SE "Other") / repurchased (mn)	30 / 85	31 / 61	29 / 55	SE
Debt issued / repaid	3,983 / 2,625	— / 3,468	4,967 / 4,217	CF
Goodwill / indefinite-lived intangibles	28,735 / 4,300	28,792 / 4,500	28,113 / not available	BS, Note 1
Dividend per share declared (US$)	0.94	0.83	0.76	IS
Cash not freely transferable to the U.S.	3,900	3,300	not available	Note 1

A.4 · Proxy data (Proxy 2026)

Item	Value	Proxy section
Walton Enterprises, LLC beneficial ownership (includes 513,524,456 shares of Walton Family Holdings Trust under irrevocable proxy)	3,516,197,849 shares, 44.11% at April 10, 2026	Holdings of Major Shareholders
Walton Family Holdings Trust (included above)	513,524,456 shares, 6.44%	same
Directors, nominees and executive officers as a group (24 persons)	7,044,961 shares, less than 1%	Holdings of Officers and Directors
Pledging arrangements by directors or executive officers	none	same
Shares vested in FY2026: McMillon / Furner / Rainey	588,434 / 326,678 / 271,354	Option Exercises and Stock Vested
Open-market share purchases by directors or officers	not available	—
Summary compensation FY2026 total: McMillon / Furner / Rainey / Kumar / Danker (US$)	29,240,930 / 27,343,149 / 15,455,188 / 16,727,128 / 44,092,488	Summary Compensation Table
Annual cash incentive metrics	50% constant-currency sales, 50% constant-currency operating income, both excluding certain items	CD&A
Performance equity metrics	50% constant-currency sales, 50% constant-currency adjusted ROI; one-year performance, two-year vesting	CD&A
Operating income for incentive purposes / reported	31,320 / 29,825 (plan and pre-determined items +557; comparative items +938)	Impact of Excluded Items
Sales for incentive purposes / reported	694,284 / 706,413	same
ROI for performance equity / reported	15.7% / 15.1%; target 15.7%	Long-Term Performance Equity Goals
Annual incentive payout, total company NEOs / Furner	112% / 117% of target	Annual Cash Incentive Payouts
Largest excluded items named	legal settlements, unplanned restructuring, PhonePe share-based plan modification; currency; fuel	CD&A
Peer group	24 cross-industry U.S. companies with revenue or market capitalization above US$100 bn	Peer Group
Related person transactions	Mahco purchases approx. US$48.1 mn (sister of director McMillon is an officer); family members employed; sale of former Home Office parcels to ABN Holdings (Steuart Walton and brother) for US$19.9 mn in FY2026	Related Person Transactions
EY fees FY2026 / FY2025 (US$)	46,071,000 / 37,916,000; audit fees 44,712,000 (44.7 mn) / 36,306,000	Independent Accountant Fees
Board changes	John Furner joined the Board November 2025; Doug McMillon retires from the Board in June 2026; Tim Flynn retires after the meeting	Letter to shareholders
Last trading day close used in the proxy	US$119.14 on January 30, 2026	Outstanding Equity Awards footnote

A.5 · Market data and multiples (market data provided with the request)

Price: US$119.14, close of the last trading day of fiscal 2026. The request dates it January 31, 2026; the Proxy 2026 states the same close for January 30, 2026, the last trading day (January 31, 2026 was a Saturday). Shares: 7,972,402,501 at March 11, 2026 (10-K cover date). Year-end shares in SE: 7,969 mn; the difference changes market capitalization by 0.04%.

Measure	Value
Market capitalization	949,832
Enterprise value (excluding operating leases)	997,191
Price / diluted EPS	43.6x
Market cap / free cash flow	63.6x
Free cash flow yield	1.57%
Price / book (Walmart equity)	9.53x
Price / tangible book	14.3x
EV / EBITDA	22.6x
Operating income / EV	2.99%
Dividend yield on FY2026 declared dividend	0.79%

A.6 · Arithmetic checks

Check	FY2026	FY2025	FY2024	Result
Net sales + membership and other income = total revenues	706,413 + 6,750 = 713,163	674,538 + 6,447 = 680,985	642,637 + 5,488 = 648,125	✔
Gross profit = net sales − cost of sales	706,413 − 535,395 = 171,018	674,538 − 511,753 = 162,785	642,637 − 490,142 = 152,495	✔
Operating income = total revenues − cost of sales − operating expenses	713,163 − 535,395 − 147,943 = 29,825	680,985 − 511,753 − 139,884 = 29,348	648,125 − 490,142 − 130,971 = 27,012	✔
Pre-tax = operating income − interest, net − other (gains) losses	29,825 − 2,431 + 2,075 = 29,469	29,348 − 2,245 − 794 = 26,309	27,012 − 2,137 − 3,027 = 21,848	✔
Pre-tax − taxes = net income	29,469 − 7,199 = 22,270	26,309 − 6,152 = 20,157	21,848 − 5,578 = 16,270	✔
Net income − NCI = net income to Walmart	22,270 − 377 = 21,893	20,157 − 721 = 19,436	16,270 − 759 = 15,511	✔
Sum of segment net sales = net sales	482,975 + 130,423 + 93,015 = 706,413	674,538	642,637	✔
Segment operating income − corporate = consolidated	25,158 + 5,103 + 2,442 − 2,878 = 29,825	23,882 + 5,501 + 2,404 − 2,439 = 29,348	22,154 + 4,909 + 2,192 − 2,243 = 27,012	✔
Walmart U.S. categories sum to segment	482,975	462,415	441,817	✔
International markets sum to segment	130,423	121,885	114,641	✔
Sam's Club categories sum to segment	93,015	90,238	86,179	✔
U.S. + non-U.S. revenues = total revenues	581,175 + 131,988 = 713,163	680,985	648,125	✔
Segment shares of net sales sum to 100%	68.37 + 18.46 + 13.17 = 100.00	68.55 + 18.07 + 13.38 = 100.00	—	✔
Total assets = total liabilities + redeemable NCI + equity	284,668	260,823	252,399	✔
Current assets, current liabilities sum to totals	✔	✔	✔	✔
Long-term debt by currency = total	32,782 + 1,955 + 3,677 + 388 − 636 = 38,166	31,406 + 1,715 + 3,336 + 389 − 847 = 35,999	—	✔
Long-term debt maturities sum = total	3,542 + 3,237 + 3,389 + 2,143 + 2,600 + 23,255 = 38,166	—	—	✔
Gross debt = short-term + current LTD + LTD	6,596 + 3,542 + 34,624 = 44,762	3,068 + 2,598 + 33,401 = 39,067	878 + 3,447 + 36,132 = 40,457	✔
Operating cash flow lines sum	41,565	36,443	35,726	✔
OCF + investing + financing + FX = change in cash	41,565 − 26,350 − 13,553 + 123 = 1,785	−399	1,094	✔
OCF − capex = free cash flow	41,565 − 26,642 = 14,923	36,443 − 23,783 = 12,660	35,726 − 20,606 = 15,120	✔
Retained earnings roll-forward	98,313 + 21,893 − 7,507 − 7,619 − 306 = 104,774	—	—	✔
Repurchases: shares × average price ≈ cash paid	85.0 × 95.13 = 8,086 vs 8,088	61.9 × 72.72 = 4,501 vs 4,494	54.6 × 50.87 = 2,778 vs 2,779	✔ (rounding of share counts)
Supplier finance roll-forward	5,725 + 40,342 − 40,062 − 16 = 5,989	5,271 + 41,335 − 40,810 − 71 = 5,725	—	✔
Deferred taxes: assets − allowance − liabilities = net	14,539 − 4,421 − 17,476 = −7,358	16,498 − 7,405 − 14,364 = −5,271	—	✔
eCommerce shares of segment sales	99.6 / 483.0 = 20.62%	79.3 / 462.4 = 17.15%	65.4 / 441.8 = 14.80%	computed; company figures are approximate

Rate reconciliation FY2026: the sum of the listed items equals 7,199 and 24.4% (✔). Corporate and support has no net sales, so a margin for it is not applicable.

A.7 · Derivations, by report section

Effective tax rate used for NOPAT in each year: 7,199 / 29,469 = 24.43%; 6,152 / 26,309 = 23.38%; 5,578 / 21,848 = 25.53%. Invested capital = total equity + redeemable NCI + gross debt + operating and finance lease obligations − cash. Year-end balances unless stated "average". Constructions of ours are marked [ours].

Section 1

Cost of sales per dollar of net sales = 535,395 / 706,413 = 75.79%; operating expenses = 147,943 / 706,413 = 20.94%; operating income = 29,825 / 706,413 = 4.22%.
Membership and other income / operating income = 6,750 / 29,825 = 22.63% (FY25 21.97%; FY24 20.32%).
Sam's Club U.S. operating income − membership and other income = 2,442 − 2,525 = −83 (FY25 +81; FY24 +141) [ours].
Segment shares of net sales FY2026: 68.37%, 18.46%, 13.17%. Non-U.S. share of revenues = 131,988 / 713,163 = 18.51%.
Growth by segment: Walmart U.S. 482,975 / 462,415 − 1 = 4.45%; International 7.00%; Sam's Club 3.08%. U.S. revenues +4.22%; non-U.S. +6.99%.

Section 3

Net sales growth 706,413 / 674,538 − 1 = 4.73% (FY25 4.96%). Total revenues 4.73% (5.07%). Operating income 29,825 / 29,348 − 1 = 1.63% (8.65%). Net income to Walmart +12.64%; diluted EPS 2.73 / 2.41 − 1 = 13.28%.
Gross profit rate 24.209% vs 24.133% (+7.6 bp); operating expense rate 20.943% vs 20.738% (+20.5 bp); operating margin 4.222% vs 4.351% (−12.9 bp).
Growth of each cost line: cost of sales 4.62%; operating expenses 5.76%; D&A 9.48%; share-based compensation 30.12%; advertising 5.4 / 5.1 − 1 = 5.88%; debt interest 3.07%.
Operating expenses less the three items management names [ours]: 147,943 − 900 (self-insurance increase, "approximately") − 700 (PhonePe) − 1,230 (D&A increase, 14,203 − 12,973) = 145,113; vs 139,884 = +3.74%.
Operating income with the two named charges added back [ours]: 29,825 + 900 + 700 = 31,425; vs 29,348 = +7.08%. Arithmetic only: the self-insurance figure is an increase in a recurring cost.
Pre-tax income excluding other (gains) and losses [ours]: 29,469 − 2,075 = 27,394 vs 26,309 + 794 = 27,103; +1.07%.
Segment operating income change: Walmart U.S. +1,276; International −398; Sam's Club +38; Corporate −439; total +477.
Walmart U.S.: gross profit rate 27.458% / 27.240% / 26.765%; operating expense rate 22.792% / 22.637% / 22.200%; operating margin 5.209% / 5.165% / 5.014%.
Walmart U.S. eCommerce: 99.6 / 79.3 − 1 = 25.60%; increase 20.3 bn vs segment increase 482,975 − 462,415 = 20,560. Net sales not attributed to eCommerce [ours]: 483.0 − 99.6 = 383.4 bn vs 462.4 − 79.3 = 383.1 bn; +0.07%. Approximate, because the eCommerce figures are rounded to 0.1 bn.
Total eCommerce increase 150.4 − 120.9 = 29.5 bn, = 29.5 / 31.875 = 92.5% of the net sales increase.
Walmart U.S. categories: grocery +3.43% (+9,479); general merchandise +1.00% (+1,139); health and wellness +12.01% (+7,455); other +23.92% (+2,487).
International: operating margin 3.913% / 4.513% / 4.282%; gross profit rate 21.351% / 21.839%; with the PhonePe charge added back [ours] 5,103 + 700 = 5,803 = 4.449% of net sales, +5.49% vs 5,501. Markets: China +23.27% (+4,648); Mexico and Central America +1.00% (+522); Canada +2.99%; other +9.96%. Constant-currency net sales growth [ours, using the company's currency effect]: (130,423 + 2,800) / 121,885 − 1 = 9.30%; consolidated (706,413 + 2,800) / 674,538 − 1 = 5.14%.
Sam's Club: membership and other income +8.70%; fuel and other sales −10.73% (−1,390); excluding fuel, operating income 1,822 / 83,744 = 2.18%; fuel operating income [ours] 2,442 − 1,822 = 620 on fuel sales 93,015 − 83,744 = 9,271.
Membership fee revenue 4.4 / 3.8 − 1 = 15.8%; other components of membership and other income [ours] 6.75 − 4.4 = 2.35 bn vs 6.447 − 3.8 = 2.65 bn.
Share-based compensation without the PhonePe charge [ours]: 3,603 − 700 = 2,903; +4.84% vs 2,769.

Section 4

OCF change by line, FY2026 vs FY2025: net income +2,113; D&A +1,230; investment gains −2,894; deferred taxes +2,912; other operating +1,190; receivables −30; inventories +1,312; payables −1,617; accrued liabilities +1,228; accrued income taxes −322; total +5,122.
Free cash flow change 14,923 − 12,660 = +2,263 (+17.88%). Deferred tax swing / FCF change = 2,912 / 2,263 = 128.7%.
Payables and accrued liabilities inflow = 1,611 + 1,607 = 3,218 = 21.6% of FCF (FY25 3,607 = 28.5%).
Payables / inventories = 63,061 / 58,851 = 107.15% (FY25 103.95%; FY24 103.50%).
Cash taxes / pre-tax income = 5,364 / 29,469 = 18.20% (FY25 22.36%); provision 7,199; current provision 4,922.
Leases obtained in exchange for obligations: 2,303 + 703 = 3,006.
Deterioration pairs (growth FY2026 vs FY2025, gap in points): inventories 4.28% vs revenues 4.73% (−0.44); receivables 12.00% vs revenues 4.73% (+7.27, flagged); allowance vs gross receivables: not calculable; payables 7.49% vs cost of sales 4.62% (+2.87); capitalized costs vs expensed: not calculable; revenues 4.73% vs OCF 14.05% (OCF faster by 9.33). FY2025 for reference: receivables 13.40% vs revenues 5.07%.
Owner earnings [ours]: net income 22,270 + D&A 14,203 + deferred taxes 2,277 − investment gains 2,016 − capex 26,642 = 10,092 without working capital; + 752 working capital released = 10,844 with working capital. FY2025: 20,157 + 12,973 − 635 + 878 − 23,783 = 9,590; + 181 = 9,771. FY2024: 16,270 + 11,853 − 175 + 3,193 − 20,606 = 10,535; + 1,943 = 12,478. Share-based compensation stays as a cost (inside net income), so "other operating activities" (4,079 / 2,889 / 2,642), which is not broken down, is not added back. Free cash flow exceeds owner earnings by exactly that line.

Section 5

Shares of total assets (5% = 14,233): PP&E 47.80%; inventories 20.67%; goodwill 10.09%; operating lease ROU 5.18%; other long-term assets 4.95%; receivables 3.92%; cash 3.77%. Liabilities and equity: accounts payable 22.15%; long-term debt 12.16%; accrued liabilities 10.96%; deferred taxes and other 5.81%; long-term operating leases 4.90%; total equity 37.20%.
Gross debt 44,762 (+5,695, +14.58%). Lease obligations: operating 1,631 + 13,941 = 15,572; finance 856 + 5,905 = 6,761.
Available cash [ours] = 10,727 − 3,900 (not freely transferable) = 6,827. Net debt excluding leases = 44,762 − 6,827 = 37,935; including finance leases 44,696; including all leases 60,268.
EBITDA [ours] = 29,825 + 14,203 = 44,028 (FY25 42,321). Net debt / EBITDA = 37,935 / 44,028 = 0.86x.
Interest on debt and finance leases / operating income = (2,318 + 481) / 29,825 = 9.38%. Long-term debt (including current portion) / net income to Walmart = 38,166 / 21,893 = 1.74 years.
Days, year-end balances, 365 days: inventory = inventories / cost of sales × 365 = 40.1 / 40.3 / 40.9; payables = payables / cost of sales × 365 = 43.0 / 41.8 / 42.3; receivables = receivables / total revenues × 365 = 5.7 / 5.3 / 5.0; cash conversion cycle 2.8 / 3.8 / 3.5.
Return on Walmart equity, average: 21,893 / ((99,617 + 91,013) / 2) = 22.97% (FY25 22.23%). Year-end: 21,893 / 99,617 = 21.98%. Adding back repurchase cost recorded in the three years presented [ours]: 8,080 + 4,477 + 2,791 = 15,348; 21,893 / (99,617 + 15,348) = 19.04%.
Tangible equity [ours] = 99,617 − 28,735 − 4,300 = 66,582; per year-end share 66,582 / 7,969 = US$8.36 (FY25: 91,013 − 28,792 − 4,500 = 57,721; / 8,024 = US$7.19). Definite-lived intangibles are not disclosed and are not deducted.
Net working capital = 84,874 − 107,469 = −22,595 (FY25 −17,126; FY24 −15,538); current ratio 0.79 / 0.82 / 0.83.
Cash per share = 10,727 / 7,969 = US$1.35; cash less gross debt per share = (10,727 − 44,762) / 7,969 = −US$4.27.
Assets on observable prices [ours]: cash 10,727 + Level 1 1,037 + Level 2 3,462 = 15,226 = 5.35% of assets. Goodwill and indefinite-lived intangibles 33,035 = 11.60%. Inventories and PP&E (cost-based) 68.48%.

Section 6

Per diluted share (average diluted shares): revenues 713,163 / 8,022 = 88.90 (FY25 84.27; FY24 79.94), +5.50%; diluted EPS 2.73 / 2.41 / 1.91; free cash flow 14,923 / 8,022 = 1.860 (1.567; 1.865), +18.74%; Walmart equity 99,617 / 8,022 = 12.42 (11.26; 10.34), +10.26%. Diluted shares −0.73% (FY25 −0.33%).
Invested capital: FY2026 105,887 + 293 + 44,762 + 15,572 + 6,761 − 10,727 = 162,548; FY2025 97,421 + 271 + 39,067 + 14,324 + 6,723 − 9,037 = 148,769; FY2024 90,349 + 222 + 40,457 + 14,430 + 6,434 − 9,867 = 142,025.
NOPAT = operating income × (1 − effective rate): 29,825 × 0.7557 = 22,539; 29,348 × 0.7662 = 22,485; 27,012 × 0.7447 = 20,116.
Return on average invested capital: 22,539 / 155,659 = 14.48% (FY25 22,485 / 145,397 = 15.46%).
Incremental return, one year: (22,539 − 22,485) / (162,548 − 148,769) = 54 / 13,779 = 0.39%. FY2025: (22,485 − 20,116) / (148,769 − 142,025) = 35.1%. Two years: (22,539 − 20,116) / (162,548 − 142,025) = 2,423 / 20,523 = 11.81%.
Net investment = capex − D&A + acquisitions − working capital released: 26,642 − 14,203 + 53 − 752 = 11,740 (FY25 23,783 − 12,973 + 1,896 − 181 = 12,525). Reinvestment rate = 11,740 / 22,539 = 52.09% (FY25 55.70%). Implied growth = reinvestment rate × return on average invested capital = 52.09% × 14.48% = 7.54% (FY25 55.70% × 15.46% = 8.61%). Realized operating income growth 1.63% (FY25 8.65%).
Construction in progress 18,728 / 15,403 − 1 = 21.59%; share of gross PP&E 7.30% (FY25 6.65%). Gross PP&E +10.71%. D&A / gross PP&E 5.54% (5.60%). Accumulated depreciation / gross PP&E 46.93% / 48.19% / 49.60%.
Capex / D&A: 1.876 / 1.833 / 1.738. Capex cumulative 26,642 + 23,783 + 20,606 = 71,031 vs net income to Walmart cumulative 56,840 = 1.25x.
Three-year sources and uses, FY2024-FY2026 [ours]: free cash flow 42,703; net short-term borrowing 6,247; long-term debt issued 8,950; long-term debt repaid −10,310; strategic investment disposals 5,007; subsidiary stock sold 1,189; PP&E disposals 788; sources 54,574. Dividends 20,335; repurchases 15,361; purchase of noncontrolling interest 3,462; dividends to noncontrolling interest 1,778; acquisitions 1,958; other investing 1,822; other financing 6,929; uses 51,645. Sources − uses + FX (−449) = 2,480 = change in cash (1,094 − 399 + 1,785). ✔
Net debt raised: FY2026 3,523 + 3,983 − 2,625 = 4,881; three years 4,887. Shares issued for cash: none at parent level.
Dividends + repurchases: FY2026 7,507 + 8,088 = 15,595 = 71.23% of net income to Walmart and 104.50% of FCF (FY25 57.53% and 88.33%; FY24 57.50% and 58.99%). Three years: 35,696 = 83.59% of FCF.
Market multiples: see A.5. Market cap = 119.14 × 7,972.4 mn = 949,832. EV = 949,832 + 44,762 + 6,761 + 6,270 + 293 − 10,727 = 997,191 (operating leases excluded because their cost, 2,434, is already deducted in operating income). Operating income / EV = 29,825 / 997,191 = 2.99%. P/E = 119.14 / 2.73 = 43.6x; P/FCF = 949,832 / 14,923 = 63.6x; P/B = 949,832 / 99,617 = 9.53x; P/TBV = 949,832 / 66,582 = 14.3x; EV/EBITDA = 997,191 / 44,028 = 22.6x; dividend yield 0.94 / 119.14 = 0.79% (FY27 declared 0.99 / 119.14 = 0.83%).

Section 8

Repurchase multiples [ours]: FY2026 average price 95.13 / FCF per share 1.860 = 51.1x (FY25 72.72 / 1.567 = 46.4x; FY24 50.87 / 1.865 = 27.3x). Against diluted EPS: 34.8x / 30.2x / 26.6x. FY2026 average price vs closing price: 95.13 / 119.14 − 1 = −20.2%. Q4 trade-date average = 1,086.0 mn / 9,732,219 shares = US$111.59.
Net share change: 30 − 85 = −55 mn (FY25 −30; FY24 −26). Year-end shares 7,969 vs 8,024 = −0.69%. Repurchase cash / share-based compensation = 8,088 / 3,603 = 2.24x.
Incentive adjustments FY2026: 31,320 − 29,825 = 1,495 = 5.01% of reported operating income; sales −12,129. Prior years: not available in the attached proxy.
EY audit fees 44,712,000 / 36,306,000 − 1 = 23.2%.
Walton Enterprises 3,516,197,849 / 7,970,990,515 = 44.11%.
Dividends / net income to Walmart 34.29% / 34.41% / 39.58%; dividends / FCF 50.30% / 52.83% / 40.61%.

Section 9 and 10

Self-insurance accrual 5,525 / 4,976 − 1 = 11.03% (+549); FY25 +1.22%.
Purchase obligations 41.4 / 37.2 − 1 = 11.3%.
Cash not freely transferable / cash = 3.9 / 10.7 = 36.4%.
Unrecognized tax benefits decrease 3,757 − 2,440 = 1,317.
Other gains / pre-tax income = 2,075 / 29,469 = 7.04%.
NCI share of consolidated net income: 377 / 22,270 = 1.69% (FY25 3.58%).

Additional derivations used in the report

Section 1. Revenues "US$713 billion" = 713,163 rounded. Non-U.S. share 18.51%, U.S. share 581,175 / 713,163 = 81.49%. Gross profit rate FY2024 152,495 / 642,637 = 23.73%; FY2026 24.21% (rounded from 24.209%).

Section 2. Operating margin range FY2024-FY2026: 4.203% to 4.351%, written as between 4.20% and 4.35%. Capex / D&A 1.876, written 1.88. Capex / dividends paid = 26,642 / 7,507 = 3.55x, written 3.5 times. The "20 basis points" and "8 basis points" and the Walmart U.S. "22 basis points" and International "49 basis points" are the company's own rounded figures (MD&A); computed values 20.5 bp, 7.6 bp, 21.8 bp and 48.8 bp (21.351% vs 21.839%).

Section 3. Gross profit growth 171,018 / 162,785 − 1 = 5.06%. Interest, net 2,431 / 2,245 − 1 = 8.29%. Pre-tax 29,469 / 26,309 − 1 = 12.01%. Tax provision 7,199 / 6,152 − 1 = 17.02%. Other (gains) and losses swing = 794 − (−2,075) = 2,869. Operating expense increase = 147,943 − 139,884 = 8,059. Membership and other income change = 6,750 − 6,447 = 303, = 4.70%. Walmart U.S. membership and other income 2,624 / 2,594 − 1 = 1.16%. International eCommerce share = 35.8 / 130.4 = 27.45%.

Section 4. Cash change = 10,727 − 9,037 = 1,690; card settlements classified as cash 4.4 bn − 2.3 bn = 2.1 bn. Receivables gap FY2025 = 13.40% − 5.07% = 8.33 points. Federal current tax 3,478 → 2,128; federal deferred −214 → +2,010 (Note 8).

Section 5. Repurchases, two bases: cost in SE 8,080 + 4,477 + 2,791 = 15,348; cash in CF 8,088 + 4,494 + 2,779 = 15,361; difference 13 (trade date vs settlement date). Average operating margin FY2024-FY2026 = (4.222% + 4.351% + 4.203%) / 3 = 4.26%. Goodwill share of International = 23,622 / 28,735 = 82.2%. Retained earnings change = 104,774 − 98,313 = 6,461.

Section 6. Implied growth 7.54%, written "about 7.5%". Return on average invested capital 14.48%, written "about 14%". Release above maintenance proxy = 26,642 − 14,203 = 12,439. Advertising / net sales = 5.4 / 706.4 = 0.76%. Owner earnings yield = 10,844 / 949,832 = 1.14%. Segment capex / D&A: Walmart U.S. 20,157 / 9,390 = 2.15x (FY25 16,466 / 8,549 = 1.93x); International 3,197 / 2,304 = 1.39x; Sam's Club 914 / 782 = 1.17x. Walmart U.S. total assets 165,627 / 150,006 − 1 = 10.41%; operating income 25,158 / 23,882 − 1 = 5.34%. Walmart U.S. operating income / average segment assets [ours]: 25,158 / ((165,627 + 150,006) / 2) = 15.94%; FY25 23,882 / ((150,006 + 137,782) / 2) = 16.60%. Incremental, before tax [ours]: 1,276 / (165,627 − 150,006) = 1,276 / 15,621 = 8.17%, written about 8.2%.

Section 6 (review additions). Operating income with the two named charges added back = 31,425; × (1 − 24.43%) = 23,748 [ours]; change vs FY25 NOPAT 22,485 = 1,263; / 13,779 = 9.17% one-year incremental return with charges added back. After-tax yield on EV [ours] = NOPAT 22,539 / 997,191 = 2.26%. Walmart U.S. incremental pre-tax return 8.17% vs average 15.94% = about half.

Section 8. Repurchase cash growth 8,088 / 4,494 − 1 = 79.97% ("80%"). Equity cost vs cash, three years: 15,361 − 15,348 = 13. Construction in progress change = 18,728 − 15,403 = 3,325. Gross debt change 44,762 − 39,067 = 5,695. FCF after dividends = 14,923 − 7,507 = 7,416.

Section 9. "Near 4.2%" = operating margin 4.22%.

A.8 · Statements in the fiscal 2025 10-K about fiscal 2026

Statement (10-K FY25)	Value
Projected capital expenditures, fiscal 2026	approximately US$21 bn to US$25 bn
Fiscal 2026 annual dividend approved February 20, 2025	US$0.94 per share
Share repurchases	"a majority of the ongoing share repurchase program will be funded through the Company's free cash flow"
Interest on long-term debt expected in fiscal 2026	approximately US$1.7 bn (of 18.2 bn total contractual)
Unrecorded purchase obligations at January 31, 2025	US$37.2 bn, of which 15.9 bn within one year
Financial framework	operating income growing at a faster rate than net sales (stated in both filings)
Asda claimants	approximately 70,000
Legal matters present in FY25 note and absent from FY26 note	opioid-related securities class actions (on appeal); FTC money-transfer complaint (interlocutory appeal); CFPB driver platform suit (stayed)