What changed in this filing

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Item 1. Financial Statements

2023-11-30 compared with 2023-09-01 · 118 added, 75 removed, 417 unchanged (32% of the section changed)

1 unchanged sentence

Condensed Consolidated Statements of Income

Three Months Ended July 31, Six Months Ended July 31,

Three Months Ended October 31, Nine Months Ended October 31,

(Amounts in millions, except per share data) 2023 2022 2023 2022

11 unchanged sentences

Other (gains) and losses 4,750 3,626 3,840 5,386

Income before income taxes 10,727 6,644 13,415 9,545

Income (loss) before income taxes 915 ( 1,431 ) 14,330 8,114

Provision for income taxes 272 336 3,738 2,631

Consolidated net income 8,053 5,147 9,949 7,250

Consolidated net (income) loss attributable to noncontrolling interest ( 162 ) 2 ( 385 ) ( 47 )

Consolidated net income attributable to Walmart $ 7,891 $ 5,149 $ 9,564 $ 7,203

Net income per common share:

Basic net income per common share attributable to Walmart $ 2.93 $ 1.88 $ 3.55 $ 2.62

Diluted net income per common share attributable to Walmart 2.92 1.88 3.54 2.61

Consolidated net income (loss) 643 ( 1,767 ) 10,592 5,483

Consolidated net income attributable to noncontrolling interest ( 190 ) ( 31 ) ( 575 ) ( 78 )

Consolidated net income (loss) attributable to Walmart $ 453 $ ( 1,798 ) $ 10,017 $ 5,405

Net income (loss) per common share:

Basic net income (loss) per common share attributable to Walmart $ 0.17 $ ( 0.66 ) $ 3.72 $ 1.98

Diluted net income (loss) per common share attributable to Walmart 0.17 ( 0.66 ) 3.71 1.97

Weighted-average common shares outstanding:

4 unchanged sentences

Condensed Consolidated Statements of Comprehensive Income

Three Months Ended July 31, Six Months Ended July 31,

Three Months Ended October 31, Nine Months Ended October 31,

(Amounts in millions) 2023 2022 2023 2022

Consolidated net income $ 8,053 $ 5,147 $ 9,949 $ 7,250

Consolidated net (income) loss attributable to noncontrolling interest ( 162 ) 2 ( 385 ) ( 47 )

Consolidated net income attributable to Walmart 7,891 5,149 9,564 7,203

Consolidated net income (loss) $ 643 $ ( 1,767 ) $ 10,592 $ 5,483

Consolidated net income attributable to noncontrolling interest ( 190 ) ( 31 ) ( 575 ) ( 78 )

Consolidated net income (loss) attributable to Walmart 453 ( 1,798 ) 10,017 5,405

Other comprehensive income (loss), net of income taxes

6 unchanged sentences

Other comprehensive income (loss) attributable to Walmart ( 755 ) ( 886 ) 107 ( 2,014 )

Comprehensive income, net of income taxes 8,494 3,476 11,132 5,854

Comprehensive income (loss), net of income taxes 57 ( 2,861 ) 11,189 2,993

Comprehensive (income) loss attributable to noncontrolling interest ( 359 ) 177 ( 1,065 ) 398

Comprehensive income attributable to Walmart $ 8,220 $ 3,753 $ 10,426 $ 6,075

Comprehensive income (loss) attributable to Walmart $ ( 302 ) $ ( 2,684 ) $ 10,124 $ 3,391

See accompanying notes.

Condensed Consolidated Balance Sheets

July 31, January 31, July 31,

October 31, January 31, October 31,

(Amounts in millions) 2023 2023 2022

60 unchanged sentences

Balances as of July 31, 2023 2,692 $ 269 $ 4,635 $ 85,470 $ ( 10,818 ) $ 79,556 $ 5,771 $ 85,327

Consolidated net income

— — — 453 — 453 199 652

Other comprehensive income (loss), net of income taxes

— — — — ( 755 ) ( 755 ) 169 ( 586 )

Purchase of Company stock — — ( 5 ) ( 92 ) — ( 97 ) — ( 97 )

Dividends to noncontrolling interest — — — — — — ( 4 ) ( 4 )

Sale of subsidiary stock — — 7 — — 7 3 10

Other 1 — 292 — — 292 ( 11 ) 281

Balances as of October 31, 2023 2,693 $ 269 $ 4,929 $ 85,831 $ ( 11,573 ) $ 79,456 $ 6,127 $ 85,583

See accompanying notes.

19 unchanged sentences

Balances as of July 31, 2022 2,722 $ 272 $ 4,672 $ 82,519 $ ( 9,894 ) $ 77,569 $ 8,018 $ 85,587

Consolidated net loss

— — — ( 1,798 ) — ( 1,798 ) 31 ( 1,767 )

Other comprehensive (loss), net of income taxes

— — — — ( 886 ) ( 886 ) ( 208 ) ( 1,094 )

Dividends — — — 43 — 43 — 43

Purchase of Company stock ( 22 ) ( 2 ) ( 158 ) ( 2,772 ) — ( 2,932 ) — ( 2,932 )

Dividends to noncontrolling interest — — — — — — ( 10 ) ( 10 )

Sale of subsidiary stock — — 7 — — 7 3 10

Other 1 — 296 ( 46 ) — 250 36 286

Balances as of October 31, 2022 2,701 $ 270 $ 4,817 $ 77,946 $ ( 10,780 ) $ 72,253 $ 7,870 $ 80,123

See accompanying notes.

Condensed Consolidated Statements of Cash Flows

Six Months Ended July 31,

Nine Months Ended October 31,

(Amounts in millions) 2023 2022

47 unchanged sentences

The Company consolidates all other operations generally using a one-month lag based on a calendar year.

There were no significant intervening events during the month of July 2023 related to the consolidated operations using a lag that materially affected the Condensed Consolidated Financial Statements.

There were no significant intervening events during the month of October 2023 related to the consolidated operations using a lag that materially affected the Condensed Consolidated Financial Statements.

The Company's business is seasonal to a certain extent due to calendar events and national and religious holidays, as well as weather patterns.

15 unchanged sentences

The Company is responsible for ensuring that participating financial institutions are paid according to the terms negotiated with the supplier, regardless of whether the supplier elects to receive early payment from the financial institution.

The outstanding payment obligations to financial institutions under these programs were $ 5.3 billion, $ 5.2 billion and $ 6.4 billion, as of July 31, 2023, January 31, 2023 and July 31, 2022, respectively.

The outstanding payment obligations to financial institutions under these programs were $ 6.1 billion, $ 5.2 billion and $ 5.4 billion, as of October 31, 2023, January 31, 2023 and October 31, 2022, respectively.

These obligations are generally classified as accounts payable within the Condensed Consolidated Balance Sheets.

The activity related to these programs is classified as an operating activity within the Condensed Consolidated Statements of Cash Flows.

Net Income Per Common Share

Basic net income per common share attributable to Walmart is based on the weighted-average common shares outstanding during the relevant period.

Diluted net income per common share attributable to Walmart is based on the weighted-average common shares outstanding during the relevant period adjusted for the dilutive effect of share-based awards.

The Company did not have significant share-based awards outstanding that were anti-dilutive and not included in the calculation of diluted net income per common share attributable to Walmart for the three and six months ended July 31, 2023 and 2022.

The following table provides a reconciliation of the numerators and denominators used to determine basic and diluted net income per common share attributable to Walmart:

Three Months Ended July 31, Six Months Ended July 31,

Recent Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures , which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses.

The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024.

Early adoption is permitted.

The amendments should be applied retrospectively to all prior periods presented in the financial statements.

Management is currently evaluating this ASU to determine its impact on the Company's disclosures.

Net Income (Loss) Per Common Share

Basic net income (loss) per common share attributable to Walmart is based on the weighted-average common shares outstanding during the relevant period.

Diluted net income (loss) per common share attributable to Walmart is based on the weighted-average common shares outstanding during the relevant period adjusted for the dilutive effect of share-based awards.

The calculation of diluted net loss per common share attributable to Walmart for the three months ended October 31, 2022 does not include the effect of share-based payment awards as their inclusion would be anti-dilutive and would reduce the net loss per common share, and such awards were not significant.

The following table provides a reconciliation of the numerators and denominators used to determine basic and diluted net income (loss) per common share attributable to Walmart:

Three Months Ended October 31, Nine Months Ended October 31,

(Amounts in millions, except per share data) 2023 2022 2023 2022

Consolidated net income $ 8,053 $ 5,147 $ 9,949 $ 7,250

Consolidated net (income) loss attributable to noncontrolling interest ( 162 ) 2 ( 385 ) ( 47 )

Consolidated net income attributable to Walmart $ 7,891 $ 5,149 $ 9,564 $ 7,203

Consolidated net income (loss) $ 643 $ ( 1,767 ) $ 10,592 $ 5,483

Consolidated net income attributable to noncontrolling interest ( 190 ) ( 31 ) ( 575 ) ( 78 )

Consolidated net income (loss) attributable to Walmart $ 453 $ ( 1,798 ) $ 10,017 $ 5,405

Weighted-average common shares outstanding, basic 2,693 2,711 2,693 2,733

1 unchanged sentence

Weighted-average common shares outstanding, diluted 2,703 2,711 2,703 2,743

Net income per common share attributable to Walmart

Net income (loss) per common share attributable to Walmart

Basic $ 0.17 $ ( 0.66 ) $ 3.72 $ 1.98

3 unchanged sentences

(Amounts in millions and net of immaterial income taxes) Currency

Translation and Other Net Investment Hedges Cash Flow Hedges Minimum Pension Liability Total

Translation and Other Net Investment Hedges Cash Flow Hedges Minimum

Liability Total

Balances as of February 1, 2023 $ ( 10,816 ) $ 94 $ ( 951 ) $ ( 7 ) $ ( 11,680 )

5 unchanged sentences

Balances as of July 31, 2023 $ ( 10,021 ) $ 94 $ ( 885 ) $ ( 6 ) $ ( 10,818 )

Other comprehensive income (loss) before reclassifications, net

( 744 ) — ( 29 ) 1 ( 772 )

Reclassifications to income, net — — 17 — 17

Balances as of October 31, 2023 $ ( 10,765 ) $ 94 $ ( 897 ) $ ( 5 ) $ ( 11,573 )

(Amounts in millions and net of immaterial income taxes) Currency

Translation and Other Net Investment Hedges Cash Flow Hedges Minimum Pension Liability Total

Translation and Other Net Investment Hedges Cash Flow Hedges Minimum

Liability Total

Balances as of February 1, 2022 $ ( 8,100 ) $ 94 $ ( 748 ) $ ( 12 ) $ ( 8,766 )

5 unchanged sentences

Balances as of July 31, 2022 $ ( 8,980 ) $ 94 $ ( 999 ) $ ( 9 ) $ ( 9,894 )

Other comprehensive loss before reclassifications, net

( 711 ) — ( 191 ) — ( 902 )

Reclassifications to income, net — — 16 — 16

Balances as of October 31, 2022 $ ( 9,691 ) $ 94 $ ( 1,174 ) $ ( 9 ) $ ( 10,780 )

Amounts reclassified from accumulated other comprehensive loss for derivative instruments are generally recorded in interest, net, in the Company's Condensed Consolidated Statements of Income.

5 unchanged sentences

In total, the Company had committed lines of credit in the U.S.

of $ 15.0 billion at July 31, 2023 and January 31, 2023, all undrawn.

The following table provides the changes in the Company's long-term debt for the six months ended July 31, 2023:

of $ 15.0 billion at October 31, 2023 and January 31, 2023, all undrawn.

The following table provides the changes in the Company's long-term debt for the nine months ended October 31, 2023:

(Amounts in millions) Long-term debt due within one year Long-term debt Total

5 unchanged sentences

Other ( 4 ) ( 442 ) ( 446 )

Balances as of July 31, 2023 $ 2,897 $ 36,806 $ 39,703

Balances as of October 31, 2023 $ 2,806 $ 36,342 $ 39,148

(1) Proceeds from issuance of long-term debt are net of deferred loan costs and any related discount or premium.

Debt Issuances

Information on significant long-term debt issued during the six months ended July 31, 2023, for general corporate purposes, is as follows:

Information on significant long-term debt issued during the nine months ended October 31, 2023, for general corporate purposes, is as follows:

(Amounts in millions)

9 unchanged sentences

Debt Repayments

Information on significant long-term debt repayments during the six months ended July 31, 2023 is as follows:

Information on significant long-term debt repayments during the nine months ended October 31, 2023 is as follows:

(Amounts in millions)

10 unchanged sentences

unobservable inputs for which little or no market data exists, therefore requiring the Company to develop its own assumptions.

The Company measures the fair value of certain equity investments, including certain equity method investments, on a recurring basis within other long-term assets in the accompanying Condensed Consolidated Balance Sheets.

The Company measures the fair value of certain equity investments, including certain immaterial equity method investments where the Company has elected the fair value option, on a recurring basis within other long-term assets in the accompanying Condensed Consolidated Balance Sheets.

The amounts of gains and losses included in earnings from fair value changes for these investments are recognized within other gains and losses in the Condensed Consolidated Statements of Income.

The fair value of these investments is as follows:

(Amounts in millions) Fair Value as of July 31, 2023 Fair Value as of January 31, 2023

(Amounts in millions) Fair Value as of October 31, 2023 Fair Value as of January 31, 2023

Equity investments measured using Level 1 inputs $ 2,889 $ 5,099

1 unchanged sentence

Total $ 6,468 $ 10,669

Changes in fair value of equity securities, as well as certain immaterial equity method investments where the Company has elected the fair value option measured on a recurring basis, are recognized within other gains and losses in the Condensed Consolidated Statements of Income.

These fair value changes, along with certain other immaterial investment activity, resulted in net gains of $ 3.2 billion and $ 36 million for the three and six months ended July 31, 2023, respectively, and a net gain of $ 0.8 billion and a net loss of $ 1.2 billion for the three and six months ended July 31, 2022, respectively.

These fair value changes were primarily due to net changes in the underlying stock prices of those investments.

Changes in the fair value of these investments were primarily due to gains and losses resulting from net changes in the underlying stock prices, along with certain other immaterial investment activity.

These changes in fair value included net losses of $ 4.2 billion for both the three and nine months ended October 31, 2023, and net losses of $ 3.6 billion and $ 4.8 billion for the three and nine months ended October 31, 2022, respectively.

Equity investments without readily determinable fair values are carried at cost and adjusted for any observable price changes or impairments within other gains and losses in the Condensed Consolidated Statements of Income.

2 unchanged sentences

The fair values have been measured using the income approach and Level 2 inputs, which include the relevant interest rate and foreign currency forward curves.

As of July 31, 2023 and January 31, 2023, the notional amounts and fair values of these derivatives were as follows:

July 31, 2023 January 31, 2023

As of October 31, 2023 and January 31, 2023, the notional amounts and fair values of these derivatives were as follows:

October 31, 2023 January 31, 2023

(Amounts in millions) Notional Amount Fair Value Notional Amount Fair Value

8 unchanged sentences

Generally, assets are recorded at fair value on a nonrecurring basis as a result of impairment charges.

The Company did not have any material assets or liabilities resulting in nonrecurring fair value measurements as of July 31, 2023 in the Company's Condensed Consolidated Balance Sheets.

The Company did not have any material assets or liabilities resulting in nonrecurring fair value measurements as of October 31, 2023 in the Company's Condensed Consolidated Balance Sheets.

Other Fair Value Disclosures

3 unchanged sentences

The fair value is estimated using Level 2 inputs based on the Company's current incremental borrowing rate for similar types of borrowing arrangements.

The carrying value and fair value of the Company's long-term debt as of July 31, 2023 and January 31, 2023, are as follows:

July 31, 2023 January 31, 2023

The carrying value and fair value of the Company's long-term debt as of October 31, 2023 and January 31, 2023, are as follows:

October 31, 2023 January 31, 2023

(Amounts in millions) Carrying Value Fair Value Carrying Value Fair Value

10 unchanged sentences

The Settlement Framework includes no admission of wrongdoing or liability by the Company, and the Company continues to believe it has substantial factual and legal defenses to opioids-related litigation.

As of October 31, 2023, substantially all of the original approximately $ 3.3 billion accrued liability for the Settlement Framework and other settlements has been paid.

In December 2017, the United States Judicial Panel on Multidistrict Litigation consolidated numerous lawsuits filed against a wide array of defendants by various plaintiffs, including counties, cities, healthcare providers, Native American tribes, individuals, and third-party payers, asserting claims generally concerning the impacts of widespread opioid abuse.

3 unchanged sentences

The Company is named as a defendant in some of the cases included in the MDL.

Similar cases that name the Company also have been filed in state courts by state, local, and tribal governments, healthcare providers, and other plaintiffs.

Plaintiffs in these state court cases and in the MDL are seeking compensatory and punitive damages, as well as injunctive relief including abatement.

The Company has also been responding to subpoenas, information requests, and investigations from governmental entities related to nationwide controlled substance dispensing and distribution practices involving opioids.

On November 15, 2022, the Company announced it had agreed to financial amounts and payment terms to resolve substantially all opioids-related lawsuits filed against the Company by states, political subdivisions, and Native American tribes whether as part of the MDL (excluding, however, a single, two-county trial described further below) or in state court, as well as all potential claims that could be made against the Company by states, political subdivisions, and Native American tribes for up to approximately $ 3.1 billion (the "Settlement Amount").

6 unchanged sentences

On August 22, 2023, the settlement administrator determined that a sufficient number of political subdivisions had agreed to participate in the Settlement Framework, which was a necessary condition for the Settlement Framework to become effective.

The Settlement Framework will become effective 15 days later, on September 6, 2023.

The Company is required to deposit up to the full portion of the Settlement Amount attributable to the Settling States within 15 days following the effective date of the Settlement Framework, which the Company expects to pay during the fiscal quarter ending October 31, 2023.

Although the settlement administrator has determined a sufficient number of political subdivisions have agreed to participate in the State Settlement Framework, and thus the State Settlement Framework will become effective, eligible political subdivisions still have until July 15, 2025 to join the State Settlement Framework.

Through July 2023, the Company has paid approximately $ 0.6 billion in the aggregate for separate settlements with Cherokee Nation, New Mexico, Florida, West Virginia, and Alabama, as well as various Native American tribes (excluding Cherokee Nation) that agreed to participate in the Settlement Framework or otherwise have their claims foreclosed within a prescribed deadline.

Of the original approximately $ 3.3 billion accrued liability for the Settlement Framework and other settlements, approximately $ 2.8 billion remains and is recorded in accrued liabilities within the Company's Condensed Consolidated Balance Sheet as of July 31, 2023.

The Settlement Framework became effective 15 days later, on September 6, 2023.

The Company deposited the full portion of the Settlement Amount attributable to the Settling States on October 11, 2023.

Although the settlement administrator has determined that sufficient number of political subdivisions have agreed to participate in the Settlement Framework, and thus the Settlement Framework was effective, eligible political subdivisions still have until July 15, 2025, to join the Settlement Framework.

Other Opioid-Related Litigation

5 unchanged sentences

Two-County Trial and MDL Bellwethers;

The liability phase of a single, two-county trial in one of the MDL cases resulted in a jury verdict on November 23, 2021, finding in favor of the plaintiffs as to the liability of all defendants, including

and Other Litigation.

The abatement phase of the single, two-county trial resulted in a judgment on August 17, 2022, that ordered all three defendants, including the Company, to pay an aggregate amount of approximately $ 0.7 billion over fifteen years , on a joint and several liability basis, and granted the plaintiffs injunctive relief.

1 unchanged sentence

The monetary aspect of the judgment is stayed pending appeal, and the injunctive aspect of the judgment went into effect on February 20, 2023.

On September 11, 2023, the Sixth Circuit Court of Appeals issued an order of certifying certain questions in the appeal for review by the Supreme Court of Ohio.

The MDL designated five additional single-county cases as bellwethers to proceed through discovery;

however, these five counties have elected to participate in the Settlement Framework and receive a portion of the Settlement Amount rather than go to trial.

The MDL may designate additional bellwethers of cases brought by healthcare providers and third-party payers.

On October 25, 2023, the MDL designated four cases brought by third-party payers as bellwether cases to proceed through discovery.

Additional bellwethers of cases brought by hospitals and other healthcare providers may be designated in the future.

Wal-Mart Canada Corp.

1 unchanged sentence

These matters remain pending.

Similar cases that name the Company also have been filed in state and federal courts by state, local, and tribal governments, healthcare providers, and other plaintiffs.

Plaintiffs in these cases and in the MDL are seeking compensatory and punitive damages, as well as injunctive relief including abatement.

DOJ Opioid Civil Litigation.

19 unchanged sentences

Those cases have been stayed pending developments in other opioids litigation matters.

On September 27, 2021, three shareholders filed a derivative action in the Delaware Court of Chancery alleging that certain members of the current Board of Directors and certain former officers breached their fiduciary duties in failing to adequately oversee the Company's prescription opioids business.

On September 27, 2021, three shareholders filed a derivative action in the Delaware Court of Chancery alleging that certain members of the Board of Directors and certain former officers breached their fiduciary duties in failing to adequately oversee the Company's prescription opioids business.

The defendants moved to dismiss and/or to stay proceedings on December 21, 2021, and the plaintiffs responded by filing an amended complaint on February 22, 2022.

13 unchanged sentences

Money Transfer Agent Services Matters.

The Company has responded to grand jury subpoenas issued by the United States Attorney's Office for the Middle District of Pennsylvania on behalf of the DOJ seeking documents regarding the Company's consumer fraud prevention program and anti-money laundering compliance related to the Company's money transfer services,

where Walmart is an agent.

The most recent subpoena was issued in August 2020.

The Company continues to cooperate with and provide information in response to requests from the DOJ.

The Company has also responded to civil investigative demands from the United States Federal Trade Commission (the "FTC") in connection with the FTC's investigation related to money transfers and the Company's anti-fraud program in its capacity as an agent.

Walmart's responses to DOJ's subpoenas have been complete since 2021.

The Company continues to cooperate with and provide information and documents voluntarily in response to supplemental requests from the DOJ.

The Company has also responded to civil investigative demands from the

United States Federal Trade Commission (the "FTC") in connection with the FTC's investigation related to money transfers and the Company's anti-fraud program in its capacity as an agent.

On June 28, 2022, the FTC filed a complaint against the Company in the U.S.

1 unchanged sentence

On August 29, 2022, the Company filed a motion to dismiss the complaint.

On October 5, 2022, the FTC responded to the motion, and on October 28, 2022, the Company filed its reply.

On March 27, 2023, the Court issued an opinion dismissing the FTC's claim under the Telemarketing Sales Rule and denying Walmart's motion to dismiss the claim under Section 5 of the Federal Trade Commission Act.

On April 12, 2023, Walmart filed a motion to certify the Court's March 27, 2023, order for interlocutory appeal.

The FTC's response to Walmart's motion to certify an interlocutory appeal was filed on May 8, 2023;

Walmart filed its reply on May 18, 2023.

On June 30, 2023, the FTC filed an amended complaint against Walmart again asserting claims under the Federal Trade Commission Act and Telemarketing Sales Rule.

Walmart's motion to dismiss the amended complaint was filed on August 11, 2023;

the FTC's response is due on September 15, 2023;

and Walmart's reply is due on October 9, 2023.

On July 20, 2023, the Court denied Walmart's motion to certify the Court's March 27, 2023, order for interlocutory appeal, finding that it would be more orderly to consider a request for interlocutory appeal after a ruling on Walmart's motion to dismiss the amended complaint.

Walmart's motion to dismiss the amended complaint was filed on August 11, 2023, and remains pending.

The Company intends to vigorously defend these matters.

1 unchanged sentence

Accordingly, the Company can provide no assurance that its business, financial position, results of operations or cash flows will not be materially adversely affected.

Mexico Antitrust Matter .

On October 6, 2023, the Comisión Federal de Competencia Económica of México ("COFECE") notified the main Mexican operating subsidiary of Wal-Mart de México, S.A.B.

("Walmex"), a majority owned subsidiary of the Company, that COFECE's Investigatory Authority ("IA") had requested COFECE to initiate a quasi-judicial administrative process against Walmex's subsidiary for alleged relative monopolistic practices in connection with the supply and wholesale distribution of certain consumer goods, retail marketing practices of such consumer goods and related services.

The quasi-judicial administrative process is the first opportunity for Walmex's subsidiary to respond to and defend against the IA's allegations before COFECE.

While COFECE has the authority to impose monetary relief and/or non-structural conduct measures, such relief and conduct measures would be subject to appeal by Walmex's subsidiary.

Walmex's subsidiary intends to defend against the allegations vigorously, both at the quasi-judicial administrative process and, if required, before any courts.

Because this process is at an early stage, the Company can provide no assurance as to the scope and outcome of these matters, cannot reasonably estimate any loss or range of loss that may arise and can provide no assurance that its business, financial position, results of operations or cash flows will not be materially adversely affected.

Segments and Disaggregated Revenue

14 unchanged sentences

Net sales by segment are as follows:

Three Months Ended July 31, Six Months Ended July 31,

Three Months Ended October 31, Nine Months Ended October 31,

(Amounts in millions)

5 unchanged sentences

Operating income by segment, as well as unallocated operating expenses for corporate and support, interest, net, and other gains and losses are as follows:

Three Months Ended July 31, Six Months Ended July 31,

Three Months Ended October 31, Nine Months Ended October 31,

(Amounts in millions)

8 unchanged sentences

Other (gains) and losses 4,750 3,626 3,840 5,386

Income before income taxes $ 10,727 $ 6,644 $ 13,415 $ 9,545

Income (loss) before income taxes

$ 915 $ ( 1,431 ) $ 14,330 $ 8,114

Disaggregated Revenues

3 unchanged sentences

In addition, net sales related to eCommerce are provided for each segment, which include omni-channel sales, where a customer initiates an order digitally and the order is fulfilled through a store or club.

(Amounts in millions) Three Months Ended July 31, Six Months Ended July 31,

(Amounts in millions) Three Months Ended October 31, Nine Months Ended October 31,

net sales by merchandise category 2023 2022 2023 2022

4 unchanged sentences

Total $ 109,419 $ 104,775 $ 324,174 $ 306,809

Of Walmart U.S.'s total net sales, approximately $ 15.5 billion and $ 12.5 billion related to eCommerce for the three months ended July 31, 2023 and 2022, respectively, and approximately $ 30.0 billion and $ 23.9 billion related to eCommerce for the six months ended July 31, 2023 and 2022, respectively.

(Amounts in millions) Three Months Ended July 31, Six Months Ended July 31,

Of Walmart U.S.'s total net sales, approximately $ 16.0 billion and $ 12.9 billion related to eCommerce for the three months ended October 31, 2023 and 2022, respectively, and approximately $ 46.0 billion and $ 36.9 billion related to eCommerce for the nine months ended October 31, 2023 and 2022, respectively.

(Amounts in millions) Three Months Ended October 31, Nine Months Ended October 31,

Walmart International net sales by market 2023 2022 2023 2022

4 unchanged sentences

Total $ 28,022 $ 25,295 $ 82,222 $ 73,408

Of Walmart International's total net sales, approximately $ 5.8 billion and $ 4.6 billion related to eCommerce for the three months ended July 31, 2023 and 2022, respectively, and approximately $ 11.2 billion and $ 8.9 billion related to eCommerce for the six months ended July 31, 2023 and 2022, respectively.

(Amounts in millions) Three Months Ended July 31, Six Months Ended July 31,

Of Walmart International's total net sales, approximately $ 5.7 billion and $ 5.9 billion related to eCommerce for the three months ended October 31, 2023 and 2022, respectively, and approximately $ 16.8 billion and $ 14.8 billion related to eCommerce for the nine months ended October 31, 2023 and 2022, respectively.

(Amounts in millions) Three Months Ended October 31, Nine Months Ended October 31,

Sam's Club net sales by merchandise category 2023 2022 2023 2022

5 unchanged sentences

Total $ 21,998 $ 21,399 $ 64,327 $ 62,921

Of Sam's Club's total net sales, approximately $ 2.4 billion and $ 2.1 billion related to eCommerce for the three months ended July 31, 2023 and 2022, respectively , and approximately $ 4.7 billion and $ 3.9 billion related to eCommerce for the six months ended July 31, 2023 and 2022, respectively.

Of Sam's Club's total net sales, approximately $ 2.4 billion and $ 2.1 billion related to eCommerce for the three months ended October 31, 2023 and 2022, respectively, and approximately $ 7.1 billion and $ 6.0 billion related to eCommerce for the nine months ended October 31, 2023 and 2022, respectively.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements