What changed in this filing

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Item 1. Financial Statements

2025-08-29 compared with 2025-06-06 · 111 added, 101 removed, 466 unchanged (31% of the section changed)

1 unchanged sentence

Condensed Consolidated Statements of Income

Three Months Ended April 30,

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

(Amounts in millions, except per share data) 2025 2024 2025 2024

6 unchanged sentences

Operating income 7,286 7,940 14,421 14,781

Debt 651 557 1,170 1,154

Finance lease 118 122 236 239

16 unchanged sentences

Condensed Consolidated Statements of Comprehensive Income

Three Months Ended April 30,

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

(Amounts in millions) 2025 2024 2025 2024

2 unchanged sentences

Consolidated net income attributable to Walmart 7,026 4,501 11,513 9,605

Other comprehensive income, net of income taxes

Other comprehensive income (loss), net of income taxes

Currency translation and other 774 ( 1,079 ) 857 ( 1,100 )

Cash flow hedges ( 24 ) 10 238 38

Other comprehensive income, net of income taxes 345 7

Other comprehensive income attributable to noncontrolling interest ( 36 ) ( 72 )

Other comprehensive income (loss), net of income taxes 750 ( 1,069 ) 1,095 ( 1,062 )

Other comprehensive (income) loss attributable to noncontrolling interest ( 187 ) 258 ( 223 ) 186

Other comprehensive income (loss) attributable to Walmart 563 ( 811 ) 872 ( 876 )

Comprehensive income, net of income taxes 7,901 3,642 12,885 8,956

Comprehensive income attributable to noncontrolling interest ( 188 ) ( 275 )

Comprehensive (income) loss attributable to noncontrolling interest ( 312 ) 48 ( 500 ) ( 227 )

Comprehensive income attributable to Walmart $ 7,589 $ 3,690 $ 12,385 $ 8,729

1 unchanged sentence

Condensed Consolidated Balance Sheets

April 30, January 31, April 30,

July 31, January 31, July 31,

(Amounts in millions) 2025 2025 2024

52 unchanged sentences

Purchase of Company stock ( 51 ) ( 5 ) ( 243 ) ( 4,350 ) — ( 4,598 ) — ( 4,598 )

Dividends to noncontrolling interest

— — — — — — ( 5 ) ( 5 )

Other 13 2 181 ( 61 ) — 122 ( 52 ) 70

Balances as of April 30, 2025 7,986 $ 799 $ 5,441 $ 90,849 $ ( 13,296 ) $ 83,793 $ 6,548 $ 90,341

Consolidated net income — — — 7,026 — 7,026 132 7,158

Other comprehensive income, net of income taxes

— — — — 563 563 187 750

Purchase of Company stock ( 16 ) ( 2 ) ( 90 ) ( 1,500 ) — ( 1,592 ) — ( 1,592 )

Dividends to noncontrolling interest — — — — — — ( 424 ) ( 424 )

Other 5 — 367 ( 47 ) — 320 ( 3 ) 317

Balances as of July 31, 2025 7,975 $ 797 $ 5,718 $ 96,328 $ ( 12,733 ) $ 90,110 $ 6,440 $ 96,550

See accompanying notes.

14 unchanged sentences

Balances as of April 30, 2024 8,049 $ 805 $ 4,625 $ 87,230 $ ( 11,367 ) $ 81,293 $ 6,780 $ 88,073

Consolidated net income — — — 4,501 — 4,501 219 4,720

Other comprehensive loss, net of income taxes

— — — — ( 811 ) ( 811 ) ( 258 ) ( 1,069 )

Purchase of Company stock ( 15 ) ( 1 ) ( 50 ) ( 942 ) — ( 993 ) — ( 993 )

Dividends to noncontrolling interest — — — — — — ( 634 ) ( 634 )

Sale of subsidiary stock — — 10 — — 10 4 14

Other 1 ( 1 ) 425 ( 1 ) — 423 31 454

Balances as of July 31, 2024 8,035 $ 803 $ 5,010 $ 90,788 $ ( 12,178 ) $ 84,423 $ 6,142 $ 90,565

See accompanying notes.

Condensed Consolidated Statements of Cash Flows

Three Months Ended April 30,

Six Months Ended July 31,

(Amounts in millions) 2025 2024

16 unchanged sentences

Proceeds from disposal of property and equipment

Proceeds from disposal of certain strategic investments

Other investing activities ( 606 ) ( 62 )

7 unchanged sentences

Other financing activities ( 905 ) ( 1,035 )

Net cash provided by (used in) financing activities 8 ( 321 )

Net cash used in financing activities ( 6,993 ) ( 6,945 )

Effect of exchange rates on cash, cash equivalents and restricted cash 181 ( 340 )

Net increase (decrease) in cash, cash equivalents and restricted cash

341 ( 1,056 )

Cash, cash equivalents and restricted cash at beginning of year 9,536 9,935

12 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 April 2025 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 July 2025 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.

8 unchanged sentences

Participation in these programs is optional and solely up to the supplier, who negotiates the terms of the arrangement directly with the financial institution and may allow early payment.

The outstanding payment obligations to financial institutions under these programs were $ 5.6 billion, $ 5.7 billion and $ 5.2 billion, as of April 30, 2025, January 31, 2025 and April 30, 2024, respectively.

The outstanding payment obligations to financial institutions under these programs were $ 5.7 billion for each of the periods ended July 31, 2025, January 31, 2025 and July 31, 2024.

Recent Accounting Pronouncements

15 unchanged sentences

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 as determined under the treasury stock method.

The Company did not have significant share-based awards outstanding that were antidilutive and not included in the calculation of diluted net income per common share attributable to Walmart for the three months ended April 30, 2025 and 2024.

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 April 30,

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

(Amounts in millions, except per share data) 2025 2024 2025 2024

16 unchanged sentences

Balances as of April 30, 2025 $ ( 12,614 ) $ ( 682 ) $ ( 13,296 )

Other comprehensive income (loss) before reclassifications, net

587 ( 45 ) 542

Reclassifications to income, net — 21 21

Balances as of July 31, 2025 $ ( 12,027 ) $ ( 706 ) $ ( 12,733 )

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

5 unchanged sentences

Balances as of April 30, 2024 $ ( 10,500 ) $ ( 867 ) $ ( 11,367 )

Other comprehensive loss before reclassifications, net

( 725 ) ( 98 ) ( 823 )

Reclassifications to income, net ( 96 ) 108 12

Balances as of July 31, 2024 $ ( 11,321 ) $ ( 857 ) $ ( 12,178 )

Amounts reclassified from accumulated other comprehensive loss for cash flow hedges 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 April 30, 2025 and January 31, 2025, all undrawn.

The following table provides the changes in the Company's long-term debt for the three months ended April 30, 2025:

of $ 15.0 billion at July 31, 2025 and January 31, 2025, all undrawn.

The following table provides the changes in the Company's long-term debt for the six months ended July 31, 2025:

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

2 unchanged sentences

— 3,983 3,983

Repayments of long-term debt ( 875 ) — ( 875 )

Reclassifications of long-term debt 2,286 ( 2,286 ) —

Currency and other adjustments

Balances as of April 30, 2025 $ 4,085 $ 36,520 $ 40,605

Balances as of July 31, 2025 $ 4,011 $ 35,640 $ 39,651

(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 three months ended April 30, 2025, for general corporate purposes, is as follows:

Information on significant long-term debt issued during the six months ended July 31, 2025, for general corporate purposes, is as follows:

(Amounts in millions)

7 unchanged sentences

These issuances do not contain any financial covenants and do not restrict the Company's ability to pay dividends or repurchase company stock.

Debt Repayments

Information on significant long-term debt repayments during the six months ended July 31, 2025 is as follows:

(Amounts in millions)

Maturity Date Principal Amount Fixed vs.

Floating Interest Rate Repayment

June 26, 2025 $ 875 Fixed 3.550 % $ 875

Fair Value Measurements

4 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 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 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 primarily 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 April 30, 2025 Fair Value as of January 31, 2025

(Amounts in millions) Fair Value as of July 31, 2025 Fair Value as of January 31, 2025

Equity investments measured using Level 1 inputs $ 1,097 $ 959

1 unchanged sentence

Total $ 4,563 $ 3,041

The fair value of these investments decreased $ 0.6 billion and increased $ 0.6 billion for the three months ended April 30, 2025 and 2024, respectively, primarily due to gains and losses resulting from net changes in the underlying stock prices of the investments along with certain other immaterial investment activity.

The fair value of these investments increased $ 2.2 billion and $ 1.5 billion for the three and six months ended July 31, 2025, respectively, and decreased $ 1.1 billion and $ 0.6 billion for the three and six months ended July 31, 2024, respectively, primarily due to gains and losses resulting from net changes in the underlying stock prices of the investments along with certain other immaterial investment activity.

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 April 30, 2025 and January 31, 2025, the notional amounts and fair values of these derivatives were as follows:

April 30, 2025 January 31, 2025

As of July 31, 2025 and January 31, 2025, the notional amounts and fair values of these derivatives were as follows:

July 31, 2025 January 31, 2025

(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 April 30, 2025 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 July 31, 2025 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 observable prices of identical instruments in less active markets.

The carrying value and fair value of the Company's long-term debt as of April 30, 2025 and January 31, 2025, are as follows:

April 30, 2025 January 31, 2025

The carrying value and fair value of the Company's long-term debt as of July 31, 2025 and January 31, 2025, are as follows:

July 31, 2025 January 31, 2025

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

7 unchanged sentences

Unless stated otherwise, the matters discussed below, if decided adversely to or settled by the Company, individually or in the aggregate, may result in a liability material to the Company's financial position, results of operations or cash flows.

The Company can provide no assurance as to the scope and outcome of these matters and cannot reasonably estimate any loss or range of loss, beyond the amounts accrued, if any, that may arise from these matters.

Company can provide no assurance as to the scope and outcome of these matters and cannot reasonably estimate any loss or range of loss, beyond the amounts accrued, if any, that may arise from these matters.

Settlement of Certain Opioid-Related Matters

3 unchanged sentences

As of January 31, 2025, all of the accrued liability had been paid.

Remaining eligible political subdivisions and federally recognized Native American tribes have until July 15, 2025 and February 24, 2026, respectively, to join these settlements.

The Company will owe no additional funds for any eligible political subdivision or federally recognized Native American tribe that elects to join the settlement.

Remaining federally recognized Native American tribes have until February 24, 2026 to join the settlement, but the Company will owe no additional funds for any that join.

Ongoing Opioid-Related Litigation

3 unchanged sentences

Accordingly, the Company has not accrued a liability for these opioid-related matters nor can the Company reasonably estimate any loss or range of loss that may arise from these matters.

The Company can provide no assurance as to

the scope and outcome of any of the opioid-related matters and no assurance that its business, financial position, results of operations or cash flows will not be materially adversely affected.

The Company can provide no assurance as to the scope and outcome of any of the opioid-related matters and no assurance that its business, financial position, results of operations or cash flows will not be materially adversely affected.

Opioid Multidistrict Litigation;

3 unchanged sentences

2804) (the "MDL") and is pending in the U.S.

District Court for the Northern District of Ohio.

District Court for the Northern District of Ohio (the "MDL Court").

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

A trial involving claims brought by two counties against certain defendants, including the Company, in the MDL 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 15 years, on a joint and several liability basis, and granted the plaintiffs injunctive relief.

A trial involving claims brought by Lake and Trumbull Counties in Ohio against certain defendants, including the Company, in the MDL 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 15 years, on a joint and several liability basis, and granted the plaintiffs injunctive relief.

The monetary aspect of the judgment was stayed pending appeal, and the injunctive aspect of the judgment went into effect on February 20, 2023, which did not materially impact the Company's operations.

1 unchanged sentence

On December 10, 2024, the Supreme Court of Ohio issued an order certifying the law and holding that the Ohio Product Liability Act bars all common law public nuisance claims arising from the sale of a product.

On January 31, 2025, the Sixth Circuit Court of Appeals entered an order vacating the approximately $ 0.7 billion judgment, dissolving the injunction, and remanding the case back to the MDL for further proceedings where it remains pending.

On January 31, 2025, the Sixth Circuit Court of Appeals entered an order vacating the approximately $ 0.7 billion judgment, dissolving the injunction, and remanding the case back to the MDL.

Lake and Trumbull Counties agreed to settle their remaining opioid-related claims against the Company for an amount that is not material.

The MDL Court dismissed those claims with prejudice on July 25, 2025.

Additional opioid-related cases against the Company remain pending in the MDL and in state and federal courts.

18 unchanged sentences

Those actions were filed in the U.S.

District Court for the District of Delaware in 2021 and later consolidated.

Court for the District of Delaware in 2021 and later consolidated.

On April 8, 2024, the Court granted the Company's motion to dismiss these actions.

On April 29, 2024, the plaintiffs appealed to the Third Circuit Court of Appeals, where the matter remains pending.

Opioid-Related Shareholder Derivative Litigation.

Three shareholders of the Company filed a derivative action in the Delaware Court of Chancery alleging that certain current and former directors and officers breached their fiduciary duties by failing to adequately oversee the Company's distribution and dispensing of prescription opioids.

This action was entitled Ontario Provincial Council of Carpenters' Pension Trust Fund, et al.

Walton, et al.

, Delaware Court of Chancery, Case No.

2021-0827-JTL ("Ontario Action").

Other shareholders of the Company filed two derivative actions alleging that certain current and former directors and officers breached fiduciary duties and violated federal securities laws in connection with the Company's distribution and dispensing of prescription opioids.

Those actions were entitled Abt v.

Alvarez, et al.

District Court for the District of Delaware, Case No.

21-cv-00172-CFC and Nguyen v.

McMillon, et al.

District Court for the District of Delaware, Case No.

21-cv-00551-CFC (collectively with the Ontario Action, the "Derivative Actions").

On May 5, 2023, the Walmart Board of Directors adopted resolutions creating a special litigation committee ("SLC") to investigate, review, and analyze the facts and circumstances surrounding the claims and allegations in the Derivative Actions and determine whether the prosecution of such claims is in Walmart's best interest.

The Delaware Court of Chancery entered a final order and judgment on December 20, 2024, granting approval to a settlement of the Derivative Actions.

Pursuant to this order and judgment (i) insurance carriers funded a $ 123 million settlement, of which

$ 24.6 million was awarded to plaintiffs' counsel for attorneys' fees and the balance was awarded to the Company;

and (ii) the Company agreed to maintain certain corporate governance practices for a period of at least five years .

The settlement does not include any admission of liability, and the defendants expressly deny any wrongdoing.

The Company received settlement proceeds of approximately $ 99 million on December 24, 2024 and recorded it as a reduction to operating, selling, general, and administrative expense.

The Abt and Nguyen actions were dismissed on January 16, 2025.

On June 5, 2025, the Board of Directors dissolved the SLC.

The plaintiffs appealed, and on August 29, 2025, the Third Circuit Court of Appeals affirmed the dismissal of these actions.

False Claims Act Litigation.

15 unchanged sentences

On January 31, 2025, the Employment Tribunal issued a ruling that certain of the claims are permitted to advance to the third phase.

The hearing on the third phase is scheduled to begin on November 23, 2026.

There are factual and legal defenses to the equal value claims, and the Company intends to vigorously defend them.

7 unchanged sentences

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

The Company continues to cooperate with the DOJ's review.

While it continues to cooperate with the DOJ's review, the Company intends to vigorously defend this matter.

The Company can provide no assurance as to the scope and outcome of this matter and cannot reasonably estimate any loss or range of loss that may arise.

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

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.

4 unchanged sentences

On October 18, 2024, the Court certified its rulings on the motions to dismiss for interlocutory appeal and stayed discovery.

The Seventh Circuit Court of Appeals accepted the matter for interlocutory appeal, and it remains pending before that court.

The Company intends to vigorously defend these matters.

However, the Company can provide no assurance as to the scope and outcome of these matters and cannot reasonably estimate any loss or range of loss that may arise.

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

The Seventh Circuit Court of Appeals accepted the matter for interlocutory appeal.

The FTC and the Company agreed to resolve this matter pursuant to a Stipulated Order for Injunction and Monetary Judgment entered June 23, 2025.

Pursuant to this settlement and without admitting liability, the Company agreed to pay $ 10 million and comply with certain laws through its ongoing anti-fraud program for a period of three years .

The appeal was dismissed on June 25, 2025.

Driver Platform Matters.

On December 23, 2024, the Consumer Financial Protection Bureau ("CFPB") filed a lawsuit against the Company and Branch Messenger, Inc.

in the District of Minnesota alleging the Company violated the Consumer Financial Protection Act by allegedly requiring independent contractor drivers on the Spark platform to receive payments through a financial product offered by Branch.

The CFPB sought an injunction and unspecified restitution, damages, and civil penalties.

On May 13, 2025, the CFPB dismissed with prejudice the lawsuit against the Company.

The Company has been responding to subpoenas, information requests and investigations from other governmental entities regarding the independent contractor classification of drivers and payment and operational practices with respect to the driver platform.

The Company is also defending putative class and representative action civil litigation relating to driver classification and defending other civil litigation and arbitration claims in connection with the driver platform.

The Company intends to vigorously defend these matters.

The Company has been responding to subpoenas, information requests and investigations from, and is in discussions with, the FTC and State Attorneys General, regarding payment and operational practices, with respect to its driver platform.

The Company has also been responding to subpoenas, information requests and investigations from governmental entities with respect to the independent contractor classification of drivers regarding its driver platform.

The Company intends to vigorously defend itself in these matters.

However, the Company can provide no assurance as to the scope and outcome of these matters and cannot reasonably estimate any loss or range of loss that may arise.

2 unchanged sentences

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 recommended the initiation of 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.

("Walmex"), a majority owned

subsidiary of the Company, that COFECE's Investigatory Authority ("IA") had recommended the initiation of 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.

On December 12, 2024, after Walmex provided defenses, produced expert evidence and participated in a hearing, COFECE issued a split decision that Walmex's subsidiary had engaged in a single relative monopolistic practice in relation to the negotiation of two types of contributions with its suppliers.

27 unchanged sentences

segment includes the Company's mass merchandising concept in the U.S., as well as eCommerce, which includes omnichannel initiatives and certain other business offerings such as advertising services.

The Walmart International segment consists of the Company's operations outside of the U.S., as well as eCommerce and omnichannel initiatives.

The Walmart International segment consists of the Company's operations outside of the U.S., as well as eCommerce, which includes omnichannel initiatives.

The Sam's Club U.S.

segment includes the warehouse membership clubs in the U.S., as well as samsclub.com and omnichannel initiatives.

segment includes the warehouse membership clubs in the U.S., as well as eCommerce, which includes omnichannel initiatives.

Corporate and support consists of corporate overhead and other items not allocated to any of the Company's segments.

5 unchanged sentences

Information for the Company's segments, as well as for Corporate and support, including the reconciliation to income before income taxes, is provided as follows:

Three Months Ended April 30,

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

(Amounts in millions)

2025 2024 2025 2024

Net sales $ 120,911 $ 115,347 $ 233,074 $ 224,017

23 unchanged sentences

Membership and other income (2)

$ 5 $ 14 $ 11 $ 26

Operating, selling, general and administrative expenses 1,155 606 1,681 1,257

9 unchanged sentences

Other (gains) and losses

( 2,708 ) 1,162 ( 2,111 ) 368

Income before income taxes $ 9,319 $ 6,213 $ 15,313 $ 13,248

(1) Total fuel-related cost of sales and operating, selling, general and administrative expenses for Sam's Club U.S.

were $ 2.2 billion and $ 2.6 billion for the three months ended April 30, 2025 and 2024, respectively.

were $ 2.3 billion and $ 2.7 billion for the three months ended July 31, 2025 and 2024, respectively, and $ 4.5 billion and $ 5.3 billion for the six months ended July 31, 2025 and 2024, respectively.

(2) Includes other income from corporate campus facilities.

Total assets, depreciation and amortization, and capital expenditures for the Company's segments, as well as for Corporate and support, are as follows:

Three Months Ended April 30,

Depreciation and amortization and capital expenditures for the Company's segments, as well as for Corporate and support, are as follows:

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

(Amounts in millions)

Total assets $ 150,796 $ 139,567

2025 2024 2025 2024

Depreciation and amortization $ 2,299 $ 2,110 $ 4,539 $ 4,152

1 unchanged sentence

Walmart International

Total assets $ 80,688 $ 86,347

Depreciation and amortization $ 572 $ 562 $ 1,121 $ 1,131

1 unchanged sentence

Sam's Club U.S.

Total assets $ 16,752 $ 15,755

Depreciation and amortization $ 195 $ 171 $ 384 $ 338

1 unchanged sentence

Corporate and support

Total assets $ 14,136 $ 12,385

Depreciation and amortization $ 421 $ 368 $ 812 $ 718

Capital expenditures 708 757 1,297 1,273

Total assets $ 262,372 $ 254,054

Depreciation and amortization $ 3,487 $ 3,211 $ 6,856 $ 6,339

Capital expenditures 6,423 5,831 11,409 10,507

Total revenues and long-lived assets, consisting primarily of net property and equipment and lease right-of-use assets, aggregated by the Company's U.S.

operations, are as follows:

Three Months Ended April 30,

Total assets for the Company's segments, as well as for Corporate and support, are as follows:

July 31, January 31,

(Amounts in millions) 2025 2025

operations $ 135,476 $ 131,291

operations 30,133 30,217

Total revenues $ 165,609 $ 161,508

Long-lived assets

operations $ 116,186 $ 105,780

operations 24,698 25,565

Total long-lived assets $ 140,884 $ 131,345

No individual country outside of the U.S.

had total revenues or long-lived assets that were material to the consolidated totals.

Additionally, the Company did not generate material revenues from any single customer.

Assets by segment

$ 156,366 $ 150,006

Walmart International

82,830 80,016

Sam's Club U.S.

16,831 16,862

Corporate and support

14,810 13,939

$ 270,837 $ 260,823

Disaggregated Revenues

4 unchanged sentences

When the assignment changes, previous period amounts are reclassified to be comparable to the current period's presentation.

(Amounts in millions) Three Months Ended April 30,

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

net sales by merchandise category 2025 2024 2025 2024

4 unchanged sentences

Total $ 120,911 $ 115,347 $ 233,074 $ 224,017

Of Walmart U.S.'s total net sales, approximately $ 21.4 billion and $ 17.6 billion related to eCommerce for the three months ended April 30, 2025 and 2024, respectively.

(Amounts in millions) Three Months Ended April 30,

Of Walmart U.S.'s total net sales, approximately $ 23.7 billion and $ 18.9 billion related to eCommerce for the three months ended July 31, 2025 and 2024, respectively, and approximately $ 45.1 billion and $ 36.5 billion related to eCommerce for the six months ended July 31, 2025 and 2024, respectively.

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

Walmart International net sales by market 2025 2024 2025 2024

4 unchanged sentences

Total $ 31,201 $ 29,567 $ 60,955 $ 59,400

Of Walmart International's total net sales, approximately $ 7.7 billion and $ 6.4 billion related to eCommerce for the three months ended April 30, 2025 and 2024, respectively.

(Amounts in millions) Three Months Ended April 30,

Of Walmart International's total net sales, approximately $ 8.3 billion and $ 6.8 billion related to eCommerce for the three months ended July 31, 2025 and 2024, respectively, and approximately $ 16.0 billion and $ 13.2 billion related to eCommerce for the six months ended July 31, 2025 and 2024, respectively.

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

Sam's Club U.S.

5 unchanged sentences

Total $ 23,638 $ 22,853 $ 45,702 $ 44,288

Of Sam's Club U.S.'s total net sales, approximately $ 3.3 billion and $ 2.6 billion related to eCommerce for the three months ended April 30, 2025 and 2024, respectively.

Of Sam's Club U.S.'s total net sales, approximately $ 3.7 billion and $ 3.0 billion related to eCommerce for the three months ended July 31, 2025 and 2024, respectively, and approximately $ 7.1 billion and $ 5.6 billion related to eCommerce for the six months ended July 31, 2025 and 2024, 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