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Item 8. Financial Statements and Supplementary Data

2026-03-13 compared with 2025-03-14 · 174 added, 209 removed, 988 unchanged (28% of the section changed)

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For the Fiscal Year Ended January 31, 2026

Report s of Independent Registered Public Accounting Firm (PCAOB ID:

Reports of Independent Registered Public Accounting Firm (PCAOB ID:

Consolidated Statements of Income

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(1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments.

The communication of the critical audit matter does not alter in any way our opinion on the Consolidated Financial Statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the account or disclosures to which it relates.

Contingencies

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For example, we tested controls over the Company's assessment of the likelihood of loss and the Company's determinations regarding the measurement of loss.

To test the Company's assessment of the probability of loss or determination of an estimate of loss, or range of loss, among other procedures, we read the minutes of the meetings of the board of directors and committees of the board of directors, reviewed documents provided to the Company by certain outside legal counsel, read letters received directly by us from internal and outside legal counsel, evaluated the current status of contingencies based on discussions with internal and outside legal counsel, and obtained representations from management.

To test the Company's assessment of the probability of loss or determination of an estimate of loss, or range of loss, among other procedures, we read the minutes of the meetings of the board of directors and committees of the board of directors, reviewed documents provided to the Company by certain outside legal counsel, read letters received directly by us from internal and outside legal counsel, evaluated the current status of contingencies based on discussions with internal legal counsel, and obtained representations from management.

We also assessed the adequacy of the related disclosures.

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Consolidated net income 22,270 20,157 16,270

Consolidated net (income) loss attributable to noncontrolling interest ( 721 ) ( 759 ) 388

Consolidated net income attributable to noncontrolling interest ( 377 ) ( 721 ) ( 759 )

Consolidated net income attributable to Walmart $ 21,893 $ 19,436 $ 15,511

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Consolidated net income $ 22,270 $ 20,157 $ 16,270

Consolidated net (income) loss attributable to noncontrolling interest ( 721 ) ( 759 ) 388

Consolidated net income attributable to noncontrolling interest ( 377 ) ( 721 ) ( 759 )

Consolidated net income attributable to Walmart 21,893 19,436 15,511

Other comprehensive income (loss), net of income taxes 1,009 ( 2,859 ) 944

Currency translation and other ( 2,810 ) 888 ( 1,853 )

Cash flow hedges ( 49 ) 56 ( 203 )

Other comprehensive income (loss), net of income taxes ( 2,859 ) 944 ( 2,056 )

Other comprehensive (income) loss attributable to noncontrolling interest ( 174 ) 556 ( 566 )

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Comprehensive income, net of income taxes 23,279 17,298 17,214

Comprehensive (income) loss attributable to noncontrolling interest ( 165 ) ( 1,325 ) 792

Comprehensive income attributable to noncontrolling interest ( 551 ) ( 165 ) ( 1,325 )

Comprehensive income attributable to Walmart $ 22,728 $ 17,133 $ 15,889

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(Amounts in millions) Common Stock Excess of Retained Comprehensive Shareholders' Noncontrolling Shareholders'

Shares Amount Par Value Earnings Income (Loss) Equity Interest Equity

Shares Amount Par Value Earnings Loss Equity Interest Equity

Balances as of February 1, 2023 8,080 $ 808 $ 4,430 $ 83,135 $ ( 11,680 ) $ 76,693 $ 7,061 $ 83,754

Consolidated net income — — — 15,511 — 15,511 774 16,285

Other comprehensive loss, net of income taxes — — — — ( 1,652 ) ( 1,652 ) ( 404 ) ( 2,056 )

Other comprehensive income, net of immaterial income taxes

Currency translation and other before reclassifications, net — — — — 314 314 566 880

Reclassifications to income, net — — — — 64 64 — 64

Cash dividends declared ($ 0.76 per share)

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Consolidated net income — — — 19,436 — 19,436 766 20,202

Other comprehensive income, net of income taxes — — — — 378 378 566 944

Other comprehensive loss, net of immaterial income taxes

Currency translation and other before reclassifications, net — — — — ( 2,359 ) ( 2,359 ) ( 556 ) ( 2,915 )

Reclassifications to income, net — — — — 56 56 — 56

Cash dividends declared ($ 0.83 per share)

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Cash dividend declared to noncontrolling interest — — — — — — ( 648 ) ( 648 )

Purchase of noncontrolling interest — — ( 1,076 ) — — ( 1,076 ) ( 1,367 ) ( 2,443 )

Sale of subsidiary stock — — 169 — — 169 193 362

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Consolidated net income — — — 21,893 — 21,893 426 22,319

Other comprehensive loss, net of income taxes — — — — ( 2,303 ) ( 2,303 ) ( 556 ) ( 2,859 )

Other comprehensive income, net of immaterial income taxes

Currency translation and other before reclassifications, net — — — — 978 978 174 1,152

Reclassifications to income, net — — — — ( 143 ) ( 143 ) — ( 143 )

Cash dividends declared ($ 0.94 per share)

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Summary of Significant Accounting Policies

("Walmart" or the "Company") is a people-led, technology-powered omni-channel retailer dedicated to helping people around the world save money and live better by providing the opportunity to shop in both retail stores and through eCommerce.

Through innovation, the Company is striving to continuously improve a customer-centric experience that seamlessly integrates eCommerce and retail stores in an omni-channel offering that saves time for its customers.

("Walmart" or the "Company") is a people-led, technology-powered omnichannel retailer dedicated to helping people around the world save money and live better by providing the opportunity to shop in both retail stores and through eCommerce.

Through innovation, the Company is striving to continuously improve a customer-centric experience that seamlessly integrates eCommerce and retail stores in an omnichannel offering that saves time for its customers.

The Company's operations comprise three reportable segments:

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Actual results may differ from those estimates.

Common Stock Split

On February 23, 2024, the Company effected a 3 -for-1 forward split of its common stock and a proportionate increase in the number of authorized shares.

All share and per share information, including share based compensation, has been retroactively adjusted to reflect the stock split.

The shares of common stock retain a par value of $ 0.10 per share.

Accordingly, an amount equal to the par value of the increased shares resulting from the stock split was reclassified from capital in excess of par value to common stock.

Currency Translation

The functional currency of the Company's foreign subsidiaries is generally the local currency in which the subsidiary operates.

The assets and liabilities of all international subsidiaries are translated from the respective local currency to the U.S.

dollar using exchange rates at the balance sheet date.

Related translation adjustments are recorded as a component of accumulated other comprehensive loss.

The Company's Consolidated Statements of Income of all international subsidiaries are translated from the respective local currencies to the U.S.

dollar using average exchange rates for the period covered by the income statements.

Cash and Cash Equivalents

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Leasehold improvements are depreciated or amortized over the shorter of the estimated useful life of the asset or the remaining expected lease term.

Total depreciation and amortization expense for property and equipment, property under finance leases and intangible assets for fiscal 2025, 2024 and 2023 was $ 13.0 billion, $ 11.9 billion and $ 10.9 billion, respectively.

For any new or modified lease, the Company, at the inception of the contract, determines whether a contract is or contains a lease.

Total depreciation and amortization expense for property and equipment, property under finance leases and intangible assets was $ 14.2 billion, $ 13.0 billion and $ 11.9 billion for fiscal 2026, 2025 and 2024, respectively.

The Company determines whether an arrangement is or contains a lease at the inception of the contract.

The Company records right-of-use ("ROU") assets and lease obligations for its finance and operating leases, which are initially recognized based on the discounted future lease payments over the term of the lease.

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Acquisitions (1)

1,375 — — 1,375

Balances as of January 31, 2025 4,739 23,732 321 28,792

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Acquisitions — 9 — 9

1,375 — — 1,375

Balances as of January 31, 2026 $ 4,792 $ 23,622 $ 321 $ 28,735

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Changes in the fair value of certain equity securities, as well as certain immaterial equity method investments where the Company has elected the fair value option, are measured on a recurring basis (generally using Level 1 and Level 2 inputs in the fair value hierarchy) and recognized within other gains and losses in the Consolidated Statements of Income.

These fair value changes, along with certain other immaterial investment activity, resulted in net losses of $ 0.8 billion, $ 3.8 billion and $ 1.7 billion for fiscal 2025, 2024 and

2023, respectively, primarily due to net changes in the underlying stock prices of those investments.

Refer to Note 8 for details.

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 Consolidated Statements of Income.

Measurement of equity investments using Level 2 inputs is primarily based on quoted prices for similar securities in active markets.

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 Consolidated Statements of Income.

Investments in debt securities classified as trading are reported at fair value and included in other long-term assets in the Consolidated Balance Sheets, and adjustments in fair value are recorded within other gains and losses in the Consolidated Statements of Income.

The Company had debt securities classified as trading of $ 1.2 billion as of both January 31, 2025 and January 31, 2024, the majority of which is mandatorily redeemable in fiscal 2029, related to its retained investment in Asda, the Company's former retail operations in the U.K.

The fair value of this investment is primarily estimated (generally using Level 3 inputs in the fair value hierarchy) by discounting the future cash flows over the remaining period until the mandatory redemption date at an appropriate discount rate reflecting Asda’s credit risk.

The Company's debt investments are immaterial and primarily relate to its retained investment in Asda, the Company's former retail operations in the U.K., the majority of which is mandatorily redeemable in fiscal 2029.

The fair value is measured using Level 3 inputs and is primarily estimated by discounting the future cash flows over the remaining period until the mandatory redemption date at an appropriate discount rate reflecting Asda’s credit risk.

Refer to Note 7 for details.

Indemnification Liabilities

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The rollforward of the Company's outstanding payment obligations to financial institutions under these programs is as follows:

(Amounts in millions) Fiscal 2025

Fiscal Years Ended January 31,

(Amounts in millions) 2026 2025

Confirmed obligations outstanding at the beginning of the year

$ 5,725 $ 5,271

Invoices confirmed during the year

40,342 41,335

Confirmed invoices paid during the year

( 40,062 ) ( 40,810 )

Translation and other

( 16 ) ( 71 )

Confirmed obligations outstanding at the end of the year

$ 5,989 $ 5,725

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

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Self-Insurance Reserves

The Company self-insures a number of risks, including, but not limited to, workers' compensation, general liability, auto liability, product liability and certain employee-related healthcare benefits.

The Company self-insures a number of risks, including, but not limited to, general liability, workers' compensation, auto liability, product liability and certain employee-related healthcare benefits.

Standard actuarial procedures and data analysis are used to estimate the liabilities associated with these risks on an undiscounted basis.

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On a regular basis, the liabilities are evaluated for appropriateness with claims reserve valuations.

To limit exposure to some risks, the Company maintains insurance coverage with varying limits and retentions, including stop-loss insurance coverage for workers' compensation, general liability and auto liability.

To limit exposure to some risks, the Company maintains insurance coverage with varying limits and retentions, including stop-loss insurance coverage for general liability, workers' compensation and auto liability.

Refer to Note 4 for the self-insurance reserves which are recorded in accrued liabilities in the Company's Consolidated Balance Sheets.

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Redeemable Noncontrolling Interest

Noncontrolling interests that are redeemable outside the Company's control at fixed or determinable prices and dates are presented as temporary equity in the Consolidated Balance Sheets.

Redeemable noncontrolling interests are recorded at the greater of the redemption fair value or the carrying value of the noncontrolling interest and adjusted each reporting period for income, loss and any distributions made.

The Company has a redeemable noncontrolling interest in a subsidiary within the Walmart U.S.

The minority interest owner holds a put option which, if exercised, would require the Company to purchase the underlying shares at fair value beginning in December 2027, with annual options thereafter.

Redeemable noncontrolling interests are initially recorded at fair value and adjusted each reporting period for income, loss and any distributions made, and are then generally remeasured to the greater of the redemption value or the carrying value of the noncontrolling interest.

Remeasurements to the redemption value of the redeemable noncontrolling interest are recognized in capital in excess of par.

The Company has a redeemable noncontrolling interest related to an acquisition in the Walmart U.S.

segment as the minority interest owner holds a put option which may require the Company to purchase its interest beginning in December 2027, with annual options thereafter.

Revenue Recognition

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Membership and other income primarily includes membership fee revenue associated with the Company's various membership offerings for customers and members across each reportable segment.

Membership fee revenue is recognized over the term of the membership, which is typically 12 months.

Membership fee revenue was $ 3.8 billion for fiscal 2025, $ 3.1 billion for fiscal 2024 and $ 2.6 billion for fiscal 2023.

Membership fee revenue is recognized over the term of the membership, which are generally one year, although certain offerings are month-to month.

Membership fee revenue was $ 4.4 billion, $ 3.8 billion and $ 3.1 billion for fiscal 2026, 2025 and 2024, respectively.

Deferred membership fee revenue is included in accrued liabilities in the Company's Consolidated Balance Sheets.

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Advertising costs were $ 5.4 billion, $ 5.1 billion and $ 4.4 billion for fiscal 2026, 2025 and 2024, respectively.

Currency Translation

The assets and liabilities of all international subsidiaries are translated from the respective local currency to the U.S.

dollar using exchange rates at the balance sheet date.

Related translation adjustments are recorded as a component of accumulated other comprehensive loss.

The Company's Consolidated Statements of Income of all international subsidiaries are translated from the respective local currencies to the U.S.

dollar using average exchange rates for the period covered by the income statements.

Other Comprehensive Income

Other comprehensive income or loss is recorded in accumulated other comprehensive loss as a component of shareholders' equity and primarily consists of foreign currency translation adjustments from foreign subsidiaries where the functional currency is not the U.S.

dollar, as well as unrealized gains and losses on cash flow hedges which are not significant.

Amounts reclassified from accumulated other comprehensive loss into earnings primarily relate to cross-currency swaps to hedge the changes in cash flows of certain foreign currency denominated debt and are recorded against the hedged item in operating, selling, general and administrative expenses in the Company's Consolidated Statements of Income.

Certain amounts are also reclassified from accumulated other comprehensive loss into earnings and are recorded against the hedged item in interest, net in the Company's Consolidated Statements of Income.

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.

The Company adopted the ASU for the fiscal year ended January 31, 2025 on a retrospective basis for all prior periods presented in the financial statements, which includes disclosure of cost of sales and operating, selling, general and administrative expenses by segment.

See Note 12 .

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

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The amendments are effective for fiscal years beginning after December 15, 2024.

Early adoption is permitted.

The amendments should be applied prospectively, although optional retrospective application is permitted.

Management intends to adopt the amendments prospectively for the fiscal year ending January 31, 2026 and is currently evaluating this ASU to determine its impact on the Company's disclosures.

The amendments only impact disclosures and are not expected to have an impact on the Company's financial condition and results of operations.

Management has adopted the amendments prospectively for the fiscal year ending January 31, 2026.

See Note 8 for the expanded disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40):

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Consolidated net income $ 22,270 $ 20,157 $ 16,270

Consolidated net (income) loss attributable to noncontrolling interest ( 721 ) ( 759 ) 388

Consolidated net income attributable to noncontrolling interest ( 377 ) ( 721 ) ( 759 )

Consolidated net income attributable to Walmart $ 21,893 $ 19,436 $ 15,511

Weighted-average common shares outstanding, basic 7,983 8,041 8,077

Dilutive impact of stock options and other share-based awards 40 31 31

Dilutive impact of share-based awards 39 40 31

Weighted-average common shares outstanding, diluted 8,022 8,081 8,108

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Shareholders' Equity

The total authorized shares of $ 0.10 par value common stock is 33.0 billion, of which 8.0 billion and 8.1 billion were issued and outstanding as of January 31, 2025 and 2024, respectively.

The total authorized shares of $ 0.10 par value common stock is 33.0 billion, of which 8.0 billion were issued and outstanding as of January 31, 2026 and 2025.

The total authorized shares of $ 0.10 par value preferred stock is 0.1 billion;

none of which were issued or outstanding for any period presented.

Purchases and Sales of Subsidiary Stock

During fiscal 2024, the Company paid $ 3.5 billion to acquire shares from certain Flipkart noncontrolling interest holders and settle the liability to former noncontrolling interest holders of PhonePe.

Noncontrolling Interest

During fiscal 2026, the Company's PhonePe subsidiary modified certain of its share-based payment arrangements in contemplation of a potential initial public offering.

Upon modification, the Company recorded a non-cash charge of $ 0.7 billion (a portion of which was based on grant-date fair value) in operating, selling, general and administrative expenses within the Walmart International segment, primarily related to previously unrecognized share-based compensation expense under these arrangements.

Following the modification, certain PhonePe employee-held options were vested and exercised (including certain previously vested awards), which decreased the Company's ownership in PhonePe from approximately 84 % as of January 31, 2025 to approximately 73 % as of January 31, 2026.

During fiscal 2024, the Company paid $ 3.5 billion to acquire shares from certain Flipkart noncontrolling interest holders and settle a $ 0.9 billion liability to former noncontrolling interest holders of PhonePe in connection with the separation from Flipkart in fiscal 2023.

The Company's ownership of Flipkart increased from approximately 75 % as of January 31, 2023 to approximately 85 % as of January 31, 2024.

Also during fiscal 2024, the Company received $ 0.7 billion related to new rounds of equity funding for the Company's majority owned PhonePe subsidiary, which decreased the Company's ownership from approximately 89 % as of January 31, 2023 to approximately 84 % as of January 31, 2024.

During fiscal 2023, the Company completed a $ 0.4 billion buyout of the noncontrolling interest shareholders of the Company's Massmart subsidiary.

This transaction increased the Company's ownership in Massmart from approximately 53 % to 100 %.

Additionally, the Company completed a $ 0.4 billion acquisition of Alert Innovation, which was previously consolidated as a variable interest entity, and resulted in the Company becoming a 100 % owner.

This entity was subsequently sold and deconsolidated in fiscal 2025.

Also during fiscal 2023, the Company increased its ownership in PhonePe from approximately 76 % to approximately 89 % as part of the separation from the Company's majority-owned Flipkart subsidiary.

In consideration for the transaction, the Company initially recorded a liability to noncontrolling interest holders of $ 0.9 billion within accrued liabilities in the Company's Consolidated Balance Sheet as of January 31, 2023, which was paid during fiscal 2024.

Share-Based Compensation

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The Walmart Inc.

Stock Incentive Plan of 2015 (the "Plan"), as subsequently amended and restated, was established to grant stock options, restricted (non-vested) stock, restricted stock units, performance share units and other equity compensation awards for which 780 million shares of Walmart common stock issued or to be issued under the Plan have been registered

under the Securities Act of 1933.

Stock Incentive Plan of 2025 (the "Plan") was approved by the Company's shareholders in June 2025, which amended and restated the Company's Stock Incentive Plan of 2015.

The Plan provides for the issuance of stock options, restricted (non-vested) stock, restricted stock units, performance share units and other equity compensation awards for which 215 million shares of Walmart common stock issued or to be issued under the Plan have been registered under the Securities Act of 1933.

The Company believes that such awards serve to align the interests of its associates with those of its shareholders.

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In addition to the Plan, certain of the Company's subsidiaries have share-based compensation plans for associates under which options to acquire their own common shares are issued.

Share-based compensation expense associated with these plans is included in the Other line in the table above.

Share-based compensation expense associated with these plans is reflected in the Other line in the table above, which also includes the $ 0.7 billion impact related to the modification of certain PhonePe share-based payment arrangements described above.

The following table shows the activity for restricted stock units and restricted stock and performance-based restricted stock units during fiscal 2026:

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From time to time, the Company repurchases shares of its common stock under share repurchase programs authorized by the Company's Board of Directors.

All repurchases made during fiscal 2025 were made under the current $ 20.0 billion share repurchase program approved in November 2022, which has no expiration date or other restrictions limiting the period over which the Company can make repurchases.

All repurchases during fiscal 2026 were made under the current $ 20.0 billion share repurchase program approved in November 2022, which had no expiration date or other restrictions limiting the period over which the Company can make repurchases.

As of January 31, 2026 authorization for $ 4.0 billion of share repurchases remained under the share repurchase program.

Any repurchased shares are constructively retired and returned to an unissued status.

In February 2026, the Board of Directors approved a new $ 30.0 billion share repurchase authorization, which has no expiration date or other restrictions limiting the period over which the Company can make repurchases, and beginning February 23, 2026, replaced the remaining capacity under the prior authorization.

The Company regularly reviews share repurchase activity and considers several factors in determining when to execute share repurchases, including, among other things, current cash needs, capacity for leverage, cost of borrowings, results of operations and the market price of the Company's common stock.

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Total cash paid for share repurchases $ 8,088 $ 4,494 $ 2,779

Accumulated Other Comprehensive Loss

The following table provides the changes in the composition of total accumulated other comprehensive loss for fiscal 2025, 2024 and 2023:

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

and Other Cash Flow Hedges Total

Balances as of February 1, 2022 $ ( 8,018 ) $ ( 748 ) $ ( 8,766 )

Other comprehensive loss before reclassifications, net

( 1,140 ) ( 571 ) ( 1,711 )

Return of currency translation to parent (1)

( 1,262 ) — ( 1,262 )

Reclassifications to income, net ( 309 ) 368 59

Balances as of January 31, 2023 ( 10,729 ) ( 951 ) ( 11,680 )

Other comprehensive income (loss) before reclassifications, net 322 ( 8 ) 314

Reclassifications to income, net — 64 64

Balances as of January 31, 2024 ( 10,407 ) ( 895 ) ( 11,302 )

Other comprehensive loss before reclassifications, net

( 2,161 ) ( 198 ) ( 2,359 )

Reclassifications to income, net ( 93 ) 149 56

Balances as of January 31, 2025 $ ( 12,661 ) $ ( 944 ) $ ( 13,605 )

(1) Upon closing of the noncontrolling interest shareholder buyout of the Company's Massmart subsidiary during the fourth quarter of fiscal 2023, the cumulative amount of currency translation was reallocated from the Company's noncontrolling interest back to the Company.

Refer to Note 3 .

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

Amounts reclassified related to the cumulative translation for settlements of foreign-denominated bonds and associated cross-currency swaps are recorded in operating, selling, general and administrative expenses in the Company's Consolidated Statements of Income.

Accrued Liabilities

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Accrued wages and benefits (1)

$ 7,878 $ 7,897

Self-insurance (2)

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Deferred gift card revenue 2,941 2,755

10,733 10,214

Total accrued liabilities $ 31,187 $ 29,345

(1) Accrued wages and benefits include accrued wages, salaries, vacation, bonuses and other incentive plans.

(2) Self-insurance consists of insurance-related liabilities, such as workers' compensation, general liability, auto liability, product liability and certain employee-related healthcare benefits.

(2) Self-insurance consists of insurance-related liabilities, such as general liability, workers' compensation, auto liability, product liability and certain employee-related healthcare benefits.

(3) Accrued non-income taxes include accrued payroll, property, value-added, sales and miscellaneous other taxes.

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In conjunction with the committed lines of credit listed in the table above, the Company has agreed to observe certain covenants, the most restrictive of which relates to the maximum amount of secured debt.

Additionally, the Company has syndicated and fronted letters of credit available which totaled $ 2.1 billion as of January 31, 2025 and 2024, of which $ 1.5 billion and $ 1.7 billion was drawn as of January 31, 2025 and 2024, respectively.

Additionally, the Company has syndicated and fronted letters of credit available which totaled $ 2.0 billion and $ 2.1 billion as of January 31, 2026 and 2025, respectively, of which $ 1.7 billion and $ 1.5 billion was issued as of January 31, 2026 and 2025, respectively.

The Company's long-term debt, which includes the fair value instruments further discussed in Note 7 , consists of the following as of January 31, 2026 and 2025:

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Amount Average Rate (1)

Unsecured fixed-rate debt

Unsecured debt

Fixed 2027 - 2054 $ 32,032 3.9 % $ 31,406 3.8 %

Variable 2028 750 4.1 % — — %

dollar denominated 32,782 31,406

2026 - 2054 $ 31,406 3.8 % $ 34,527 3.7 %

Euro denominated

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2028 388 0.5 % 389 0.5 %

Total unsecured fixed-rate debt

36,846 40,405

Total unsecured debt 38,802 36,846

Total other (2)

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Debt Issuances

There were no long-term debt issuances in fiscal 2025.

Information on significant long-term debt issued during fiscal 2024, for general corporate purposes, is as follows:

Information on significant issuances of long-term debt during fiscal 2026, for general corporate purposes, is as follows:

(Amounts in millions)

Issue Date Principal Amount Maturity Date Fixed vs.

Floating Interest Rate Net Proceeds

April 18, 2023 $ 750 April 15, 2026 Fixed 4.000 % $ 748

April 18, 2023 $ 750 April 15, 2028 Fixed 3.900 % 746

April 18, 2023 $ 500 April 15, 2030 Fixed 4.000 % 497

April 18, 2023 $ 1,500 April 15, 2033 Fixed 4.100 % 1,491

April 18, 2023 $ 1,500 April 15, 2053 Fixed 4.500 % 1,485

Issue Date Principal Amount Maturity Date Interest Rate Net Proceeds

April 28, 2025 $ 750 April 28, 2027 Floating $ 749

April 28, 2025 $ 750 April 28, 2027 4.100 % 748

April 28, 2025 $ 1,000 April 28, 2030 4.350 % 993

April 28, 2025 $ 1,500 April 28, 2035 4.900 % 1,493

Total $ 3,983

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

The following tables provide details of significant long-term debt repayments during fiscal 2025 and 2024, respectively:

The following tables provide details of significant long-term debt maturities during fiscal 2026 and 2025, respectively:

(Amounts in millions)

Maturity Date Principal Amount Fixed vs.

Floating Interest Rate Repayment

April 22, 2024 $ 1,500 Fixed 3.300 % $ 1,500

July 8, 2024 $ 990 Fixed 2.850 % 990

July 18, 2024 ¥ 40,000 Fixed 0.298 % 253

December 15, 2024 $ 630 Fixed 2.650 % 630

Total repayment of matured debt $ 3,373

Maturity Date Principal Amount Interest Rate Repayment

June 26, 2025 $ 875 3.550 % $ 875

September 9, 2025 $ 1,750 3.900 % 1,750

Total $ 2,625

(Amounts in millions)

Maturity Date Principal Amount Fixed vs.

Floating Interest Rate Repayment

April 11, 2023 $ 1,750 Fixed 2.550 % $ 1,750

June 26, 2023 $ 2,280 Fixed 3.400 % 2,280

Total repayment of matured debt $ 4,030

Maturity Date Principal Amount Interest Rate Repayment

April 22, 2024 $ 1,500 3.300 % $ 1,500

July 8, 2024 $ 990 2.850 % 990

July 18, 2024 ¥ 40,000 0.298 % 253

December 15, 2024 $ 630 2.650 % 630

Total $ 3,373

The Company leases certain retail locations, distribution and fulfillment centers, warehouses, office spaces, land and equipment throughout the U.S.

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

As described in Note 1 , 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 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 Consolidated Statements of Income.

As described in Note 1 , 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, as well as debt investments classified as trading on a recurring basis primarily within other long-term assets in the accompanying Consolidated Balance Sheets.

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

Other gains and losses included a gain of $ 2.1 billion and losses of $ 0.8 billion and $ 3.0 billion for fiscal 2026, 2025, and 2024, respectively, driven primarily by fair value changes on these investments, as well as other immaterial activity.

The fair value of these investments is as follows:

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Equity investments measured using Level 2 inputs 3,462 2,082

Debt investments measured using Level 3 inputs 1,176 1,181

Total $ 5,675 $ 4,222

The fair value of these investments decreased $ 4.2 billion during fiscal 2025, primarily due to the sale of the Company's investment in JD.com in August 2024, as well as 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 decreased $ 3.4 billion during fiscal 2024 primarily due to gains and losses resulting from net changes in the underlying stock prices, along with certain other immaterial investment activity.

The fair value of these investments increased $ 1.5 billion during fiscal 2026, primarily due to gains and losses resulting from net changes in the underlying stock prices of the equity investments and certain other immaterial investment activity, partially offset by the sale of certain investments.

The fair value of investments decreased $ 4.2 billion during fiscal 2025 primarily due to the sale of the Company's investment in JD.com, as well as gains and losses resulting from net changes in the underlying stock prices of the equity investments, along with certain other immaterial investment activity.

Sale of Investment

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state and local 678 886 762

International 2,451 1,772 2,654

2,116 2,451 1,772

Total current tax provision 4,922 6,815 5,749

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state and local 294 30 141

International ( 479 ) 126 ( 297 )

( 27 ) ( 479 ) 126

Total deferred tax expense (benefit) 2,277 ( 663 ) ( 171 )

Total provision for income taxes $ 7,199 $ 6,152 $ 5,578

A summary of the cash paid for income taxes is as follows:

Fiscal Year Ended January 31,

(Amounts in millions) 2026

Cash taxes paid in total $ 5,364

federal 1,743

state and local 895

Cash taxes paid by jurisdiction

federal 1,743

Effective Income Tax Rate Reconciliation

A reconciliation of the significant differences between the U.S.

statutory tax rate and the effective income tax rate on pre-tax income from continuing operations is as follows:

Fiscal Years Ended January 31,

statutory tax rate and the effective income tax rate on pre-tax income from continuing operations for fiscal year 2026 is as follows:

Fiscal Year Ended

January 31, 2026

Amount Percent

federal statutory tax rate $ 6,188 21.0 %

State and local income tax, net of federal (national) income tax effect 760 2.6 %

Foreign tax effects

Changes in valuation allowances 461 1.6 %

Other ( 93 ) ( 0.3 ) %

Changes in valuation allowances ( 1,811 ) ( 6.1 ) %

Internal reorganization 1,814 6.2 %

Other 83 0.3 %

Other foreign jurisdictions 498 1.7 %

Effect of cross-border tax laws 400 1.4 %

Foreign tax credits

( 586 ) ( 2.0 ) %

Research and development tax credits ( 323 ) ( 1.1 ) %

Other ( 167 ) ( 0.6 ) %

Changes in valuation allowances 374 1.3 %

Nontaxable or nondeductible items

Share based compensation ( 373 ) ( 1.3 ) %

Internal reorganization ( 349 ) ( 1.2 ) %

Other 132 0.4 %

Changes in unrecognized tax benefits 301 1.0 %

Other adjustments ( 110 ) ( 0.5 ) %

Effective income tax rate $ 7,199 24.4 %

A reconciliation of the significant differences between the U.S.

statutory tax rate and the effective income tax rate on pre-tax income from continuing operations for fiscal years 2025 and 2024 is as follows:

Fiscal Years Ended January 31,

statutory tax rate 21.0 % 21.0 %

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Income taxed outside the U.S.

1.3 % 0.1 % 1.1 %

Separation, disposal and wind-down of certain business operations — % — % 6.3 %

Valuation allowance 0.4 % 1.2 %

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Accrued liabilities 3,504 3,009

Share-based compensation 263 238

Lease obligations 5,181 4,611

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Lease right of use assets 5,345 4,816

Mark-to-market investments 353 322

Other 1,373 813

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To the extent the Company does not consider it more likely than not that a deferred tax asset will be recovered, a valuation allowance is generally established.

To the extent that a valuation

allowance was established and it is subsequently determined that it is more likely than not that the deferred tax assets will be recovered, the change in the valuation allowance is recognized in the Consolidated Statements of Income.

To the extent that a valuation allowance was established and it is subsequently determined that it is more likely than not that the deferred tax assets will be recovered, the change in the valuation allowance is recognized in the Consolidated Statements of Income.

The Company had valuation allowances of approximately $ 4.4 billion and $ 7.4 billion as of January 31, 2026 and 2025, respectively, on deferred tax assets associated primarily with the net operating loss carryforwards.

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As of January 31, 2026 and 2025, the amount of gross unrecognized tax benefits related to continuing operations was $ 2.4 billion and $ 3.8 billion, respectively.

The amount of unrecognized tax benefits that would affect the Company's effective income tax rate was $ 2.0 billion and $ 1.7 billion as of January 31, 2025 and 2024, respectively.

The amount of unrecognized tax benefits that would affect the Company's effective income tax rate was $ 2.0 billion as of January 31, 2026 and 2025.

A reconciliation of gross unrecognized tax benefits from continuing operations is as follows:

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Interest expense and penalties related to these positions were immaterial for fiscal 2026, 2025 and 2024.

During the next twelve months, it is reasonably possible that tax audit resolutions could reduce unrecognized tax benefits by an immaterial amount, either because the tax positions are sustained on audit or because the Company agrees to their disallowance.

The Company does not expect any change to have a material impact to its Consolidated Financial Statements.

The Company remains subject to income tax examinations for its U.S.

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territories, and the vast majority of eligible political subdivisions and federally recognized Native American tribes to resolve opioid-related claims against the Company.

In fiscal year 2023, the Company accrued a liability of approximately $ 3.3 billion for these settlements, which include amounts for remediation of alleged harms, attorneys' fees, and costs.

As of January 31, 2025, all of the accrued liability has 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.

In fiscal year 2023, the Company accrued a liability of approximately $ 3.3 billion for these settlements, which included amounts for remediation of alleged harms, attorneys' fees, and costs.

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

Ongoing Opioid-Related Litigation

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any other actions filed by healthcare providers, individuals, and third-party payers;

and any action filed by a political subdivision or Native American tribe that elects not to join the settlement described above.

and any action filed by a political subdivision or Native American tribe that elected not to join the settlement described above.

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.

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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.

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.

The Company filed an appeal with the Sixth Circuit Court of Appeals, which issued an order certifying certain questions in the appeal for review by the Supreme Court of Ohio.

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.

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

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

The plaintiffs include healthcare providers, third-party payers, individuals and others and seek compensatory and punitive damages and injunctive relief, including abatement.

Four cases brought by third-party payers and one case brought by a hospital have been selected as bellwether cases to proceed through discovery in the MDL, and the MDL Court may designate additional bellwether cases in the future.

The Florida Health Sciences Center case pending in state court in Florida asserts claims on behalf of several hospital systems against the Company and other defendants, and this matter is scheduled for jury trial beginning on September 18, 2025.

Four cases brought by third-party payers and one case brought by a hospital system have been selected as bellwether cases to proceed through discovery in the MDL, and the MDL Court may designate additional bellwether cases in the future.

The Florida Health Sciences Center case pending in state court in Florida asserts claims on behalf of several hospital systems against the Company and other defendants.

A jury trial in this matter commenced on September 18, 2025 and ended on December 8, 2025, at which time the Court declared a mistrial.

The Court has scheduled retrial to commence on August 27, 2026.

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

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Trial is scheduled for November 2027.

Opioid-Related Securities Class Actions.

The Company is the subject of two securities class actions alleging violations of the federal securities laws regarding the Company's disclosures with respect to opioids purportedly on behalf of a class of investors who acquired Walmart stock from March 31, 2017 through December 22, 2020.

Those actions were filed in the U.S.

District 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.

False Claims Act Litigation.

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On January 9, 2025, the plaintiffs filed a third amended complaint on behalf of two former pharmacists of the Company as relators that alleges the Company violated the Controlled Substances Act and state pharmacy regulations and that such conduct constitutes violations of the federal False Claims Act.

The Company intends to file a renewed motion to dismiss.

The Company has filed a renewed motion to dismiss that is currently pending with the Court.

Other Legal Proceedings

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Additional employees may assert claims in the future.

The legal proceedings to consider these equal value claims are in three phases, and the first phase is complete.

Certain claims remain under consideration in the second phase.

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

The High Court claims are stayed pending the determination of a cohort of claims brought in the Employment Tribunal.

The legal proceedings to consider these equal value claims are in three phases, and the first two phases are complete.

On January 31, 2025 and February 25, 2026, the Employment Tribunal issued rulings 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.

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Accordingly, the Company can provide no assurance as to the scope and outcome of these matters.

Money Transfer Agent Services Matters.

Money Transfer Agent Services Matter.

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.

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

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

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.

District Court for the Northern District of Illinois alleging that Walmart violated the Federal Trade Commission Act and the Telemarketing Sales Rule regarding its money transfer agent services and is requesting non-monetary relief and civil penalties.

Following rulings on Walmart's motion to dismiss, the FTC filed an amended complaint on June 30, 2023.

On July 3, 2024, the Court granted in part Walmart's motion to dismiss the amended complaint by dismissing with prejudice the claims under the Telemarketing Sales Rule but denying the motion to dismiss with respect to claims for injunctive relief under Section 5 of the Federal Trade Commission Act.

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

On October 28, 2024, Walmart filed a petition for interlocutory appeal with the Seventh Circuit Court of Appeals.

The petition for interlocutory appeal was granted on November 18, 2024.

The Company's appellate brief was filed on February 12, 2025.

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.

While it has cooperated with the DOJ's review, the Company intends to vigorously defend this matter should the DOJ decide to pursue it further.

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.

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 seeks an injunction and unspecified restitution, damages, and civil penalties.

On February 20, 2025, the Court entered an order that indefinitely stays the case and vacates all deadlines.

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, the Federal Trade Commission ("FTC") and certain states have reached a settlement regarding investigations into payment and operational practices of its Spark Driver platform pursuant to a stipulated order entered on March 3, 2026.

Pursuant to the settlement and without admitting liability, the Company agreed to entry of a judgment of $ 100 million and to maintain certain programmatic practices and reporting obligations for a period of 10 years.

Approximately $ 63 million of the judgment was suspended, pursuant to the terms of the stipulated order (reflecting amounts that have already been paid to drivers and other considerations reflected in the settlement), and the Company accrued the remainder of approximately $ 37 million as of January 31, 2026.

The Company continues discussions regarding these matters with certain other state representatives.

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

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

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In July 2021, the Directorate of Enforcement in India issued a show cause notice to Flipkart Private Limited and one of its subsidiaries ("Flipkart"), and to unrelated companies and individuals, including certain current and former shareholders and directors of Flipkart.

The notice requests the recipients to show cause as to why further proceedings under India's Foreign Direct Investment rules and regulations (the "Rules") should not be initiated against them based on alleged violations during the period from 2009 to 2015, prior to the Company's acquisition of a majority stake in Flipkart in 2018 (the "Notice"), in addition to more recent requests for information from the Directorate of Enforcement to Flipkart for periods prior and subsequent to April 2016 regarding the Rules, including the most recent request in February 2025 (the "Requests").

In addition, there have been more recent requests for information from the Directorate of Enforcement to Flipkart for periods prior and subsequent to April 2016 regarding the Rules, including the most recent request in April 2025 (the "Requests"), to which Flipkart has been responding.

The Notice is an initial stage of proceedings under the Rules which could, depending upon the conclusions at the end of the initial stage, lead to a hearing to consider the merits of the allegations described in the Notice.

If a hearing is initiated, whether with respect to the Notice or from further proceedings related to the Requests, and if it is determined that violations of the Rules occurred, then the regulatory authority has the authority to impose monetary and/or non-monetary relief, such as share ownership restrictions.

If a hearing on the merits is initiated, whether with respect to the Notice or pursuant to any further proceedings related to the Requests, and if it is determined that violations of the Rules occurred, then the regulatory authority has the authority to impose monetary and/or non-monetary relief, such as share ownership restrictions.

Flipkart has been responding to the Notice and, if the matter progresses to a consideration of the merits of the allegations described in the Notice, Flipkart intends to defend against the allegations vigorously.

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The Walmart U.S.

segment includes the Company's mass merchandising concept in the U.S., as well as eCommerce, which includes omni-channel 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 omni-channel initiatives.

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 Sam's Club U.S.

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

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

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

The operating results of each reportable segment, including the mix of cost of sales and operating, selling, general and administrative expenses, are not directly comparable due to differences in business model, format and channel mix.

Additionally, the operating results of each reportable segment may not be comparable to those of other retailers, as discussed in Note 1 .

The Company measures the profit or loss of its segments using operating income.

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From time to time, the Company may revise the measurement of each segment's operating income, including any corporate overhead allocations, and presentation of significant segment expenses, as determined by the information regularly reviewed by its CODM.

Additionally, the operating results of each reportable segment may not be comparable to those of other retailers, as discussed in Note 1 .

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:

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Capital expenditures 914 1,212 1,041

Corporate and support

Total assets $ 15,762 $ 13,939 $ 12,799

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In addition, net sales related to eCommerce are provided for each segment.

Net sales related to eCommerce include omni-channel sales where a customer initiates an order digitally and the order is fulfilled through a store or club, as well as net sales from other business offerings that are part of the Company's ecosystem such as certain advertising arrangements, fulfillment services, and data insights.

Net sales related to eCommerce include omnichannel sales where a customer initiates an order digitally and the order is fulfilled through a store or club, as well as net sales from other business offerings that are part of the Company's ecosystem such as certain advertising arrangements, fulfillment services, and data insights.

From time to time, the Company revises the assignment of net sales of a particular item to a merchandise category.

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Mexico and Central America $ 52,492 $ 51,970 $ 49,726

Canada 23,035 22,639 22,300

China 24,623 19,975 17,011

Canada 23,724 23,035 22,639

Other 29,584 26,905 25,265

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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-K

Item 8. Financial Statements and Supplementary Data