What changed in this filing

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Item 1. Financial Statements

2026-05-29 compared with 2025-12-03 · 71 added, 174 removed, 419 unchanged (37% of the section changed)

1 unchanged sentence

Condensed Consolidated Statements of Income

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

Three Months Ended April 30,

(Amounts in millions, except per share data) 2026 2025

6 unchanged sentences

Operating income 7,493 7,135

Debt 563 496 1,733 1,650

Finance lease 125 118

5 unchanged sentences

Consolidated net income 5,490 4,639

Consolidated net (income) loss attributable to noncontrolling interest 55 ( 137 ) ( 222 ) ( 550 )

Consolidated net income attributable to noncontrolling interest ( 160 ) ( 152 )

Consolidated net income attributable to Walmart $ 5,330 $ 4,487

8 unchanged sentences

Condensed Consolidated Statements of Comprehensive Income

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

Three Months Ended April 30,

(Amounts in millions) 2026 2025

Consolidated net income $ 5,490 $ 4,639

Consolidated net (income) loss attributable to noncontrolling interest 55 ( 137 ) ( 222 ) ( 550 )

Consolidated net income attributable to noncontrolling interest ( 160 ) ( 152 )

Consolidated net income attributable to Walmart 5,330 4,487

Other comprehensive income (loss), net of income taxes ( 966 ) 345

Currency translation and other ( 413 ) ( 520 ) 444 ( 1,620 )

Cash flow hedges ( 20 ) ( 4 ) 218 34

Other comprehensive income (loss), net of income taxes ( 433 ) ( 524 ) 662 ( 1,586 )

Other comprehensive (income) loss attributable to noncontrolling interest 131 ( 36 )

1 unchanged sentence

Comprehensive income, net of income taxes 4,524 4,984

Comprehensive (income) loss attributable to noncontrolling interest 97 40 ( 403 ) ( 187 )

Comprehensive income attributable to noncontrolling interest ( 29 ) ( 188 )

Comprehensive income attributable to Walmart $ 4,495 $ 4,796

1 unchanged sentence

Condensed Consolidated Balance Sheets

October 31, January 31, October 31,

April 30, January 31, April 30,

(Amounts in millions) 2026 2026 2025

47 unchanged sentences

Consolidated net income — — — 5,330 — 5,330 175 5,505

Other comprehensive income, net of income taxes

— — — — 309 309 36 345

Other comprehensive loss, net of immaterial income taxes — — — — ( 835 ) ( 835 ) ( 131 ) ( 966 )

Dividends declared ($ 0.99 per share)

1 unchanged sentence

Purchase of Company stock ( 17 ) ( 2 ) ( 128 ) ( 1,966 ) — ( 2,096 ) — ( 2,096 )

Dividends to noncontrolling interest

— — — — — — ( 5 ) ( 5 )

Other 10 1 210 ( 1 ) — 210 38 248

Balances as of April 30, 2026 7,962 $ 796 $ 6,898 $ 100,241 $ ( 13,605 ) $ 94,330 $ 6,352 $ 100,682

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

Consolidated net income

— — — 6,143 — 6,143 ( 51 ) 6,092

Other comprehensive loss, net of income taxes — — — — ( 391 ) ( 391 ) ( 42 ) ( 433 )

Purchase of Company stock ( 8 ) ( 1 ) ( 45 ) ( 759 ) — ( 805 ) — ( 805 )

Dividends to noncontrolling interest — — — — — — 7 7

Other 5 1 1,190 ( 154 ) — 1,037 ( 242 ) 795

Balances as of October 31, 2025 7,972 $ 797 $ 6,863 $ 101,558 $ ( 13,124 ) $ 96,094 $ 6,112 $ 102,206

See accompanying notes.

Accumulated Total

4 unchanged sentences

Consolidated net income — — — 4,487 — 4,487 161 4,648

Other comprehensive income (loss), net of income taxes

Other comprehensive income, net of immaterial income taxes

— — — — 309 309 36 345

2 unchanged sentences

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

Dividends to noncontrolling interest — — — — — — ( 5 ) ( 5 )

Sale of subsidiary stock — — 10 — — 10 5 15

Other 13 2 181 ( 61 ) — 122 ( 57 ) 65

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

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

Consolidated net income

— — — 4,577 — 4,577 155 4,732

Other comprehensive loss, net of income taxes

— — — — ( 347 ) ( 347 ) ( 177 ) ( 524 )

Purchase of Company stock ( 13 ) ( 1 ) ( 52 ) ( 927 ) — ( 980 ) — ( 980 )

Dividends to noncontrolling interest — — — — — — ( 5 ) ( 5 )

Sale of subsidiary stock — — 5 — — 5 1 6

Other 12 1 432 ( 3 ) — 430 52 482

Balances as of October 31, 2024 8,034 $ 803 $ 5,395 $ 94,435 $ ( 12,525 ) $ 88,108 $ 6,168 $ 94,276

See accompanying notes.

Condensed Consolidated Statements of Cash Flows

Nine Months Ended October 31,

Three Months Ended April 30,

(Amounts in millions) 2026 2025

16 unchanged sentences

Proceeds from disposal of property and equipment

Proceeds from disposal of certain strategic investments

Other investing activities ( 89 ) ( 132 )

7 unchanged sentences

Other financing activities ( 476 ) ( 61 )

Net cash used in financing activities ( 7,012 ) ( 9,673 )

Net cash provided by financing activities 2,328 8

Effect of exchange rates on cash, cash equivalents and restricted cash ( 331 ) 70

Net increase in cash, cash equivalents and restricted cash

Net increase (decrease) in cash, cash equivalents and restricted cash ( 2 ) 396

Cash, cash equivalents and restricted cash at beginning of year 11,321 9,536

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 October 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 April 2026 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 $ 6.2 billion, $ 5.7 billion and $ 6.8 billion as of October 31, 2025, January 31, 2025 and October 31, 2024, respectively.

The outstanding payment obligations to financial institutions under these programs were $ 5.9 billion, $ 6.0 billion and $ 5.6 billion as of April 30, 2026, January 31, 2026 and April 30, 2025, respectively.

Recent Accounting Pronouncements

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

Improvements to Income Tax Disclosures , which expands the requirements for income tax disclosures in order to provide greater transparency.

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.

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

7 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 and nine months ended October 31, 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 October 31, Nine Months Ended October 31,

Three Months Ended April 30,

(Amounts in millions, except per share data) 2026 2025

Consolidated net income $ 5,490 $ 4,639

Consolidated net (income) loss attributable to noncontrolling interest 55 ( 137 ) ( 222 ) ( 550 )

Consolidated net income attributable to noncontrolling interest ( 160 ) ( 152 )

Consolidated net income attributable to Walmart $ 5,330 $ 4,487

5 unchanged sentences

Diluted 0.67 0.56

Accumulated Other Comprehensive Loss

The following tables provide the changes in the composition of total accumulated other comprehensive loss:

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

Translation and Other Cash Flow Hedges Total

Balances as of February 1, 2025 $ ( 12,661 ) $ ( 944 ) $ ( 13,605 )

Other comprehensive income before reclassifications, net

Reclassifications to income, net — 3 3

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 )

Other comprehensive loss before reclassifications, net

( 371 ) ( 45 ) ( 416 )

Reclassifications to income, net — 25 25

Balances as of October 31, 2025 $ ( 12,398 ) $ ( 726 ) $ ( 13,124 )

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

Translation and Other Cash Flow Hedges Total

Balances as of February 1, 2024 $ ( 10,407 ) $ ( 895 ) $ ( 11,302 )

Other comprehensive income (loss) before reclassifications, net

( 93 ) 10 ( 83 )

Reclassifications to income, net — 18 18

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 )

Other comprehensive loss before reclassifications, net

( 346 ) ( 16 ) ( 362 )

Reclassifications to income, net 3 12 15

Balances as of October 31, 2024 $ ( 11,664 ) $ ( 861 ) $ ( 12,525 )

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.

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 Condensed Consolidated Statements of Income.

Short-term Borrowings and Long-term Debt

3 unchanged sentences

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

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

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

of $ 15.0 billion at April 30, 2026 and January 31, 2026, all undrawn.

The following table provides the changes in the Company's long-term debt for the three months ended April 30, 2026:

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

6 unchanged sentences

( 15 ) ( 94 ) ( 109 )

Balances as of October 31, 2025 $ 3,523 $ 34,445 $ 37,968

Balances as of April 30, 2026 $ 3,896 $ 36,887 $ 40,783

(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 nine months ended October 31, 2025, for general corporate purposes, is as follows:

Information on significant long-term debt issued during the three months ended April 30, 2026, for general corporate purposes, is as follows:

(Amounts in millions)

4 unchanged sentences

April 30, 2026 $ 1,250 April 30, 2033 4.450 % $ 1,244

April 30, 2026 $ 1,000 April 30, 2036 4.750 % $ 995

Total $ 4,230

1 unchanged sentence

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 nine months ended October 31, 2025 is as follows:

Information on significant long-term debt maturities during the three months ended April 30, 2026 is as follows:

(Amounts in millions)

Maturity Date Principal Amount Fixed vs.

Floating Interest Rate Repayment

June 26, 2025 $ 875 Fixed 3.550 % $ 875

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

Maturity Date Principal Amount Interest Rate Repayment

April 8, 2026 € 650 2.550 % $ 754

April 15, 2026 $ 750 4.000 % 750

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 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 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 Condensed Consolidated Balance Sheets.

The associated gains and losses 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 October 31, 2025 Fair Value as of January 31, 2025

(Amounts in millions) Fair Value as of April 30, 2026 Fair Value as of January 31, 2026

Equity investments measured using Level 1 inputs $ 1,033 $ 1,037

Equity investments measured using Level 2 inputs 3,784 3,462

Debt investments measured using Level 3 inputs 1,192 1,176

Total $ 6,009 $ 5,675

The fair value of these investments increased $ 2.1 billion and $ 3.7 billion for the three and nine months ended October 31, 2025, respectively, primarily due to gains and losses resulting from net changes in the underlying stock prices of the investments and certain other immaterial investment activity.

The fair value of these investments decreased $ 3.7 billion and $ 4.3 billion for the three and nine months ended October 31, 2024, respectively, primarily due to the sale of certain strategic investments, as well as gains and losses resulting from net changes in the underlying stock prices of the remaining investments and 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.

The fair value of these investments increased $ 0.3 billion and decreased $ 0.5 billion for the three months ended April 30, 2026 and 2025, respectively, primarily due to gains and losses resulting from net changes in the underlying stock prices of the investments and certain other immaterial investment activity.

The Company also has derivatives recorded at fair value.

1 unchanged sentence

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

October 31, 2025 January 31, 2025

As of April 30, 2026 and January 31, 2026, the notional amounts and fair values of these derivatives were as follows:

April 30, 2026 January 31, 2026

(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 October 31, 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 April 30, 2026 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 October 31, 2025 and January 31, 2025, are as follows:

October 31, 2025 January 31, 2025

The carrying value and fair value of the Company's long-term debt as of April 30, 2026 and January 31, 2026, are as follows:

April 30, 2026 January 31, 2026

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

8 unchanged sentences

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.

Settlement of Certain Opioid-Related Matters

The Company entered into settlement agreements with all 50 states, the District of Columbia, Puerto Rico, three U.S.

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 included amounts for remediation of alleged harms, attorneys' fees, and costs.

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

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

The Company will continue to vigorously defend against any opioid-related matters not settled or otherwise resolved, including, but not limited to, each of the matters described below;

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.

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.

Opioid-Related Litigation

The Company continues to vigorously defend against claims relating to distribution and dispensing of prescription opioid medications.

These opioid-related matters include, but are not limited to, each of the matters described below;

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

and actions filed by political subdivisions or Native American tribes that elected not to join the national settlements the Company disclosed in fiscal year 2023.

The Company cannot 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.

Opioid Multidistrict Litigation;

Other Opioid-Related Matters in the U.S.

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

Civil Litigation in the U.S.

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

The consolidated multidistrict litigation is entitled In re National Prescription Opiate Litigation (MDL No.

1 unchanged sentence

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.

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 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 on this matter commenced on September 18, 2025, and is ongoing.

The Company remains a party to opioid-related cases in the MDL and in state and federal courts brought by healthcare providers, third-party payors, individuals and others seeking compensatory and punitive damages and injunctive relief.

Four cases brought by third-party payors 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 in state court in Florida asserted claims on behalf of several hospital systems against the Company and other defendants.

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

On May 26, 2026, the Court granted a directed verdict and entered judgment in favor of the Company and other defendants.

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.

11 unchanged sentences

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.

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

False Claims Act Litigation.

13 unchanged sentences

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 phase is complete.

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

Certain claims remain under consideration in the second phase.

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.

8 unchanged sentences

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

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

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.

1 unchanged sentence

Driver Platform 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 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 its driver platform.

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.

38 unchanged sentences

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.

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

1 unchanged sentence

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.

Beginning in February 2026, the Company updated its segment allocation methodology for certain corporate overhead allocations and, accordingly, revised the prior period amounts for comparability.

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 October 31, Nine Months Ended October 31,

Three Months Ended April 30,

(Amounts in millions)

2025 2024 2025 2024

Net sales $ 117,169 $ 112,163

23 unchanged sentences

Membership and other income (2)

$ 6 $ 12 $ 17 $ 38

Operating, selling, general and administrative expenses 722 526

9 unchanged sentences

Other (gains) and losses

( 2,081 ) 132 ( 4,192 ) 500

Income before income taxes $ 7,148 $ 5,994

(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 $ 2.4 billion for the three months ended October 31, 2025 and 2024, respectively, and $ 6.7 billion and $ 7.7 billion for the nine months ended October 31, 2025 and 2024, respectively.

(2) Includes other income from corporate campus facilities.

were $ 2.7 billion and $ 2.2 billion for the three months ended April 30, 2026 and 2025, respectively.

(2) Includes other income from corporate campus facilities and miscellaneous items.

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

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

Three Months Ended April 30,

(Amounts in millions)

2025 2024 2025 2024

Depreciation and amortization $ 2,509 $ 2,240

12 unchanged sentences

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

October 31, January 31,

April 30, January 31,

(Amounts in millions) 2026 2026

14 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 October 31, Nine Months Ended October 31,

(Amounts in millions) Three Months Ended April 30,

net sales by merchandise category 2026 2025

4 unchanged sentences

Total $ 117,169 $ 112,163

Of Walmart U.S.'s total net sales, approximately $ 24.8 billion and $ 19.5 billion related to eCommerce for the three months ended October 31, 2025 and 2024, respectively, and approximately $ 70.0 billion and $ 56.0 billion related to eCommerce for the nine months ended October 31, 2025 and 2024, respectively.

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

Of Walmart U.S.'s total net sales, approximately $ 27.1 billion and $ 21.4 billion related to eCommerce for the three months ended April 30, 2026 and 2025, respectively.

(Amounts in millions) Three Months Ended April 30,

Walmart International net sales by market 2026 2025

4 unchanged sentences

Total $ 35,110 $ 29,754

Of Walmart International's total net sales, approximately $ 10.2 billion and $ 8.1 billion related to eCommerce for the three months ended October 31, 2025 and 2024, respectively, and approximately $ 26.1 billion and $ 21.3 billion related to eCommerce for the nine months ended October 31, 2025 and 2024, respectively.

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

Of Walmart International's total net sales, approximately $ 9.7 billion and $ 7.7 billion related to eCommerce for the three months ended April 30, 2026 and 2025, respectively.

(Amounts in millions) Three Months Ended April 30,

Sam's Club U.S.

5 unchanged sentences

Total $ 23,405 $ 22,064

Of Sam's Club U.S.'s total net sales, approximately $ 3.8 billion and $ 3.1 billion related to eCommerce for the three months ended October 31, 2025 and 2024, respectively, and approximately $ 10.8 billion and $ 8.7 billion related to eCommerce for the nine months ended October 31, 2025 and 2024, respectively.

Share-based compensation and noncontrolling interest

In September 2025, 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 % to approximately 73 %.

Of Sam's Club U.S.'s total net sales, approximately $ 4.1 billion and $ 3.3 billion related to eCommerce for the three months ended April 30, 2026 and 2025, 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