Walmart Inc. (WMT)

How they make money

Walmart Inc. ("Walmart," the "Company" or "we") 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, and to access our other service offerings. Through innovation, we strive to continuously improve a customer-centric experience that seamlessly integrates our eCommerce and retail stores in an omnichannel offering that saves time for our customers. Each week, we serve approximately 280 million customers who visit more than 10,900 stores in 19 cⓘ

Revenue mix

ccountsPayableCurrentP1YP5Y364iso4217:USDxbrli:sharesiso4217:USDxbrli:shareswmt:segmentxbrli:pureiso4217:JPYwmt:statewmt:territorywmt:casewmt:classActionwmt:pharmacistwmt:employeewmt:phasewmt:supplierContributioniso4217:MXN00001041692025-02-012026-01-310000104169wmt:CommonStockparvalue0.10pershareMember2025-02-012026-01-310000104169wmt:A2.550NotesDue2026Member2025-02-012026-01-310000104169wmt:A1050NotesDue2026Member2025-02-012026-01-310000104169wmt:A1500NotesDue2028Member2025-02-012026-01-310000104169wmt:A4875NotesDue2029Member2025-02-012026-01-310000104169wmt:A5750NotesDue2030Member2025-02-012026-01-310000104169wmt:A1800NotesDueⓘ

Economics & cash

Revenue $706.41B. Operating margin 4.2%. FCF (OCF−capex) $14.92B. urns in the form of share repurchases and dividends, which are discussed in the Liquidity and Capital Resources section. Return on Assets and Return on Investment We include Return on Assets ("ROA") and Return on Investment ("ROI") as metrics to assess our return on capital. ROA is the most directly comparable measure based on our financial statements presented in accordance with generally accepteⓘ

Balance sheet & capital allocation

Cash & equivalents $10.73B; long-term debt (XBRL concept) $38.17B; goodwill $28.73B; SBC $3.60B; diluted/basic shares signal 3.42B shares. operations; •the Company continuing to provide returns to shareholders through share repurchases and dividends, the use of share repurchase authorization over a certain period or the source of funding of a certain portion of our share repurchases; •our sources of liquidity, including our cash, continuing to be adequate or sufficient to fund our operations, finance our global inⓘ

Quality & fragility

and safety, including the availability, sale, price label accuracy, membership subscription and cancellation; advertisement and promotion of products we sell and the financial services we offer (including through our digital channels, stores and clubs, as well as our OnePay fintech venture); anti-money laundering prohibitions; consumer financial protection laws; economic, trade and other sanctions matters; licensure, including supply chain logistics licensure, certification and enrollment with government programs; cross border data traⓘ

What management is saying

usiness, our operations or our operating results in the manner or to the extent we expect. We caution readers not to place undue reliance on such forward-looking statements, which speak only as of their dates. We undertake no obligation to revise or update any of the forward-looking statements to reflect subsequent events or circumstances except to the extent required by applicable law. 5 ITEM 1.BUSINESS General Walmart Inc. ("Walmart," the "Company" or "we") is a people-led, technoⓘ

Risks that aren’t boilerplate

ed January 31, 2026 Table of Contents Page Part I Item 1 Business 6 Item 1A Risk Factors 13 Item 1B Unresolved Staff Comments 27 Item 1C Cybersecurity 27 Item 2 Properties 29 Item 3 Legal Proceedings 30 Item 4 Mine Sa…ⓘ

iness 6 Item 1A Risk Factors 13 Item 1B Unresolved Staff Comments 27 Item 1C Cybersecurity 27 Item 2 Properties 29 Item 3 Legal Proceedings 30 Item 4 Mine Safety Disclosures 30 Part II Item 5 Market for Registrant's C…ⓘ

ation or deflation, generally, and in certain product categories, the impact of supply chain challenges, tariffs and recessionary pressures; •changes or modifications in tariff rates, exemptions therefrom or the impos…ⓘ

atives (including, but not limited to, changes in the enforcement priorities of regulatory authorities); •the effect of adverse decisions in, or settlement of, litigation or other proceedings or investigations to whic…ⓘ

ectly from eCommerce fulfillment centers and other distribution facilities. 9 Intellectual Property. We regard our trademarks, service marks, copyrights, patents, domain names, trade dress, trade secrets, proprietary …ⓘ

Open questions

1. Which mix shift (segment / geo / product) actually drove the latest year — and is it durable?
2. How much of FCF is structural vs working-capital / one-time timing?
3. What does capital allocation imply for per-share value after SBC and M&A?
4. Which risk in the filing would change the thesis if it worsened for 2–3 years?