Nasdaq:WMT
Walmart Inc.
A massive omnichannel retailer leveraging its unparalleled supply chain efficiency to offer everyday low prices while expanding e-commerce capabilities.
Key Metrics
Investment Thesis
Bull Case
Investors should consider Walmart attractive due to its consistent revenue growth trajectory and expanding profit margins driven by supply chain efficiencies and digital transformation initiatives that offset inflationary pressures.
Bear Case
Concerns regarding slowing same-store sales growth in a saturated retail environment, high capital expenditures of $23.78B required for infrastructure upgrades, and potential interest rate sensitivity on the $33.40B long-term debt load may weigh on future returns.
About Walmart Inc.
Walmart Inc. operates as a global retail leader serving customers across North America, International Markets, and Sam's Club with groceries, electronics, fashion, and home essentials.
Analysis
Management Discussion
Walmart delivered robust financial growth with revenue climbing to $680.99B in 2025 compared to $611.29B in 2023, while net income more than doubled from $11.29B to $20.16B over the same period, demonstrating strong operational leverage and pricing power.
Industry Overview
The global retail industry is currently undergoing a significant digital transformation where omnichannel integration is essential for survival, creating winners with scalable logistics networks and losers struggling with legacy brick-and-mortar models.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $611.29B | $648.12B | $680.99B |
| Cost of Revenue | $463.72B | $490.14B | $511.75B |
| Gross Profit | $147.57B | $157.98B | $169.23B |
| Operating Expenses | $127.14B | $130.97B | $139.88B |
| Operating Income | $20.43B | $27.01B | $29.35B |
| G&A | $127.14B | $130.97B | $139.88B |
| Stock-Based Comp | $1.58B | $2.09B | $2.77B |
| Other OpEx | $0 | $0 | $0 |
| Non-Operating Income | $-3.41B | $-5.16B | $-3.04B |
| Interest Income | $254.0M | $546.0M | $483.0M |
| Pre-Tax Income | $17.02B | $21.85B | $26.31B |
| Income Tax | $5.72B | $5.58B | $6.15B |
| Continuing Ops | $11.29B | $16.27B | $20.16B |
| Discontinued Ops | $0 | $0 | $0 |
| Net Income | $11.29B | $16.27B | $20.16B |
| Minority Interest | $-388.0M | $759.0M | $721.0M |
| Net to Common | $11.68B | $15.51B | $19.44B |
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Current Assets | $75.66B | $76.88B | $79.46B |
| Cash & Equivalents | $8.62B | $9.87B | $9.04B |
| Inventory | $56.58B | $54.89B | $56.44B |
| Prepaid Expenses | $2.52B | $3.32B | $4.01B |
| Other Current Assets | $7.93B | $8.80B | $9.97B |
| Long-Term Assets | $167.54B | $175.52B | $181.37B |
| PP&E (Net) | $100.76B | $110.81B | $119.99B |
| Goodwill | $28.17B | $28.11B | $28.79B |
| Operating Leases | $13.55B | $13.67B | $13.60B |
| Other LT Assets | $25.05B | $22.93B | $18.98B |
| Total Assets | $243.20B | $252.40B | $260.82B |
| Current Liabilities | $92.20B | $92.42B | $96.58B |
| Accounts Payable | $53.74B | $56.81B | $58.67B |
| Current Debt | $4.19B | $3.45B | $2.60B |
| Current Leases | $1.47B | $1.49B | $1.50B |
| Taxes Payable | $727.0M | $307.0M | $608.0M |
| Other Current Liab | $939.0M | $1.60B | $3.87B |
| Long-Term Liabilities | $67.25B | $69.64B | $66.82B |
| Long-Term Debt | $34.65B | $36.13B | $33.40B |
| LT Operating Leases | $12.83B | $12.94B | $12.82B |
| Other LT Liab | $19.77B | $20.56B | $20.59B |
| Total Liabilities | $159.44B | $162.05B | $163.40B |
| Shareholders' Equity | $83.75B | $90.35B | $97.42B |
| Paid-In Capital | $4.97B | $4.54B | $5.50B |
| Retained Earnings | $83.14B | $89.81B | $98.31B |
| AOCI | $-11.68B | $-11.30B | $-13.61B |
| Total L&E | $243.20B | $252.40B | $260.82B |
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Net Income (CFO) | $11.29B | $16.27B | $20.16B |
| Non-Cash Adjustments | $14.87B | $19.78B | $7.75B |
| Working Capital Changes | $2.68B | $-322.0M | $8.54B |
| Cash from Operations | $28.84B | $35.73B | $36.44B |
| Capital Expenditures | $16.86B | $20.61B | $23.78B |
| Cash from Investing | $-17.72B | $-21.29B | $-21.38B |
| Debt Issuances | $5.04B | $4.97B | $0 |
| Debt Repayments | $2.69B | $4.22B | $3.47B |
| Share Buybacks | $9.92B | $2.78B | $4.49B |
| Dividends Paid | $6.11B | $6.14B | $6.69B |
| Cash from Financing | $-17.04B | $-13.41B | $-14.82B |
| FX Effect | $-73.0M | $69.0M | $-641.0M |
| Net Change in Cash | $-5.99B | $1.09B | $-399.0M |
| Beginning Cash | $14.83B | $8.84B | $9.94B |
| Ending Cash | $8.84B | $9.94B | $9.54B |
Frequently Asked Questions
How does Walmart Inc. make money?
The company generates revenue primarily through its Walmart U.S. segment (groceries, general merchandise), Walmart International (operations in 24+ countries), and Sam's Club membership warehouse clubs, supported by a massive logistics network.
What are the main risks for WMT?
Intense price competition from discount retailers and e-commerce giants threatens margin expansion, rising input costs for commodities could erode the everyday low-price model, regulatory scrutiny on labor practices and market concentration poses potential fines or operational constraints, and geopolitical instability in international markets impacts global revenue streams.
What is WMT's competitive advantage?
Walmart possesses an unmatched supply chain infrastructure that minimizes inventory costs, a dominant market share in grocery retailing which creates high switching costs for consumers, and a rapidly scaling digital ecosystem that integrates online shopping with physical store fulfillment.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.