Adjustments to Financial Statements: Removal of Goodwill
Adjusted Financial Ratios: Removal of Goodwill (Summary)
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Walmart Inc., adjustments to financial statements

US$ in millions

	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
Adjustment to Total Assets
Total assets (as reported)	260,823)	252,399)	243,197)	244,860)	252,496)	236,495)
Less: Goodwill	28,792)	28,113)	28,174)	29,014)	28,983)	31,073)
Total assets (adjusted)	232,031)	224,286)	215,023)	215,846)	223,513)	205,422)
Adjustment to Total Walmart Shareholders’ Equity
Total Walmart shareholders’ equity (as reported)	91,013)	83,861)	76,693)	83,253)	80,925)	74,669)
Less: Goodwill	28,792)	28,113)	28,174)	29,014)	28,983)	31,073)
Total Walmart shareholders’ equity (adjusted)	62,221)	55,748)	48,519)	54,239)	51,942)	43,596)

Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).

Walmart Inc., Financial Data: Reported vs. Adjusted

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Walmart Inc., adjusted financial ratios

	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
Total Asset Turnover
Reported total asset turnover	2.59	2.55	2.49	2.32	2.20	2.20
Adjusted total asset turnover	2.91	2.87	2.82	2.63	2.48	2.53
Financial Leverage
Reported financial leverage	2.87	3.01	3.17	2.94	3.12	3.17
Adjusted financial leverage	3.73	4.02	4.43	3.98	4.30	4.71
Return on Equity (ROE)
Reported ROE	21.36%	18.50%	15.23%	16.42%	16.69%	19.93%
Adjusted ROE	31.24%	27.82%	24.07%	25.21%	26.01%	34.13%
Return on Assets (ROA)
Reported ROA	7.45%	6.15%	4.80%	5.58%	5.35%	6.29%
Adjusted ROA	8.38%	6.92%	5.43%	6.33%	6.04%	7.24%

Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Walmart Inc. adjusted total asset turnover ratio improved from 2023 to 2024 and from 2024 to 2025.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Walmart Inc. adjusted financial leverage ratio decreased from 2023 to 2024 and from 2024 to 2025.
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	Walmart Inc. adjusted ROE improved from 2023 to 2024 and from 2024 to 2025.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Walmart Inc. adjusted ROA improved from 2023 to 2024 and from 2024 to 2025.

Walmart Inc., Financial Ratios: Reported vs. Adjusted

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	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net sales	674,538)	642,637)	605,881)	567,762)	555,233)	519,926)
Total assets	260,823)	252,399)	243,197)	244,860)	252,496)	236,495)
Activity Ratio
Total asset turnover¹	2.59	2.55	2.49	2.32	2.20	2.20
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net sales	674,538)	642,637)	605,881)	567,762)	555,233)	519,926)
Adjusted total assets	232,031)	224,286)	215,023)	215,846)	223,513)	205,422)
Activity Ratio
Adjusted total asset turnover²	2.91	2.87	2.82	2.63	2.48	2.53

Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).

2025 Calculations

¹ Total asset turnover = Net sales ÷ Total assets
= 674,538 ÷ 260,823 = 2.59

² Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 674,538 ÷ 232,031 = 2.91

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Walmart Inc. adjusted total asset turnover ratio improved from 2023 to 2024 and from 2024 to 2025.

	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Total assets	260,823)	252,399)	243,197)	244,860)	252,496)	236,495)
Total Walmart shareholders’ equity	91,013)	83,861)	76,693)	83,253)	80,925)	74,669)
Solvency Ratio
Financial leverage¹	2.87	3.01	3.17	2.94	3.12	3.17
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets	232,031)	224,286)	215,023)	215,846)	223,513)	205,422)
Adjusted total Walmart shareholders’ equity	62,221)	55,748)	48,519)	54,239)	51,942)	43,596)
Solvency Ratio
Adjusted financial leverage²	3.73	4.02	4.43	3.98	4.30	4.71

Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).

2025 Calculations

¹ Financial leverage = Total assets ÷ Total Walmart shareholders’ equity
= 260,823 ÷ 91,013 = 2.87

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Walmart shareholders’ equity
= 232,031 ÷ 62,221 = 3.73

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Walmart Inc. adjusted financial leverage ratio decreased from 2023 to 2024 and from 2024 to 2025.

	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Consolidated net income attributable to Walmart	19,436)	15,511)	11,680)	13,673)	13,510)	14,881)
Total Walmart shareholders’ equity	91,013)	83,861)	76,693)	83,253)	80,925)	74,669)
Profitability Ratio
ROE¹	21.36%	18.50%	15.23%	16.42%	16.69%	19.93%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Consolidated net income attributable to Walmart	19,436)	15,511)	11,680)	13,673)	13,510)	14,881)
Adjusted total Walmart shareholders’ equity	62,221)	55,748)	48,519)	54,239)	51,942)	43,596)
Profitability Ratio
Adjusted ROE²	31.24%	27.82%	24.07%	25.21%	26.01%	34.13%

Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).

2025 Calculations

¹ ROE = 100 × Consolidated net income attributable to Walmart ÷ Total Walmart shareholders’ equity
= 100 × 19,436 ÷ 91,013 = 21.36%

² Adjusted ROE = 100 × Consolidated net income attributable to Walmart ÷ Adjusted total Walmart shareholders’ equity
= 100 × 19,436 ÷ 62,221 = 31.24%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	Walmart Inc. adjusted ROE improved from 2023 to 2024 and from 2024 to 2025.

	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Consolidated net income attributable to Walmart	19,436)	15,511)	11,680)	13,673)	13,510)	14,881)
Total assets	260,823)	252,399)	243,197)	244,860)	252,496)	236,495)
Profitability Ratio
ROA¹	7.45%	6.15%	4.80%	5.58%	5.35%	6.29%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Consolidated net income attributable to Walmart	19,436)	15,511)	11,680)	13,673)	13,510)	14,881)
Adjusted total assets	232,031)	224,286)	215,023)	215,846)	223,513)	205,422)
Profitability Ratio
Adjusted ROA²	8.38%	6.92%	5.43%	6.33%	6.04%	7.24%

Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31).

2025 Calculations

¹ ROA = 100 × Consolidated net income attributable to Walmart ÷ Total assets
= 100 × 19,436 ÷ 260,823 = 7.45%

² Adjusted ROA = 100 × Consolidated net income attributable to Walmart ÷ Adjusted total assets
= 100 × 19,436 ÷ 232,031 = 8.38%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Walmart Inc. adjusted ROA improved from 2023 to 2024 and from 2024 to 2025.

Walmart Inc. (NYSE:WMT)

Analysis of Goodwill and Intangible Assets

Adjustments to Financial Statements: Removal of Goodwill

Walmart Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

Walmart Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)