Walmart Inc., balance sheet: property, plant and equipment

US$ in millions

	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
Land	19,342)	19,562)	19,317)	19,204)	19,308)	24,619)
Buildings and improvements	117,973)	111,767)	104,554)	100,376)	97,582)	105,674)
Fixtures and equipment	76,226)	72,161)	65,235)	60,282)	56,639)	58,607)
Transportation equipment	2,673)	2,979)	2,462)	2,263)	2,301)	2,377)
Construction in process	15,403)	13,390)	10,802)	7,199)	4,741)	3,751)
Property and equipment, gross	231,617)	219,859)	202,370)	189,324)	180,571)	195,028)
Accumulated depreciation	(111,624)	(109,049)	(101,610)	(94,809)	(88,370)	(89,820)
Property and equipment, net	119,993)	110,810)	100,760)	94,515)	92,201)	105,208)

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Item	Description	The company
Property and equipment, gross	Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	Walmart Inc. property and equipment, gross increased from 2023 to 2024 and from 2024 to 2025.
Property and equipment, net	Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	Walmart Inc. property and equipment, net increased from 2023 to 2024 and from 2024 to 2025.

Walmart Inc., asset age ratios

		Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
	Average age ratio	52.58%	54.44%	55.51%	55.73%	54.80%	52.71%

Asset age ratio	Description	The company
Average age ratio	As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient.	Walmart Inc. average age ratio of depreciable property, plant and equipment 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
Selected Financial Data (US$ in millions)
Accumulated depreciation	111,624)	109,049)	101,610)	94,809)	88,370)	89,820)
Property and equipment, gross	231,617)	219,859)	202,370)	189,324)	180,571)	195,028)
Land	19,342)	19,562)	19,317)	19,204)	19,308)	24,619)
Asset Age Ratio
Average age¹	52.58%	54.44%	55.51%	55.73%	54.80%	52.71%

2025 Calculations

¹ Average age = 100 × Accumulated depreciation ÷ (Property and equipment, gross – Land)
= 100 × 111,624 ÷ (231,617 – 19,342) = 52.58%

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Asset age ratio	Description	The company
Average age	As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient.	Walmart Inc. average age ratio of depreciable property, plant and equipment improved from 2023 to 2024 and from 2024 to 2025.

Walmart Inc. (NYSE:WMT)

Analysis of Property, Plant and Equipment