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Stock Analysis on Net

Walmart Inc. (NASDAQ:WMT)

Common-Size Income Statement
Quarterly Data

Walmart Inc., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Jul 31, 2026 Apr 30, 2026 Jan 31, 2026 Oct 31, 2025 Jul 31, 2025 Apr 30, 2025 Jan 31, 2025 Oct 31, 2024 Jul 31, 2024 Apr 30, 2024 Jan 31, 2024 Oct 31, 2023 Jul 31, 2023 Apr 30, 2023 Jan 31, 2023 Oct 31, 2022 Jul 31, 2022 Apr 30, 2022 Jan 31, 2022 Oct 31, 2021 Jul 31, 2021 Apr 30, 2021 Jan 31, 2021 Oct 31, 2020 Jul 31, 2020 Apr 30, 2020
Net sales 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of sales -74.59 -75.74 -76.02 -75.78 -75.55 -75.80 -76.15 -75.80 -75.59 -75.92 -76.68 -76.01 -76.02 -76.34 -77.07 -76.33 -76.52 -76.16 -76.24 -75.44 -75.20 -75.29 -76.34 -75.02 -75.05 -76.33
Gross profit 25.41% 24.26% 23.98% 24.22% 24.45% 24.20% 23.85% 24.20% 24.41% 24.08% 23.32% 23.99% 23.98% 23.66% 22.93% 23.67% 23.48% 23.84% 23.76% 24.56% 24.80% 24.71% 23.66% 24.98% 24.95% 23.67%
Membership and other income 0.99 1.18 0.92 0.97 0.94 0.99 0.96 0.94 0.93 0.98 0.86 0.86 0.84 0.86 0.80 0.89 0.98 0.91 0.89 0.95 0.84 0.84 0.72 0.71 0.67 0.71
Operating, selling, general and administrative expenses -21.36 -21.17 -20.29 -21.43 -21.25 -20.84 -20.42 -21.15 -20.61 -20.78 -19.96 -20.96 -20.26 -20.38 -20.32 -22.78 -19.93 -20.96 -20.76 -21.34 -20.38 -20.51 -20.75 -21.38 -21.19 -20.48
Operating income 5.04% 4.27% 4.61% 3.77% 4.15% 4.35% 4.39% 3.99% 4.73% 4.28% 4.22% 3.89% 4.56% 4.13% 3.42% 1.78% 4.53% 3.79% 3.89% 4.16% 5.26% 5.04% 3.63% 4.32% 4.43% 3.91%
Interest expense, debt and finance lease -0.14 -0.40 -0.38 -0.38 -0.44 -0.39 -0.40 -0.37 -0.40 -0.45 -0.40 -0.43 -0.40 -0.44 -0.37 -0.39 -0.32 -0.32 -0.28 -0.35 -0.37 -0.41 -0.35 -0.40 -0.48 -0.44
Interest income 0.05 0.04 0.05 0.05 0.05 0.06 0.06 0.08 0.07 0.07 0.08 0.09 0.09 0.07 0.06 0.06 0.02 0.03 0.03 0.03 0.03 0.02 0.02 0.02 0.02 0.03
Interest, net -0.09% -0.35% -0.33% -0.33% -0.38% -0.33% -0.34% -0.28% -0.34% -0.38% -0.32% -0.34% -0.31% -0.37% -0.31% -0.33% -0.30% -0.30% -0.25% -0.32% -0.34% -0.39% -0.33% -0.39% -0.46% -0.41%
Loss on extinguishment of debt 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -1.73 0.00 0.00 0.00 0.00 0.00 0.00
Other gains and (losses) -0.64 0.16 -1.12 1.17 1.54 -0.36 -0.16 -0.08 -0.69 0.50 0.47 -2.98 2.44 -1.98 2.36 -2.39 0.16 -1.42 -0.48 0.87 -0.68 -1.84 -3.70 1.39 2.35 0.54
Income (loss) before income taxes 4.31% 4.07% 3.16% 4.60% 5.30% 3.66% 3.89% 3.63% 3.70% 4.40% 4.37% 0.57% 6.69% 1.78% 5.47% -0.94% 4.39% 2.07% 3.16% 2.98% 4.23% 2.80% -0.39% 5.32% 6.32% 4.04%
Provision for income taxes -0.80 -0.94 -0.84 -1.18 -1.23 -0.83 -0.86 -0.82 -0.90 -1.08 -1.07 -0.17 -1.67 -0.52 -1.90 -0.22 -0.99 -0.57 -0.76 -0.73 -1.11 -0.75 -0.94 -1.43 -1.61 -0.99
Consolidated net income (loss) 3.51% 3.12% 2.32% 3.42% 4.07% 2.83% 3.03% 2.81% 2.81% 3.32% 3.30% 0.40% 5.02% 1.26% 3.57% -1.17% 3.40% 1.50% 2.40% 2.25% 3.12% 2.05% -1.33% 3.89% 4.71% 3.05%
Consolidated net (income) loss attributable to noncontrolling interest -0.09 -0.09 -0.08 0.03 -0.07 -0.09 -0.10 -0.08 -0.13 -0.13 -0.11 -0.12 -0.10 -0.15 0.29 -0.02 0.00 -0.03 -0.05 -0.02 -0.06 -0.06 -0.05 -0.05 0.03 -0.06
Consolidated net income (loss) attributable to Walmart 3.42% 3.03% 2.24% 3.46% 4.00% 2.74% 2.94% 2.72% 2.68% 3.19% 3.20% 0.28% 4.92% 1.11% 3.86% -1.19% 3.40% 1.46% 2.35% 2.23% 3.06% 1.99% -1.38% 3.84% 4.73% 2.98%

Based on: 10-Q (reporting date: 2026-07-31), 10-Q (reporting date: 2026-04-30), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30).

The common-size income statement reveals a period of relative stability in core margins, punctuated by volatility in non-operating items. Overall profitability is characterized by consistent gross profit levels and a gradual increase in auxiliary income streams.

Gross Margin and Cost of Sales
Gross profit as a percentage of net sales generally fluctuates between 23% and 25%. The cost of sales remains the primary expense, consistently ranging from 74.59% to 77.07%. A positive trend is observed toward the end of the analyzed period, with gross profit reaching a peak of 25.41% by July 2026, indicating improved cost management or pricing strategies.
Revenue Diversification
Membership and other income demonstrate a steady upward trend as a proportion of net sales. Starting at approximately 0.71% in early 2020, this figure frequently exceeds 0.90% in later periods, peaking at 1.18% in April 2026. This suggests a growing reliance on high-margin, non-sales revenue streams to supplement the top line.
Operating Performance
Operating income margins exhibit significant volatility, ranging from a low of 1.78% in October 2022 to a high of 5.26% in July 2021. This variance is largely driven by fluctuations in operating, selling, general, and administrative expenses, which typically oscillate between 19.93% and 22.78% of net sales. A recovery in operating efficiency is evident in the final period, where operating income reaches 5.04%.
Non-Operating Items and Net Profitability
Net income is heavily influenced by the volatility of other gains and losses, which cause sharp quarterly swings in income before taxes. For instance, significant losses occurred in January 2021 (-3.70%) and October 2023 (-2.98%), while notable gains were recorded in July 2023 (2.44%). Despite these swings, consolidated net income attributable to Walmart remains positive in most quarters, typically residing between 2% and 4% of net sales. Interest expenses have remained relatively stable, though a significant reduction to 0.09% of net sales is noted in July 2026.

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