Adjustments to Total Assets
Adjustments to Total Liabilities
Adjustments to Stockholders’ Equity
Adjustments to Capitalization Table
Adjustments to Reported Income

Walmart Inc., adjusted total assets

US$ in millions

	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
As Reported
Total assets	260,823)	252,399)	243,197)	244,860)	252,496)	236,495)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)	—)
Less: Deferred tax assets (included in Other long-term assets)²	1,748)	1,663)	1,503)	1,473)	1,836)	1,914)
After Adjustment
Adjusted total assets	259,075)	250,736)	241,694)	243,387)	250,660)	234,581)

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).

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

² Deferred tax assets (included in Other long-term assets). See details »

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Walmart Inc., adjusted total liabilities

US$ in millions

	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
As Reported
Total liabilities	163,131)	161,828)	159,206)	152,969)	164,965)	154,943)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)	—)
Less: Deferred tax liabilities (included in Deferred income taxes and other)²	7,019)	7,248)	7,269)	6,917)	8,445)	6,204)
After Adjustment
Adjusted total liabilities	156,112)	154,580)	151,937)	146,052)	156,520)	148,739)

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).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Deferred tax liabilities (included in Deferred income taxes and other). See details »

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Walmart Inc., adjusted total Walmart shareholders’ equity

US$ in millions

	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
As Reported
Total Walmart shareholders’ equity	91,013)	83,861)	76,693)	83,253)	80,925)	74,669)
Adjustments
Less: Net deferred tax assets (liabilities)¹	(5,271)	(5,585)	(5,766)	(5,444)	(6,609)	(4,290)
Add: Redeemable noncontrolling interest	271)	222)	237)	—)	—)	—)
Add: Nonredeemable noncontrolling interest	6,408)	6,488)	7,061)	8,638)	6,606)	6,883)
After Adjustment
Adjusted total shareholders’ equity	102,963)	96,156)	89,757)	97,335)	94,140)	85,842)

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).

¹ Net deferred tax assets (liabilities). See details »

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Walmart Inc., adjusted capitalization table

US$ in millions

	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
As Reported
Short-term borrowings	3,068)	878)	372)	410)	224)	575)
Long-term debt due within one year	2,598)	3,447)	4,191)	2,803)	3,115)	5,362)
Finance lease obligations due within one year	800)	725)	567)	511)	491)	511)
Long-term debt, excluding due within one year	33,401)	36,132)	34,649)	34,864)	41,194)	43,714)
Long-term finance lease obligations, excluding due within one year	5,923)	5,709)	4,843)	4,243)	3,847)	4,307)
Total reported debt	45,790)	46,891)	44,622)	42,831)	48,871)	54,469)
Total Walmart shareholders’ equity	91,013)	83,861)	76,693)	83,253)	80,925)	74,669)
Total reported capital	136,803)	130,752)	121,315)	126,084)	129,796)	129,138)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)	—)
Add: Operating lease obligations due within one year²	1,499)	1,487)	1,473)	1,483)	1,466)	1,793)
Add: Long-term operating lease obligations, excluding due within one year³	12,825)	12,943)	12,828)	13,009)	12,909)	16,171)
Adjusted total debt	60,114)	61,321)	58,923)	57,323)	63,246)	72,433)
Adjustments to Equity
Less: Net deferred tax assets (liabilities)⁴	(5,271)	(5,585)	(5,766)	(5,444)	(6,609)	(4,290)
Add: Redeemable noncontrolling interest	271)	222)	237)	—)	—)	—)
Add: Nonredeemable noncontrolling interest	6,408)	6,488)	7,061)	8,638)	6,606)	6,883)
Adjusted total shareholders’ equity	102,963)	96,156)	89,757)	97,335)	94,140)	85,842)
After Adjustment
Adjusted total capital	163,077)	157,477)	148,680)	154,658)	157,386)	158,275)

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).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Operating lease obligations due within one year. See details »

³ Long-term operating lease obligations, excluding due within one year. See details »

⁴ Net deferred tax assets (liabilities). See details »

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Walmart Inc., adjusted consolidated net income attributable to Walmart

US$ in millions

12 months ended:	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
As Reported
Consolidated net income attributable to Walmart	19,436)	15,511)	11,680)	13,673)	13,510)	14,881)
Adjustments
Add: Deferred income tax expense (benefit)¹	(663)	(171)	430)	(759)	1,998)	329)
Add: Other comprehensive income (loss), net of income taxes	(2,859)	944)	(2,056)	2,770)	826)	(1,235)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest	165)	1,325)	(792)	37)	(17)	348)
After Adjustment
Adjusted consolidated net income	16,079)	17,609)	9,262)	15,721)	16,317)	14,323)

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).

¹ Deferred income tax expense (benefit). See details »

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Walmart Inc. (NYSE:WMT)

Adjustments to Financial Statements

Adjustments to Total Assets

Adjustments to Total Liabilities

Adjustments to Stockholders’ Equity

Adjustments to Capitalization Table

Adjustments to Reported Income