Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Walmart Inc., consolidated balance sheet: assets

US$ in millions

	Jan 31, 2026	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021
Cash and cash equivalents	10,727)	9,037)	9,867)	8,625)	14,760)	17,741)
Receivables, net	11,172)	9,975)	8,796)	7,933)	8,280)	6,516)
Inventories	58,851)	56,435)	54,892)	56,576)	56,511)	44,949)
Prepaid expenses and other	4,124)	4,011)	3,322)	2,521)	1,519)	20,861)
Current assets	84,874)	79,458)	76,877)	75,655)	81,070)	90,067)
Property and equipment, net	136,083)	119,993)	110,810)	100,760)	94,515)	92,201)
Finance lease right-of-use assets, net	6,123)	6,112)	5,855)	4,919)	4,351)	4,005)
Property and equipment, including finance lease right-of-use assets, net	142,206)	126,105)	116,665)	105,679)	98,866)	96,206)
Operating lease right-of-use assets	14,750)	13,599)	13,673)	13,555)	13,758)	13,642)
Goodwill	28,735)	28,792)	28,113)	28,174)	29,014)	28,983)
Other long-term assets	14,103)	12,869)	17,071)	20,134)	22,152)	23,598)
Long-term assets	199,794)	181,365)	175,522)	167,542)	163,790)	162,429)
Total assets	284,668)	260,823)	252,399)	243,197)	244,860)	252,496)

Based on: 10-K (reporting date: 2026-01-31), 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).

The asset composition of the company exhibits several notable trends over the six-year period. Total assets experienced a decline between 2021 and 2023, followed by a recovery and continued growth through 2026. A significant portion of this fluctuation is attributable to changes in current asset levels, while long-term assets demonstrate a more consistent upward trajectory.

Current Assets: Current assets decreased from US$90,067 million in 2021 to US$75,655 million in 2023, representing a substantial reduction. However, a recovery began in 2024, with current assets reaching US$84,874 million by 2026. This pattern is largely driven by fluctuations in cash and cash equivalents, which fell significantly from 2021 to 2023 before stabilizing and increasing modestly. Receivables, net, show a generally increasing trend, rising from US$6,516 million to US$11,172 million over the period. Inventories remained relatively stable, fluctuating between US$54,892 million and US$56,576 million, with a slight increase to US$58,851 million in 2026. Prepaid expenses and other assets experienced a dramatic decrease initially, followed by a consistent increase, though remaining significantly below the 2021 level.
Long-Term Assets: Long-term assets demonstrate a consistent upward trend throughout the period, increasing from US$162,429 million in 2021 to US$199,794 million in 2026. Property and equipment, net, constitute the largest component of long-term assets and exhibit strong growth, rising from US$92,201 million to US$136,083 million. Finance lease right-of-use assets also increased steadily, albeit from a smaller base. Goodwill remained relatively stable, with minor fluctuations, while other long-term assets experienced a decline between 2021 and 2025, followed by a modest increase in 2026. Operating lease right-of-use assets showed a slight increase over the period.

The company’s investment in property and equipment appears to be a key driver of asset growth. The recovery in total assets observed from 2024 onwards is largely attributable to the continued expansion of long-term assets, particularly property and equipment. The fluctuations in current assets suggest potential shifts in working capital management or changes in short-term liquidity needs.

Total Assets: Total assets decreased from US$252,496 million in 2021 to US$243,197 million in 2023, then increased to US$284,668 million in 2026. This indicates a period of contraction followed by expansion. The growth in the later years is primarily fueled by the increase in long-term assets, offsetting the earlier decline.

Walmart Inc. (NASDAQ:WMT)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items