Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Walmart Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020
Consolidated net income	20,157)	16,270)	11,292)	13,940)	13,706)	15,201)
Depreciation and amortization	12,973)	11,853)	10,945)	10,658)	11,152)	10,987)
Investment (gains) and losses, net	878)	3,193)	1,683)	2,440)	(8,589)	(1,886)
Losses on disposal of business operations	—)	—)	—)	433)	8,401)	15)
Asda pension contribution	—)	—)	—)	—)	—)	(1,036)
Deferred income taxes	(635)	(175)	449)	(755)	1,911)	320)
Loss on extinguishment of debt	—)	—)	—)	2,410)	—)	—)
Other operating activities	2,889)	2,642)	1,919)	1,652)	1,521)	1,981)
Receivables, net	(1,106)	(797)	240)	(1,796)	(1,086)	154)
Inventories	(2,755)	2,017)	(528)	(11,764)	(2,395)	(300)
Accounts payable	3,228)	2,515)	(1,425)	5,520)	6,966)	(274)
Accrued liabilities	379)	(1,324)	4,393)	1,404)	4,623)	186)
Accrued income taxes	435)	(468)	(127)	39)	(136)	(93)
Changes in certain assets and liabilities, net of effects of acquisitions and dispositions	181)	1,943)	2,553)	(6,597)	7,972)	(327)
Adjustments to reconcile consolidated net income to net cash provided by operating activities	16,286)	19,456)	17,549)	10,241)	22,368)	10,054)
Net cash provided by operating activities	36,443)	35,726)	28,841)	24,181)	36,074)	25,255)
Payments for property and equipment	(23,783)	(20,606)	(16,857)	(13,106)	(10,264)	(10,705)
Proceeds from the disposal of property and equipment	432)	250)	170)	394)	215)	321)
Proceeds from disposal of certain strategic investments	4,080)	—)	—)	—)	—)	—)
Payments for business acquisitions, net of cash acquired	(1,896)	(9)	(740)	(359)	(180)	(56)
Other investing activities	(212)	(922)	(295)	7,056)	158)	1,312)
Net cash used in investing activities	(21,379)	(21,287)	(17,722)	(6,015)	(10,071)	(9,128)
Net change in short-term borrowings	2,212)	512)	(34)	193)	(324)	(4,656)
Proceeds from issuance of long-term debt	—)	4,967)	5,041)	6,945)	—)	5,492)
Repayments of long-term debt	(3,468)	(4,217)	(2,689)	(13,010)	(5,382)	(1,907)
Premiums paid to extinguish debt	—)	—)	—)	(2,317)	—)	—)
Dividends paid	(6,688)	(6,140)	(6,114)	(6,152)	(6,116)	(6,048)
Purchase of Company stock	(4,494)	(2,779)	(9,920)	(9,787)	(2,625)	(5,717)
Dividends paid to noncontrolling interest	(576)	(763)	(444)	(424)	(434)	(555)
Purchase of noncontrolling interest	—)	(3,462)	(827)	—)	—)	—)
Sale of subsidiary stock	362)	716)	66)	3,239)	140)	52)
Other financing activities	(2,170)	(2,248)	(2,118)	(1,515)	(1,376)	(960)
Net cash used in financing activities	(14,822)	(13,414)	(17,039)	(22,828)	(16,117)	(14,299)
Effect of exchange rates on cash, cash equivalents and restricted cash	(641)	69)	(73)	(140)	235)	(69)
Net increase (decrease) in cash, cash equivalents and restricted cash	(399)	1,094)	(5,993)	(4,802)	10,121)	1,759)
Change in cash and cash equivalents reclassified from (to) assets held for sale	—)	—)	—)	1,848)	(1,848)	—)
Cash, cash equivalents and restricted cash at beginning of year	9,935)	8,841)	14,834)	17,788)	9,515)	7,756)
Cash, cash equivalents and restricted cash at end of year	9,536)	9,935)	8,841)	14,834)	17,788)	9,515)

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).

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Cash flow statement item	Description	The company
Net cash provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	Walmart Inc. net cash provided by operating activities increased from 2023 to 2024 and from 2024 to 2025.
Net cash used in investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	Walmart Inc. net cash used in investing activities decreased from 2023 to 2024 and from 2024 to 2025.
Net cash used in financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	Walmart Inc. net cash used in financing activities increased from 2023 to 2024 but then slightly decreased from 2024 to 2025.

Walmart Inc. (NYSE:WMT)

Cash Flow Statement