Slide 1: Financial presentation to accompany management commentary Q4 FY2023
Financial presentation to accompany management commentary Q4 FY2023
Slide 2: Safe harbor and non-GAAP measures
Safe harbor and non-GAAP measures This presentation contains statements or may include or may incorporate by reference Walmart management’s guidance regarding adjusted earnings per share, consolidated net sales, consolidated operating and consolidated adjusted operating income, consolidated operatin
Slide 3: Fiscal 2024 Q1 and full year guidance
Fiscal 2024 Q1 and full year guidance The following guidance reflects the company’s expectations for the first quarter and fiscal year 2024 and is provided on a non-GAAP basis as the Company cannot predict certain elements which are included in reported GAAP results, including the impact of foreign
Slide 4: Walmart Inc. - Q4 FY23
Walmart Inc. - Q4 FY23 Dollars in billions, except per share. Change is calculated as the change versus the prior year comparable period Total revenue Membership and Other Income Operating income Effective tax rate $164.0 $1.3 $5.6 34.7% +7.3% -3.0% -5.5% Total revenue, constant currency1 Operating
Slide 5: Walmart Inc. - FY23
Walmart Inc. - FY23 Dollars in billions, except per share. Change is calculated as the change versus the prior year comparable period Total revenue Membership and Other Income Operating income $611.3 $5.4 Effective tax rate $20.4 +6.7% +8.3% -21.3% 33.6% 1 Total revenue, constant currency $615.1 Gro
Slide 6: Walmart Inc. - Q4 FY23
Walmart Inc. - Q4 FY23 Dollars in billions. Change is calculated as the change versus the prior year comparable period Receivables, net Debt to capitalization1 $7.9 36.8% -4.2% +280 bps Inventories Return on assets2 Continuing to strengthen jobs and invest in people $56.6 4.6% +0.1% -100 bps Account
Slide 7: Walmart Inc. - FY23
Walmart Inc. - FY23 Dollars in billions. Dollar changes may not recalculate due to rounding. Change is calculated as the change versus the prior year comparable period Operating cash flow Dividends $29.1 $6.1 +$4.9 $1.5 in 4Q23 Capital expenditures Share repurchases2 With new associate-to-driver pro
Slide 8: Walmart U.S. - Q4 FY23
Walmart U.S. - Q4 FY23 Dollars in billions. Change is calculated as the change versus the prior year comparable period Net Sales Comparable sales1 Inventory $113.7 8.3% Total: -2.6% +8.0% Comparable transactions • Reflects continued strong execution of 1.8% inventory rebalancing from early in year e
Slide 9: Walmart U.S. - Q4 FY23
Walmart U.S. - Q4 FY23 Dollars in billions. Change is calculated as the change versus the prior year comparable period Gross profit rate Operating expense rate Operating income -112 bps -100 bps $5.4 +3.8% • Increased general merchandise • Expense leverage reflects higher sales • Declines in gross p
Slide 10: Walmart U.S. - quarterly merchandise highlights
Walmart U.S. - quarterly merchandise highlights Category Comp sales Details • Strength in food sales (+high-teens) reflected continued market share gains (according to Nielsen) and ongoing growth in private brand penetration; elevated food inflation was similar to Q3 levels (+mid-teens) Grocery + mi
Slide 11: Walmart International - Q4 FY23
Walmart International - Q4 FY23 Dollars in billions. Dollar changes may not recalculate due to rounding. Change is calculated as the change versus the prior year comparable period Net sales Gross profit rate Operating income Inventory $27.6 +52 bps $0.3 $11.2 +2.1% -65.3% +3.4% 1 • Benefited from ti
Slide 12: Walmart International
Walmart International - Q4 FY23 Results are presented on a constant currency basis. Net sales and comp sales are presented on a nominal, calendar basis and include eCommerce results. Change is calculated as the change versus the prior year comparable period. Walmex1 China Canada Net sales growth +11
Slide 13: Walmart International
Walmart International - Q4 FY23 Results are presented on a constant currency basis. Change is calculated as the change versus the prior year comparable period Walmex1 China Canada Gross profit rate Relatively Flat Decrease Decrease x • Mix effect from continued growth in • Mix effect from continued
Slide 14: Sam's Club - Q4 FY23
Sam's Club - Q4 FY23 Dollars in billions. Change is calculated as the change versus the prior year comparable period With Fuel Net sales eCommerce net sales growth Gross profit rate Operating income $21.4 +21% -93 bps $0.5 +11.3% • Strong contribution from both curbside • Elevated markdowns and lapp
Slide 15: Sam's Club - Q4 FY23
Sam's Club - Q4 FY23 Dollars in billions. Change is calculated as the change versus the prior year comparable period Without Fuel Net sales Comparable transactions Gross profit rate Operating income $18.8 +6.7% -113 bps $0.4 +11.6% • On a two-year stack, comp transactions (11.6)% increased 13.7% Com
Slide 16: Sam's Club - quarterly financial highlights
Sam's Club - quarterly financial highlights Category Comp sales Details Fresh / Freezer / Cooler + low-teens • Cooler, deli, fresh meat, and prepared foods performed well Grocery and beverage + high-teens • Dry grocery, drinks, and snacks showed strength Consumables + mid-teens • Paper goods, tablet
Slide 17: Non-GAAP measures - ROI
Non-GAAP measures - ROI We include Return on Assets ("ROA"), which is calculated in accordance with U.S. generally accepted accounting principles ("GAAP") as well as Return on Investment ("ROI") as measures to assess returns on assets. Management believes ROI is a meaningful measure to share with in
Slide 18: Non-GAAP measures - ROI (cont.)
Non-GAAP measures - ROI (cont.) The calculation of ROA and ROI, along with a reconciliation of ROI to the calculation of ROA, is as follows: CALCULATION OF RETURN ON ASSETS CALCULATION OF RETURN ON INVESTMENT Trailing Twelve Months Trailing Twelve Months Ended January 31, Ended January 31, (Dollars
Slide 19: Non-GAAP measures - free cash flow
Non-GAAP measures - free cash flow We define free cash flow as net cash provided by operating activities in a period minus payments for property and equipment made in that period. Net cash provided by operating activities was $29.1 billion for the fiscal year ended January 31, 2023, which represents
Slide 20: Non-GAAP measures - constant currency
Non-GAAP measures - constant currency In discussing our operating results, the term currency exchange rates refers to the currency exchange rates we use to convert the operating results for countries where the functional currency is not the U.S. dollar into U.S. dollars. We calculate the effect of c
Slide 21: Non-GAAP measures - adjusted operating income
Non-GAAP measures - adjusted operating income Adjusted operating income is considered a non-GAAP financial measure under the SEC’s rules because it excludes certain charges included in operating income calculated in accordance with GAAP. Management believes that adjusted operating income is a meanin
Slide 22: Non-GAAP measures - adjusted EPS
Non-GAAP measures - adjusted EPS Adjusted diluted earnings per share attributable to Walmart (Adjusted EPS) is considered a non-GAAP financial measure under the SEC’s rules because it excludes certain amounts included in the diluted earnings per share attributable to Walmart calculated in accordance
Slide 23: Non-GAAP measures - adjusted EPS (cont.)
Non-GAAP measures - adjusted EPS (cont.) Percent Percent Three Months Ended January 31, 2023 Change1 Fiscal Year Ended January 31, 20235 Change1 Diluted earnings per share: Reported EPS $ 2.32 81.3% $ 4.27 -12.3% Pre-Tax Tax NCI Net Pre-Tax Tax NCI Net Adjustments: Impact Impact2,3 Impact4 Impact Im
Slide 24: Non-GAAP measures - adjusted EPS (cont.)
Non-GAAP measures - adjusted EPS (cont.) As previously disclosed in our fiscal year ended January 31, 2022 press release, we have calculated Adjusted EPS for the three months and fiscal year ended January 31, 2022 by adjusting EPS for the following: (1) unrealized and realized gains and losses on th
Slide 25: Additional resources at stock.walmart.com
Additional resources at stock.walmart.com • Unit counts & square footage • Comparable store sales, including and excluding fuel • Terminology 25