Slide 1: Financial presentation
Financial presentation to accompany management commentary FY26 Q1
Slide 2: Guidance
Second quarter The Company’s second quarter fiscal 2026 guidance is based on Q2 FY25 net sales of $167.8 billion. Guidance Consolidated metric Q2 FY26 Increase 3.5% to 4.5% Net sales (cc) The following forward-looking statements reflect • Including approximately 20 bps tailwind from acquisition of V
Slide 3: Total revenues
Total revenues Total revenues (cc)1 $168.0 billion, up +4.0% Amounts in billions, except as noted. Dollar changes may not recalculate due to rounding. $180.6 $169.3 $169.6 • Total revenues reached $165.6 $165.6 billion, including a negative $161.5 impact of $2.4 billion from currency fluctuations •
Slide 4: Gross profit rate
Gross profit rate Gross profit rate +12 bps to 24.2% 24.4% 24.2% 24.2% • Led by improvements in 24.1% Walmart U.S. 23.9% • Reflects disciplined inventory management, including lower levels of markdowns, and improved business mix; partially offset by headwinds from merchandise category mix • Partiall
Slide 5: Operating expenses as a percentage of net sales
Operating expenses as a percentage of net sales Adjusted operating expenses as a percentage of net sales1, +22 bps to 20.8% • Operating expenses on a Operating expenses as a Adjusted operating expenses as reported basis deleveraged 6 percentage of net sales a percentage of net sales1 bps reflecting:
Slide 6: Operating income
Operating income Adjusted operating income (cc)1 of $7.3 billion, up +3.0% Amounts in billions, except as noted. Dollar changes may not recalculate due to rounding. Operating income Adjusted operating income1 • Operating income grew +4.3% $7.9 $7.9 $7.9 $7.8 relative to +2.5% growth in net sales $7.
Slide 7: EPS
EPS Adjusted EPS1 of $0.61, up 1.7% EPS Adjusted EPS1 $0.67 $0.63 $0.65 $0.66 • Adjusted EPS1 of $0.61; an $0.60 $0.61 increase of 1.7% $0.56 $0.57 $0.56 $0.58 • Adjusted EPS excludes the effect, net of tax, of a net loss of $0.05 on equity and other investments Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY
Slide 8: Cash flow
Cash flow Amounts in billions, except as noted. Dollar changes may not recalculate due to rounding. Operating cash flow Free cash flow1 $36.4 • Operating cash flow increased $12.7 $1.2 billion primarily due to an increase in cash provided by operating income and timing of $22.9 certain payments $5.9
Slide 9: Returns to shareholders
Returns to shareholders Dividends and share repurchases Amounts in billions, except as noted. Dollar amounts may not recalculate due to rounding. • Share repurchases during the quarter totaled $4.6 billion representing 50.4 million shares, at an average price of $4.6 $90.35 per share $1.1 $1.0 $1.0
Slide 10: Returns
Returns Return on assets (ROA) Return on investment (ROI)1 15.5% • ROI1 increased +30 bps primarily 7.9% 7.8% 7.9% 15.3% as a result of an increase in 7.5% 15.1% 15.1% operating income, driven by 15.0% strong business performance and lapping business reorganization 6.4% charges incurred in the compa
Slide 11: Walmart U.S. revenues
Walmart U.S. revenues Net sales $112.2 billion, +3.2%; eCommerce +21% • Sales improved as the quarter progressed, including strong seasonal events; sales in health & wellness and grocery drove strength in quarter Walmart U.S. comp sales1 • Comp sales +4.5% includes growth in transactions and unit vo
Slide 12: Walmart U.S.
Gross profit $30.8 billion, +4.2% Gross profit rate 27.5%, +25 bps Walmart U.S. • Increase reflects disciplined inventory management, including lower levels of markdowns • Improved business mix primarily from growth of advertising • Offset by product mix headwinds as grocery and health & wellness sa
Slide 13: Walmart U.S. merchandise category performance details
Walmart U.S. Merchandise category performance details Category Comp Comments • Momentum driven by increased transactions, units and share gains; including during seasonal events as customers respond to Rollbacks and value proposition; eCommerce sales were strong Grocery + mid single-digit • Like-for
Slide 14: Walmart International revenues
Walmart International revenues Net sales (cc)1 $32.1 billion, +7.8% Amounts in billions, except as noted. Dollar changes may not recalculate due to rounding. Walmart International net sales • Sales growth (cc)1 led by China, $32.2 Flipkart, and Walmex $30.3 • Currency rate fluctuations negatively $2
Slide 15: Walmart International
Walmart Gross profit $6.3 billion, -3.3% Gross profit rate 21.1%, -66 bps International • Decrease mostly due to channel & format mix changes • Benefited by business mix changes We bring Walmart to Operating expenses $5.4 billion, +0.9% the world, and the Operating expense rate 18.2%, +22 bps world
Slide 16: Walmex
1,2 Walmex Net sales (cc): $13.6 billion, +3.0% Sales Comparable sales growth • In Mexico, comp sales grew 1.4%, led by Sam’s Club 9.2% • Double-digit eCommerce growth driven by On-Demand store-fulfilled delivery • Mexico growth affected by last year’s accelerated payments from government social pro
Slide 17: Canada
1 Canada Net sales (cc): $5.4 billion, +1.1% Sales Comparable sales growth • Strong festive event performance in stores and eCommerce • Strong eCommerce sales growth of 23%, 5.8% led by store-fulfilled delivery • Continued growth in food and consumables with softness in general 3.8% merchandise 3.4%
Slide 18: China
1 China Net sales (cc): $6.7 billion, +22.5% Sales Comparable sales growth • Continued strength in Sam’s Club and eCommerce • Growth affected by Lunar New Year 23.1% shopping season pulling more of the event into Q4 FY25 16.8% • Opened 7 new clubs in the past 12 15.0% months, including one new club
Slide 19: Sam's Club U.S. revenues
Sam’s Club U.S. revenues Net sales $22.1 billion, +2.9%, Net sales without fuel +5.5%, eCommerce +27% Sam's Club U.S. comp sales1 • Continued strength in grocery and 7.0% 6.8% health & wellness; fourth consecutive 6.7% quarter of positive general merchandise sales 5.2% 5.3% 4.4% 4.6% • Comp sales dr
Slide 20: Sam's Club U.S.
Gross profit $2.6 billion, +6.2% Gross profit rate 11.7%, +36 bps; without fuel -6 bps • Without fuel, impact of category and channel mix changes offset by benefits from strong Sam's Club U.S. operational discipline Over 50% of total members transact Operating expenses $2.5 billion, +5.3% digitally;
Slide 21: Sam's Club U.S. category comparable sales
Sam’s Club U.S. Category comparable sales Category Comp Comments Fresh / Freezer / Cooler • Driven by cooler, fresh meat, produce and floral + low teens Grocery and Beverage • Grocery Led by drinks, dry grocery and snacks + mid single-digit Consumables • Strength in paper goods, laundry & home care
Slide 22: Supplemental Information - FY26 and FY27 Comparable Sales 4-5-4 Reporting Calendars
Supplemental Information - FY26 and FY27 Comparable Sales 4-5-4 Reporting Calendars We report U.S. comparable sales on a 13-week and 52-week retail calendar — commonly referred to as a "4-5-4" calendar — which uses 364 days in a year. In certain years, it becomes necessary to add a 53rd week to our
Slide 23: Safe harbor and non-GAAP measures
Safe harbor and non-GAAP measures This presentation and related management commentary contains statements that may be "forward-looking statements" as defined in, and are intended to enjoy the protection of the safe harbor for forward-looking statements within the meaning of Section 21E of the Securi
Slide 24: Non-GAAP measures – ROI
Non-GAAP measures – ROI We include return on assets ("ROA") and return on investment (“ROI”) as metrics to assess our return on capital. ROA is the most directly comparable measure based on our financial statements presented in accordance with GAAP, while ROI is considered a non-GAAP financial measu
Slide 25: 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 Trailing Twelve Months Ended Apr 30, Jul 31, Oct 31, Jan 31, Apr 30 (Dollars in millions) 2024 2024 2024 2025 2025 Numerator Co
Slide 26: 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 INVESTMENT Trailing Twelve Months Ended Apr 30, Jul 31, Oct 31, Jan 31, Apr 30, (Dollars in millions) 2024 2024 2024 2025 2025 Numerat
Slide 27: 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 $5.4 billion for the three months ended April 30, 2025, which represents a
Slide 28: Non-GAAP measures – free cash flow (cont.)
Non-GAAP measures – free cash flow (cont.) The following table sets forth a reconciliation of free cash flow, a non-GAAP financial measure, to net cash provided by operating activities, which we believe to be the GAAP financial measure most directly comparable to free cash flow, as well as informati
Slide 29: 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 30: Non-GAAP measures – constant currency (cont.)
Non-GAAP measures – constant currency (cont.) The table below reflects the calculation of constant currency for total revenues, net sales and operating income for the trailing five quarters. Three Months Ended Consolidated (Dollars in millions) Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Total revenues:
Slide 31: Non-GAAP measures – adjusted operating expenses as a percentage of net sales
Non-GAAP measures – adjusted operating expenses as a percentage of net sales Adjusted operating expenses as a percentage of net sales is considered a non-GAAP financial measure under the SEC’s rules because it excludes certain charges included in operating, selling, general and administrative expens
Slide 32: 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 33: Non-GAAP measures – adjusted operating income (cont.)
Non-GAAP measures – adjusted operating income (cont.) The table below reflects the calculation of adjusted operating income for the three months ended April 30, 2025 and April 30, 2024 for the Walmart U.S. segment. Three Months Ended Walmart U.S. (Dollars in millions) Q1 FY26 Q1 FY25 Operating incom
Slide 34: 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 35: Non-GAAP measures – adjusted EPS (cont.)
Non-GAAP measures – adjusted EPS (cont.) Percent Three Months Ended January 31, 20251 Three Months Ended January 31, 20241 Change Diluted earnings per share: Reported EPS $0.65 $0.68 (4.4%) Pre-Tax Tax NCI Net Pre-Tax Tax NCI Net Adjustments: Impact Impact Impact Impact Impact Impact Impact Impact U
Slide 36: Non-GAAP measures – adjusted EPS (cont.)
Non-GAAP measures – adjusted EPS (cont.) Percent Three Months Ended July 31, 20241 Three Months Ended July 31, 20231 Change Diluted earnings per share: Reported EPS $0.56 $0.97 (42.3%) Pre-Tax Tax NCI Net Pre-Tax Tax NCI Net Adjustments: Impact Impact Impact Impact Impact Impact Impact Impact Unreal
Slide 37: Non-GAAP measures – adjusted EBITDA and adjusted EBITDA margin
Non-GAAP measures – adjusted EBITDA and adjusted EBITDA margin The calculation of net income margin and adjusted EBITDA margin, along with a reconciliation of adjusted EBITDA margin to the calculation of net income margin, is as follows: We include net income and net income margin, which are calcula