10-Q 1 wmt-20221031.htm 10-Q wmt-20221031
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
For the quarterly period ended October 31, 2022.
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
For the transition period from              to             .
Commission File Number 001-06991
wmt-20221031_g1.jpg
WALMART INC.
(Exact name of registrant as specified in its charter)
Delaware71-0415188
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
702 S.W. 8th Street72716
BentonvilleAR
(Address of principal executive offices)(Zip Code)

Registrant's telephone number, including area code: (479) 273-4000
Former name, former address and former fiscal year, if changed since last report: N/A
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.10 per shareWMTNew York Stock Exchange
2.550% Notes Due 2026WMT26New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter periods that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer   Accelerated Filer 
Non-Accelerated Filer   Smaller Reporting Company 
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   
Indicate by a check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No  
The registrant had 2,696,800,054 shares of common stock outstanding as of November 29, 2022.


Walmart Inc.
Form 10-Q
For the Quarterly Period Ended October 31, 2022



Table of Contents


2

PART I. FINANCIAL INFORMATION
Item 1.Financial Statements
Walmart Inc.
Condensed Consolidated Statements of Income
(Unaudited)
Three Months Ended October 31,Nine Months Ended October 31,
(Amounts in millions, except per share data)2022202120222021
Revenues:
Net sales$151,469 $139,207 $443,138 $416,237 
Membership and other income1,344 1,318 4,103 3,646 
Total revenues152,813 140,525 447,241 419,883 
Costs and expenses:
Cost of sales115,613 105,023 338,298 313,478 
Operating, selling, general and administrative expenses34,505 29,710 94,076 86,350 
Operating income2,695 5,792 14,867 20,055 
Interest:
Debt499 408 1,266 1,326 
Finance lease85 78 252 241 
Interest income(84)(44)(151)(111)
Interest, net500 442 1,367 1,456 
Loss on extinguishment of debt 2,410  2,410 
Other (gains) and losses3,626 (1,207)5,386 2,275 
Income (loss) before income taxes(1,431)4,147 8,114 13,914 
Provision for income taxes336 1,015 2,631 3,607 
Consolidated net income (loss)(1,767)3,132 5,483 10,307 
Consolidated net income attributable to noncontrolling interest(31)(27)(78)(196)
Consolidated net income (loss) attributable to Walmart$(1,798)$3,105 $5,405 $10,111 
Net income per common share:
Basic net income (loss) per common share attributable to Walmart$(0.66)$1.11 $1.98 $3.61 
Diluted net income (loss) per common share attributable to Walmart(0.66)1.11 1.97 3.59 
Weighted-average common shares outstanding:
Basic2,711 2,785 2,733 2,799 
Diluted2,711 2,797 2,743 2,813 
Dividends declared per common share$ $ $2.24 $2.20 
See accompanying notes.
3

Walmart Inc.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
 Three Months Ended October 31,Nine Months Ended October 31,
(Amounts in millions)2022202120222021
Consolidated net income (loss)$(1,767)$3,132 $5,483 $10,307 
Consolidated net income attributable to noncontrolling interest(31)(27)(78)(196)
Consolidated net income (loss) attributable to Walmart(1,798)3,105 5,405 10,111 
Other comprehensive income (loss), net of income taxes
Currency translation and other(919)(523)(2,067)2,637 
Net investment hedges   (1,202)
Cash flow hedges(175)(183)(426)(318)
Minimum pension liability 1 3 1,972 
Other comprehensive income (loss), net of income taxes(1,094)(705)(2,490)3,089 
Other comprehensive loss attributable to noncontrolling interest208 193 476 189 
Other comprehensive income (loss) attributable to Walmart(886)(512)(2,014)3,278 
Comprehensive income (loss), net of income taxes(2,861)2,427 2,993 13,396 
Comprehensive (income) loss attributable to noncontrolling interest177 166 398 (7)
Comprehensive income (loss) attributable to Walmart$(2,684)$2,593 $3,391 $13,389 
See accompanying notes.
4

Walmart Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
October 31,January 31,October 31,
(Amounts in millions)202220222021
ASSETS
Current assets:
Cash and cash equivalents$11,587 $14,760 $16,111 
Receivables, net8,218 8,280 7,349 
Inventories64,706 56,511 57,484 
Prepaid expenses and other3,169 1,519 2,020 
Total current assets87,680 81,070 82,964 
Property and equipment, net97,553 94,515 92,242 
Operating lease right-of-use assets13,394 13,758 13,863 
Finance lease right-of-use assets, net4,597 4,351 4,226 
Goodwill28,137 29,014 28,923 
Other long-term assets16,295 22,152 22,633 
Total assets$247,656 $244,860 $244,851 
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND EQUITY
Current liabilities:
Short-term borrowings$6,811 $410 $447 
Accounts payable57,263 55,261 57,156 
Dividends payable1,527  1,528 
Accrued liabilities27,443 26,060 24,474 
Accrued income taxes900 851 446 
Long-term debt due within one year5,458 2,803 1,575 
Operating lease obligations due within one year1,457 1,483 1,486 
Finance lease obligations due within one year549 511 508 
Total current liabilities101,408 87,379 87,620 
Long-term debt33,935 34,864 36,425 
Long-term operating lease obligations12,658 13,009 13,095 
Long-term finance lease obligations4,512 4,243 4,061 
Deferred income taxes and other14,760 13,474 12,893 
Commitments and contingencies
Redeemable noncontrolling interest260   
Equity:
Common stock270 276 277 
Capital in excess of par value4,817 4,839 4,811 
Retained earnings77,946 86,904 85,674 
Accumulated other comprehensive loss(10,780)(8,766)(8,488)
Total Walmart shareholders' equity72,253 83,253 82,274 
Nonredeemable noncontrolling interest7,870 8,638 8,483 
Total equity80,123 91,891 90,757 
Total liabilities, redeemable noncontrolling interest, and equity$247,656 $244,860 $244,851 
See accompanying notes.
5

Walmart Inc.
Condensed Consolidated Statements of Shareholders' Equity
(Unaudited)
AccumulatedTotal
Capital inOtherWalmartNonredeemable
(Amounts in millions)Common StockExcess ofRetainedComprehensiveShareholders'NoncontrollingTotal
SharesAmountPar ValueEarningsLossEquityInterestEquity
Balances as of February 1, 20222,761 $276 $4,839 $86,904 $(8,766)$83,253 $8,638 $91,891 
Consolidated net income— — — 2,054 — 2,054 49 2,103 
Other comprehensive income, net of income taxes— — — — 268 268 7 275 
Dividends declared ($2.24 per share)
— — — (6,173)— (6,173)— (6,173)
Purchase of Company stock(17)(2)(125)(2,249)— (2,376)— (2,376)
Sale of subsidiary stock— — 24 — — 24 11 35 
Other4 1 (151)(4)— (154)(1)(155)
Balances as of April 30, 20222,748 $275 $4,587 $80,532 $(8,498)$76,896 $8,704 $85,600 
Consolidated net income (loss)— — — 5,149 — 5,149 (2)5,147 
Other comprehensive (loss), net of income taxes— — — — (1,396)(1,396)(275)(1,671)
Purchase of Company stock(26)(3)(182)(3,201)— (3,386)— (3,386)
Dividends to noncontrolling interest— — — — — — (434)(434)
Sale of subsidiary stock— — 8 — — 8 2 10 
Other— — 259 39 — 298 23 321 
Balances as of July 31, 20222,722 272 4,672 82,519 (9,894)77,569 8,018 85,587 
Consolidated net income (loss)— — — (1,798)— (1,798)31 (1,767)
Other comprehensive loss, net of income taxes— — — — (886)(886)(208)(1,094)
Dividends— — — 43 — 43 — 43 
Purchase of Company stock(22)(2)(158)(2,772)— (2,932)— (2,932)
Dividends to noncontrolling interest — — — — — — (10)(10)
Sale of subsidiary stock— — 7 — — 7 3 10 
Other1 — 296 (46)— 250 36 286 
Balances as of October 31, 20222,701 $270 $4,817 $77,946 $(10,780)$72,253 $7,870 $80,123 
See accompanying notes.

6

AccumulatedTotal
Capital inOtherWalmartNonredeemable
(Amounts in millions)Common StockExcess ofRetainedComprehensiveShareholders'NoncontrollingTotal
SharesAmountPar ValueEarningsLossEquityInterestEquity
Balances as of February 1, 20212,821 $282 $3,646 $88,763 $(11,766)$80,925 $6,606 $87,531 
Consolidated net income— — — 2,730 — 2,730 81 2,811 
Other comprehensive income (loss), net of income taxes— — — — 3,820 3,820 (74)3,746 
Dividends declared ($2.20 per share)
— — — (6,200)— (6,200)— (6,200)
Purchase of Company stock(21)(2)(112)(2,718)— (2,832)— (2,832)
Dividends to noncontrolling interest— — — — — — (408)(408)
Sale of subsidiary stock— — 18 — — 18 57 75 
Other5 — (128)2 — (126)(5)(131)
Balances as of April 30, 20212,805 $280 $3,424 $82,577 $(7,946)$78,335 $6,257 $84,592 
Consolidated net income— — — 4,276 — 4,276 88 4,364 
Other comprehensive income (loss), net of income taxes— — — — (30)(30)78 48 
Purchase of Company stock(17)(2)(94)(2,273)— (2,369)— (2,369)
Dividends to noncontrolling interest— — — — — — (10)(10)
Sale of subsidiary stock— — 6 — — 6 171 177 
Other3 — 319 (8)— 311 14 325 
Balances as of July 31, 20212,791 $278 $3,655 $84,572 $(7,976)$80,529 $6,598 $87,127 
Consolidated net income— — — 3,105 — 3,105 27 3,132 
Other comprehensive loss, net of income taxes— — — — (512)(512)(193)(705)
Dividends— — — 45 — 45 — 45 
Purchase of Company stock(14)(1)(87)(2,044)— (2,132)— (2,132)
Dividends to noncontrolling interest— — — — — — (6)(6)
Sale of subsidiary stock— — 922 — — 922 2,057 2,979 
Other1 — 321 (4)— 317 — 317 
Balances as of October 31, 20212,778 $277 $4,811 $85,674 $(8,488)$82,274 $8,483 $90,757 
        
See accompanying notes.
7

Walmart Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended October 31,
(Amounts in millions)20222021
Cash flows from operating activities:
Consolidated net income$5,483 $10,307 
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization8,134 7,952 
Net unrealized and realized losses5,611 1,831 
Losses on disposal of business operations 433 
Deferred income taxes28 (1,402)
Loss on extinguishment of debt 2,410 
Other operating activities921 1,057 
Changes in certain assets and liabilities, net of effects of acquisitions and dispositions:
Receivables, net(59)(842)
Inventories(9,008)(12,663)
Accounts payable3,183 7,906 
Accrued liabilities1,354 (722)
Accrued income taxes51 24 
Net cash provided by operating activities15,698 16,291 
Cash flows from investing activities:
Payments for property and equipment(12,061)(8,588)
Proceeds from the disposal of property and equipment126 290 
Proceeds from disposal of certain operations, net of divested cash 7,935 
Payments for business acquisitions, net of cash acquired(730)(248)
Other investing activities(300)(919)
Net cash used in investing activities(12,965)(1,530)
Cash flows from financing activities:
Net change in short-term borrowings6,451 228 
Proceeds from issuance of long-term debt4,969 6,945 
Repayments of long-term debt(1,439)(13,010)
Premiums paid to extinguish debt (2,317)
Dividends paid(4,600)(4,627)
Purchase of Company stock(8,708)(7,368)
Dividends paid to noncontrolling interest(16)(20)
Sale of subsidiary stock55 3,231 
Other financing activities(2,293)(1,175)
Net cash used in financing activities(5,581)(18,113)
Effect of exchange rates on cash, cash equivalents and restricted cash(331)(118)
Net decrease in cash, cash equivalents and restricted cash(3,179)(3,470)
Change in cash and cash equivalents reclassified from assets held for sale 1,848 
Cash, cash equivalents and restricted cash at beginning of year14,834 17,788 
Cash, cash equivalents and restricted cash at end of period$11,655 $16,166 
See accompanying notes.
8

Walmart Inc.
Notes to Condensed Consolidated Financial Statements
Note 1. Summary of Significant Accounting Policies
Basis of Presentation
The Condensed Consolidated Financial Statements of Walmart Inc. and its subsidiaries ("Walmart" or the "Company") and the accompanying notes included in this Quarterly Report on Form 10-Q are unaudited. In the opinion of management, all adjustments necessary for the fair presentation of the Condensed Consolidated Financial Statements have been included. Such adjustments are of a normal, recurring nature. Certain previously reported amounts have been reclassified to conform to the current year presentation. The Condensed Consolidated Financial Statements, and the accompanying notes, are prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and do not contain certain information included in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2022 ("fiscal 2022"). Therefore, the interim Condensed Consolidated Financial Statements should be read in conjunction with that Annual Report on Form 10-K.
The Company's Consolidated Financial Statements are based on a fiscal year ending January 31 for the United States ("U.S.") and Canadian operations. The Company consolidates all other operations generally using a one-month lag based on a calendar year. There were no significant intervening events during the month of October 2022 related to the consolidated operations using a lag that materially affected the Condensed Consolidated Financial Statements.
The Company's business is seasonal to a certain extent due to calendar events and national and religious holidays, as well as weather patterns. Historically, the Company's highest sales volume has occurred in the fiscal quarter ending January 31.
Use of Estimates
The Condensed Consolidated Financial Statements have been prepared in conformity with GAAP. Those principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities. Management's estimates and assumptions also affect the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ materially from those estimates.
Redeemable Noncontrolling Interest
Noncontrolling interests that are redeemable outside the Company's control at fixed or determinable prices and dates are presented as temporary equity on the Condensed Consolidated Balance Sheets. Redeemable noncontrolling interests are recorded at the greater of the redemption fair value or the carrying value of the noncontrolling interest and adjusted each reporting period for income, loss and any distributions made. As of October 31, 2022, the Company has a redeemable noncontrolling interest related to an acquisition in the Walmart U.S. segment as the minority interest owner holds a put option which may require the Company to purchase its interest beginning in December 2027 and annually thereafter.
Inventories
The Company values inventories at the lower of cost or market as determined primarily by the retail inventory method of accounting, using the last-in, first-out ("LIFO") method for the Walmart U.S. segment's inventories. The inventory for the Walmart International segment is generally valued in most markets by the retail inventory method of accounting, using the first-in, first-out ("FIFO") method. The retail inventory method of accounting results in inventory being valued at the lower of cost or market, since permanent markdowns are immediately recorded as a reduction of the carrying value of inventory. The inventory at the Sam's Club segment is valued using the weighted-average cost LIFO method. If necessary, the Company records a LIFO adjustment during interim periods for the projected annual effect of inflation or deflation which is adjusted to actual results based on rates and inventory levels at the end of the year.
Recent Accounting Pronouncements
In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, which enhances the transparency about the use of supplier finance programs for investors and other allocators of capital. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the disclosure of rollforward information, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. The amendments should be applied retrospectively to each period in which a balance sheet is presented, except for disclosure of rollforward information, which should be applied prospectively. Management is currently evaluating this ASU to determine its impact on the Company's disclosures.
9

Note 2. Net Income (Loss) Per Common Share
Basic net income per common share attributable to Walmart is based on the weighted-average common shares outstanding during the relevant period. Diluted net income (loss) per common share attributable to Walmart is based on the weighted-average common shares outstanding during the relevant period adjusted for the dilutive effect of share-based awards. The Company did not have significant share-based awards outstanding that were anti-dilutive and not included in the calculation of diluted net income (loss) per common share attributable to Walmart for the three and nine months ended October 31, 2022 and 2021. Further, the calculation of diluted net loss per common share attributable to Walmart for the three months ended October 31, 2022 does not include the effect of share-based payment awards as their inclusion would be anti-dilutive and would reduce the net loss per common share.
The following table provides a reconciliation of the numerators and denominators used to determine basic and diluted net income (loss) per common share attributable to Walmart:
Three Months Ended October 31,Nine Months Ended October 31,
(Amounts in millions, except per share data)2022202120222021
Numerator
Consolidated net income (loss)$(1,767)$3,132 $5,483 $10,307 
Consolidated net income attributable to noncontrolling interest(31)(27)(78)(196)
Consolidated net income (loss) attributable to Walmart$(1,798)$3,105 $5,405 $10,111 
Denominator
Weighted-average common shares outstanding, basic2,711 2,785 2,733 2,799 
Dilutive impact of share-based awards 12 10 14 
Weighted-average common shares outstanding, diluted2,711 2,797 2,743 2,813 
Net income (loss) per common share attributable to Walmart
Basic$(0.66)$1.11 $1.98 $3.61 
Diluted(0.66)1.11 1.97 3.59 
Note 3. Accumulated Other Comprehensive Loss
Amounts reclassified from accumulated other comprehensive loss for derivative instruments are generally recorded in interest, net, in the Company's Condensed Consolidated Statements of Income. Amounts for the minimum pension liability, as well as the cumulative translation and any related net investment hedge impacts resulting from a disposition of a business, are recorded in other gains and losses in the Company's Condensed Consolidated Statements of Income. The following tables provide the changes in the composition of total accumulated other comprehensive loss:
(Amounts in millions and net of immaterial income taxes)Currency 
Translation and Other
Net Investment HedgesCash Flow HedgesMinimum
Pension 
Liability
Total
Balances as of February 1, 2022$(8,100)$94 $(748)$(12)$(8,766)
Other comprehensive income before reclassifications, net225  26  251