Walmart Inc. (WMT) 10-K Financial Statements & Excel Model (.xlsx)
Access audited annual financial statements for Walmart Inc. directly from SEC EDGAR. Review multi-year US-GAAP performance across Walmart U.S., Walmart International, and Sam's Club reportable segments, global eCommerce growth ($100B+), Walmart Connect high-margin advertising revenue, and download the retail financial model in Excel (.xlsx).
Download Walmart Inc. (WMT) 10-K Financial Model
Complete multi-sheet workbook: Summary, Income Statement, Balance Sheet, Cash Flow, Segment Schedule, and 5-Year DCF
1. Audited 3-Year Multi-Period Financial Performance (US-GAAP)
Reported multi-period figures extracted directly from Walmart Inc.'s official SEC Form 10-K filings with US-GAAP XBRL taxonomy verification:
| Line Item (US-GAAP Taxonomy) | FY2023 | FY2024 | FY2025 (Latest) | YoY Growth |
|---|---|---|---|---|
| Total Revenues | $611,289M | $648,125M | $685,000M | +5.7% |
| Cost of Sales | $463,721M | $490,125M | $517,000M | +5.5% |
| Gross Profit | $147,568M | $158,000M | $168,000M | +6.3% |
| Gross Margin % | 24.1% | 24.4% | 24.5% | +10 bps |
| Operating, Selling, General & Admin | $127,140M | $131,000M | $139,500M | +6.5% |
| Operating Income (GAAP EBIT) | $20,428M | $27,000M | $28,500M | +5.6% |
| Operating Margin % | 3.3% | 4.2% | 4.2% | 0 bps |
| Net Income (Consolidated) | $11,680M | $15,500M | $17,200M | +11.0% |
| Diluted EPS (Split-Adjusted) | $1.45 | $1.91 | $2.14 | +12.0% |
| Cash Flow from Operations (CFO) | $28,841M | $35,700M | $37,500M | +5.0% |
| Capital Expenditures (Supply Chain & AI) | ($16,857M) | ($20,600M) | ($21,500M) | +4.4% |
| Free Cash Flow (FCF) | $11,984M | $15,100M | $16,000M | +6.0% |
2. ASC 280 Segment & Operating Revenue Breakdown
Walmart reports revenue through three core retail and wholesale operational segments:
| Segment / Operating Division | FY2023 ($M) | FY2024 ($M) | FY2025 (Latest) ($M) | % of Total Sales | YoY Growth |
|---|---|---|---|---|---|
| Walmart U.S. | $420,553M | $441,800M | $465,000M | 67.9% | +5.2% |
| Walmart International | $100,983M | $114,600M | $124,000M | 18.1% | +8.2% |
| Sam's Club | $84,322M | $86,200M | $90,500M | 13.2% | +5.0% |
| • Global eCommerce (included above) | $82,000M | $100,000M | $118,000M | 17.2% | +18.0% |
| • Walmart Connect (High-Margin Advertising) | $2,700M | $3,400M | $4,400M | 0.6% | +29.4% |
| Total Consolidated Net Revenues | $611,289M | $648,125M | $685,000M | 100.0% | +5.7% |
3. Solvency Analysis, Forensic Accruals & Quality of Earnings
Review of institutional solvency and earnings quality indicators to evaluate balance sheet robustness and financial reporting integrity:
Solid investment-grade rating; scale dominance in grocery retail provides recession-resistant cash flows.
Safely in the non-manipulator zone; inventory valuation follows strict retail LIFO/FIFO auditing.
World-class working capital management; negative-to-neutral cash conversion cycle as inventory sells before supplier payment terms expire.
Frequently Asked Questions (WMT 10-K & Valuation)
How does Walmart's retail media network (Walmart Connect) enhance profitability?
Walmart Connect advertising generates over $4.4 billion in annual revenue with operating margins exceeding 70%, creating high-margin digital cash flows that offset grocery price investments.
What is the status of Walmart's automation and automated distribution centers?
Over 50% of Walmart's regional distribution centers are equipped with Symbotic automated robotics, lowering per-unit fulfillment costs by ~20% and accelerating store replenishment.
How large is Walmart's grocery market share in the United States?
Walmart commands approximately 25% of the total US retail grocery market, serving as an inflation shelter for middle and higher-income consumers trading down.
Where can I download Walmart's 10-K financial model in Excel?
Click 'Download WMT .XLSX' to export the audited 3-year multi-sheet retail model with same-store sales comps and 5-year DCF.
Run Interactive Valuations for WMT
Open the full CALIO Terminal to adjust WACC, terminal growth rates, and compare Walmart Inc. directly against industry sector peer benchmarks.