Financials Walmart Inc.

Equities

WMT

US9311421039

Food Retail & Distribution

Real-time Estimate Cboe BZX Other stock markets 19:29:06 16/01/2026 GMT			5-day change	1st Jan Change
117.42 ^USD	-1.49%		+2.84%	+5.72%

07:24pm	ICE raids spur investor questions on Home Depot surveillance data	RE
06:53pm	Sector Update: Consumer Stocks Decline in Afternoon Trading	MT

Projected Income Statement: Walmart Inc.

Fiscal Period: January	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	555,233	567,762	605,881	642,637	674,538	707,479	742,393	778,499
Change	-	2.26%	6.71%	6.07%	4.96%	4.88%	4.93%	4.86%
EBITDA ¹	34,332	36,708	35,547	38,865	42,477	44,650	49,081	53,618
Change	-	6.92%	-3.16%	9.33%	9.29%	5.11%	9.93%	9.24%
EBIT ¹	23,180	26,050	24,602	27,012	29,504	30,642	34,271	37,838
Change	-	12.38%	-5.56%	9.8%	9.23%	3.86%	11.84%	10.41%
Interest Paid ¹	-2,194	-1,836	-1,874	-2,137	-2,245	-2,394	-2,364	-2,454
Earnings before Tax (EBT) ¹	20,564	18,696	17,016	21,848	26,309	30,903	31,885	35,072
Change	-	-9.08%	-8.99%	28.4%	20.42%	17.46%	3.18%	10%
Net income ¹	13,510	13,673	11,680	15,511	19,436	22,959	23,711	26,232
Change	-	1.21%	-14.58%	32.8%	25.3%	18.13%	3.28%	10.63%
Announcement Date	18/02/21	17/02/22	21/02/23	20/02/24	20/02/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: January	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4	2028 Q1	2028 Q2	2028 Q3
Net sales ¹	150,985	137,159	139,871	139,207	151,525	140,288	151,381	151,469	162,743	151,004	160,280	159,439	171,914	159,938	167,767	168,003	178,830	163,981	175,750	177,769	188,368	172,495	184,029	186,048	197,080	180,958	194,073	195,677
Change	-	-9.16%	1.98%	-0.47%	8.85%	-7.42%	7.91%	0.06%	7.44%	-7.21%	6.14%	-0.52%	7.82%	-6.97%	4.9%	0.14%	6.44%	-8.3%	7.18%	1.15%	5.96%	-8.43%	6.69%	1.1%	5.93%	-8.18%	7.25%	0.83%
EBITDA ¹	8,481	9,570	9,995	8,442	8,701	7,998	9,553	8,775	9,221	9,085	10,221	9,188	10,371	10,224	11,151	9,968	11,134	10,504	11,363	10,869	11,998	11,544	12,419	11,893	13,365	12,446	13,284	13,001
Change	-	12.84%	4.44%	-15.54%	3.07%	-8.08%	19.44%	-8.14%	5.08%	-1.47%	12.5%	-10.11%	12.88%	-1.42%	9.07%	-10.61%	11.7%	-5.66%	8.18%	-4.35%	10.39%	-3.78%	7.58%	-4.24%	12.38%	-6.88%	6.73%	-2.13%
EBIT ¹	5,662	6,900	7,354	5,792	5,995	5,318	6,854	6,020	6,410	6,240	7,316	6,202	7,254	7,096	7,940	6,708	7,760	7,135	7,876	7,246	8,592	7,928	8,721	8,093	9,404	8,700	9,424	8,951
Change	-	21.87%	6.58%	-21.24%	3.5%	-11.29%	28.88%	-12.17%	6.48%	-2.65%	17.24%	-15.23%	16.96%	-2.18%	11.89%	-15.52%	15.68%	-8.05%	10.39%	-8%	18.57%	-7.73%	10.01%	-7.2%	16.2%	-7.49%	8.33%	-5.02%
Charge d'intérêts ¹	-494	-536	-478	-442	-380	-419	-448	-500	-507	-557	-494	-537	-549	-600	-565	-478	-602	-544	-675	-591	-616.4	-601.5	-612.4	-595.5	-616.1	-619	-629.7	-632.5
Earnings before Tax (EBT) ¹	-593	3,844	5,923	4,147	4,782	2,901	6,644	-1,431	8,902	2,688	10,727	915	7,518	7,035	6,213	6,098	6,963	5,994	9,319	8,186	7,888	7,284	7,942	7,515	8,770	8,173	8,781	8,513
Change	-	748.23%	54.08%	-29.98%	15.31%	-39.34%	129.02%	-121.54%	722.08%	-69.8%	299.07%	-91.47%	721.64%	-6.42%	-11.68%	-1.85%	14.18%	-13.92%	55.47%	-12.16%	-3.64%	-7.66%	9.03%	-5.38%	16.71%	-6.81%	7.44%	-3.05%
Net income ¹	-2,091	2,730	4,276	3,105	3,562	2,054	5,149	-1,798	6,275	1,673	7,891	453	5,494	5,104	4,501	4,577	5,254	4,487	7,026	6,143	5,749	5,441	5,896	5,596	6,452	6,126	6,559	6,362
Change	-	230.56%	56.63%	-27.39%	14.72%	-42.34%	150.68%	-134.92%	449%	-73.34%	371.67%	-94.26%	1,112.8%	-7.1%	-11.81%	1.69%	14.79%	-14.6%	56.59%	-12.57%	-6.41%	-5.36%	8.35%	-5.09%	15.31%	-5.07%	7.08%	-3.01%
Announcement Date	18/02/21	18/05/21	17/08/21	16/11/21	17/02/22	17/05/22	16/08/22	15/11/22	21/02/23	18/05/23	17/08/23	16/11/23	20/02/24	16/05/24	15/08/24	19/11/24	20/02/25	15/05/25	21/08/25	20/11/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Walmart Inc.

Fiscal Period: January	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	31,130	28,071	35,997	37,024	36,753	43,318	43,029	42,331
Change	-	-9.83%	28.24%	2.85%	-0.73%	17.86%	-0.67%	-1.62%
Announcement Date	18/02/21	17/02/22	21/02/23	20/02/24	20/02/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Walmart Inc.

Fiscal Period: January	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	10,264	13,106	16,857	20,606	23,783	24,227	24,090	24,811
Change	-	27.69%	28.62%	22.24%	15.42%	1.87%	-0.57%	2.99%
Free Cash Flow (FCF) ¹	25,810	11,075	11,984	15,120	12,660	14,605	16,380	20,013
Change	-	-57.09%	8.21%	26.17%	-16.27%	15.37%	12.15%	22.18%
Announcement Date	18/02/21	17/02/22	21/02/23	20/02/24	20/02/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Walmart Inc.

Fiscal Period: January	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	6.18%	6.47%	5.87%	6.05%	6.3%	6.31%	6.61%	6.89%
EBIT Margin (%)	4.17%	4.59%	4.06%	4.2%	4.37%	4.33%	4.62%	4.86%
EBT Margin (%)	3.7%	3.29%	2.81%	3.4%	3.9%	4.37%	4.29%	4.51%
Net margin (%)	2.43%	2.41%	1.93%	2.41%	2.88%	3.25%	3.19%	3.37%
FCF margin (%)	4.65%	1.95%	1.98%	2.35%	1.88%	2.06%	2.21%	2.57%
FCF / Net Income (%)	191.04%	81%	102.6%	97.48%	65.14%	63.62%	69.08%	76.29%
Profitability
ROA	6.38%	7.29%	7.05%	7.25%	14.92%	8.29%	8.48%	8.99%
ROE	20.01%	22.07%	21.5%	22.39%	22.23%	21.84%	21.88%	22.42%
Financial Health
Leverage (Debt/EBITDA)	0.91x	0.76x	1.01x	0.95x	0.87x	0.97x	0.88x	0.79x
Debt / Free cash flow	1.21x	2.53x	3x	2.45x	2.9x	2.97x	2.63x	2.12x
Capital Intensity
CAPEX / Current Assets (%)	1.85%	2.31%	2.78%	3.21%	3.53%	3.42%	3.24%	3.19%
CAPEX / EBITDA (%)	29.9%	35.7%	47.42%	53.02%	55.99%	54.26%	49.08%	46.27%
CAPEX / FCF (%)	39.77%	118.34%	140.66%	136.28%	187.86%	165.88%	147.07%	123.98%
Items per share
Cash flow per share ¹	4.224	2.874	3.516	4.406	4.51	4.737	4.924	5.362
Change	-	-31.96%	22.37%	25.31%	2.35%	5.05%	3.94%	8.88%
Dividend per Share ¹	0.72	0.7333	0.7467	0.76	0.83	0.9365	0.9875	1.047
Change	-	1.85%	1.82%	1.79%	9.21%	12.83%	5.45%	6.01%
Book Value Per Share ¹	9.528	9.939	9.385	10.38	11.32	12.88	14.24	15.41
Change	-	4.31%	-5.58%	10.63%	9.01%	13.81%	10.56%	8.18%
EPS ¹	1.583	1.623	1.423	1.913	2.41	2.872	2.967	3.312
Change	-	2.53%	-12.32%	34.43%	25.96%	19.17%	3.3%	11.63%
Nbr of stocks (in thousands)	8,487,858	8,321,635	8,090,400	8,076,701	8,033,386	7,970,167	7,970,167	7,970,167
Announcement Date	18/02/21	17/02/22	21/02/23	20/02/24	20/02/25	-	-	-