8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

________________________

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 or 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):

May 17, 2018

Walmart Inc.

(Exact Name of Registrant as Specified in Charter)

Delaware	001-06991	71-0415188
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

702 S.W. 8th Street

Bentonville, Arkansas 72716-0215

(Address of Principal Executive Offices) (Zip code)

Registrant’s telephone number, including area code:

(479) 273-4000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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 ¨

Item 2.02. Results of Operations and Financial Condition.

In accordance with Item 2.02 of Form 8-K of the Securities and Exchange Commission (the "SEC"), Walmart Inc., a Delaware corporation (the "Company"), is furnishing to the SEC a press release that the Company will issue on May 17, 2018 (the "Press Release") and a financial presentation that will be first posted by the Company on the Company’s website at http://stock.walmart.com on May 17, 2018 (the "Financial Presentation"). The Press Release and the Financial Presentation will disclose information regarding the Company's results of operations for the three months ended April 30, 2018, and the Company's financial condition as of April 30, 2018.

In accordance with General Instruction B.2 of Form 8-K, the information in this Item 2.02 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 hereto, which are furnished herewith pursuant to and relate to this Item 2.02, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise be subject to the liabilities of Section 18 of the Exchange Act. The information in this Item 2.02 of this Current Report on Form 8-K and Exhibits 99.1 and 99.2 hereto shall not be incorporated by reference into any filing or other document filed by the Company with the SEC pursuant to the Securities Act of 1933, as amended, the rules and regulations of the SEC thereunder, the Exchange Act, or the rules and regulations of the SEC thereunder, except as shall be expressly set forth by specific reference in such filing or document.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

The following documents are furnished as exhibits to this Current Report on Form 8-K:
99.1	Press Release
99.2	Financial Presentation

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: May 17, 2018

WALMART INC.
By:	/s/ M. Brett Biggs
Name:	M. Brett Biggs
Title:	Executive Vice President and Chief Financial Officer

EX-99.1

Walmart U.S. Q1 comps^1,2 grew 2.1% and Walmart U.S. eCommerce sales grew 33%,

Company reports Q1 GAAP EPS of $0.72; Adjusted EPS² of $1.14

	Total revenue was $122.7 billion, an increase of $5.1 billion, or 4.4%. Excluding currency2, total revenue was $120.7 billion, an increase of $3.2 billion, or 2.7%.	"We delivered a solid first quarter, and we're encouraged by the continued momentum across the business. We're transforming to better serve customers. We are changing from within to be faster and more digital, while shaping our portfolio of businesses for the future. Our strong cash flow and balance sheet provide flexibility to do so. I want to thank our associates and our leadership team for the choices they're making, their strong sense of urgency and the actions they're taking. Our people make the difference, and I'm proud to work with them." Doug McMillon President and CEO, Walmart
	GAAP EPS declined 28% and Adjusted EPS2 increased 14%.
	Walmart U.S. comp sales1,2 increased 2.1%, and comp traffic increased 0.8%.
	Sam's Club comp sales1,2 increased 3.8% led by comp traffic growth of 5.6%. Tobacco sales negatively impacted comp sales by approximately 140 basis points.
	Net sales at Walmart International were $30.3 billion, an increase of 11.7%. Excluding currency2, net sales were $28.3 billion, an increase of 4.5%. Eight of eleven markets posted positive comp sales, including our four largest markets.
	The company generated $5.2 billion in operating cash flow.
	Adjusted EPS2 excludes the impact of two items. The first item is an unrealized loss of $0.47 on the company's equity investment in JD.com due to a change in accounting principles. The second item benefited EPS by $0.05 due to an adjustment in the provisional amount recorded in Q4 fiscal 2018 related to Tax Reform.

Key results

(Amounts in billions, except as noted. Dollar and percentage changes may not recalculate due to rounding.)

	Q1 FY19	Q1 FY18	Change
Revenue	$122.7	$117.5	$5.1	4.4%
Revenue (constant currency)2	$120.7	$117.5	$3.2	2.7%
Operating income	$5.2	$5.2	-$0.1	-1.6%
Operating income (constant currency)2	$5.0	$5.2	-$0.2	-4.0%

Free Cash Flow	Q1 FY19	$ Change	Returns to Shareholders	Q1 FY19	% Change
Operating cash flow	$5.2	-$0.2	Dividends	$1.5	-1.0%
Capital expenditures	$1.8	-$0.2	Share repurchases3	$0.5	-75.3%
Free cash flow2	$3.3	-$0.1	Total	$2.1	-44.5%

¹ 13-week period ended Apr. 27, 2018, compared to 13-week period ended Apr. 28, 2017, and excludes fuel. Including fuel, Walmart US and Sam's Club comparable sales grew 2.2% and 5.3%, respectively, for Q1.

² See additional information at the end of this release regarding non-GAAP financial measures.

³ $18.3 billion remaining of $20 billion authorization approved in October 2017. The company repurchased approximately 6 million shares in Q1 fiscal 2019.

NYSE: WMT May 17, 2018 stock.walmart.com

2

Portfolio Repositioning

Thoughtful and deliberate consideration of the company's portfolio of businesses is a key enabler of its strategic framework. Following is a summary of recently announced transactions.

Investment in Flipkart Group

• On May 9, 2018, Walmart signed definitive agreements to become the largest shareholder in Flipkart, India's innovative eCommerce company. The investment will help accelerate Flipkart's customer-focused mission to transform commerce in India. Subject to regulatory approval in India, the company will pay approximately $16 billion for an initial stake of approximately 77 percent.

• Walmart's investment includes $2 billion of new equity funding, which will help Flipkart accelerate growth in the future. Walmart and Flipkart are also in discussions with additional potential investors.

Combination of Sainsbury and Asda, Walmart's U.K. subsidiary

• On April 30, 2018, Walmart and Sainsbury's announced the proposed combination of these two businesses. Under the terms of the combination, Walmart would receive cash and approximately 42 percent of the combined business.

Sale of Banking Operations

• Walmart recently reached agreements to divest banking operations in Walmart Canada and Walmart Chile. The proposed actions are consistent with the company's focus on core retail capabilities.

Guidance

The company's investment in Flipkart, summarized in this release, is expected to negatively impact fiscal year 2019 EPS by approximately $0.25 to $0.30 if the transaction closes at the end of the second quarter. As in past years, Walmart will update certain full year guidance with the second quarter release.

Unrealized gains and losses

Since taking an initial stake in JD.com, the market value of the company's investment had increased $3.7 billion as of January 31, 2018. In prior periods, the company was not required to include unrealized gains/losses within net income. Beginning in fiscal year 2019, due to a change in U.S. accounting principles, Walmart is now required to include unrealized gains/losses of certain equity investments within net income. This quarter, the company recorded an unrealized loss of $1.8 billion due to a decline in the JD.com stock price during the quarter.

Segment results

(Amounts in billions, except as noted. Dollar and percentage changes may not recalculate due to rounding.)

This quarter, the company revised its corporate overhead allocations to the operating segments. Accordingly, previous segment operating income was recast to be comparable to the current period's presentation.

U.S.		Q1 FY19	Q1 FY18	Change
Net sales		$77.7	$75.4	$2.3	3.1%
Comp sales (ex. fuel)1,2		2.1%	1.4%	70 bps	N/A
	Traffic	0.8%	1.5%	-70 bps	N/A
	Ticket	1.3%	-0.1%	140 bps	N/A
	eCommerce	~100 bps	~80 bps	~20 bps	N/A
Operating income		$3.9	$4.1	-$0.1	-3.1%

¹ See additional information at the end of this release regarding non-GAAP financial measures.

²13-week period ended Apr. 27, 2018, compared to 13-week period ended Apr. 28, 2017, and excludes fuel.

NYSE: WMT May 17, 2018 stock.walmart.com

3

	Q1 FY19	Q1 FY18	Change
Net sales	$30.3	$27.1	$3.2	11.7%
Net sales (constant currency)1	$28.3	$27.1	$1.2	4.5%
Operating income	$1.3	$1.1	$0.1	11.1%
Operating income (constant currency)1	$1.1	$1.1	$—	0.2%

		Q1 FY19	Q1 FY18	Change
Net sales		$13.6	$14.0	-$0.4	-2.7%
Comp sales (ex. fuel)1,2		3.8%	1.6%	220 bps	N/A
	Traffic	5.6%	1.1%	450 bps	N/A
	Ticket	-1.8%	0.5%	-230 bps	N/A
	eCommerce	~100 bps	~80 bps	~20 bps	N/A
Operating income		$0.3	$0.4	-$0.1	-18.5%

About Walmart

Walmart Inc. (NYSE: WMT) helps people around the world save money and live better - anytime and anywhere - in retail stores, online, and through their mobile devices. Each week, nearly 270 million customers and members visit our more than 11,700 stores under 65 banners in 28 countries and eCommerce websites. With fiscal year 2018 revenue of $500.3 billion, Walmart employs approximately 2.3 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting http://corporate.walmart.com, on Facebook at http://facebook.com/walmart and on Twitter at http://twitter.com/walmart.

Investor Relations contact

Kary Brunner (479) 277-8782

Media Relations contact

Randy Hargrove (800) 331-0085

Forward-Looking Statements

This release contains statements as to Walmart management's guidance regarding the impact of Walmart’s investment in Flipkart on earnings per share for the fiscal year ending January 31, 2019. Walmart believes such statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are intended to enjoy the protection of the safe harbor for forward-looking statements created thereunder. Assumptions on which such forward-looking statements are based are also forward-looking statements. Walmart's actual results may differ materially from the guidance provided as a result of changes in circumstances, assumptions not being realized or other risks, uncertainties and other factors, including: the closing date for Walmart’s investment in Flipkart; the level of Walmart’s investment in Flipkart from time to time; currency exchange rate fluctuations; changes in market interest rates; competitive pressures and other economic, geopolitical, capital markets and business conditions, trends and events; changes in existing rules and regulations regarding foreign direct investment in the retail business in India; other changes in existing tax, labor or other law or regulations; and other risks, uncertainties and factors relating to Walmart’s operations and financial performance discussed in its filings with the SEC. Walmart cannot assure you that the future results reflected in or implied by any such forward-looking statement will be realized or, even if substantially realized, will have the forecasted or expected consequences and effects for or on our operations or financial performance. Such forward-looking statements are made as of the date of this release, and Walmart undertakes no obligation to update such statements to reflect subsequent events or circumstances.

¹See additional information at the end of this release regarding non-GAAP financial measures.

²13-week period ended Apr. 27, 2018, compared to 13-week period ended Apr. 28, 2017, and excludes fuel.

NYSE: WMT May 17, 2018 stock.walmart.com

4

Walmart Inc.

Condensed Consolidated Statements of Income

(Unaudited)

	Three Months Ended
	April 30,
(Amounts in millions, except per share data)	2018			2017			Percent Change
Revenues:
Net sales	$	121,630		$	116,526		4.4	%
Membership and other income	1,060			1,016			4.3	%
Total revenues	122,690			117,542			4.4	%
Costs and expenses:
Cost of sales	91,707			87,688			4.6	%
Operating, selling, general and administrative expenses	25,829			24,617			4.9	%
Operating income	5,154			5,237			(1.6	)%
Interest:
Debt	437			506			(13.6	)%
Capital lease and financing obligations	93			92			1.1	%
Interest income	(43		)	(35		)	22.9	%
Interest, net	487			563			(13.5	)%
Unrealized (gains) and losses	1,845			—			N/A
Income before income taxes	2,822			4,674			(39.6	)%
Provision for income taxes	546			1,522			(64.1	)%
Consolidated net income	2,276			3,152			(27.8	)%
Consolidated net income attributable to noncontrolling interest	(142		)	(113		)	25.7	%
Consolidated net income attributable to Walmart	$	2,134		$	3,039		(29.8	)%
Net income per common share:
Basic net income per common share attributable to Walmart	$	0.72		$	1.00		(28.0	)%
Diluted net income per common share attributable to Walmart	$	0.72		$	1.00		(28.0	)%
Weighted-average common shares outstanding:
Basic	2,950			3,035
Diluted	2,967			3,047
Dividends declared per common share	$	2.08		$	2.04

5

Walmart Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

	April 30,			January 31,			April 30,
(Amounts in millions)	2018			2018			2017
ASSETS
Current assets:
Cash and cash equivalents	$	7,885		$	6,756		$	6,545
Receivables, net	4,568			5,614			5,252
Inventories	43,303			43,783			43,361
Prepaid expenses and other	3,486			3,511			2,178
Total current assets	59,242			59,664			57,336
Property and equipment:
Property and equipment	187,029			185,154			181,075
Less accumulated depreciation	(79,407		)	(77,479		)	(73,625		)
Property and equipment, net	107,622			107,675			107,450
Property under capital lease and financing obligations:
Property under capital lease and financing obligations	12,735			12,703			11,854
Less accumulated amortization	(5,557		)	(5,560		)	(5,135		)
Property under capital lease and financing obligations, net	7,178			7,143			6,719
Goodwill	18,850			18,242			17,575
Other long-term assets	12,035			11,798			10,638
Total assets	$	204,927		$	204,522		$	199,718
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings	$	7,762		$	5,257		$	2,617
Accounts payable	44,612			46,092			41,367
Dividends payable	4,607			—			4,628
Accrued liabilities	20,782			22,122			19,708
Accrued income taxes	718			645			2,018
Long-term debt due within one year	1,576			3,738			3,256
Capital lease and financing obligations due within one year	700			667			599
Total current liabilities	80,757			78,521			74,193
Long-term debt	29,477			30,045			33,774
Long-term capital lease and financing obligations	6,828			6,780			6,251
Deferred income taxes and other	9,541			8,354			9,386
Commitments and contingencies
Equity:
Common stock	294			295			302
Capital in excess of par value	2,557			2,648			2,223
Retained earnings	82,982			85,107			84,120
Accumulated other comprehensive loss	(10,281		)	(10,181		)	(12,954		)
Total Walmart shareholders’ equity	75,552			77,869			73,691
Noncontrolling interest	2,772			2,953			2,423
Total equity	78,324			80,822			76,114
Total liabilities and equity	$	204,927		$	204,522		$	199,718

6

Walmart Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Three Months Ended
	April 30,
(Amounts in millions)	2018			2017
Cash flows from operating activities:
Consolidated net income	$	2,276		$	3,152
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization	2,678			2,551
Deferred income taxes	(50		)	2
Unrealized (gains) and losses	1,845			—
Other operating activities	265			(170		)
Changes in certain assets and liabilities, net of effects of acquisitions:
Receivables, net	1,134			726
Inventories	547			66
Accounts payable	(1,770		)	(155		)
Accrued liabilities	(1,813		)	(1,838		)
Accrued income taxes	49			1,051
Net cash provided by operating activities	5,161			5,385
Cash flows from investing activities:
Payments for property and equipment	(1,818		)	(1,990		)
Proceeds from the disposal of property and equipment	198			196
Business acquisitions, net of cash acquired	—			(88		)
Other investing activities	(62		)	21
Net cash used in investing activities	(1,682		)	(1,861		)
Cash flows from financing activities:
Net change in short-term borrowings	2,501			1,482
Repayments of long-term debt	(2,521		)	(1,513		)
Dividends paid	(1,533		)	(1,549		)
Purchase of Company stock	(539		)	(2,185		)
Dividends paid to noncontrolling interest	(66		)	(54		)
Purchase of noncontrolling interest	—			(8		)
Other financing activities	(328		)	(145		)
Net cash used in financing activities	(2,486		)	(3,972		)
Effect of exchange rates on cash, cash equivalents and restricted cash	143			139
Net increase (decrease) in cash, cash equivalents and restricted cash	1,136			(309		)
Cash, cash equivalents and restricted cash at beginning of year	7,014			7,144
Cash, cash equivalents and restricted cash at end of period	$	8,150		$	6,835

Note: Due to the adoption of ASU 2016-18, Statement of Cash Flows-Restricted Cash (Topic 230), on February 1, 2018, restricted cash is now included with cash and cash equivalents when reconciling the beginning and ending period amounts for both fiscal 2019 and 2018.

7

Walmart Inc.

Supplemental Financial Information

(Unaudited)

Net sales and operating income

	Net Sales						Operating Income
	Three Months Ended						Three Months Ended
	April 30,						April 30,
(dollars in millions)	2018		2017		Percent Change		2018		2017		Percent Change
Walmart U.S.	$	77,748	$	75,436	3.1	%	$	3,927	$	4,052	-3.1	%
Walmart International	30,260		27,097		11.7	%	1,265		1,139		11.1	%
Sam's Club	13,622		13,993		-2.7	%	325		399		-18.5	%
Corporate and support	—		—		N/A		-363		-353		2.8	%
Consolidated	$	121,630	$	116,526	4.4	%	$	5,154	$	5,237	-1.6	%

U.S. comparable sales results

	With Fuel		Without Fuel1		Fuel Impact
	13 Weeks Ended		13 Weeks Ended		13 Weeks Ended
	4/27/2018	4/28/2017	4/27/2018	4/28/2017	4/27/2018	4/28/2017
Walmart U.S.	2.2%	1.5%	2.1%	1.4%	0.1%	0.1%
Sam's Club	5.3%	3.0%	3.8%	1.6%	1.5%	1.4%
Total U.S.	2.6%	1.7%	2.3%	1.4%	0.3%	0.3%

¹See additional information at the end of this release regarding non-GAAP financial measures.

8

Walmart Inc.

Reconciliations of and Other Information Regarding Non-GAAP Financial Measures

(Unaudited)

The following information provides reconciliations of certain non-GAAP financial measures presented in the press release to which this reconciliation is attached to the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles (GAAP). The company has provided the non-GAAP financial information presented in the press release, which is not calculated or presented in accordance with GAAP, as information supplemental and in addition to the financial measures presented in the press release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for or alternative to, and should be considered in conjunction with, the GAAP financial measures presented in the press release. The non-GAAP financial measures in the press release may differ from similar measures used by other companies.

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 all countries where the functional currency is not the U.S. dollar into U.S. dollars. We calculate the effect of changes in currency exchange rates as the difference between current period activity translated using the current period's currency exchange rates, and the comparable prior year period's currency exchange rates. Throughout our discussion, we refer to the results of this calculation as the impact of currency exchange rate fluctuations. When we refer to constant currency operating results, this means operating results without the impact of the currency exchange rate fluctuations. The disclosure of constant currency amounts or results permits investors to better understand Walmart's underlying performance without the effects of currency exchange rate fluctuations.

The table below reflects the calculation of constant currency for total revenues, net sales and operating income for the three months endedApril 30, 2018.

	Three Months Ended April 30,
	Walmart International				Consolidated
(Dollars in millions)	2018		Percent Change1		2018		Percent Change1
Total revenues:
As reported	$	30,634	11.7	%	$	122,690	4.4	%
Currency exchange rate fluctuations	-1,970		N/A		-1,970		N/A
Constant currency total revenues	$	28,664	4.5	%	$	120,720	2.7	%
Net sales:
As reported	$	30,260	11.7	%	$	121,630	4.4	%
Currency exchange rate fluctuations	-1,947		N/A		-1,947		N/A
Constant currency net sales	$	28,313	4.5	%	$	119,683	2.7	%
Operating income:
As reported	$	1,265	11.1	%	$	5,154	-1.6	%
Currency exchange rate fluctuations	-124		N/A		-124		N/A
Constant currency operating income	$	1,141	0.2	%	$	5,030	-4.0	%

¹ Change versus prior year comparable period.

9

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. We had net cash provided by operating activities of $5.2 billion and $5.4 billion for the three months endedApril 30, 2018 and 2017, respectively. We generated free cash flow of $3.3 billion for the three months endedApril 30, 2018, which was relatively flat compared to $3.4 billion for the three months endedApril 30, 2017.

Free cash flow is considered a non-GAAP financial measure. Management believes, however, that free cash flow, which measures our ability to generate additional cash from our business operations, is an important financial measure for use in evaluating the company's financial performance. Free cash flow should be considered in addition to, rather than as a substitute for, consolidated net income as a measure of our performance and net cash provided by operating activities as a measure of our liquidity.

Additionally, Walmart's definition of free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures, due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions. Therefore, we believe it is important to view free cash flow as a measure that provides supplemental information to our Consolidated Statements of Cash Flows.

Although other companies report their free cash flow, numerous methods may exist for calculating a company's free cash flow. As a result, the method used by Walmart's management to calculate our free cash flow may differ from the methods used by other companies to calculate their free cash flow.

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 information regarding net cash used in investing activities and net cash used in financing activities.

	Three Months Ended
	April 30,
(Dollars in millions)	2018		2017
Net cash provided by operating activities	$	5,161	$	5,385
Payments for property and equipment (capital expenditures)	-1,818		-1,990
Free cash flow	$	3,343	$	3,395
Net cash used in investing activities1	$	-1,682	$	-1,861
Net cash used in financing activities	-2,486		-3,972

¹ "Net cash used in investing activities" includes payments for property and equipment, which is also included in our computation of free cash flow.

10

Adjusted EPS

Adjusted diluted earnings per share from continuing operations attributable to Walmart (Adjusted EPS) for the three months ended April 30, 2018is considered a non-GAAP financial measure under the SEC's rules because it excludes certain amounts not excluded in the diluted earnings per share from continuing operations attributable to Walmart calculated in accordance with GAAP (EPS) for such period. Management believes that Adjusted EPS is a meaningful measure to share with investors because it best allows comparison of the performance for the comparable period. In addition, Adjusted EPS affords investors a view of what management considers Walmart's core earnings performance and the ability to make a more informed assessment of such core earnings performance.

Unrealized gains and losses - Beginning in fiscal year 2019, due to a change in U.S. accounting principles, Walmart is now required to include unrealized gains and/or losses of certain equity investments within net income.  The company's unrealized gains/losses primarily relate to Walmart's equity investment in JD.com.  While the company's investment in JD.com was a strategic decision for the company's retail operations in China, management's measurement of that strategy is primarily focused on the Walmart China financial results rather than the investment value of JD.com. Accordingly, management excludes the unrealized JD.com investment gains/losses when reporting adjusted EPS.

Tax Reform - The SEC allows companies to record provisional amounts during a one year measurement period from the U.S. Tax Reform enactment date. While the Company recorded provisional amounts as of January 31, 2018, the Company adjusts such provisional amounts during fiscal 2019. As the company adjusted EPS in fiscal 2018 for the impact of Tax Reform, for consistency, management also excludes any fiscal 2019 adjustments to the provisional amounts.

We have calculated Adjusted EPS for the three months ended April 30, 2018 by adjusting EPS for the following: (1) unrealized gains and losses on JD.com, and (2) adjustment to the provisional amount recorded in Q4 fiscal 2018 related to Tax Reform. The most directly comparable financial measure calculated in accordance with GAAP is EPS for the three months ended April 30, 2018.

	Three Months Ended April 30, 2018			Percent Change2
Diluted earnings per share:
Reported EPS			$0.72	-28%
Adjustments:	Pre-Tax Impact	Tax Impact1	Net Impact
Unrealized (gains) and losses on JD.com investment	0.62	-0.15	0.47
Adjustment to provisional amount for Tax Reform	—	-0.05	-0.05
Net adjustments			$0.42
Adjusted EPS			$1.14	14%

¹ Calculated based on nature of item and statutory rate in effect for relevant jurisdiction.

² Change versus prior year comparable period.

11

Non-GAAP Comparable Sales Measures

The comparable sales of the company's Walmart U.S. and Sam's Club operating segments for the 13-week period ended April 27, 2018 and April 28, 2017, in each case calculated by excluding fuel sales for such periods (collectively the "Non-GAAP Comparable Sales Measures"), are non-GAAP financial measures as defined by the SEC's rules. We believe the most directly comparable financial measures computed in accordance with GAAP are the comparable sales calculated by including fuel for the corresponding periods.

We believe that the presentation of the Non-GAAP Comparable Sales Measures provides useful information to investors regarding the company's financial condition and results of operations because that information permits investors to understand the impact of fuel sales, which are affected by the volatility of fuel prices, on Walmart U.S. and Sam's Club's comparable sales for the periods presented.

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EX-99.2

Safe harbor and non-GAAP measures This presentation and management’s accompanying remarks, including management’s remarks regarding the impact of Walmart’s proposed investment in Flipkart on its earnings per share for the fiscal year ending January 31, 2019, contain statements which may be "forward-looking statements" within the meaning of, and that are intended to enjoy the protection of the safe harbor for forward-looking statements within, Section 21E of the Securities Exchange Act of 1934, as amended. Assumptions on which such forward-looking statements are based are also forward-looking statements. Walmart's actual results may differ materially from the guidance provided as a result of changes in circumstances, assumptions not being realized or other risks, uncertainties and factors, including those referenced in Walmart’s May 9, 2018, announcement of its proposed investment in Flipkart as well as the following: • economic, geo-political, capital markets and business conditions, trends and events around the world and in the markets in which Walmart operates; • currency exchange rate fluctuations, changes in market interest rates and commodity prices; • unemployment levels; • competitive pressures; • inflation or deflation, generally and in particular product categories; • consumer confidence, disposable income, credit availability, spending levels, shopping patterns, debt levels and demand for certain merchandise; • consumer enrollment in health and drug insurance programs and such programs' reimbursement rates; • the amount of Walmart's net sales denominated in the U.S. dollar and various foreign currencies; • the impact of acquisitions, investments, divestitures, store or club closures, and other strategic decisions; • Walmart's ability to successfully integrate acquired businesses, including within the eCommerce space; • Walmart's effective tax rate and the factors affecting Walmart's effective tax rate, including assessments of certain tax contingencies, valuation allowances, changes in law (including the Tax Act), administrative audit outcomes, impact of discrete items and the mix of earnings between the U.S. and Walmart's international operations; • customer traffic and average ticket in Walmart's stores and clubs and on its eCommerce websites; • the mix of merchandise Walmart sells, the cost of goods it sells and the shrinkage it experiences; • the amount of Walmart's total sales and operating expenses in the various markets in which it operates; • transportation, energy and utility costs and the selling prices of gasoline and diesel fuel; • supply chain disruptions and disruptions in seasonal buying patterns; • consumer acceptance of and response to Walmart's stores, clubs, digital platforms, programs, merchandise offerings and delivery methods; • cyber security events affecting Walmart and related costs; • developments in, outcomes of, and costs incurred in legal or regulatory proceedings to which Walmart is a party; • casualty and accident-related costs and insurance costs; • the turnover in Walmart's workforce and labor costs, including healthcare and other benefit costs; • changes in accounting estimates or judgments; • changes in existing tax, labor and other laws and regulations and changes in tax rates, trade agreements, trade restrictions and tariff rates; • the level of public assistance payments; • natural disasters, public health emergencies, civil disturbances, and terrorist attacks; and • Walmart's expenditures for Foreign Corrupt Practices Act "FCPA" and other compliance related costs, including the adequacy of the accrual with respect to this matter made in the fiscal year ending January 31, 2018. Such risks, uncertainties and factors also include the risks relating to our operations and financial performance discussed in our filings with the SEC. You should read this presentation in conjunction with our Annual Report on Form 10-K for the year ended January 31, 2018, and our subsequently filed Current Reports on Form 8-K. You should consider all of the risks, uncertainties and other factors identified above and in those SEC reports carefully when evaluating the forward-looking statements in this release. We cannot assure you that the future results reflected in or implied by any such forward-looking statement will be realized or, even if substantially realized, will have the forecasted or expected consequences and effects for or on our operations or financial performance. Such forward-looking statements are made as of the date of this presentation, and Walmart undertakes no obligation to update such statements to reflect subsequent events or circumstances. This presentation includes certain non-GAAP measures as defined under SEC rules, including net sales, revenue, and operating income on a constant currency basis, adjusted EPS, comp sales excluding fuel, free cash flow and return on investment. Refer to information about the non-GAAP measures contained in this presentation. Additional information as required by Regulation G and Item 10(e) of Regulation S-K regarding non-GAAP measures can be found in our most recent Form 10-K and our Form 8-K furnished as of the date of this presentation with the SEC, which are available at www.stock.walmart.com. 2

Walmart Inc. 1 1 (Amounts in millions, except per share data) Q1 $ Δ % Δ Total revenue $122,690 $5,148 4.4% Total revenue, constant currency2 $120,720 $3,178 2.7% Net sales $121,630 $5,104 4.4% Net sales, constant currency2 $119,683 $3,157 2.7% Membership & other income $1,060 $44 4.3% Operating income $5,154 -$83 -1.6% Operating income, constant currency2 $5,030 -$207 -4.0% Interest expense, net $487 -$76 -13.5% Consolidated net income attributable to Walmart $2,134 -$905 -29.8% Diluted EPS $0.72 -$0.28 -28.0% Adjusted EPS2 $1.14 $0.14 14.0% 1 Change versus prior year comparable period. 2 See press release located at www.stock.walmart.com and reconciliations at the end of presentation regarding non-GAAP financial measures. 3

Walmart Inc. Q1 bps Δ1 Gross profit rate 24.6% -15 bps Operating expenses as a percentage of net sales 21.2% 11 bps Effective tax rate2 19.3% -1,330 bps Debt to total capitalization3 38.0% 60 bps Return on investment4 13.9% -120 bps 1 Basis points change versus prior year comparable period. 2 The decrease in the effective tax rate was primarily due to the lower U.S. corporate income tax rate, as well as a $142 million (or $0.05 per share) benefit related to an adjustment to the provisional amount recorded for Tax Reform in Q4 fiscal 2018. 3 Debt to total capitalization is calculated as of April 30, 2018. Debt includes short-term borrowings, long-term debt due within one year, capital lease and financing obligations due within one year, long-term debt, and long-term capital lease and financing obligations. Total capitalization includes debt and total Walmart shareholders' equity. 4 ROI is calculated for the trailing 12 months ended April 30, 2018. See press release located at www.stock.walmart.com and reconciliations at the end of presentation regarding non-GAAP financial measures. 4

Walmart Inc. 1 1 (Amounts in millions) Q1 $ Δ % Δ Receivables, net $4,568 -$684 -13.0% Inventories $43,303 -$58 -0.1% Accounts payable $44,612 $3,245 7.8% 1 Change versus prior year comparable period. 5

Walmart Inc. 1 (Amounts in millions) Q1 $ Δ Operating cash flow 5,161 (224) Capital expenditures 1,818 (172) Free cash flow2 3,343 (52) 1 (Amounts in millions) Q1 % Δ Dividends 1,533 (1.0)% Share repurchases3 539 (75.3)% Total $2,072 (44.5)% 1 Change versus prior year comparable period. 2 See press release located at www.stock.walmart.com and reconciliations at the end of this presentation regarding non- GAAP financial measures. 3 $18.3 billion remaining of the $20 billion authorization approved in October 2017. The company repurchased 6 approximately 6 million shares in Q1 fiscal 2019.

Walmart U.S. (Amounts in millions) Q1 Δ1 Net sales $77,748 3.1% Comparable sales2,3 2.1% 70 bps • Comp traffic 0.8% -70 bps • Comp ticket 1.3% 140 bps eCommerce impact3 ~100 bps ~20 bps Gross profit rate Decrease -23 bps Operating expense rate Increase 11 bps Operating income4 $3,927 -3.1% 1 Change versus prior year comparable period. 2 Comp sales for the 13-week period ended April 27, 2018, excluding fuel. Including fuel, Walmart U.S. comparable sales are 2.2%. See press release located at www.stock.walmart.com and reconciliations at the end of this presentation regarding non-GAAP financial measures. 3 The results of new acquisitions are included in our comp sales metrics in the 13th month after acquisition. 4 This quarter, the company revised its corporate overhead allocations to the operating segments. Accordingly, previous segment operating income was recast to be comparable to the current period's presentation. 7

Walmart U.S. - quarterly financial highlights Sales • Comp sales1 increased 2.1% driven by comp ticket growth of 1.3% and comp traffic growth of 0.8%. eCommerce contributed approximately 100 basis points to segment comp sales growth with strength in home delivery and online grocery. • On a two-year stacked basis, comp sales and traffic were up 3.5% and 2.3%, respectively. • Food categories continued to deliver strong performance with comp sales and traffic growth across categories. • Unseasonably cool weather in April somewhat negatively impacted general merchandise sales and traffic. Gross Margin • Gross margin rate declined 23 basis points due primarily to price investments as well as higher transportation expense due mostly to higher fuel costs and third party trucking market rate pressures. Expenses • Segment operating expenses deleveraged 11 basis points. Investments in eCommerce and technology were partially offset by the 5th consecutive quarter of expense leverage from physical stores. Inventory • Total inventory increased 0.2% versus last year and comp store inventory declined approximately 0.3%, while in-stock levels remained high. Format growth • We had net openings of 2 Neighborhood Markets. We also remodeled 65 stores. • As of the end of Q1, online grocery was offered in nearly 1,400 locations. 1 Comp sales for the 13-week period ended April 27, 2018, excluding fuel. Including fuel, Walmart U.S. comparable sales grew 2.2%. See press release located at www.stock.walmart.com and reconciliations at the end of this presentation regarding non-GAAP financial measures. 8

Walmart U.S. - quarterly merchandise highlights Category Comp Comments Food and consumables had solid comp sales driven by strong Grocery1 + low single-digit customer traffic. Categories like fresh foods and packaged goods were particularly strong due in part to growth in private brands. Branded drug inflation and growth in the 90-day script category Health & wellness + low single-digit contributed to the positive comp sales performance in pharmacy. Overall, results were driven by solid comp sales growth in home, General automotive and wireless. Unseasonably cool weather in April merchandise2 + slightly positive somewhat negatively impacted traffic and sales in categories like seasonal, lawn & garden, and apparel. 1 Includes food and consumables. 2 General merchandise includes entertainment, toys, hardlines, apparel, home and seasonal. 9

Walmart International Constant 1 (Amounts in millions) Reported currency Q1 Δ2 Q1 Δ2 1 Net sales $30,260 11.7% $28,313 4.5% Gross profit rate Decrease -10 bps NP NP Operating income3 $1,265 11.1% $1,141 0.2% 1 See press release located at www.stock.walmart.com and reconciliations at the end of presentation regarding non-GAAP financial measures. 2 Change versus prior year comparable period. 3 This quarter, the company revised its corporate overhead allocations to the operating segments. Accordingly, previous segment operating income was recast to be comparable to the current period's presentation. NP - Not provided 10

Walmart International - quarterly financial highlights Sales • Comp store sales drove growth with 8 of 11 markets delivering positive comp sales. • More than half of the markets delivered comp sales of over 3%. • Easter timing benefited sales, offset by ~$200 million headwind from Suburbia divestiture and Brazil first party eCommerce wind-down. Gross Margin • Gross margin rate declined 3 basis points on constant currency basis and 10 basis points on a reported basis, driven by price investments. Operating income • Operating income in the quarter increased 0.2% on a constant currency basis and was up 11.1% on a reported basis. • Excluding the impacts of the expenses related to the Brazil first party eCommerce wind-down and the provision for the pending bank sale in Canada, operating income would have increased faster than sales. Inventory • During the quarter, inventory grew slower than sales. 11

Walmart International - key market quarterly results Comp3 Gross 1,2 Net Operating Country 3 profit sales income3 Sales Traffic Ticket rate3 United Kingdom4 3.4% 0.1% 3.3% 3.7% Decrease Increase Walmex5 9.5% 3.4% 6.1% 9.1% Decrease Increase Canada 2.6% 1.8% 0.8% 2.9% Decrease Decrease China 4.0% 1.4% 2.6% 6.0% Decrease Increase 1 Results are presented on a constant currency basis here and for all key market highlights. Net sales and comp sales are presented on a nominal, calendar basis. 2 eCommerce results are included for each of the markets listed in the table. 3 Change versus prior year comparable period. 4 Comp sales for the United Kingdom are presented excluding fuel.  5 Walmex includes the consolidated results of Mexico and Central America. Excluding Suburbia net sales of $140 million in the comparable prior year period would result in an increase in Walmex net sales of 11.5% for the quarter. 12

Walmart International - key market highlights Walmex • Net sales increased 9.1% and comp sales increased 9.5%. • As a reminder, our Q1 results last year included sales through our Suburbia format.1 • In Mexico specifically, comp sales increased 10.0% or 14.1% on a two-year stacked basis. • Comp growth continued to outpace ANTAD2 self-service; we now have 13 consecutive quarters of outperformance versus the market. • All countries in Central America posted positive comps. • We continued to move forward with our digital transformation and in the omni-channel business in Mexico and during the quarter omin- channel sales grew 28%. • Operating income grew at a faster rate than sales as we leveraged expenses in the quarter. 1 Excluding Suburbia net sales of $140 million in the comparable prior year period would result in an increase in Walmex net sales of 11.5% for the quarter. 2 ANTAD - Asociación Nacional de Tiendas de Autoservicio y Departamentales; The National Association of Supermarkets and Department Stores 13

Walmart International - key market highlights Canada • Net sales increased 2.9%, with comp sales growth of 2.6%. • Gained 70 basis points of market share in food, consumables, and health and wellness for the 12-week period ended April 21, according to Nielsen. • Gross profit rate declined due to higher mix of grocery and fresh combined with price investments that improved our price position. • We expanded our eCommerce assortment with Marketplace SKU count growing 30% quarter on quarter. U.K. • Net sales increased 3.7%, while comp sales increased 3.4%. • Easter calendar shift benefited sales and comp this quarter. • Continued to see improving performance of our private brand and online grocery. • Gross profit rate decreased versus last year, with continued price investment, and sales mix pressure due to earlier timing of Easter. • Leveraged operating expenses during the quarter. 14

Walmart International - key market highlights China • Net sales increased 6.0% and comp sales increased 4.0%. ◦ Walmart and Sam’s Club both had strong positive comps during the quarter. ◦ Fresh continues to perform well delivering double-digit comps in the quarter.. • We continued to expand our offering through our partnership with JD.com. Flagship business on JD.com grew over 400%. • Expanded the one-hour delivery service to 20 additional JD Daojia stores this quarter. We now have 177 JD Daojia stores providing this service. • We leveraged operating expenses during the quarter, and operating income grew at a faster rate than sales. 15

Sam's Club With fuel Without fuel1 (Amounts in millions) Q1 Δ2 Q1 Δ2 Net sales $13,622 -2.7% $12,380 -4.1% Comparable sales3 5.3% 230 bps 3.8% 220 bps • Comp traffic NP NP 5.6% 450 bps • Comp ticket NP NP -1.8% -230 bps eCommerce impact NP NP ~100 bps ~20 bps Gross profit rate Decrease -34 bps Decrease -23 bps Membership income NP 0.9% NP 0.9% Operating income4 $325 -18.5% $313 -19.9% 1 See press release located at www.stock.walmart.com and reconciliations at the end of this presentation regarding non-GAAP financial measures. 2 Change versus prior year comparable period. 3 Comp sales for the 13-week period ended April 27, 2018. 4 This quarter, the company revised its corporate overhead allocations to the operating segments. Accordingly, previous segment operating income was recast to be comparable to the current period's presentation. NP - Not provided 16

Sam's Club - quarterly financial highlights Sales • Comp sales1 for the period increased 3.8%, with growth in comp traffic of 5.6%. Tobacco negatively impacted comp sales by 140 basis points. • In eCommerce, both Club Pickup and the direct to home business continued to have strong results. • Fresh sales continued to be strong. • Penetration of the Member's Mark brand increased more than 220 basis points to reach approximately 27%, excluding fuel and tobacco. Gross Profit • Excluding fuel, gross profit rate dropped 23 basis points due to shrink, increased transportation expenses and price investments. ◦ A portion of the increase in shrink was related to the closure of 63 clubs announced previously. Operating Expenses • Operating expenses, excluding fuel2, deleveraged 37 basis points, primarily due to lease exit costs associated with club closures of approximately $50 million. Membership Income • Membership income increased 0.9% versus last year, benefited from the new free shipping offer for Plus members on samsclub.com. Inventory • Inventory decreased 10.7% primarily due to closed clubs, and inventory at comp clubs decreased 1.7%. 1 Excluding fuel. See press release located at www.stock.walmart.com and reconciliations at the end of presentation regarding non-GAAP financial measures. 2 Including fuel, operating expenses deleveraged 17 basis points. 17

Sam's Club - quarterly category highlights Category Comp Comments Strong performance seen in produce, deli, prepared foods, seafood, and dairy (driven by Fresh / Freezer / Cooler + mid single-digit egg inflation). Assortment optimization across major categories such as coffee, breakfast, water, soda, and Grocery and beverage + mid single-digit snacks drove performance. Positive growth in tabletop/bags, laundry/cleaning and paper goods.  Consistent strategy of Consumables + high single-digit growing Member’s Mark continues to work. Tires, outdoor living, basic apparel, domestics, and kitchen electrics continue to deliver Home and apparel + mid single-digit strong incremental performance. Technology, office and Strong performances in office and tablets offset slower sales in TVs , imaging, and mobile. entertainment + low single-digit OTC growth drove performance in health care in addition to strong sales in Hearing Aid Health and wellness + high single-digit Centers. 18

Third-party FCPA and compliance-related expenses Q1 (Amounts in millions) FY19 FY18 Ongoing inquiries and investigations $4 $13 Global compliance program and organizational enhancements 3 3 Total $7 $16 • These expenses are included in our Corporate and support expenses. 19

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 investors because it helps investors assess how effectively Walmart is deploying its assets. Trends in ROI can fluctuate over time as management balances long-term potential strategic initiatives with possible short-term impacts. We consider ROA to be the financial measure computed in accordance with GAAP that is the most directly comparable financial measure to our calculation of ROI. ROA was 4.8 percent and 7.1 percent for the trailing twelve months ended April 30, 2018 and 2017, respectively. ROI was 13.9 percent and 15.1 percent for the trailing twelve months ended April 30, 2018 and 2017, respectively. The decline in ROA was primarily due to the losses on extinguishment of debt and the decrease in operating income. The decline in ROI was primarily due to the decrease in operating income. We define ROI as adjusted operating income (operating income plus interest income, depreciation and amortization, and rent expense) for the trailing 12 months divided by average invested capital during that period. We consider average invested capital to be the average of our beginning and ending total assets, plus average accumulated depreciation and average amortization, less average accounts payable and average accrued liabilities for that period, plus a rent factor equal to the rent for the fiscal year or trailing 12 months multiplied by a factor of 8. When we have discontinued operations, we exclude the impact of the discontinued operations. Our calculation of ROI is considered a non-GAAP financial measure because we calculate ROI using financial measures that exclude and include amounts that are included and excluded in the most directly comparable GAAP financial measure. For example, we exclude the impact of depreciation and amortization from our reported operating income in calculating the numerator of our calculation of ROI. In addition, we include a factor of 8 for rent expense that estimates the hypothetical capitalization of our operating leases. As mentioned above, we consider return on assets to be the financial measure computed in accordance with generally accepted accounting principles most directly comparable to our calculation of ROI. ROI differs from ROA (which is consolidated net income for the period divided by average total assets for the period) because ROI: adjusts operating income to exclude certain expense items and adds interest income; adjusts total assets for the impact of accumulated depreciation and amortization, accounts payable and accrued liabilities; and incorporates a factor of rent to arrive at total invested capital. Because of the adjustments mentioned above, we believe ROI more accurately measures how we are deploying our key assets and is more meaningful to investors than ROA. Although ROI is a standard financial measure, numerous methods exist for calculating a company's ROI. As a result, the method used by management to calculate our ROI may differ from the methods used by other companies to calculate their ROI. 20

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: Walmart Inc. Return on Assets and Return on Investment Trailing Twelve Months Trailing Twelve Months Ended Ended April 30, April 30, (Dollars in millions) 2018 2017 (Dollars in millions) 2018 2017 CALCULATION OF RETURN ON ASSETS CALCULATION OF RETURN ON INVESTMENT Numerator Numerator Consolidated net income $ 9,647 $ 14,229 Operating income $ 20,354 $ 22,726 Denominator + Interest income 160 111 Average total assets1 $ 202,323 $ 199,212 + Depreciation and amortization 10,656 10,243 Return on assets (ROA) 4.8% 7.1% + Rent 3,036 2,601 Adjusted operating income $ 34,206 $ 35,681 As of April 30, Denominator Certain Balance Sheet Data 2018 2017 2016 Average total assets1 $ 202,323 $ 199,212 + Average accumulated depreciation Total assets $ 204,927 $ 199,718 $ 198,705 and amortization1 81,862 76,115 Accumulated depreciation and amortization 84,964 78,760 73,469 - Average accounts payable1 42,990 39,682 Accounts payable 44,612 41,367 37,997 - Average accrued liabilities1 20,245 19,657 Accrued liabilities 20,782 19,708 19,605 + Rent x 8 24,288 20,808 Average invested capital $ 245,238 $ 236,796 Return on investment (ROI) 13.9% 15.1% 1 The average is based on the addition of the account balance at the end of the current period to the account balance at the end of the prior period and dividing by 2. 21

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. We had net cash provided by operating activities of $5.2 billion and $5.4 billion for the three months ended April 30, 2018 and 2017, respectively. We generated free cash flow of $3.3 billion for the three months ended April 30, 2018, which was relatively flat compared to $3.4 billion for the three months ended April 30, 2017. Free cash flow is considered a non-GAAP financial measure. Management believes, however, that free cash flow, which measures our ability to generate additional cash from our business operations, is an important financial measure for use in evaluating the company's financial performance. Free cash flow should be considered in addition to, rather than as a substitute for, consolidated net income as a measure of our performance and net cash provided by operating activities as a measure of our liquidity. Additionally, Walmart's definition of free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures, due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions. Therefore, we believe it is important to view free cash flow as a measure that provides supplemental information to our Consolidated Statements of Cash Flows. The following table sets forth a reconciliation of free cash flow 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 information regarding net cash used in investing activities and net cash used in financing activities. Three Months Ended April 30, (Dollars in millions) 2018 2017 Net cash provided by operating activities $ 5,161 $ 5,385 Payments for property and equipment (capital expenditures) -1,818 -1,990 Free cash flow $ 3,343 $ 3,395 Net cash used in investing activities1 $ -1,682 $ -1,861 Net cash used in financing activities -2,486 -3,972 1 "Net cash used in investing activities" includes payments for property and equipment, which is also included in our computation of free cash flow. 22

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 all countries where the functional currency is not the U.S. dollar into U.S. dollars. We calculate the effect of changes in currency exchange rates as the difference between current period activity translated using the current period's currency exchange rates, and the comparable prior year period's currency exchange rates. Throughout our discussion, we refer to the results of this calculation as the impact of currency exchange rate fluctuations. When we refer to constant currency operating results, this means operating results without the impact of the currency exchange rate fluctuations. The disclosure of constant currency amounts or results permits investors to better understand Walmart's underlying performance without the effects of currency exchange rate fluctuations. The table below reflects the calculation of constant currency for total revenues, net sales and operating income for the three months ended April 30, 2018. Three Months Ended April 30, Walmart International Consolidated Percent Percent (Dollars in millions) 2018 Change1 2018 Change1 Total revenues: As reported $ 30,634 11.7% $ 122,690 4.4% Currency exchange rate fluctuations -1,970 N/A -1,970 N/A Constant currency total revenues $ 28,664 4.5% $ 120,720 2.7% Net sales: As reported $ 30,260 11.7% $ 121,630 4.4% Currency exchange rate fluctuations -1,947 N/A -1,947 N/A Constant currency net sales $ 28,313 4.5% $ 119,683 2.7% Operating income: As reported $ 1,265 11.1% $ 5,154 -1.6% Currency exchange rate fluctuations -124 N/A -124 N/A Constant currency operating income $ 1,141 0.2% $ 5,030 -4.0% 1 Change versus prior year comparable period. 23

Non-GAAP measures - comparable sales measures The comparable sales of the company's Walmart U.S. and Sam's Club operating segments for the 13-week periods ended April 27, 2018 and April 28, 2017, in each case calculated by excluding fuel sales for such periods (collectively the "Non-GAAP Comparable Sales Measures"), are non-GAAP financial measures as defined by the SEC's rules. We believe the most directly comparable financial measures computed in accordance with GAAP are the comparable sales calculated by including fuel for the corresponding periods. We believe that the presentation of the Non-GAAP Comparable Sales Measures provides useful information to investors regarding the company's financial condition and results of operations because that information permits investors to understand the impact of fuel sales, which are affected by the volatility of fuel prices, on Walmart U.S. and Sam's Club's comparable sales for the periods presented. 24

Non-GAAP measures - comparable sales measures cont. The table below reflects the calculation of the Sam's Club fuel impact for net sales and operating income for the three months ended April 30, 2018 and 2017. Three Months Ended April 30, (Dollars in millions) 2018 2017 % Change Sam's Club Net Sales: As Reported $ 13,622 $ 13,993 -2.7% Less: Fuel Impact 1,242 1,084 N/A Excluding Fuel $ 12,380 $ 12,909 -4.1% Operating Income: As Reported $ 325 $ 398 -18.3% Less: Fuel Impact 12 7 N/A Excluding Fuel $ 313 $ 391 -19.9% The table below reflects the fuel impact for comparable club sales for the 13-weeks ended April 27, 2018 and April 28, 2017. With Fuel Without Fuel Fuel Impact 13 Weeks Ended 13 Weeks Ended 13 Weeks Ended 4/27/2018 4/28/2017 4/27/2018 4/28/2017 4/27/2018 4/28/2017 Walmart U.S. 2.2% 1.5% 2.1% 1.4% 0.1% 0.1% Sam's Club 5.3% 3.0% 3.8% 1.6% 1.5% 1.4% 25

Non-GAAP measures - adjusted EPS Adjusted EPS Adjusted diluted earnings per share from continuing operations attributable to Walmart (Adjusted EPS) for the three months ended April 30, 2018 is considered a non-GAAP financial measure under the SEC's rules because it excludes certain amounts not excluded in the diluted earnings per share from continuing operations attributable to Walmart calculated in accordance with GAAP (EPS) for such period. Management believes that Adjusted EPS is a meaningful measure to share with investors because it best allows comparison of the performance for the comparable period. In addition, Adjusted EPS affords investors a view of what management considers Walmart's core earnings performance and the ability to make a more informed assessment of such core earnings performance. Unrealized gains and losses Beginning in fiscal year 2019, due to a change in U.S. accounting principles, Walmart is now required to include unrealized gains and/or losses of certain equity investments within net income.  The company's unrealized gains/losses primarily relate to Walmart's equity investment in JD.com.  While the company's investment in JD.com was a strategic decision for the company's retail operations in China, management's measurement of that strategy is primarily focused on the Walmart China financial results rather than the investment value of JD.com. Accordingly, management excludes the unrealized JD.com investment gains/losses when reporting adjusted EPS. Tax Reform The SEC allows companies to record provisional amounts during a one year measurement period from the U.S. Tax Reform enactment date. While the Company recorded provisional amounts as of January 31, 2018, the Company adjusts such provisional amounts during fiscal 2019. As the company adjusted EPS in fiscal 2018 for the impact of Tax Reform, for consistency, management also excludes any fiscal 2019 adjustments to the provisional amounts. 26

Non-GAAP measures - adjusted EPS We have calculated Adjusted EPS for the three months ended April 30, 2018 by adjusting EPS for the following: (1) unrealized gains and losses on JD.com, and (2) adjustment to the provisional amount recorded in Q4 fiscal 2018 related to Tax Reform. The most directly comparable financial measure calculated in accordance with GAAP is EPS for the three months ended April 30, 2018. Three Months Ended April 30, 2018 Percent Change2 Diluted earnings per share: Reported EPS $0.72 -28% Adjustments: Pre-Tax Impact Tax Impact1 NCI Impact Net Impact Unrealized (gains) and losses on JD.com investment 0.62 -0.15 — 0.47 Adjustment to provisional amount for Tax Reform — -0.05 — -0.05 Net adjustments $0.42 Adjusted EPS $1.14 14% 1 Calculated based on nature of item and statutory rate in effect for relevant jurisdiction. 2Change versus prior year comparable period. 27

Additional resources at stock.walmart.com • Unit counts & square footage • Comparable store sales • Terminology • Fiscal year 2019 earnings dates 28