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)

November 16, 2023

Walmart Inc.

(Exact name of registrant as specified in its charter)

DE	001-06991	71-0415188
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

702 S.W. 8th Street

Bentonville, AR 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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.10 per share	WMT	New York Stock Exchange
2.550% Notes due 2026	WMT26	New York Stock Exchange
1.050% Notes due 2026	WMT26A	New York Stock Exchange
1.500% Notes due 2028	WMT28C	New York Stock Exchange
4.875% Notes due 2029	WMT29B	New York Stock Exchange
5.750% Notes due 2030	WMT30B	New York Stock Exchange
1.800% Notes due 2031	WMT31A	New York Stock Exchange
5.625% Notes due 2034	WMT34	New York Stock Exchange
5.250% Notes due 2035	WMT35A	New York Stock Exchange
4.875% Notes due 2039	WMT39	New York Stock Exchange

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 November 16, 2023 (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 November 16, 2023 (the "Financial Presentation"). The Press Release and the Financial Presentation will disclose information regarding the Company's results of operations and cash flows for the three and nine months ended October 31, 2023, and the Company's financial condition as of October 31, 2023.

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
Exhibit 104	Cover Page Interactive Data File (formatted as Inline XBRL).

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: November 16, 2023

WALMART INC.
By:	/s/ John David Rainey
Name:	John David Rainey
Title:	Executive Vice President and Chief Financial Officer

EX-99.1

	Walmart Reports Third Quarter Results
	•Strong revenue growth of 5.2% with strength across segments •eCommerce up 15% globally •GAAP EPS of $0.17; Adjusted EPS of $1.531 •Raises FY24 sales and Adjusted EPS guidance
		“	We had strong revenue growth across segments for the quarter, and we’re excited to get an early start to the holiday season. From a Thanksgiving meal that costs less than last year, to great prices on fashion, toys, electronics, and seasonal decorations, we’re here to help families from around the world make this a special time. Looking ahead, our inventory is in good shape, the teams are focused, and our associates are ready to serve our customers and members whenever and however they want to be served.” Doug McMillon President and CEO, Walmart
	BENTONVILLE, Ark., Nov 16, 2023 – Walmart Inc. (NYSE: WMT) announces third quarter results, including strong revenue growth of 5.2%. The Company’s omnichannel model continues to resonate with customers helping to deliver strong comp sales, including 4.9%3 for Walmart U.S. Looking ahead, the company raises its net sales guidance for FY24 to 5.0% to 5.5% as well as for adjusted EPS of $6.40 to $6.48.
	Third Quarter Highlights
	•Consolidated revenue of $160.8 billion, up 5.2%, or 4.3% in constant currency (“cc”)1 •Consolidated gross margin rate up 32bps positively affected by a slight improvement for Walmart U.S. and timing of Flipkart’s The Big Billion Days (“BBD”) event, which flipped from Q3 last year to Q4 this year •Consolidated operating expenses as a percentage of net sales down 182bps, lapping a discrete charge from last year. On an adjusted basis,4 up 37bps on variable pay expenses and store remodels •Consolidated operating income up $3.5 billion, or 130.1%, adjusted operating income up 3.0%1 positively affected by the impact of currency and LIFO of 2.7% and 1.9%, respectively •ROA at 6.5%; ROI at 14.1%1, up 130 bps •Global advertising business2 grew approximately 20%, affected by BBD moving to Q4 . Walmart Connect up 26%, Sam’s Club MAP up 27% •Walmart U.S. comp sales up 4.9%3 and eCommerce up 24%, led by pickup & delivery •Adjusted EPS1 of $1.53 excludes the effects, net of tax, of $1.36 from net losses on equity and other investments
1 See additional information at the end of the release regarding non-GAAP financial measures. 2 Our global advertising business is recorded in either net sales or as a reduction to cost of sales, depending on the nature of the advertising arrangement. 3 Comp sales for the 13-week period ended October 27th, 2023 compared to the 13-week period ended October 28th, 2022, and excludes fuel. See Supplemental Financial Information for additional information. 4 Adjusted operating expenses as a percentage of net sales for the comparable period excludes a 219 basis point impact for the opioid legal charges reflected in the non-GAAP reconciliation of adjusted operating income at the end of this release. “cc” - constant currency

Key Financial Metrics

Dollars in billions, except per share data. Dollar and percentage changes may not recalculate due to rounding. Charts may

not be to scale.

Balance Sheet and Liquidity

•Cash and cash equivalents of $12.2 billion

•Total debt of $55.4 billion2

•Operating cash flow of $19.0 billion, an increase of $3.3 billion

•Free cash flow of $4.3 billion1, an increase of $0.7 billion

•Repurchased 8.7 million shares3 YTD, or $1.3 billion

•Inventory of $64.0 billion, a decrease of $0.8 billion

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

2 Debt includes short-term borrowings, long-term debt due within one year, finance lease obligations due within one year, long-term debt and long-term

finance lease obligations.

3 $18.1 billion remaining of $20 billion authorization approved in November 2022.

NM = Not Meaningful

2

Business Highlights and Strategic Initiatives Dollars in billions, except as noted. Dollar and percentage changes may not recalculate due to rounding.

Walmart U.S.	FY’24Q3	FY’23Q3	Change
Net sales	$109.4	$104.8	$4.6	4.4%
Comp sales (ex. fuel)2	4.9%	8.2%	NP	NP
Transactions	3.4%	2.1%	NP	NP
Average Ticket	1.5%	6.0%	NP	NP
eCommerce contribution to comp	~300 bps	~80 bps	NP	NP
Operating income	$5.0	$5.1	-$0.1	-2.2%

Walmart U.S.

•Delivered strong growth in transaction count both in-store and digitally; strong share gains in grocery

•Growth in eCommerce of 24%, led by strength in pickup & delivery

•Walmart Connect advertising sales grew 26%

•Sales strength led by grocery and health & wellness, while general merchandise sales declined modestly

•Gross profit rate increased 5 bps; operating expense deleverage of 35 bps

•Inventory declined 5% with higher in-stock levels

Walmart International	FY’24Q3	FY’23Q3	Change
Net sales	$28.0	$25.3	$2.7	10.8%
Net sales cc1	$26.7	$25.3	$1.4	5.4%
Operating income	$1.1	$0.9	$0.3	29.7%
Operating income cc1	$1.0	$0.9	$0.1	10.7%

Walmart International

•Growth in net sales cc1 led by Walmex and China

◦Timing of BBD affected Q3 growth and will benefit growth for Q4

•eCommerce sales declined 3%, while advertising3 grew 4%; both affected by the timing of BBD

◦Other than India, strong growth in eCommerce sales and increased penetration across markets

◦Growth in eCommerce sales and advertising3 for 2H expected to be similar to 1H

•Gross margin rate increased 151 bps, mostly due to the timing of BBD

•Operating expense deleverage of 75 bps, mostly due to the timing of BBD

•Operating income cc1 up 10.7% with strength across markets

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

2 Comp sales for the 13-week period ended October 27th, 2023 compared to the 13-week period ended October 28th, 2022, and excludes fuel. See Supplemental Financial Information for additional information.

3 Our global advertising business is recorded in either net sales or as a reduction to cost of sales, depending on the nature of the advertising arrangement.

NP - Not provided

cc - constant currency

3

Sam’s Club U.S.	FY’24Q3	FY’23Q3	Change
Net sales	$22.0	$21.4	$0.6	2.8%
Net sales (ex. fuel)	$18.9	$18.3	$0.6	3.2%
Comp sales (ex. fuel)1	3.8%	10.0%	NP	NP
Transactions	4.0%	4.8%	NP	NP
Average Ticket	-0.2%	4.9%	NP	NP
eCommerce contribution to comp	~170 bps	~120 bps	NP	NP
Operating income	$0.6	$0.6	$0.0	5.5%

Sam’s Club U.S.

•Solid comp sales, led by food and consumables, and healthcare as well as positive unit growth overall

•Gained dollar and unit market share in grocery and general merchandise categories including apparel and automotive

•Growth in eCommerce of 16% led by curbside and delivery

•Strong growth in membership income, up 7.2%, with record total membership and Plus penetration at quarter end

•Advertising business2 up 27% with record number of advertisers investing with MAP

1 Comp sales for the 13-week period ended October 27th, 2023 compared to the 13-week period ended October 28th, 2022, and excludes fuel. See Supplemental Financial Information for additional information.

2 Our global advertising business is recorded in either net sales or as a reduction to cost of sales, depending on the nature of the advertising arrangement.

NP - Not provided

4

Guidance

The following guidance reflects the Company’s expectations for fiscal year 2024 and is provided on a non-GAAP basis as the Company cannot predict certain elements that are included in reported GAAP results, such as the changes in fair value of the Company’s equity and other investments. Growth rates reflect an adjusted basis for prior year results. Additionally, the Company’s guidance assumes a generally stable consumer and continued pressure from its mix of products and formats globally. The Company’s fiscal year guidance is based on the following previously disclosed FY23 figures: Net sales: $605.9 billion, adjusted operating income1: $24.6 billion, and adjusted EPS1: $6.29.

Fiscal Year 2024
Metric	FY 2024
Consolidated net sales (cc)	Increase approximately 5.0% to 5.5%
Consolidated operating income (cc)	Increase approximately 7.0% to 7.5%, including expected 70bps tailwind from LIFO
Interest, net	Increase approximately $300M vs. LY
Effective tax rate	Unchanged at approximately 26.5%
Non-controlling interest	Approximately $0.27 headwind to EPS vs. LY
Adjusted EPS	$6.40 to $6.48, including expected $0.03 headwind from current year LIFO charges, $0.04 benefit YOY
Capital expenditures	Unchanged from prior guidance at flat to up slightly vs. LY
1 For relevant reconciliations, see Q4 FY23 earnings release furnished on Form 8-K on February 21, 2023. cc - constant currency

5

About Walmart

Walmart Inc. (NYSE: WMT) is a people-led, tech-powered omnichannel retailer helping people save money and live better - anytime and anywhere - in stores, online, and through their mobile devices. Each week, approximately 240 million customers and members visit approximately 10,500 stores and numerous eCommerce websites in 19 countries. With fiscal year 2023 revenue of $611 billion, Walmart employs approximately 2.1 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 corporate.walmart.com, on Facebook at facebook.com/walmart, on X (formerly known as Twitter) at twitter.com/walmart, and on LinkedIn at linkedin.com/company/walmart.

Investor Relations contact: Steph Wissink – ir@walmart.com

Media Relations contact: Randy Hargrove – (800) 331-0085

6

Forward-Looking Statements

This release and related management commentary contains statements or may include or may incorporate by reference Walmart management’s guidance regarding adjusted earnings per share, consolidated net sales, consolidated operating income and consolidated adjusted operating income, consolidated operating expense, net interest expenses, non-controlling interest, capital expenditures, share repurchases, Walmart’s effective tax rate for the fiscal year ending January 31, 2024, and comparable sales, among other items. Walmart believes such statements may be deemed to be "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Act") and are intended to enjoy the protection of the safe harbor for forward-looking statements provided by the Act as well as protections afforded by other federal securities laws. Assumptions on which such forward-looking statements are based are also forward-looking statements. Such forward-looking statements are not statements of historical facts, but instead express our estimates or expectations for our consolidated, or one of our segment's or business’, economic performance or results of operations for future periods or as of future dates or events or developments that may occur in the future or discuss our plans, objectives or goals. Our actual results may differ materially from those expressed in or implied by any of these forward-looking statements as a result of changes in circumstances, assumptions not being realized or other risks, uncertainties and factors including: capital markets and business conditions; trends and events around the world and in the markets in which we operate; currency exchange rate fluctuations, changes in market interest rates and market levels of wages; changes in the size of various markets, including eCommerce markets; unemployment levels; 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; the effectiveness of the implementation and operation of our strategies, plans, programs and initiatives; unexpected changes in our objectives and plans; the impact of acquisitions, investments, divestitures, and other strategic decisions; our ability to successfully integrate acquired businesses; changes in the trading prices or fair value of certain equity investments we hold; initiatives of competitors, competitors' entry into and expansion in our markets, and competitive pressures; customer traffic and average transactions in our stores and clubs and on our eCommerce websites; the mix of merchandise we sell, the cost of goods we sell and the shrinkage we experience; our gross profit margins; the financial performance of Walmart and each of its segments, including the amounts of our cash flow during various periods; the amount of our net sales and operating expenses denominated in the U.S. dollar and various foreign currencies; commodity prices and the price of gasoline and diesel fuel; challenges with our supply chain, including disruptions and issues relating to inventory management; disruptions in seasonal buying patterns; the availability of goods from suppliers and the cost of goods acquired from suppliers; our ability to respond to changing trends in consumer shopping habits; consumer acceptance of and response to our stores, clubs, eCommerce platforms, programs, merchandise offerings and delivery methods; cyber security events affecting us and related costs and impact to the business; developments in, outcomes of, and costs incurred in legal or regulatory proceedings to which we are a party or are subject, and the liabilities, obligations and expenses, if any, that we may incur in connection therewith; casualty and accident related costs and insurance costs; the turnover in our workforce and labor costs, including healthcare and other benefit costs; our effective tax rate and the factors affecting our effective tax rate, including assessments of certain tax contingencies, valuation allowances, changes in law, administrative audit outcomes, impact of discrete items and the mix of earnings between the U.S. and Walmart's international operations; changes in existing tax, labor and other laws and regulations and changes in tax rates including the enactment of laws and the adoption and interpretation of administrative rules and regulations; the imposition of new taxes on imports, new tariffs and changes in existing tariff rates; the imposition of new trade restrictions and changes in existing trade restrictions; adoption or creation of new, and modification of existing, governmental policies, programs, initiatives and actions in the markets in which Walmart operates and elsewhere and actions with respect to such policies, programs and initiatives; changes in accounting estimates or judgments; the level of public assistance payments; natural disasters, changes in climate, geopolitical events, global health epidemics or pandemics (such as the COVID-19 pandemic) and catastrophic events; and changes in generally accepted accounting principles in the United States. Our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the SEC discuss other risks and factors that could cause actual results to differ materially from those expressed or implied by any forward-looking statement in the release and related management commentary. We urge you to consider all of the risks, uncertainties and factors identified above or discussed in such reports carefully in evaluating the forward-looking statements in this release. Walmart cannot assure you that the results reflected in or implied by any forward-looking statement will be realized or, even if substantially realized, that those results will have the forecasted or expected consequences and effects for or on our operations or financial performance. The forward-looking statements made today are as of the date of this release. Walmart undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances.

7

Walmart Inc. Condensed Consolidated Statements of Income (Unaudited)

	Three Months Ended						Nine Months Ended
	October 31,						October 31,
(Amounts in millions, except per share data)	2023		2022		Percent Change		2023		2022		Percent Change
Revenues:
Net sales	$	159,439	$	151,469	5.3	%	$	470,723	$	443,138	6.2	%
Membership and other income	1,365		1,344		1.6	%	4,014		4,103		(2.2)	%
Total revenues	160,804		152,813		5.2	%	474,737		447,241		6.1	%
Costs and expenses:
Cost of sales	121,183		115,613		4.8	%	358,317		338,298		5.9	%
Operating, selling, general and administrative expenses	33,419		34,505		(3.1)	%	96,662		94,076		2.7	%
Operating income	6,202		2,695		130.1	%	19,758		14,867		32.9	%
Interest:
Debt	572		499		14.6	%	1,683		1,266		32.9	%
Finance lease obligations	110		85		29.4	%	305		252		21.0	%
Interest income	(145)		(84)		72.6	%	(400)		(151)		164.9	%
Interest, net	537		500		7.4	%	1,588		1,367		16.2	%
Other (gains) and losses	4,750		3,626		31.0	%	3,840		5,386		(28.7)	%
Income (loss) before income taxes	915		(1,431)		NM		14,330		8,114		76.6	%
Provision for income taxes	272		336		(19.0)	%	3,738		2,631		42.1	%
Consolidated net income (loss)	643		(1,767)		NM		10,592		5,483		93.2	%
Consolidated net income attributable to noncontrolling interest	(190)		(31)		512.9	%	(575)		(78)		637.2	%
Consolidated net income (loss) attributable to Walmart	$	453	$	(1,798)	NM		$	10,017	$	5,405	85.3	%
Net income (loss) per common share:
Basic net income (loss) per common share attributable to Walmart	$	0.17	$	(0.66)	NM		$	3.72	$	1.98	87.9	%
Diluted net income (loss) per common share attributable to Walmart	$	0.17	$	(0.66)	NM		$	3.71	$	1.97	88.3	%
Weighted-average common shares outstanding:
Basic	2,693		2,711				2,693		2,733
Diluted	2,703		2,711				2,703		2,743
Dividends declared per common share	$	—	$	—			$	2.28	$	2.24

NM = Not Meaningful

8

Walmart Inc. Condensed Consolidated Balance Sheets (Unaudited)

	October 31,		January 31,		October 31,
(Amounts in millions)	2023		2023		2022
ASSETS
Current assets:
Cash and cash equivalents	$	12,154	$	8,625	$	11,587
Receivables, net	8,625		7,933		8,218
Inventories	63,951		56,576		64,706
Prepaid expenses and other	3,661		2,521		3,169
Total current assets	88,391		75,655		87,680
Property and equipment, net	107,471		100,760		97,553
Operating lease right-of-use assets	13,547		13,555		13,394
Finance lease right-of-use assets, net	5,806		4,919		4,597
Goodwill	28,015		28,174		28,137
Other long-term assets	15,944		20,134		16,295
Total assets	$	259,174	$	243,197	$	247,656
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND EQUITY
Current liabilities:
Short-term borrowings	$	9,942	$	372	$	6,811
Accounts payable	61,049		53,742		57,263
Dividends payable	1,533		—		1,527
Accrued liabilities	26,132		31,126		27,443
Accrued income taxes	606		727		900
Long-term debt due within one year	2,806		4,191		5,458
Operating lease obligations due within one year	1,474		1,473		1,457
Finance lease obligations due within one year	688		567		549
Total current liabilities	104,230		92,198		101,408
Long-term debt	36,342		34,649		33,935
Long-term operating lease obligations	12,817		12,828		12,658
Long-term finance lease obligations	5,670		4,843		4,512
Deferred income taxes and other	14,304		14,688		14,760
Commitments and contingencies
Redeemable noncontrolling interest	228		237		260
Equity:
Common stock	269		269		270
Capital in excess of par value	4,929		4,969		4,817
Retained earnings	85,831		83,135		77,946
Accumulated other comprehensive loss	(11,573)		(11,680)		(10,780)
Total Walmart shareholders’ equity	79,456		76,693		72,253
Nonredeemable noncontrolling interest	6,127		7,061		7,870
Total equity	85,583		83,754		80,123
Total liabilities, redeemable noncontrolling interest, and equity	$	259,174	$	243,197	$	247,656

9

Walmart Inc. Condensed Consolidated Statements of Cash Flows (Unaudited)

	Nine Months Ended
	October 31,
(Amounts in millions)	2023		2022
Cash flows from operating activities:
Consolidated net income	$	10,592	$	5,483
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization	8,736		8,134
Investment (gains) and losses, net	4,028		5,611
Deferred income taxes	(669)		28
Other operating activities	1,412		921
Changes in certain assets and liabilities, net of effects of acquisitions and dispositions:
Receivables, net	(671)		(59)
Inventories	(7,321)		(9,008)
Accounts payable	7,346		3,183
Accrued liabilities	(4,295)		1,354
Accrued income taxes	(144)		51
Net cash provided by operating activities	19,014		15,698
Cash flows from investing activities:
Payments for property and equipment	(14,674)		(12,061)
Proceeds from the disposal of property and equipment	163		126
Proceeds from disposal of certain operations	135		—
Payments for business acquisitions, net of cash acquired	(9)		(730)
Other investing activities	(989)		(300)
Net cash used in investing activities	(15,374)		(12,965)
Cash flows from financing activities:
Net change in short-term borrowings	9,583		6,451
Proceeds from issuance of long-term debt	4,967		4,969
Repayments of long-term debt	(4,213)		(1,439)
Dividends paid	(4,606)		(4,600)
Purchase of Company stock	(1,282)		(8,708)
Dividends paid to noncontrolling interest	(218)		(16)
Sale of subsidiary stock	707		55
Purchase of noncontrolling interest	(3,462)		—
Other financing activities	(1,655)		(2,293)
Net cash used in financing activities	(179)		(5,581)
Effect of exchange rates on cash, cash equivalents and restricted cash	(7)		(331)
Net increase (decrease) in cash, cash equivalents and restricted cash	3,454		(3,179)
Cash, cash equivalents and restricted cash at beginning of year	8,841		14,834
Cash, cash equivalents and restricted cash at end of period	$	12,295	$	11,655

10

Walmart Inc. Supplemental Financial Information (Unaudited)

Net sales and operating income

	Net sales						Operating income (loss)
	Three Months Ended						Three Months Ended
	October 31,						October 31,
(dollars in millions)	2023		2022		Percent Change		2023		2022		Percent Change
Walmart U.S.	$	109,419	$	104,775	4.4	%	$	4,981	$	5,093	-2.2	%
Walmart International	28,022		25,295		10.8	%	1,117		861		29.7	%
Sam’s Club	21,998		21,399		2.8	%	593		562		5.5	%
Corporate and support	—		—		—		(489)		(3,821)		-87.2	%
Consolidated	$	159,439	$	151,469	5.3	%	$	6,202	$	2,695	130.1	%

U.S. comparable sales results

	With Fuel				Without Fuel				Fuel Impact
	13 Weeks Ended				13 Weeks Ended				13 Weeks Ended
	10/27/2023		10/28/2022		10/27/2023		10/28/2022		10/27/2023		10/28/2022
Walmart U.S.	5.0	%	8.5	%	4.9	%	8.2	%	0.1	%	0.3	%
Sam’s Club	3.3	%	12.7	%	3.8	%	10.0	%	-0.5	%	2.7	%
Total U.S.	4.7	%	9.2	%	4.7	%	8.5	%	0.0	%	0.7	%

Comparable sales is a metric that indicates the performance of our existing stores and clubs by measuring the change in sales for such stores and clubs, and it is important to review in conjunction with the company’s financial results reported in accordance with GAAP. Walmart's definition of comparable sales includes sales from stores and clubs open for the previous 12 months, including remodels, relocations, expansions and conversions, as well as eCommerce sales. Comparable sales excluding fuel is also an important, separate metric that indicates the performance of our existing stores and clubs without considering fuel, which is volatile and unpredictable. Other companies in our industry may calculate comparable sales differently, limiting the comparability of the metric.

11

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 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. Additionally, no currency exchange rate fluctuations are calculated for non-USD acquisitions until owned for 12 months.

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 and nine months ended October 31, 2023.

	Three Months Ended October 31, 2023								Nine Months Ended October 31, 2023
	Walmart International				Consolidated				Walmart International				Consolidated
(Dollars in millions)	2023		Percent Change1		2023		Percent Change1		2023		Percent Change1		2023		Percent Change1
Total revenues:
As reported	$	28,368	10.6	%	$	160,804	5.2	%	$	83,277	11.6	%	$	474,737	6.1	%
Currency exchange rate fluctuations	(1,366)		N/A		(1,366)		N/A		(1,712)		N/A		(1,712)		N/A
Total revenues (cc)	$	27,002	5.3	%	$	159,438	4.3	%	$	81,565	9.3	%	$	473,025	5.8	%
Net sales:
As reported	$	28,022	10.8	%	$	159,439	5.3	%	$	82,222	12.0	%	$	470,723	6.2	%
Currency exchange rate fluctuations	(1,357)		N/A		(1,357)		N/A		(1,706)		N/A		(1,706)		N/A
Net sales (cc)	$	26,665	5.4	%	$	158,082	4.4	%	$	80,516	9.7	%	$	469,017	5.8	%
Operating income:
As reported	$	1,117	29.7	%	$	6,202	130.1	%	$	3,471	29.7	%	$	19,758	32.9	%
Currency exchange rate fluctuations	(164)		N/A		(164)		N/A		(360)		N/A		(360)		N/A
Operating income (cc)	$	953	10.7	%	$	6,038	124.0	%	$	3,111	16.3	%	$	19,398	30.5	%

1 Change versus prior year comparable period reported results.

N/A - Not applicable

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Adjusted operating income

Adjusted operating income is considered a non-GAAP financial measure under the SEC’s rules because it excludes certain charges included in operating income calculated in accordance with GAAP. Management believes that adjusted operating income is a meaningful measure to share with investors because it best allows comparison of the performance with that of the comparable period. In addition, adjusted operating income 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 as compared with that of the prior year.

When we refer to adjusted operating income in constant currency, this means adjusted 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 tables below reflect the calculation of adjusted operating income and adjusted operating income in constant currency for the three and nine months ended October 31, 2023 and 2022.

	Three Months Ended October 31,
	Consolidated
(Dollars in millions)		2023			2022
Operating income:
Operating income, as reported		$	6,202		$	2,695
Opioid legal charges1		—			3,325
Adjusted operating income		$	6,202		$	6,020
Percent change2		3.0		%	NP
Currency exchange rate fluctuations		(164)			—
Adjusted operating income, constant currency		$	6,038		$	6,020
Percent change2		0.3		%	NP
	Nine Months Ended October 31,
	Consolidated
(Dollars in millions)		2023			2022
Operating income:
Operating income, as reported		$	19,758		$	14,867
Opioid legal charges1		93			3,325
Adjusted operating income		$	19,851		$	18,192
Percent change2		9.1		%	NP
Currency exchange rate fluctuations		(360)			—
Adjusted operating income, constant currency		$	19,491		$	18,192
Percent change2		7.1		%	NP

1 Recorded in Corporate and support.

2Change versus prior year comparable period.

NP - Not provided

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Free cash flow

We define free cash flow as net cash provided by operating activities in a period minus payments for property and equipment made in that period. Net cash provided by operating activities was $19.0 billion for the nine months ended October 31, 2023, which represents an increase of $3.3 billion when compared to the same period in the prior year. The increase is primarily due to timing of certain payments and moderated levels of inventory purchases, partially offset by payment of the remaining accrued opioid legal charges. Free cash flow for the nine months ended October 31, 2023 was $4.3 billion, which represents an increase of $0.7 billion when compared to the same period in the prior year. The increase in free cash flow is due to the increase in operating cash flows described above, partially offset by an increase of $2.6 billion in capital expenditures to support our investment strategy.

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 Condensed 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.

	Nine Months Ended
	October 31,
(Dollars in millions)	2023		2022
Net cash provided by operating activities	$	19,014	$	15,698
Payments for property and equipment (capital expenditures)	(14,674)		(12,061)
Free cash flow	$	4,340	$	3,637
Net cash used in investing activities1	$	(15,374)	$	(12,965)
Net cash used in financing activities	(179)		(5,581)

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

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Adjusted EPS

Adjusted diluted earnings per share attributable to Walmart (Adjusted EPS) is considered a non-GAAP financial measure under the SEC’s rules because it excludes certain amounts included in the diluted earnings per share attributable to Walmart calculated in accordance with GAAP (EPS), the most directly comparable financial measure calculated in accordance with GAAP. Management believes that Adjusted EPS is a meaningful measure to share with investors because it best allows comparison of the performance with that of 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 with that of the prior year.

We adjust for the unrealized and realized gains and losses on our equity and other investments each quarter because although the investments are strategic decisions for the company’s retail operations, management’s measurement of each strategy is primarily focused on the operational results rather than the fair value of such investments. Additionally, management does not forecast changes in the fair value of its equity and other investments. Accordingly, management adjusts EPS each quarter for the unrealized and realized gains and losses related to those equity investments.

We have calculated Adjusted EPS for the three and nine months ended October 31, 2023 by adjusting EPS for the following:

1.unrealized and realized gains and losses on the Company’s equity and other investments; and

2.incremental opioid settlement expense.

	Three Months Ended October 31, 20234
Diluted earnings per share:
Reported EPS				$0.17
Adjustments:	Pre-Tax Impact	Tax Impact1,2	NCI Impact3	Net Impact
Unrealized and realized (gains) and losses on equity and other investments5	1.76	(0.41)	0.01	1.36
Adjusted EPS				$1.53

	Nine Months Ended October 31, 20234
Diluted earnings per share:
Reported EPS				$3.71
Adjustments:	Pre-Tax Impact	Tax Impact1,2	NCI Impact3	Net Impact
Unrealized and realized (gains) and losses on equity and other investments6	1.45	(0.34)	—	1.11
Incremental opioid settlement expense	0.04	(0.01)	—	0.03
Net adjustments				$1.14
Adjusted EPS				$4.85

1 Tax impact calculated based on nature of item, including any realizable deductions, and statutory rate in effect for relevant jurisdictions.

2 The reported effective tax rate was 29.7% and 26.1% for the three and nine months ended October 31, 2023, respectively. Adjusted for the above items, the effective tax rate was 24.1% and 25.5% for the three and nine months ended October 31, 2023, respectively.

3Calculated based on the ownership percentages of our noncontrolling interests.

4 Quarterly adjustments or adjusted EPS may not sum to YTD adjustments or YTD adjusted EPS due to rounding. Additionally, the individual components in the tables above may include immaterial rounding.

5 For the three months ended October 31, 2023, net losses were primarily driven by decreases in the underlying stock prices of our investments in JD.com and Symbotic.

6 For the nine months ended October 31, 2023, net losses were primarily driven by a decrease in the underlying stock price of our investment in JD.com, partially offset by an increase in the underlying stock price of our investment in Symbotic.

15

As previously disclosed in our third quarter ended October 31, 2022 press release, we have calculated Adjusted EPS for the three and nine months ended October 31, 2022 by adjusting EPS for the following: (1) unrealized and realized gains and losses on the company’s equity and other investments; (2) gain on sale of equity method investment in Brazil; (3) a discrete tax item; and (4) opioid legal charges.

	Three Months Ended October 31, 2022
Diluted earnings per share:
Reported EPS				$(0.66)
Adjustments:	Pre-Tax Impact	Tax Impact1, 2	NCI Impact3	Net Impact
Unrealized and realized (gains) and losses on equity and other investments6	$1.34	$(0.24)	$0.01	$1.11
Opioid legal charges	1.22	(0.17)	—	1.05
Net adjustments4				$2.16
Adjusted EPS4				$1.50

	Nine Months Ended October 31, 20225
Diluted earnings per share:
Reported EPS				$1.97
Adjustments:	Pre-Tax Impact	Tax Impact1, 2	NCI Impact3	Net Impact
Unrealized and realized (gains) and losses on equity and other investments6	$2.18	$(0.40)	$—	$1.78
Gain on sale of equity method investment in Brazil	(0.16)	—	—	(0.16)
Discrete tax item	—	(0.06)	—	(0.06)
Opioid legal charges	1.21	(0.17)	—	1.04
Net adjustments				$2.60
Adjusted EPS				$4.57

1 Tax impact calculated based on nature of item, including any realizable deductions, and statutory rate in effect for relevant jurisdictions. No tax expense was incurred in connection with the gain on sale of equity method investment in Brazil.

2 The reported effective tax rate was (23.5%) and 32.4% for the three and nine months ended October 31, 2022, respectively. Adjusted for the above items, the effective tax rate was 25.9% and 25.7% for the three and nine months ended October 31, 2022, respectively.

3 Calculated based on the ownership percentages of our noncontrolling interests.

4 Adjusted EPS for the three months ended October 31, 2022 was calculated using weighted average shares outstanding of 2,720 million, which includes the dilutive impact of share-based payment awards.

5 Quarterly adjustments or adjusted EPS may not sum to YTD adjustments or YTD adjusted EPS due to rounding.

6 For the three and nine months ended October 31, 2022, net losses were primarily driven by decreases in the underlying stock price of our investment in JD.com.

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Return on investment

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 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 6.5 percent and 3.7 percent for the trailing twelve months ended October 31, 2023 and 2022, respectively. The increase in ROA was primarily due to an increase in consolidated net income during the trailing twelve month period primarily due to lapping the opioid legal charges incurred in the prior year comparable period. ROI was 14.1 percent and 12.8 percent for the trailing 12 months ended October 31, 2023 and 2022, respectively. The increase in ROI was the result of an increase in operating income primarily due to lapping the opioid legal charges incurred in the prior year comparable period, partially offset by an increase in average invested capital primarily due to higher purchases of property and equipment.

We define ROI as operating income plus interest income, depreciation and amortization, and rent expense for the trailing twelve 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.

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. As mentioned above, we consider ROA 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 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.

17

The calculation of ROA and ROI, along with a reconciliation of ROI to the calculation of ROA is as follows:

CALCULATION OF RETURN ON ASSETS
			Trailing Twelve Months
			Ended			October 31,
(Dollars in millions)			2023			2022
Numerator
Consolidated net income			$	16,401		$	9,116
Denominator
Average total assets1			253,415			246,254
Return on assets (ROA)			6.5		%	3.7		%
CALCULATION OF RETURN ON INVESTMENT
Numerator
Operating income			$	25,319		$	20,754
+ Interest income			504			196
+ Depreciation and amortization			11,547			10,840
+ Rent			2,286			2,296
ROI operating income			$	39,656		$	34,086
Denominator
Average total assets1			$	253,415		$	246,254
'+ Average accumulated depreciation and amortization1			112,875			103,898
'- Average accounts payable1			59,156			57,210
'- Average accrued liabilities1			26,788			25,959
Average invested capital			$	280,346		$	266,983
Return on investment (ROI)			14.1		%	12.8		%
	October 31,
Certain Balance Sheet Data	2023		2022			2021
Total assets	$	259,174	$	247,656		$	244,851
Accumulated depreciation and amortization	118,122		107,628			100,168
Accounts payable	61,049		57,263			57,156
Accrued liabilities	26,132		27,443			24,474

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.

18

EX-99.2

Financial presentation to accompany management commentary FY24 Q3

The following guidance reflects the Company’s expectations for fiscal year 2024 and is provided on a non-GAAP basis as the Company cannot predict certain elements that are included in reported GAAP results, such as the changes in fair value of the Company’s equity and other investments. Growth rates reflect an adjusted basis for prior year results. Additionally, the Company’s guidance assumes a generally stable consumer and continued pressure from its mix of products and formats globally. The Company’s fiscal year guidance is based on the following previously disclosed FY23 figures: Net sales: $605.9 billion, adjusted operating income1: $24.6 billion, adjusted EPS1 $6.29. Metric Fiscal Year 2024 Consolidated net sales (cc) Increase approximately 5.0% to 5.5% Consolidated operating income (cc) Increase approximately 7.0% to 7.5%, including expected 70bps tailwind from LIFO Interest, net Increase approximately $300M vs. LY Effective tax rate Unchanged at approximately 26.5% Non-controlling interest Approximately $0.27 headwind to EPS vs. LY Adjusted EPS $6.40 to $6.48, including expected $0.03 headwind from current year LIFO charges, $0.04 benefit YOY Capital expenditures Unchanged from prior guidance at flat to up slightly vs. LY 1 For relevant reconciliations, see Q4 FY23 earnings release furnished on Form 8-K on February 21, 2023. cc = constant currency Guidance

Total revenues (cc)1 $159.4 billion, up +4.3% Amounts in billions, except as noted. Dollar changes may not recalculate due to rounding. • Total revenues reached $160.8 billion with strength across all operating segments • Positively affected by $1.4 billion from currency fluctuations • eCommerce net sales globally $24 billion, reaching 15% of net sales • eCommerce net sales up 15% globally, led by pickup and delivery • Strong growth in membership income globally Y/Y Change +8.7% +7.3% +7.6% +5.7% +5.2% Y/Y Change (cc)1 +9.8% +7.9% +7.7% +5.4% +4.3% 1See additional information at the end of this presentation regarding non-GAAP financial measures. Total revenues $152.8 $164.0 $152.3 $161.6 $160.8 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24

• Gross profit rate positively affected by a slight improvement for Walmart U.S. and timing of Flipkart’s The Big Billion Days event, which flipped from Q3 last year to Q4 this year • Positive impact from a reduction in inflation related LIFO charges in the Sam's Club segment Y/Y Change -89bps -83bps -18bps +50bps +32bps Gross profit rate 23.7% 22.9% 23.7% 24.0% 24.0% Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Gross profit rate +32bps to 24.0%

Adjusted operating expenses as a percentage of net sales1, +37bps to 21.0% • As a percentage of net sales, operating expenses leveraged on a reported basis 182bps, lapping a discrete charge from last year • On an adjusted basis, operating expenses as a percentage of net sales deleveraged 37bps reflecting higher variable pay expenses and Walmart U.S. store remodels Y/Y Change -75bps -89bps -58bps +27bps +37bps 20.6% 19.8% 20.4% 20.2% 21.0% Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Operating expenses as a percentage of net sales 22.8% 20.3% 20.4% 20.3% 21.0% Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Y/Y Change +144bps -44bps -58bps +33bps -182bps Operating expenses as a percentage of net sales Adjusted operating expenses as a percentage of net sales1 1See additional information at the end of this presentation regarding non-GAAP financial measures.

1See additional information at the end of this presentation regarding non-GAAP financial measures. Operating income • Adjusted operating income1 up 3.0% relative to 5.3% growth in net sales, and positively affected by the impact of currency and LIFO of 2.7% and 1.9%, respectively • Net income margin increased ~150bps and adjusted EBITDA margin1 was relatively flat compared to last year • Q3 FY23 and Q4 FY23 reported operating income negatively affected by discrete charges of $3.3B and $0.8B, respectively, associated with the opioid legal settlement frameworks, and business reorganization and restructurings Operating income Adjusted operating income1 $2.7 $5.6 $6.2 $7.3 $6.2 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Y/Y Change +3.9% +6.9% +17.3% +8.1% +3.0% Y/Y Change (cc)1 +4.6% +6.3% +16.0% +6.3% +0.3% Y/Y Change -53.5% -5.5% +17.3% +6.7% +130.1% Y/Y Change (cc)1 -52.8% -6.5% +16.0% +4.9% +124.0% $6.0 $6.4 $6.2 $7.4 $6.2 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Adjusted operating income1 of $6.2 billion, up 3.0% Amounts in billions, except as noted. Dollar changes may not recalculate due to rounding.

1See additional information at the end of this presentation regarding non-GAAP financial measures. NM = not meaningful Adjusted EPS1 of $1.53, up 2.0% EPS PY $1.45 $1.53 $1.30 $1.77 $1.50 Y/Y Change +3.4% +11.8% +13.1% +4.0% +2.0% • Adjusted EPS1 excludes the effects, net of tax, of $1.36 from net losses on equity and other investments Y/Y Change NM +81.3% -16.2% +55.3% NM EPS Adjusted EPS1 $1.50 $1.71 $1.47 $1.84 $1.53 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 $(0.66) $2.32 $0.62 $2.92 $0.17 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24

PY $7.7 $11.1 $(7.3) $1.7 $3.6 Y/Y Change -52.8% +8.2% NM +414.0% +19.4% • Operating cash flow increased primarily due to moderated levels of inventory purchases and timing of certain payments, partially offset by payment of the remaining accrued opioid legal charges • Free cash flow1 increased due to the increase in operating cash flow, partially offset by an increase of $2.6B in capital expenditures to support the company's investment strategy 1See additional information at the end of this presentation regarding non-GAAP financial measures. NM = not meaningful PY $16.3 $24.2 $(3.8) $9.2 $15.7 Y/Y Change -3.6% +19.3% NM +97.0% +21.1% Operating cash flow Free cash flow1 Cash flow $3.6 $12.0 $0.2 $9.0 $4.3 Q3 FY23 YTD Q4 FY23 YTD Q1 FY24 YTD Q2 FY24 YTD Q3 FY24 YTD $15.7 $28.8 $4.6 $18.2 $19.0 Q3 FY23 YTD Q4 FY23 YTD Q1 FY24 YTD Q2 FY24 YTD Q3 FY24 YTD Amounts in billions, except as noted. Dollar changes may not recalculate due to rounding.

Through dividends and share repurchases Amounts in billions, except as noted. Dollar changes may not recalculate due to rounding. • Share repurchases during the quarter totaled $111 million representing 0.7 million shares, at an average price of $159.77 per share • Remaining share repurchase authorization is $18.1 billion Returns to shareholders $4.5 $2.7 $2.2 $2.0 $1.6 Returns to shareholders $1.5 $1.5 $1.5 $1.5 $1.5 $3.0 $1.2 $0.7 $0.5 $0.1 Dividends Share repurchases Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24

Y/Y Change -170bps -220bps -120bps -100bps +130bps • ROI1 increased on a trailing 12-month basis primarily as a result of lapping discrete charges for the opioid legal settlement frameworks in Q3 FY23 • Discrete charges in Q4 FY23 totaled approximately 30 bps ROI1 headwind 1See additional information at the end of this presentation regarding non-GAAP financial measures. Return on assets (ROA) Return on investment (ROI)1 Returns Y/Y Change +40bps -100bps -100bps -20bps +280bps 3.7% 4.6% 4.5% 5.6% 6.5% Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 12.8% 12.7% 12.7% 12.8% 14.1% Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24

Net sales +4.4%, eCommerce +24% • Comp sales +4.9% with strength in grocery and health & wellness, partially offset by softness in general merchandise • Sales growth included increases in both store and digital transaction counts • Strong share gains in grocery and general merchandise • eCommerce led by double-digit growth in store-fulfilled pickup and delivery and 26% increase in Walmart Connect eCommerce Contribution ~80bps ~140bps ~270bps ~230bps ~300bps Walmart U.S. comp sales1 8.2% 8.3% 7.4% 6.4% 4.9% Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 1Comp sales for the 13-week period ended October 27, 2023 compared to the 13-week period ended October 28, 2022, and excludes fuel.

Store Remodels: 233 Q3; 494 YTD Pickup: ~4,600 stores Delivery from Store: >4,200 • Benefited from lapping last year's elevated markdowns and supply chain costs • Saw ongoing unfavorable product mix shifts as grocery and health & wellness increased as a portion of sales, while general merchandise sales declined Gross profit rate +5 bps • Higher wage-related costs, including increased variable pay relative to last year when we were below our planned performance • Store remodel costs increased as we continue rollout of an elevated store experience • Legal expenses were higher than last year Operating expenses as a percentage of net sales +35 bps • Reflects expense deleverage, partially offset by higher gross margins and increased Walmart+ membership income Operating income $5.0 billion, -2.2% • In-stock levels continued to improve • Maintaining discipline in buying general merchandise due to macro uncertainty Inventory -4.8% Walmart U.S.

Merchandise category performance details Walmart U.S. Category Comp Comments Grocery + mid single-digit • Strong comps reflected continued share gains in dollars and units (according to Nielsen), and growth in private brand penetration (+20 bps) • Grocery inflation increased +MSD in Q3 (but moderated 300 bps versus Q2); up +high-teens on a two-year stack • Solid increase in food units sold • Consumables led by strength in personal care products and pet supplies due in part to inflation Health & Wellness + high teens • Strong pharmacy sales reflected increased script counts, higher mix of branded versus generic prescriptions, strength in immunizations, and branded drug inflation General Merchandise - low single-digit • General merchandise sales reflected softness in discretionary categories including apparel, home, and toys • Automotive categories continued to perform well

Net sales (cc)1 $26.7 billion, +5.4% Amounts in billions, except as noted. Dollar changes may not recalculate due to rounding. • Sales growth (cc)1 led by Walmex and China • Currency rate fluctuations positively affected sales by $1.4 billion • eCommerce sales declined 3% • Overall and eCommerce sales growth negatively affected by the timing of Flipkart’s The Big Billion Days event, which moved from Q3 last year to Q4 this year • Continued strong growth in food and consumables as well as increased private brands penetration across markets Y/Y Change +7.1% +2.1% +12.0% +13.3% +10.8% Net Sales (cc)1,2 $25.3 $28.5 $26.8 $27.0 $26.7 Y/Y Change (cc)1 +13.3% +5.5% +12.9% +11.0% +5.4% 1See additional information at the end of this presentation regarding non-GAAP financial measures. 2For Q3 FY23, net sales constant currency reflects reported results for comparison to current quarter growth in constant currency. Walmart International net sales $25.3 $27.6 $26.6 $27.6 $28.0 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Net sales

• Increase mostly from the timing shift of Flipkart’s The Big Billion Days (BBD) event • Partially offset by ongoing format and channel mix changes Strong local businesses powered by Walmart 1See additional information at the end of this presentation regarding non-GAAP financial measures. Gross profit rate +151 bps • Deleverage mostly due to timing shift of BBD • Partially offset by ongoing format mix changes Operating expenses as a percentage of net sales +75 bps • Operating income growth outpaced sales growth with strength across markets Operating income $1.1 billion, +29.7%; $1.0 billion (cc)1, +10.7% Inventory +15.8% Walmart International • Increase driven by timing shift of festive events and currency rate fluctuations • Overall inventory levels are healthy from continued operational discipline

Sales Increase • Continued strength in food and consumables • Opened 130 new stores in past twelve months, including 27 new stores in the quarter  • In Mexico, comp sales grew 8.0% driven by Bodega and Sam's Club Gross profit rate Increase • Growth of services revenue and lower import costs Operating expense rate Increase • Driven by continued investments in associates and strategic priorities Operating income $ Increase Net sales growth +12.9% +11.8% +10.6% +10.1% +9.4% eCommerce net sales growth +17% +14% +17% +21% +16% 1Results are presented on a constant currency basis. Net sales and comparable sales are presented on a nominal, calendar basis and include eCommerce results. Change is calculated as the change versus the prior year comparable period. 2Walmex includes the consolidated results of Mexico and Central America Walmex1,2 Net sales (cc): $10.6 billion, +9.4% 11.7% 10.6% 9.3% 8.7% 8.0% Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Comparable sales growth

Net sales growth +5.5% +5.9% +6.7% +5.1% +5.3% eCommerce net sales growth +3% -3% -2% +4% +16% 1Results are presented on a constant currency basis. Net sales and comparable sales are presented on a nominal, calendar basis and include eCommerce results. Change is calculated as the change versus the prior year comparable period. Canada1 Net sales (cc): $5.8 billion, +5.3% 5.2% 5.7% 6.3% 4.8% 5.0% Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Sales Increase • Continued momentum in food and consumables with softness in general merchandise • eCommerce growth improving led by store fulfilled and marketplace Gross profit rate Increase • Lower supply chain costs partially offset by higher shrink and food and consumables mix Operating expense rate Increase • Higher maintenance costs and planned investments in eCommerce technology Operating income $ Increase Comparable sales growth

Net sales growth +6.9% +13.5% +28.3% +21.7% +25.3% eCommerce net sales growth +63% +70% +54% +44% +38% 1Results are presented on a constant currency basis. Net sales and comparable sales are presented on a nominal, calendar basis and include eCommerce results. Change is calculated as the change versus the prior year comparable period. China1 Net sales (cc): $4.5 billion, +25.3% 5.6% 13.3% 25.5% 17.2% 18.6% Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Sales Increase • Continued strength in Sam’s Club and eCommerce • Higher in-store traffic in both Sam’s and Hyper formats • Double-digit growth in both formats during Mid-Autumn Festival • eCommerce penetration at 45% Gross profit rate Decrease • Due to format and channel mix changes Operating expense rate Decrease • Driven by strong sales growth, format mix changes, and operational efficiencies Operating income $ Increase Comparable sales growth

Net sales with fuel +2.8%, Net sales without fuel +3.2%, eCommerce +16% • Solid comp sales driven by increases in transactions and units sold ◦ Transactions without fuel +4.0% ◦ Average ticket without fuel -0.2% • Strength in food and consumables, and healthcare • Gained dollar and unit market share in grocery • Gained dollar and unit market share in general merchandise categories including apparel and automotive • eCommerce +16%, led by curbside and delivery • Scan & Go penetration is up over 470 bpseComm Cont. without fuel ~120bps ~120bps ~160bps ~150bps ~170bps 1Comp sales for the 13-week period ended October 27, 2023 compared to the 13-week period ended October 28, 2022. Sam’s Club U.S. comp sales1 Sam's Club U.S. comp sales 12.7% 11.9% 4.2% (0.2)% 3.3% 10.0% 12.2% 7.0% 5.5% 3.8% With fuel Without fuel Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24

• Lower LIFO charge this year ($0M) vs. last year ($113M) benefited gross profit • Excluding LIFO, gross profit negatively affected by price investments in grocery, coupled with product mix shifts Gross profit rate +16 bps, without fuel +9 bps • Primarily due to technology investments and higher facilities costs Operating expenses as a percentage of net sales +13 bps, without fuel +11 bps • Achieved new highs for total membership and Plus penetration at quarter end • Plus penetration +130bps y/y Membership income +7.2% Inventory -7.3% Sam’s Club U.S. Operating income $593M, +5.5%, without fuel $412M, +3.8% • Lower LIFO charge this year ($0M) vs. last year ($113M) benefited operating income • Improved flow of inventory as merchandise is closer to customers, in Clubs and DCs • Maintaining discipline in buying general merchandise due to macro uncertainty

Category comparable sales Sam’s Club U.S. Category Comp Comments Fresh / Freezer / Cooler + mid single-digit • Produce & floral, prepared foods, and bakery performed well Grocery and Beverage + mid single-digit • Drinks and candy showed strength Consumables + high single-digit • Paper goods, laundry & home care, and health & beauty aids performed well Home and Apparel - mid single-digit • Softness in toys and housewares, partially offset by strength in basic apparel Technology, Office and Entertainment - low double-digits • Softness in office supplies and consumer electronics Health and Wellness + low twenties • Pharmacy and over the counter performed well

Safe harbor and non-GAAP measures This presentation and related management commentary contains statements that may be "forward-looking statements" as defined in, and are intended to enjoy the protection of the safe harbor for forward- looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Assumptions on which such forward-looking statements are based are also forward-looking statements. Our actual results may differ materially from those expressed in or implied by any of these forward-looking statements as a result of changes in circumstances, assumptions not being realized or other risks, uncertainties and factors including: the impact of the COVID-19 pandemic on our business and the global economy; economic, capital markets and business conditions; trends and events around the world and in the markets in which we operate; currency exchange rate fluctuations, changes in market interest rates and market levels of wages; changes in the size of various markets, including eCommerce markets; unemployment levels; 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; the effectiveness of the implementation and operation of our strategies, plans, programs and initiatives; unexpected changes in our objectives and plans; the impact of acquisitions, investments, divestitures, store or club closures, and other strategic decisions; our ability to successfully integrate acquired businesses, including within the eCommerce space; changes in the trading prices of certain equity investments we hold; initiatives of competitors, competitors' entry into and expansion in our markets, and competitive pressures; customer traffic and average ticket in our stores and clubs and on our eCommerce websites; the mix of merchandise we sell, the cost of goods we sell and the shrinkage we experience; trends in consumer shopping habits around the world and in the markets in which we operate; our gross profit margins; the financial performance of Walmart and each of its segments, including the amounts of our cash flow during various periods; changes in the credit ratings assigned to our commercial paper and debt securities by credit rating agencies; the amount of our net sales and operating expenses denominated in the U.S. dollar and various foreign currencies; transportation, energy and utility costs; commodity prices and the price of gasoline and diesel fuel; supply chain disruptions and disruptions in seasonal buying patterns; the availability of goods from suppliers and the cost of goods acquired from suppliers; consumer acceptance of and response to our stores, clubs, eCommerce platforms, programs, merchandise offerings and delivery methods; cyber security events affecting us and related costs and impact to the business; developments in, outcomes of, and costs incurred in legal or regulatory proceedings to which we are a party or are subject, and the liabilities, obligations and expenses, if any, that we may incur in connection therewith; casualty and accident-related costs and insurance costs; the turnover in our workforce and labor costs, including healthcare and other benefit costs; consumer enrollment in health and drug insurance programs and such programs’ reimbursement rates and drug formularies; our effective tax rate and the factors affecting our effective tax rate, including assessments of certain tax contingencies, valuation allowances, changes in law, administrative audit outcomes, impact of discrete items and the mix of earnings between the U.S. and Walmart's international operations; changes in existing tax, labor and other laws and regulations and changes in tax rates including the enactment of laws and the adoption and interpretation of administrative rules and regulations; the imposition of new taxes on imports, new tariffs and changes in existing tariff rates; the imposition of new trade restrictions and changes in existing trade restrictions; adoption or creation of new, and modification of existing, governmental policies, programs, initiatives and actions in the markets in which Walmart operates and elsewhere and actions with respect to such policies, programs and initiatives; changes in accounting estimates or judgments; the level of public assistance payments; natural disasters, changes in climate, geopolitical events and catastrophic events; and changes in generally accepted accounting principles in the United States. Our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the SEC discuss other risks and factors that could cause actual results to differ materially from those expressed or implied by any forward-looking statement in the presentations. We urge you to consider all of the risks, uncertainties and factors identified above or discussed in such reports carefully in evaluating the forward-looking statements in this release. Walmart cannot assure you that the results reflected in or implied by any forward-looking statement will be realized or, even if substantially realized, that those results will have the forecasted or expected consequences and effects for or on our operations or financial performance. The forward-looking statements made in the presentation are as of the date of this meeting. Walmart undertakes no obligation to update these forward-looking 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, free cash flow, return on investment, and EBITDA and EBITDA margin. 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 stock.walmart.com.

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 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 6.5% percent and 3.7% percent for the trailing twelve months ended October 31, 2023 and 2022, respectively. The increase in ROA was primarily due to an increase in consolidated net income during the trailing twelve month period primarily due to lapping the opioid legal charges incurred in the prior year comparable period. ROI was 14.1% and 12.8% for the trailing 12 months ended October 31, 2023 and 2022, respectively. The increase in ROI was the result of an increase in operating income primarily due to lapping the opioid legal charges incurred in the prior year comparable period, partially offset by an increase in average invested capital primarily due to higher purchases of property and equipment. We define ROI as operating income plus interest income, depreciation and amortization, and rent expense for the trailing twelve 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. 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. As mentioned above, we consider ROA 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 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.

The calculation of ROA and ROI, along with a reconciliation of ROI to the calculation of ROA, is as follows: Non-GAAP measures – ROI (cont.) CALCULATION OF RETURN ON ASSETS Trailing Twelve Months Ending Oct 31, Jan 31, Apr 30, Jul 31, Oct 31, (Dollars in millions) 2022 2023 2023 2023 2023 Numerator Consolidated net income $ 9,116 $ 11,292 $ 11,085 $ 13,991 $ 16,401 Denominator Average total assets1 $ 246,254 $ 244,029 $ 245,598 $ 251,160 $ 253,415 Return on assets (ROA) 3.7 % 4.6 % 4.5 % 5.6 % 6.5 % Oct 31, Jan 31, Apr 30, Jul 31, Oct 31, Jan 31, Apr 30, Jul 31, Oct 31, Certain Balance Sheet Data 2021 2022 2022 2022 2022 2023 2023 2023 2023 Total assets $ 244,851 $ 244,860 $ 246,142 $ 247,199 $ 247,656 $ 243,197 $ 245,053 $ 255,121 $ 259,174 Accumulated depreciation and amortization 100,168 102,211 104,295 105,963 107,628 110,286 113,164 115,878 118,122 Accounts payable 57,156 55,261 52,926 54,191 57,263 53,742 54,268 56,576 61,049 Accrued liabilities 24,474 26,060 21,061 23,843 27,443 31,126 27,527 29,239 26,132 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

The calculation of ROA and ROI, along with a reconciliation of ROI to the calculation of ROA, is as follows: Non-GAAP measures – ROI (cont.) CALCULATION OF RETURN ON INVESTMENT   Trailing Twelve Months Ending Oct 31, Jan 31, Apr 30, Jul 31, Oct 31, (Dollars in millions) 2022 2023 2023 2023 2023 Numerator Operating income $ 20,754 $ 20,428 $ 21,350 $ 21,812 $ 25,319 + Interest income 196 254 323 442 504 + Depreciation and amortization 10,840 10,945 11,110 11,318 11,547 + Rent 2,296 2,306 2,301 2,284 2,286 ROI operating income $ 34,086 $ 33,933 $ 35,084 $ 35,856 $ 39,656 Denominator Average total assets1 $ 246,254 $ 244,029 $ 245,598 $ 251,160 $ 253,415 '+ Average accumulated depreciation and amortization1 103,898 106,249 108,730 110,921 112,875 '- Average accounts payable1 57,210 54,502 53,597 55,384 59,156 '- Average accrued liabilities1 25,959 28,593 24,294 26,541 26,788 Average invested capital $ 266,983 $ 267,183 $ 276,437 $ 280,156 $ 280,346 Return on investment (ROI) 12.8 % 12.7 % 12.7 % 12.8 % 14.1 % 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

Non-GAAP measures – free cash flow We define free cash flow as net cash provided by operating activities in a period minus payments for property and equipment made in that period. Net cash provided by operating activities was $19.0 billion for the nine months ended October 31, 2023, which represents an increase of $3.3 billion when compared to the same period in the prior year. The increase is primarily due to timing of certain payments and moderated levels of inventory purchases, partially offset by payment of the remaining accrued opioid legal charges. Free cash flow for the nine months ended October 31, 2023 was $4.3 billion, which represents an increase of $0.7 billion when compared to the same period in the prior year. The increase in free cash flow is due to the increase in operating cash flows described above, partially offset by an increase of $2.6 billion in capital expenditures to support our investment strategy. 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 Condensed 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.

Non-GAAP measures – free cash flow (cont.) The following table sets forth a reconciliation of free cash flow, a non-GAAP financial measure, to net cash provided by operating activities, which we believe to be the GAAP financial measure most directly comparable to free cash flow, as well as information regarding net cash used in investing activities and net cash used in financing activities. Year to Date Period Ended (Dollars in millions) Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Net cash provided by operating activities $ 15,698 $ 28,841 $ 4,633 $ 18,201 $ 19,014 Payments for property and equipment (capital expenditures) (12,061) (16,857) (4,429) (9,216) (14,674) Free cash flow $ 3,637 $ 11,984 $ 204 $ 8,985 $ 4,340 Net cash used in investing activities1 $ (12,965) $ (17,722) $ (4,860) $ (9,909) $ (15,374) Net cash provided by (used in) financing activities $ (5,581) $ (17,039) $ 1,940 $ (3,309) $ (179) Year to Date Period Ended (Dollars in millions) Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Net cash provided by (used in) operating activities $ 16,291 $ 24,181 $ (3,758) $ 9,240 $ 15,698 Payments for property and equipment (capital expenditures) (8,588) (13,106) (3,539) (7,492) (12,061) Free cash flow $ 7,703 $ 11,075 $ (7,297) $ 1,748 $ 3,637 Net cash provided by (used in) investing activities1 $ (1,530) $ (6,015) $ (4,558) $ (8,584) $ (12,965) Net cash provided by (used in) financing activities (18,113) (22,828) 5,315 (1,400) (5,581) Y/Y Change in Free Cash Flow -52.8 % +8.2 % NM +414.0 % +19.3 % 1 "Net Cash used in investing activities" includes payments for property and equipment, which is also included in our computation of free cash flow. NM = not meaningful

Non-GAAP measures – constant currency In discussing our operating results, the term currency exchange rates refers to the currency exchange rates we use to convert the operating results for countries where the functional currency is not the U.S. dollar into U.S. dollars. We calculate the effect of 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. Additionally, no currency exchange rate fluctuations are calculated for non-USD acquisitions until owned for 12 months. 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 net sales for the Walmart International segment for the trailing five quarters and operating income for the current quarter. Three Months Ended Walmart International (Dollars in millions) Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Net sales: As reported $ 25,295 $ 27,575 $ 26,604 $ 27,596 $ 28,022 Currency exchange rate fluctuations 1,473 901 226 (574) (1,357) Net sales (cc) $ 26,768 $ 28,476 $ 26,830 $ 27,022 $ 26,665 PY Reported $ 23,627 $ 26,997 $ 23,763 $ 24,350 $ 25,295 % change (cc) +13.3 % +5.5 % +12.9 % +11.0 % +5.4 % Operating income: As reported $ 1,117 Currency exchange rate fluctuations $ (164) Operating income (cc) $ 953 PY Reported $ 861 % change (cc) +10.7 %

Non-GAAP measures – constant currency (cont.) Three Months Ended Consolidated (Dollars in millions) Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Total Revenue: As reported $ 152,813 $ 164,048 $ 152,301 $ 161,632 $ 160,804 Currency exchange rate fluctuations 1,491 917 230 (576) (1,366) Total Revenue (cc) $ 154,304 $ 164,965 $ 152,531 $ 161,056 $ 159,438 PY Reported $ 140,525 $ 152,871 $ 141,569 $ 152,859 $ 152,813 % change (cc) +9.8 % +7.9 % +7.7 % +5.4 % +4.3 % Net sales: As reported $ 151,469 $ 162,743 $ 151,004 $ 160,280 $ 159,439 Currency exchange rate fluctuations 1,473 901 226 (574) (1,357) Net sales (cc) $ 152,942 $ 163,644 $ 151,230 $ 159,706 $ 158,082 PY Reported $ 139,207 $ 151,525 $ 140,288 $ 151,381 $ 151,469 % change (cc) +9.9 % +8.0 % +7.8 % +5.5 % +4.4 % Operating income: As reported $ 2,695 $ 5,561 $ 6,240 $ 7,316 $ 6,202 Currency exchange rate fluctuations 38 (57) (72) (124) (164) Operating income (cc) $ 2,733 $ 5,504 $ 6,168 $ 7,192 $ 6,038 PY Reported $ 5,792 $ 5,887 $ 5,318 $ 6,854 $ 2,695 % change (cc) -52.8 % -6.5 % +16.0 % +4.9 % +124.0 % The table below reflects the calculation of constant currency for total revenues, net sales and operating income for the trailing five quarters.

Non-GAAP measures – adjusted operating expenses as a percentage of net sales Three Months Ended (Dollars in millions) Q3 FY23 Q3 FY22 Q4 FY23 Q4 FY22 Q1 FY24 Q1 FY23 Q2 FY24 Q2 FY23 Q3 FY24 Q3 FY23 Operating, selling, general and administrative expenses $ 34,505 $ 29,710 $ 33,064 $ 31,462 $ 30,777 $ 29,404 $ 32,466 $ 30,167 $ 33,419 $ 34,505 Less: Business reorganization and restructuring charges1 — 849 108 — — — — Less: Opioid legal charges2 3,325 — — 93 — 3,325 Adjusted operating expenses $ 31,180 $ 29,710 $ 32,215 $ 31,354 $ 30,777 $ 29,404 $ 32,373 $ 30,167 $ 33,419 $ 31,180 Net Sales $ 151,469 $ 139,207 $ 162,743 $ 151,525 $ 151,004 $ 140,288 $ 160,280 $ 151,381 $ 159,439 $ 151,469 Operating, selling, general and administrative expenses as a percentage of net sales +22.8 % +21.3 % +20.3 % +20.8 % +20.4 % +21.0 % +20.3 % +19.9 % +21.0 % +22.8 % Adjusted operating expenses as a percentage of net sales +20.6 % +21.3 % +19.8 % +20.7 % +20.4 % +21.0 % +20.2 % +19.9 % +21.0 % +20.6 % Y/Y Change (bps) (75) NP (89) NP (58) NP 27 NP 37 NP 1Business reorganization and restructuring charges in the fourth quarter of fiscal 2023 primarily relate to compensation expenses incurred in connection with the strategic decisions made in the Walmart International segment. Business restructuring charges in the fourth quarter of fiscal 2022 primarily consist of severance and store closure related costs due to strategic decisions made in the Walmart International segment. 2Recorded in Corporate and support. NP = not provided Adjusted operating expenses as a percentage of net sales is considered a non-GAAP financial measure under the SEC’s rules because it excludes certain charges included in operating, selling, general and administrative expenses calculated in accordance with GAAP. Management believes that adjusted operating expenses as a percentage of net sales is a meaningful measure to share with investors because it best allows comparison of performance with that of the comparable period. In addition, adjusted operating expenses as a percentage of net sales affords investors a view of what management considers Walmart’s core operating expenses and the ability to make a more informed assessment of such core operating expenses as compared with that of the prior year. The table below reflects the calculation of adjusted operating expenses as a percentage of net sales for the trailing five quarters.

Non-GAAP measures – adjusted operating income Three Months Ended (Dollars in millions) Q3 FY23 Q3 FY22 Q4 FY23 Q4 FY22 Q1 FY24 Q1 FY23 Q2 FY24 Q2 FY23 Q3 FY24 Q3 FY23 Operating income: Operating income, as reported $ 2,695 $ 5,792 $ 5,561 $ 5,887 $ 6,240 $ 5,318 $ 7,316 $ 6,854 $ 6,202 $ 2,695 Business reorganization and restructuring charges1 — — 849 108 — — — — — — Opioid legal charges2 3,325 — — — — — 93 — — 3,325 Adjusted operating income $ 6,020 $ 5,792 $ 6,410 $ 5,995 $ 6,240 $ 5,318 $ 7,409 $ 6,854 $ 6,202 $ 6,020 Percent change3 +3.9 % NP +6.9 % NP +17.3 % NP +8.1 % NP +3.0 % NP Currency exchange rate fluctuations $ 38 — $ (39) — $ (72) — $ (124) $ — $ (164) $ — Adjusted operating income, constant currency $ 6,058 $ 5,792 $ 6,371 $ 5,995 $ 6,168 $ 5,318 $ 7,285 $ 6,854 $ 6,038 $ 6,020 Percent change3 +4.6 % NP +6.3 % NP +16.0 % NP +6.3 % NP +0.3 % NP Adjusted operating income is considered a non-GAAP financial measure under the SEC’s rules because it excludes certain charges included in operating income calculated in accordance with GAAP. Management believes that adjusted operating income is a meaningful measure to share with investors because it best allows comparison of performance with that of the comparable period. In addition, adjusted operating income 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 as compared with that of the prior year. When we refer to adjusted operating income in constant currency, this means adjusted 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 adjusted operating income and adjusted operating income in constant currency, when applicable, for the trailing five quarters. 1Business reorganization and restructuring charges in the fourth quarter of fiscal 2023 primarily relate to compensation expenses incurred in connection with the strategic decisions made in the Walmart International segment. Business restructuring charges in the fourth quarter of fiscal 2022 primarily consist of severance and store closure related costs due to strategic decisions made in the Walmart International segment. 2Recorded in Corporate and support. 3Change versus prior year comparable period. NP = not provided

Non-GAAP measures – adjusted EPS Adjusted diluted earnings per share attributable to Walmart (Adjusted EPS) is considered a non-GAAP financial measure under the SEC’s rules because it excludes certain amounts included in the diluted earnings per share attributable to Walmart calculated in accordance with GAAP (EPS), the most directly comparable financial measure calculated in accordance with GAAP. Management believes that Adjusted EPS is a meaningful measure to share with investors because it best allows comparison of the performance with that of 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 with that of the prior year. We adjust for the unrealized and realized gains and losses on our equity and other investments each quarter because although the investments are strategic decisions for the company’s retail operations, management’s measurement of each strategy is primarily focused on the operational results rather than the fair value of such investments. Additionally, management does not forecast changes in the fair value of its equity and other investments. Accordingly, management adjusts EPS each quarter for the unrealized and realized gains and losses related to those equity investments. We have calculated Adjusted EPS for the trailing five quarters as well as the prior year comparable periods by adjusting EPS for the relevant adjustments for each period presented. Three Months Ended Oct 31, 20233 Three Months Ended Oct 31, 20223 Percent Change Diluted earnings per share: Reported EPS $0.17 $(0.66) NM Adjustments: Pre-Tax Impact Tax Impact1,4 NCI Impact2 Net Impact Pre-Tax Impact Tax Impact1,4 NCI Impact2 Net Impact Unrealized and realized (gains) and losses on equity and other investments5 $1.76 $(0.41) $0.01 $1.36 $1.34 $(0.24) $0.01 $1.11 Opioid legal charges — — — — 1.22 (0.17) — 1.05 Net Adjustments $1.36 $2.16 Adjusted EPS $1.53 $1.50 +2.0% 1 Tax impact calculated based on nature of item, including any realizable deductions, and statutory rate in effect for relevant jurisdictions. . 2 Calculated based on the ownership percentages of our noncontrolling interests, where applicable. 3 Individual components in the accompanying tables may include immaterial rounding. 4 The reported effective tax rate was 29.7% and (23.5%) for the three months ended October 31, 2023 and October 31, 2022, respectively. Adjusted for the above items, the effective tax rate was 24.1% and 25.9% for the three months ended October 31, 2023 and October 31, 2022, respectively 5 For the three months ended October 31, 2023, net losses were primarily driven by decreases in the underlying stock prices of our investments in Symbotic and JD.com.

Non-GAAP measures – adjusted EPS (cont.) Three Months Ended Jul 31, 20233 Three Months Ended Jul 31, 20223 Percent Change Diluted earnings per share: Reported EPS $2.92 $1.88 +55.3% Adjustments: Pre-Tax Impact Tax Impact1 NCI Impact2 Net Impact Pre-Tax Impact Tax Impact1 NCI Impact2 Net Impact Unrealized and realized (gains) and losses on equity and other investments $(1.44) $0.33 $— $(1.11) $0.14 $(0.02) $(0.01) $0.11 Incremental opioid settlement expense 0.04 (0.01) — 0.03 — — — — Gain on sale of equity method investment in Brazil — — — — (0.16) — — (0.16) Discrete tax item — — — — — (0.06) — (0.06) Net Adjustments $(1.08) $(0.11) Adjusted EPS $1.84 $1.77 +4.0% Three Months Ended Apr 30, 20233 Three Months Ended Apr 30, 20223 Percent Change Diluted earnings per share: Reported EPS $0.62 $0.74 -16.2% Adjustments: Pre-Tax Impact Tax Impact1 NCI Impact2 Net Impact Pre-Tax Impact Tax Impact1 NCI Impact2 Net Impact Unrealized and realized (gains) and losses on equity and other investments $1.13 $(0.27) $(0.01) $0.85 $0.71 $(0.15) $— $0.56 Adjusted EPS $1.47 $1.30 +13.1% 1 Tax impact calculated based on nature of item, including any realizable deductions, and statutory rate in effect for relevant jurisdictions. 2 Calculated based on the ownership percentages of our noncontrolling interests, where applicable. 3 Individual components in the accompanying tables may include immaterial rounding.

Non-GAAP measures – adjusted EPS (cont.) Three Months Ended Jan 31, 20233 Three Months Ended Jan 31, 20223 Percent Change Diluted earnings per share: Reported EPS $2.32 $1.28 +81.3% Adjustments: Pre-Tax Impact Tax Impact1 NCI Impact2 Net Impact Pre-Tax Impact Tax Impact1 NCI Impact2 Net Impact Unrealized and realized (gains) and losses on equity and other investments $(1.43) $0.27 $— $(1.16) $0.22 $(0.05) $0.02 $0.19 Business reorganization and restructuring charges 0.31 0.40 (0.16) 0.55 0.08 (0.02) — 0.06 Net Adjustments $(0.61) $0.25 Adjusted EPS $1.71 $1.53 +11.8% Three Months Ended Oct 31, 20223 Three Months Ended Oct 31, 20213 Percent Change Diluted earnings per share: Reported EPS $(0.66) $1.11 NM Adjustments: Pre-Tax Impact Tax Impact1 NCI Impact2 Net Impact Pre-Tax Impact Tax Impact1 NCI Impact2 Net Impact Unrealized and realized (gains) and losses on equity and other investments $1.34 $(0.24) $0.01 $1.11 $(0.42) $0.09 $— $(0.33) Opioid legal charges 1.22 (0.17) — 1.05 — — — — Loss on extinguishment of debt — — — — 0.86 (0.19) — 0.67 Net Adjustments4 $2.16 $0.34 Adjusted EPS4 $1.50 $1.45 +3.4% 1 Tax impact calculated based on nature of item, including any realizable deductions, and statutory rate in effect for relevant jurisdictions. 2 Calculated based on the ownership percentages of our noncontrolling interests, where applicable. 3 Individual components in the accompanying tables may include immaterial rounding. 4 Adjusted EPS for the three months ended October 31, 2022 was calculated using weighted average shares outstanding of 2,720 million, which includes the dilutive impact of share-based payment awards.

Non-GAAP measures – adjusted EBITDA and adjusted EBITDA margin The calculation of net income (loss) margin and adjusted EBITDA margin, along with a reconciliation of adjusted EBITDA margin to the calculation of net income (loss) margin, is as follows: Three Months Ended Q3 FY24 Q3 FY23 (Dollars in millions) 2023 2022 Consolidated net income (loss) attributable to Walmart $ 453 $ (1,798) Consolidated net income attributable to noncontrolling interest (190) (31) Provision for income taxes 272 336 Other (gains) and losses 4,750 3,626 Interest, Net 537 500 Operating Income $ 6,202 $ 2,695 + Depreciation and Amortization 2,986 2,755 + Opioid legal charges — 3,325 Adjusted EBITDA $ 9,188 $ 8,775 Net Sales $ 159,439 $ 151,469 Consolidated net income (loss) margin 0.3 % -1.2 % Adjusted EBITDA margin 5.8 % 5.8 % We include net income (loss) and net income (loss) margin, which are calculated in accordance with U.S. generally accepted accounting principle as well as adjusted EBITDA and adjusted EBITDA margin to provide meaningful information about our operational efficiency compared with our competitors by excluding the impact of certain items. We calculate adjusted EBITDA as earnings before interest, taxes, depreciation and amortization. We also exclude other gains and losses, which is primarily comprised of fair value adjustments on our investments which management does not believe are indicative of our core business performance. From time to time, we will also adjust certain items from operating income, which we believe is meaningful because it best allows comparison of the performance with that of the comparable period. Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by consolidated net sales. Adjusted EBITDA and adjusted EBITDA margin are considered non-GAAP financial measures. Management believes, however, that these measures provide meaningful information about our operational efficiency by excluding the impact of differences in tax jurisdictions and structures, debt levels, capital investments and other items which management does not believe are indicative of our core business performance. We consider net income (loss) to be the financial measure computed in accordance with GAAP that is the most directly comparable financial measure to our calculation of adjusted EBITDA. We consider net income (loss) margin to be the financial measure computed in accordance with GAAP that is the most directly comparable financial measure to our calculation of adjusted EBITDA margin. Although adjusted EBITDA and adjusted EBITDA margin are standard financial measures, numerous methods exist for calculating a company’s adjusted EBITDA and adjusted EBITDA margin. As a result, the method used by management to calculate our adjusted EBITDA and adjusted EBITDA margin may differ from the methods used by other companies to calculate similarly titled measures. Net income (loss) margin was 0.3% and -1.2% for the three months ended October 31, 2023 and 2022, respectively. The increase in net income margin was primarily due to the increase in net income primarily due to lapping the opioid legal charges incurred in Q3 FY23. Adjusted EBITDA margin was 5.8% for the three months ended October 31, 2023 and 2022. Adjusted EBITDA margin remained relatively flat as the increase in adjusted EBITDA was offset by the increase in net sales.

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Document and Entity Information Document	Nov. 16, 2023
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Nov. 16, 2023
Entity Registrant Name	Walmart Inc.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-06991
Entity Tax Identification Number	71-0415188
Entity Address, Address Line One	702 S.W. 8th Street
Entity Address, City or Town	Bentonville
Entity Address, State or Province	AR
Entity Address, Postal Zip Code	72716-0215
City Area Code	479
Local Phone Number	273-4000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000104169
Amendment Flag	false
Common Stock, par value $0.10 per share [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.10 per share
Trading Symbol	WMT
Security Exchange Name	NYSE
2.550% Notes Due 2026 [Member]
Entity Information [Line Items]
Title of 12(b) Security	2.550% Notes due 2026
Trading Symbol	WMT26
Security Exchange Name	NYSE
1.050% Notes Due 2026
Entity Information [Line Items]
Title of 12(b) Security	1.050% Notes due 2026
Trading Symbol	WMT26A
Security Exchange Name	NYSE
1.500% Notes Due 2028
Entity Information [Line Items]
Title of 12(b) Security	1.500% Notes due 2028
Trading Symbol	WMT28C
Security Exchange Name	NYSE
4.875% Notes Due 2029
Entity Information [Line Items]
Title of 12(b) Security	4.875% Notes due 2029
Trading Symbol	WMT29B
Security Exchange Name	NYSE
5.750% Notes Due 2030
Entity Information [Line Items]
Title of 12(b) Security	5.750% Notes due 2030
Trading Symbol	WMT30B
Security Exchange Name	NYSE
1.800% Notes Due 2031
Entity Information [Line Items]
Title of 12(b) Security	1.800% Notes due 2031
Trading Symbol	WMT31A
Security Exchange Name	NYSE
5.625% Notes Due 2034
Entity Information [Line Items]
Title of 12(b) Security	5.625% Notes due 2034
Trading Symbol	WMT34
Security Exchange Name	NYSE
5.250% Notes Due 2035
Entity Information [Line Items]
Title of 12(b) Security	5.250% Notes due 2035
Trading Symbol	WMT35A
Security Exchange Name	NYSE
4.875% Notes Due 2039
Entity Information [Line Items]
Title of 12(b) Security	4.875% Notes due 2039
Trading Symbol	WMT39
Security Exchange Name	NYSE