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Walmart Inc. (WMT) SEC Filing 10-K Annual Report for the fiscal year ending Tuesday, January 31, 2023

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Walmart Inc.

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CIK: 104169 Ticker: WMT

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Walmart revenue up 7.3% globally with broad-based strength across segments
Walmart U.S. grew comp sales1 8.3%, with eCommerce growth of 17%
Q4 FY23 GAAP EPS of $2.32; Adjusted EPS2 of $1.71
Company provides outlook for Q1 and FY24

Fourth-quarter highlights     
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Walmart delivered strong revenue growth globally with strength in stores and eCommerce. Total revenue was $164.0 billion, up 7.3%, or 7.9% in constant currency2.
“We’re excited about our momentum. The team delivered a strong quarter to finish the year, and as our results in the last two quarters show, they acted quickly and aggressively to address the inventory and cost challenges we faced last year. We built momentum in the third quarter and that continues. We are well-positioned to start this fiscal year.”

Doug McMillon
President and CEO, Walmart
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Walmart U.S. comp sales1 grew 8.3% and 13.9% on a two-year stack. eCommerce growth was 17% and 18% on a two-year stack. Continued to gain market share in grocery.
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Sam’s Club comp sales1 increased 12.2%, and 22.6% on a two-year stack. Membership income increased 7.1% with member count at an all-time high.
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Walmart International net sales were $27.6 billion, an increase of 2.1% and negatively affected by $0.9 billion from currency fluctuations, while constant currency sales were $28.5 billion, an increase of 5.5%. Walmex, China, and Canada led the way.
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Global advertising business3 grew over 20%, led by 41% growth at Walmart Connect in the U.S.
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Consolidated gross profit rate declined 83 basis points, primarily due to markdowns and mix of sales.
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Consolidated operating expenses as a percentage of net sales decreased 44 basis points primarily due to strong sales growth and lower Covid-related costs, partially offset by reorganization and restructuring charges incurred in the International segment.
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Consolidated operating income was $5.6 billion, a decrease of 5.5%, including the charges described above. Adjusted operating income2 was $6.4 billion, an increase of 6.9%.
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GAAP EPS of $2.32; Adjusted EPS2 of $1.71 excludes the effects of $1.16 from net gains on equity and other investments and $0.55 from charges related to reorganization and restructuring.
Full-year highlights
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Total revenue was $611.3 billion, up 6.7%, negatively affected by $5.0 billion related to divestitures. Excluding currency2, total revenue would have increased 7.4% to $615.1 billion.
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Walmart U.S. comp sales1 increased 6.6% and 13.0% on a two-year stack.
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Walmart U.S. eCommerce sales grew 12% and 23% on a two-year stack.
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Sam’s Club comp sales1 increased 10.5% and 20.3% on a two-year stack. Membership income increased 8.6%.
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Walmart International net sales were flat and operating income declined 21.1%. Net sales grew 9.0% and adjusted operating income2 grew 8.9% for retained markets4 on a constant currency basis.
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Global advertising business3 grew nearly 30% to reach $2.7 billion, led by Walmart Connect in the U.S. and Flipkart Ads.
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The company generated $29.1 billion in operating cash flow and returned $16.0 billion to shareholders through dividends and share repurchases.
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GAAP EPS of $4.27; Adjusted EPS2 of $6.29.
1 Comp sales for the 13-week and 52-week periods ended January 27, 2023 compared to the 13-week and 52-week periods ended January 28, 2022, and excludes fuel. See Supplemental Financial Information for additional information.
2 See additional information at the end of this release regarding non-GAAP financial measures.
3 Our global advertising business is recorded either in net sales or as a reduction to cost of sales, depending on the nature of the advertising arrangement.
4 Retained markets exclude our operations in the U.K. and Japan which were sold in the first quarter of fiscal 2022. Net sales and operating income in these markets were $5.0 billion and $0.3 billion, respectively, for the first quarter of fiscal 2022.
NYSE: WMTFebruary 21, 2023stock.walmart.com
The following information was filed by Walmart Inc. (WMT) on Tuesday, February 21, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Walmart Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (Parenthetical)
Accrued Liabilities
Accrued Liabilities (Schedule Of Accrued Liabilities) (Details)
Accrued Liabilities (Tables)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Composition Of Accumulated Other Comprehensive Income) (Details)
Accumulated Other Comprehensive Loss (Tables)
Contingencies
Contingencies (Details)
Disposals, Acquisitions And Related Items
Disposals, Acquisitions And Related Items (Details)
Fair Value Measurements
Fair Value Measurements (Carrying Value And Fair Value Of Long-Term Debt) (Details)
Fair Value Measurements (Narrative) (Details)
Fair Value Measurements (Notional Amounts And Fair Values Of Interest Rate Swaps) (Details)
Fair Value Measurements (Recurring And Nonrecurring) (Details)
Fair Value Measurements (Tables)
Leases
Leases (Leases Cost) (Details)
Leases (Lessee Liability Maturity) (Details)
Leases (Schedule Of Other Information Relating To Lease Liabilities) (Details)
Leases (Tables)
Net Income Per Common Share
Net Income Per Common Share (Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share) (Details)
Net Income Per Common Share (Tables)
Retirement-Related Benefits
Retirement-Related Benefits (Narrative) (Details)
Retirement-Related Benefits (Schedule Of Contribution Expense Related To Defined Contribution Plans) (Details)
Retirement-Related Benefits (Tables)
Segments And Disaggregated Revenue
Segments And Disaggregated Revenue (Narrative) (Details)
Segments And Disaggregated Revenue (Revenue From Contract With Customer Excluding Assessed Tax Walmart U.S) (Details)
Segments And Disaggregated Revenue (Revenue From Contract With Customer Excluding Assessed Tax, International) (Details)
Segments And Disaggregated Revenue (Revenue From Contract With Customer Excluding Assessed Tax, Sam's Club) (Details)
Segments And Disaggregated Revenue (Schedule Of Segment Reporting Information By Segment) (Details)
Segments And Disaggregated Revenue (Segment Revenues And Long-Lived Assets) (Details)
Segments And Disaggregated Revenue (Tables)
Shareholders' Equity
Shareholders' Equity (Narrative) (Details)
Shareholders' Equity (Rollforward Of Activity By Award Type) (Details)
Shareholders' Equity (Schedule Of Fair Value Of Restricted Stock) (Details)
Shareholders' Equity (Schedule Of Share Repurchases) (Details)
Shareholders' Equity (Share-Based Compensation Expense) (Details)
Shareholders' Equity (Tables)
Short-Term Borrowings And Long-Term Debt
Short-Term Borrowings And Long-Term Debt (Narrative) (Details)
Short-Term Borrowings And Long-Term Debt (Schedule Of Debt Maturities) (Details)
Short-Term Borrowings And Long-Term Debt (Schedule Of Debt Repayments) (Details)
Short-Term Borrowings And Long-Term Debt (Schedule Of Lines Of Credit) (Details)
Short-Term Borrowings And Long-Term Debt (Schedule Of Long-Term Debt) (Details)
Short-Term Borrowings And Long-Term Debt (Tables)
Short-Term Borrowings And Long-Term Debt - Long Term Debt Issued (Details)
Subsequent Event
Subsequent Event (Details)
Subsequent Event (Tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Schedule Of Goodwill) (Details)
Summary Of Significant Accounting Policies (Schedule Of Property, Plant And Equipment) (Details)
Summary Of Significant Accounting Policies (Tables)
Taxes
Taxes (Narrative) (Details)
Taxes (Reconciliation Of Unrecognized Tax Benefits From Continuing Operations) (Details)
Taxes (Schedule Of Deferred Tax Balances) (Details)
Taxes (Schedule Of Deferred Tax Classification In The Balance Sheet) (Details)
Taxes (Schedule Of Income Before Income Taxes) (Details)
Taxes (Schedule Of Income Tax Provision) (Details)
Taxes (Schedule Of Income Tax Rate) (Details)
Taxes (Tables)
Ticker: WMT
CIK: 104169
Form Type: 10-K Annual Report
Accession Number: 0000104169-23-000020
Submitted to the SEC: Fri Mar 17 2023 5:02:59 PM EST
Accepted by the SEC: Fri Mar 17 2023
Period: Tuesday, January 31, 2023
Industry: Retail Variety Stores

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