Walmart said consolidated net sales for fiscal 2025 increased $31.9 billion, or 5.0%. The company cited growth in comparable sales across its U.S. segments and international markets, eCommerce sales growth, and sales in grocery and health and wellness as factors.

10-KAnnual reportFiled Mar 14, 2025Period of report Jan 31, 2025Summary published (UTC) Oct 11, 2026

Key points

AI summary

Walmart said consolidated net sales for fiscal 2025 increased $31.9 billion, or 5.0%. The company cited growth in comparable sales across its U.S. segments and international markets, eCommerce sales growth, and sales in grocery and health and wellness as factors.
Walmart said consolidated net income for fiscal 2025 was $20.2 billion, an increase of $3.9 billion from the previous fiscal year, and diluted net income per common share was $2.41. The company's effective income tax rate was 23.4%, and it cited the tax impact on changes in fair value of its investments as the primary reason for the decrease in effective tax rate compared to the prior fiscal year.
Walmart said net cash provided by operating activities for fiscal 2025 was $36.4 billion and net cash used in investing activities was $21.4 billion. The company projected capital expenditures for fiscal 2026 to be approximately $21 billion to $25 billion.
Walmart said its U.S. segment completed the acquisition of VIZIO Holding Corp. in December 2024 for net cash consideration of $1.9 billion, and sold its equity investment in JD.com in August 2024 for net proceeds of $3.6 billion.

Key figures

Fiscal year ended January 31, 2025

Revenue: $674.5B
Operating income: $29.3B
Net income: $19.4B
EPS: $2.41
Operating cash flow: $36.4B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Consolidated net sales $31.9 billion, up 5.0%

Walmart said consolidated net sales for fiscal 2025 increased $31.9 billion, or 5.0%. The company cited growth in comparable sales across its U.S. segments and international markets, eCommerce sales growth, and sales in grocery and health and wellness as factors.

Source · Based on the MD&A text of the filing

Consolidated net income $20.2 billion, effective tax rate 23.4%

Walmart said consolidated net income for fiscal 2025 was $20.2 billion, an increase of $3.9 billion from the previous fiscal year, and diluted net income per common share was $2.41. The company's effective income tax rate was 23.4%, and it cited the tax impact on changes in fair value of its investments as the primary reason for the decrease in effective tax rate compared to the prior fiscal year.

Source · Based on the MD&A text of the filing

Operating cash flow and fiscal 2026 capital expenditure outlook

Walmart said net cash provided by operating activities for fiscal 2025 was $36.4 billion and net cash used in investing activities was $21.4 billion. The company projected capital expenditures for fiscal 2026 to be approximately $21 billion to $25 billion.

Source · Based on the MD&A text of the filing

VIZIO acquisition and JD.com equity investment sale

Walmart said its U.S. segment completed the acquisition of VIZIO Holding Corp. in December 2024 for net cash consideration of $1.9 billion, and sold its equity investment in JD.com in August 2024 for net proceeds of $3.6 billion.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

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