Business/Financial Results Form 8 K

•Strong revenue growth of 5.5% with operating income growing faster at 8.2%

•eCommerce up 27% globally

•GAAP EPS of $0.57; Adjusted EPS of $0.581

•Company raises guidance for FY25

BENTONVILLE, Ark., November 19, 2024 - Walmart Inc. (NYSE: WMT) announces third-quarter results with strong growth in revenue and operating income. Globally, eCommerce grew 27% with penetration up across all segments. Walmart U.S. comp sales up 5.3%2 with positive growth in general merchandise. Looking ahead, the Company raises its guidance for FY25 with net sales expected to grow 4.8% to 5.1% and adjusted operating income to grow 8.5% to 9.25% in constant currency ("cc")1.

"

We had a strong quarter, continuing our momentum. Our associates are working hard to save people time and money and to transform our business. In the U.S., in-store volumes grew, pickup from store grew faster, and delivery from store grew even faster than that. Our teams are executing and delighting our customers and members with the value and convenience they expect from Walmart."

Doug McMillon

President and CEO, Walmart

Third-Quarter Highlights

•Consolidated revenue of $169.6 billion, up 5.5%, or 6.2% (cc)1

•Consolidated gross margin rate up 21 bps, led by Walmart U.S.

•Consolidated operating income up $0.5 billion, or 8.2% , up 9.8% (cc)1 due to higher gross margins and growth in membership income; also benefited from reduced losses in eCommerce

•ROA at 7.8%; ROI at 15.1%1, up 100 bps

•Global eCommerce sales grew 27%, led by store-fulfilled pickup & delivery and marketplace

•Global advertising business3 grew 28%, including 26% for Walmart Connect in the U.S.

•Adjusted EPS1 of $0.58 excludes the effect, net of tax, from a net loss of $0.01 on equity and other investments

•Global inventory down 1.0%, including a decrease of 0.6% for Walmart U.S.; in-stock levels healthy

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

2 Comp sales for the 13-week period ended October 25th, 2024 compared to the 13-week period ended October 27th, 2023, 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.

"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 $10.0 billion

•Total debt of $47.3 billion3

•Operating cash flow of $22.9 billion, an increase of $3.9 billion year-to-date

•Free cash flow of $6.2 billion2, an increase of $1.9 billion year-to-date

•Repurchased 46.0 million shares4 year-to-date, or $3.0 billion

•Inventory of $63.3 billion, a decrease of $0.6 billion, or 1.0%

1Comparison period per-share amounts have been retroactively adjusted to reflect the February 23, 2024 stock split.

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

3Debt 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.

4$13.5 billion remaining of $20 billion authorization approved in November 2022.

Business Highlights

and Strategic Initiatives

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

Comp sales (ex. fuel)2

Net sales (cc)1

Operating income (cc)1

Comp sales (ex. fuel)1

The following guidance reflects the Company's expectations for fiscal year 2025 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.

The Company's fiscal year guidance is based on the following FY24 figures: Net sales: $642.6 billion, adjusted operating income1: $27.1 billion, and adjusted EPS1: $2.22. The Company's full year guidance assumes a generally stable consumer and continued pressure from its mix of products and formats globally.

1 For relevant reconciliations, see Q4 FY24 earnings release furnished on Form 8-K on February 20, 2024. Per share amounts have been retroactively adjusted to reflect the February 23, 2024 stock split.

cc - constant currency

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 255 million customers and members visit more than 10,500 stores and numerous eCommerce websites in 19 countries. With fiscal year 2024 revenue of $648 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 - [email protected]

Media Relations contact: Molly Blakeman - (800) 331-0085

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, 2025, 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 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.

Walmart Inc.

Condensed Consolidated Statements of Income

(Unaudited)

Walmart Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

Walmart Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

Walmart Inc.

Supplemental Financial Information

(Unaudited)

Walmart Inc.

Reconciliations of and Other Information Regarding Non-GAAP Financial Measures

(Unaudited)

Percent Change1

Percent Change1

Percent Change1

Percent Change1

Business reorganization charges2

Incremental opioid settlement expense1

Percent change3

Percent change3

Net cash used in investing activities1

Three Months Ended October 31, 20241

Tax Impact2

Nine Months Ended October 31, 20241

Tax Impact2

Three Months Ended October 31, 20231

Tax Impact2

Nine Months Ended October 31, 20231,3

Tax Impact2

Average total assets1

Average total assets1

'+ Average accumulated depreciation and amortization1

'- Average accounts payable1

'- Average accrued liabilities1