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)

August 16, 2022

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	NYSE
2.550% Notes Due 2026	WMT26	NYSE

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 August 16, 2022 (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 August 16, 2022 (the "Financial Presentation"). The Press Release and the Financial Presentation will disclose information regarding the Company's results of operations for the three and six months ended July 31, 2022, and the Company's financial condition as of July 31, 2022.

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: August 16, 2022

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

EX-99.1

Walmart U.S. grew comp sales1 6.5%, including mid-teens in food, and eCommerce up 12%

Q2 FY23 GAAP EPS of $1.88; Adjusted EPS2 of $1.77

Company maintains outlook for back-half of FY23

Second-quarter highlights

	Company delivered strong top-line growth globally, partially driven by inflation. Total revenue was $152.9 billion, up 8.4%, or 9.1% in constant currency2.	“We’re pleased to see more customers choosing Walmart during this inflationary period, and we’re working hard to support them as they prioritize their spending. The actions we’ve taken to improve inventory levels in the U.S., along with a heavier mix of sales in grocery put pressure on profit margin for Q2 and our outlook for the year. We made good progress throughout the quarter operationally to improve costs in our supply chain, and that work is ongoing. We continue to build on our strategy to expand our digital businesses, including the continued strength we see in our international markets.” Doug McMillon President and CEO, Walmart
	Walmart U.S. comp sales1 grew 6.5% and 11.7% on a two-year stack. eCommerce growth was 12% and 18% on a two-year stack. Continued to gain market share in grocery.
	Sam’s Club comp sales1 increased 9.5%, and 17.2% on a two-year stack. Membership income increased 8.9% with member count at an all-time high.
	Walmart International net sales were $24.4 billion, an increase of $1.3 billion, or 5.7%, negatively affected by $1.0 billion from currency fluctuations. Double-digit comps in three largest markets of Mexico, Canada, and China.
	Global advertising business3 grew nearly 30%, led by Walmart Connect in the U.S. and Flipkart advertising.
	Consolidated gross profit rate declined 132 basis points, primarily due to markdowns and mix of sales in the U.S., and an inflation-related LIFO charge at Sam’s Club.
	Consolidated operating expenses as a percentage of net sales decreased 45 basis points, primarily due to strong sales growth partially offset by wage investments.
	Consolidated operating income was $6.9 billion, a decrease of 6.8%, positively affected by $173 million from an insurance settlement for Walmart Chile.
	GAAP and Adjusted EPS2 include a $0.05 impact from the Walmart Chile insurance settlement discussed above, as well as a $0.05 impact from a dividend related to the Company’s equity investment in JD.com.

1 Comp sales for the 13-week period ended July 29, 2022 compared to the 13-week period ended July 30, 2021, 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.

NYSE: WMT August 16, 2022 stock.walmart.com

2

Key results

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

	Q2 FY23	Q2 FY22	Change
Revenue	$152.9	$141.0	$11.8	8.4%
Revenue (constant currency)1	$153.9	$141.0	$12.8	9.1%
Operating income	$6.9	$7.4	-$0.5	-6.8%
Operating income (constant currency)1	$6.9	$7.4	-$0.4	-6.0%

Free Cash Flow1	YTD FY23	$ Change	Returns to Shareholders	Q2 FY23	% Change
Operating cash flow	$9.2	-$3.2	Dividends	$1.5	-0.3%
Capital expenditures	$7.5	$2.5	Share repurchases2	$3.3	39.6%
Free cash flow1	$1.7	-$5.7	Total	$4.9	24.0%

Third quarter and Fiscal Year 2023 guidance

The following guidance reflects the company’s expectations for Q3 and fiscal year 2023 and is provided on a non-GAAP basis as the company cannot predict certain elements which are included in reported GAAP results, including 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 guidance assumes a generally stable consumer in the U.S., continued pressure from inflation and mix of products and formats globally.

Third quarter

•Consolidated net sales growth of about 5%, negatively affected by approximately $1.3 billion from currency fluctuations.

•Walmart U.S. comp sales, excluding fuel, of about 3.0%.

•Consolidated operating income decline of 8.0% to 10.0%.

•Adjusted earnings per sharedecline of 9.0% to 11.0%.

Fiscal Year 2023

The company updates its guidance for the fiscal year to reflect second-quarter performance and maintains its outlook for the back-half of the year.

•Consolidated net sales growth is expected to be about 4.5%. Excluding divestitures3, consolidated net sales growth is expected to be about 5.5%. Based on current exchange rates, the company expects a headwind of about $2.1 billion in the second half of the year.

•The company maintains its expectations for Walmart U.S. comp sales growth, excluding fuel, of about 3% in the second half of the year. For the full year, the company expects Walmart U.S. comp sales growth, excluding fuel, of about 4%.

•Consolidated adjusted operating income is expected to decline 9.0% to 11.0%, which improved from the company’s prior guidance of a decline of 11.0% to 13.0% and reflects better performance in the second quarter. Excluding divestitures3, consolidated adjusted operating income is expected to decline 8.0% to 10.0%.

•Adjusted earnings per share are expected to decline 9.0% to 11.0%. Excluding divestitures3, adjusted earnings per share is expected to decline 8.0% to 10.0%.

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

2 $4.9 billion remaining of $20 billion authorization approved in February 2021. The company repurchased approximately 26 million shares in Q2 fiscal 2023.

3 We completed the sale of our operations in the U.K. and Japan in the first quarter of fiscal 2022.

NYSE: WMT August 16, 2022 stock.walmart.com

3

Segment results

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

U.S.		Q2 FY23	Q2 FY22	Change
Net sales		$105.1	$98.2	$6.9	7.1%
Comp sales (ex. fuel)2		6.5%	5.2%	NP	NP
	Transactions	1.0%	6.1%	NP	NP
	Average ticket	5.5%	-0.8%	NP	NP
	eCommerce contribution	~100 bps	~20 bps	NP	NP
Operating income		$5.7	$6.1	-$0.4	-6.7%

	Q2 FY23	Q2 FY22	Change
Net sales	$24.4	$23.0	$1.3	5.7%
Net sales (constant currency)1	$25.3	$23.0	$2.3	9.9%
Operating income	$1.0	$0.9	$0.2	21.1%
Operating income (constant currency)1	$1.1	$0.9	$0.2	28.3%

		Q2 FY23	Q2 FY22	Change
Net sales		$21.9	$18.6	$3.3	17.5%
Comp sales (ex. fuel)2		9.5%	7.7%	NP	NP
	Transactions	9.8%	5.1%	NP	NP
	Average ticket	-0.2%	2.5%	NP	NP
	eCommerce contribution	~170 bps	~180 bps	NP	NP
Operating income		$0.4	$0.7	-$0.2	-35.3%

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

2 Comp sales for the 13-week period ended July 29, 2022 compared to the 13-week period ended July 30, 2021, and excludes fuel. See Supplemental Financial Information for additional information.

NP - Not provided

About Walmart

Walmart Inc. (NYSE: WMT) helps people around the world save money and live better - anytime and anywhere - in retail stores, online, and through their mobile devices. Each week, approximately 230 million customers and members visit more than 10,500 stores and numerous eCommerce websites under 46 banners in 24 countries. With fiscal year 2022 revenue of $573 billion, Walmart employs approximately 2.3 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting https://corporate.walmart.com, on Facebook at https://facebook.com/walmart and on Twitter at https://twitter.com/walmart.

Investor Relations contact
Dan Binder, CFA
Daniel.Binder@walmart.com Media Relations contact
Randy Hargrove (800) 331-0085

NYSE: WMT August 16, 2022 stock.walmart.com

4

Forward-Looking Statements

This release and related management commentary contains statements or may include or may incorporate by reference Walmart management’s guidance regarding earnings per share, consolidated net sales, consolidated operating income, capital expenditures, share repurchases, Walmart’s effective tax rate for the fiscal year ending January 31, 2023, 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: 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, 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 report 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.

NYSE: WMT August 16, 2022 stock.walmart.com

5

Walmart Inc.

Condensed Consolidated Statements of Income

(Unaudited)

	Three Months Ended						Six Months Ended
	July 31,						July 31,
(Amounts in millions, except per share data)	2022		2021		Percent Change		2022		2021		Percent Change
Revenues:
Net sales	$	151,381	$	139,871	8.2	%	$	291,669	$	277,030	5.3	%
Membership and other income	1,478		1,177		25.6	%	2,759		2,328		18.5	%
Total revenues	152,859		141,048		8.4	%	294,428		279,358		5.4	%
Costs and expenses:
Cost of sales	115,838		105,183		10.1	%	222,685		208,455		6.8	%
Operating, selling, general and administrative expenses	30,167		28,511		5.8	%	59,571		56,640		5.2	%
Operating income	6,854		7,354		(6.8)	%	12,172		14,263		(14.7)	%
Interest:
Debt	395		437		(9.6)	%	767		918		(16.4)	%
Finance lease obligations	84		78		7.7	%	167		163		2.5	%
Interest income	(31)		(37)		(16.2)	%	(67)		(67)		—	%
Interest, net	448		478		(6.3)	%	867		1,014		(14.5)	%
Other (gains) and losses	(238)		953		(125.0)	%	1,760		3,482		(49.5)	%
Income before income taxes	6,644		5,923		12.2	%	9,545		9,767		(2.3)	%
Provision for income taxes	1,497		1,559		(4.0)	%	2,295		2,592		(11.5)	%
Consolidated net income	5,147		4,364		17.9	%	7,250		7,175		1.0	%
Consolidated net (income) loss attributable to noncontrolling interest	2		(88)		(102.3)	%	(47)		(169)		(72.2)	%
Consolidated net income attributable to Walmart	$	5,149	$	4,276	20.4	%	$	7,203	$	7,006	2.8	%
Net income per common share:
Basic net income per common share attributable to Walmart	$	1.88	$	1.53	22.9	%	$	2.62	$	2.50	4.8	%
Diluted net income per common share attributable to Walmart	$	1.88	$	1.52	23.7	%	$	2.61	$	2.48	5.2	%
Weighted-average common shares outstanding:
Basic	2,736		2,799				2,745		2,807
Diluted	2,745		2,812				2,755		2,820
Dividends declared per common share	$	—	$	—			$	2.24	$	2.20

6

Walmart Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

	July 31,		January 31,		July 31,
(Amounts in millions)	2022		2022		2021
ASSETS
Current assets:
Cash and cash equivalents	$	13,923	$	14,760	$	22,831
Receivables, net	7,522		8,280		6,103
Inventories	59,921		56,511		47,754
Prepaid expenses and other	2,798		1,519		1,555
Total current assets	84,164		81,070		78,243
Property and equipment, net	96,006		94,515		91,621
Operating lease right-of-use assets	13,872		13,758		13,868
Finance lease right-of-use assets, net	4,514		4,351		4,109
Goodwill	28,664		29,014		29,159
Other long-term assets	19,979		22,152		21,552
Total assets	$	247,199	$	244,860	$	238,552
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND EQUITY
Current liabilities:
Short-term borrowings	$	10,634	$	410	$	671
Accounts payable	54,191		55,261		49,601
Dividends payable	3,049		—		3,109
Accrued liabilities	23,843		26,060		23,915
Accrued income taxes	868		851		267
Long-term debt due within one year	5,316		2,803		1,617
Operating lease obligations due within one year	1,464		1,483		1,441
Finance lease obligations due within one year	534		511		501
Total current liabilities	99,899		87,379		81,122
Long-term debt	29,801		34,864		39,581
Long-term operating lease obligations	13,140		13,009		13,116
Long-term finance lease obligations	4,420		4,243		3,952
Deferred income taxes and other	14,092		13,474		13,654
Commitments and contingencies
Redeemable noncontrolling interest	260		—		—
Equity:
Common stock	272		276		278
Capital in excess of par value	4,672		4,839		3,655
Retained earnings	82,519		86,904		84,572
Accumulated other comprehensive loss	(9,894)		(8,766)		(7,976)
Total Walmart shareholders’ equity	77,569		83,253		80,529
Nonredeemable noncontrolling interest	8,018		8,638		6,598
Total equity	85,587		91,891		87,127
Total liabilities, redeemable noncontrolling interest, and equity	$	247,199	$	244,860	$	238,552

7

Walmart Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Six Months Ended
	July 31,
(Amounts in millions)	2022		2021
Cash flows from operating activities:
Consolidated net income	$	7,250	$	7,175
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization	5,379		5,302
Net unrealized and realized (gains) and losses	1,988		3,019
Losses on disposal of business operations	—		433
Deferred income taxes	111		(385)
Other operating activities	244		606
Changes in certain assets and liabilities, net of effects of acquisitions and dispositions:
Receivables, net	874		452
Inventories	(3,730)		(2,725)
Accounts payable	(453)		119
Accrued liabilities	(2,439)		(1,412)
Accrued income taxes	16		(161)
Net cash provided by operating activities	9,240		12,423
Cash flows from investing activities:
Payments for property and equipment	(7,492)		(5,019)
Proceeds from the disposal of property and equipment	72		176
Proceeds from disposal of certain operations, net of divested cash	—		7,935
Payments for business acquisitions, net of cash acquired	(616)		(248)
Other investing activities	(548)		(442)
Net cash (used in) provided by investing activities	(8,584)		2,402
Cash flows from financing activities:
Net change in short-term borrowings	10,230		441
Repayments of long-term debt	(1,439)		(3,010)
Dividends paid	(3,081)		(3,091)
Purchase of Company stock	(5,747)		(5,200)
Sale of subsidiary stock	45		252
Other financing activities	(1,408)		(951)
Net cash used in financing activities	(1,400)		(11,559)
Effect of exchange rates on cash, cash equivalents and restricted cash	(100)		(21)
Net (decrease) increase in cash, cash equivalents and restricted cash	(844)		3,245
Change in cash and cash equivalents reclassified from assets held for sale	—		1,848
Cash, cash equivalents and restricted cash at beginning of year	14,834		17,788
Cash, cash equivalents and restricted cash at end of period	$	13,990	$	22,881

8

Walmart Inc.

Supplemental Financial Information

(Unaudited)

Net sales and operating income

	Net Sales					Operating Income
	Three Months Ended					Three Months Ended
	July 31,					July 31,
(dollars in millions)	2022		2021		Percent Change	2022		2021		Percent Change
Walmart U.S.	$	105,130	$	98,192	7.1%	$	5,683	$	6,089	-6.7%
Walmart International	24,350		23,035		5.7%	1,043		861		21.1%
Sam’s Club	21,901		18,644		17.5%	427		660		-35.3%
Corporate and support	—		—		—	(299)		(256)		16.8%
Consolidated	$	151,381	$	139,871	8.2%	$	6,854	$	7,354	-6.8%

U.S. comparable sales results

	With Fuel		Without Fuel		Fuel Impact
	13 Weeks Ended		13 Weeks Ended		13 Weeks Ended
	7/29/2022	7/30/2021	7/29/2022	7/30/2021	7/29/2022	7/30/2021
Walmart U.S.	7.2%	5.6%	6.5%	5.2%	0.7%	0.4%
Sam’s Club	17.5%	13.9%	9.5%	7.7%	8.0%	6.2%
Total U.S.	8.8%	6.8%	7.0%	5.5%	1.8%	1.3%

Comparable sales is a metric that indicates the performance of our existing stores and clubs and it is important to review in conjunction with the company’s financial results reported in accordance with GAAP.  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.

9

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 six months ended July 31, 2022.

	Three Months Ended July 31, 2022								Six Months Ended July 31, 2022
	Walmart International				Consolidated				Walmart International				Consolidated
(Dollars in millions)	2022		Percent Change1		2022		Percent Change1		2022		Percent Change1		2022		Percent Change1
Total revenues:
As reported	$	24,884	6.4	%	$	152,859	8.4	%	$	48,985	-4.1	%	$	294,428	5.4	%
Currency exchange rate fluctuations	996		N/A		996		N/A		1,373		N/A		1,373		N/A
Constant currency total revenues	$	25,880	10.7	%	$	153,855	9.1	%	$	50,358	-1.4	%	$	295,801	5.9	%
Net sales:
As reported	$	24,350	5.7	%	$	151,381	8.2	%	$	48,113	-4.4	%	$	291,669	5.3	%
Currency exchange rate fluctuations	956		N/A		956		N/A		1,332		N/A		1,332		N/A
Constant currency net sales	$	25,306	9.9	%	$	152,337	8.9	%	$	49,445	-1.8	%	$	293,001	5.8	%
Operating income:
As reported	$	1,043	21.1	%	$	6,854	-6.8	%	$	1,815	-11.7	%	$	12,172	-14.7	%
Currency exchange rate fluctuations	62		N/A		62		N/A		83		N/A		83		N/A
Constant currency operating income	$	1,105	28.3	%	$	6,916	-6.0	%	$	1,898	-7.6	%	$	12,255	-14.1	%

1 Change versus prior year comparable period.

10

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 $9.2 billion for the six months ended July 31, 2022, which represents a decline of $3.2 billion when compared to the same period in the prior year. The decline is primarily due to a decrease in operating income, higher inventory costs and purchases to support strong sales and the timing of certain payments. Free cash flow for the six months ended July 31, 2022 was $1.7 billion, which represents a decline of $5.7 billion when compared to the same period in the prior year. The decline in free cash flow is due to the reduction in operating cash flows described above, as well as an increase of $2.5 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 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.

	Six Months Ended
	July 31,
(Dollars in millions)	2022		2021
Net cash provided by operating activities	$	9,240	$	12,423
Payments for property and equipment (capital expenditures)	(7,492)		(5,019)
Free cash flow	$	1,748	$	7,404
Net cash (used in) provided by investing activities1	$	(8,584)	$	2,402
Net cash used in financing activities	(1,400)		(11,559)

1 “Net cash (used in) provided by investing activities” includes payments for property and equipment, which is also included in our computation of free cash flow.

11

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 realized and unrealized gains and losses related to those equity investments.

We have calculated Adjusted EPS for the three and six months ended July 31, 2022 by adjusting EPS for the following:

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

2. gain on sale of equity method investment in Brazil; and

3. discrete tax item

	Three Months Ended July 31, 2022
Diluted earnings per share:
Reported EPS							$	1.88
Adjustments:	Pre-Tax Impact		Tax Impact1, 2		NCI Impact3		Net Impact
Unrealized (gains) and losses on equity and other investments	$	0.14	$	(0.02)	$	(0.01)	$	0.11
Gain on sale of equity method investment in Brazil	(0.16)		—		—		(0.16)
Discrete tax item	—		(0.06)		—		(0.06)
Net adjustments							$	(0.11)
Adjusted EPS							$	1.77

	Six Months Ended July 31, 20224
Diluted earnings per share:
Reported EPS							$	2.61
Adjustments:	Pre-Tax Impact		Tax Impact1, 2		NCI Impact3		Net Impact
Unrealized (gains) and losses on equity and other investments	$	0.85	$	(0.16)	$	(0.01)	$	0.68
Gain on sale of equity method investment in Brazil	(0.16)		—		—		(0.16)
Discrete tax item	—		(0.06)		—		(0.06)
Net adjustments							$	0.46
Adjusted EPS							$	3.07

1 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 22.5% and 24.0% for the three and six months ended July 31, 2022, respectively. Adjusted for the above item, the effective tax rate was 26.2% and 25.6% for the three and six months ended July 31, 2022, respectively.

3 Calculated 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.

12

As previously disclosed in our second quarter ended July 31, 2021 press release, we have calculated Adjusted EPS for the three and six months ended July 31, 2021 by adjusting EPS for the following: (1) unrealized and realized gains and losses on the company’s equity investments; and (2) the incremental loss on sale of our operations in the U.K. and Japan during the first quarter of fiscal 2022.

	Three Months Ended July 31, 2021
Diluted earnings per share:
Reported EPS					$	1.52
Adjustments:	Pre-Tax Impact		Tax Impact1, 2		Net Impact
Unrealized and realized (gains) and losses on equity investments	$	0.34	$	(0.08)	$	0.26
Adjusted EPS					$	1.78

	Six Months Ended July 31, 20213
Diluted earnings per share:
Reported EPS					$	2.48
Adjustments:	Pre-Tax Impact		Tax Impact1,2		Net Impact
Unrealized and realized (gains) and losses on equity investments	$	1.07	$	(0.22)	$	0.85
Incremental loss on sale of our operations in the U.K. and Japan	0.15		—		0.15
Net adjustments					$	1.00
Adjusted EPS					$	3.48

1 Calculated based on nature of item, including any realizable deductions, and statutory rate in effect for relevant jurisdictions. Minimal realizable tax benefit was provided in connection with the incremental loss on sale.

2 The reported effective tax rate was 26.3% and 26.5% for the three and six months ended July 31, 2021, respectively. Adjusted for the above items, the effective tax rate was 25.6% and 24.5% for the three and six months ended July 31, 2021, respectively.

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

EX-99.2

Q2 FY2023 Financial presentation to accompany management commentary

This presentation contains statements or may include or may incorporate by reference Walmart management’s guidance regarding earnings per share, consolidated net sales, consolidated operating income, capital expenditures, share repurchases, Walmart’s effective tax rate for the fiscal year ending January 31, 2023, 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: 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, 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 report 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 presentation. 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 presentation. 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 presentation. 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 operating income, adjusted operating income on a constant currency basis, adjusted EPS, free cash flow and return on investment. Refer to information about the non-GAAP measures contained in this presentation. Additional information as required by Regulation G and Item 10(e) of Regulation S-K regarding non-GAAP measures can be found in our most recent Form 10-K and our Form 8-K furnished as of the date of this presentation with the SEC, which are available at www.stock.walmart.com. 2 Safe harbor and non-GAAP measures

3 Third quarter and Fiscal Year 2023 guidance The following guidance reflects the company’s expectations for Q3 and fiscal year 2023 and is provided on a non-GAAP basis as the company cannot predict certain elements which are included in reported GAAP results, including 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 guidance assumes a generally stable consumer in the U.S., continued pressure from inflation and mix of products and formats globally. 1 We completed the sale of our operations in the U.K. and Japan in the first quarter of fiscal 2022 Third quarter • Consolidated net sales growth of about 5%, negatively affected by approximately $1.3 billion from currency fluctuations. • Walmart U.S. comp sales, excluding fuel, of about 3.0%. • Consolidated operating income decline of 8.0% to 10.0%. • Adjusted earnings per share decline of 9.0% to 11.0%. Fiscal Year 2023 The company updates its guidance for the fiscal year to reflect second-quarter performance and maintains its outlook for the back-half of the year. • Consolidated net sales growth is expected to be about 4.5%. Excluding divestitures1, consolidated net sales growth is expected to be about 5.5%. Based on current exchange rates, the company expects a headwind of about $2.1 billion in the second half of the year. • The company maintains its expectations for Walmart U.S. comp sales growth, excluding fuel, of about 3% in the second half of the year. For the full year, the company expects Walmart U.S. comp sales growth, excluding fuel, of about 4%. • Consolidated adjusted operating income is expected to decline 9.0% to 11.0%, which improved from the company’s prior guidance of a decline of 11.0% to 13.0% and reflects better performance in the second quarter. Excluding divestitures1, consolidated adjusted operating income is expected to decline 8.0% to 10.0%. • Adjusted earnings per share are expected to decline 9.0% to 11.0%. Excluding divestitures1, adjusted earnings per share is expected to decline 8.0% to 10.0%.

4 Total revenue $152.9 +8.4% Total revenue, constant currency1 $153.9 +9.1% Membership and Other Income $1.5 +25.6% Net sales $151.4 +8.2% Net sales, constant currency1 $152.3 +8.9% Gross profit rate 23.5% -132 bps Operating expense as a percentage of net sales 19.9% -45 bps Operating income $6.9 -6.8% Operating income, constant currency1 $6.9 -6.0% Effective tax rate 22.5% Adjusted Effective tax rate1 26.2% EPS $1.88 +23.7% Adjusted EPS1 $1.77 -0.6% Walmart Inc. - Q2 FY23 Dollars in billions, except per share. Change is calculated as the change versus the prior year comparable period 1 See press release located at www.stock.walmart.com and reconciliations at the end of presentation regarding non-GAAP financial measures. Adj. operating income, constant currency1,2 $7.0 -6.7%

1 Debt to total capitalization calculated as of July 31, 2022. 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. Total capitalization includes debt and total Walmart shareholders' equity. 2 Calculated for the trailing 12 months ended July 31, 2022. For ROI, see reconciliations at the end of presentation regarding non-GAAP financial measures. 5 Receivables, net Debt to capitalization1 $7.5 39.5% +23.3% +300 bps Inventories Return on assets2 $59.9 5.8% +25.5% +140 bps Accounts payable Return on investment2 $54.2 13.8% +9.3% -100 bps Walmart Inc. - Q2 FY23 Dollars in billions. Change is calculated as the change versus the prior year comparable period

1 See press release located at www.stock.walmart.com and reconciliations at the end of this presentation regarding non-GAAP financial measures. 2 $4.9 billion remaining of $20 billion authorization approved in February 2021. The company repurchased approximately 26 million shares in Q2 fiscal 2023. 6 Operating cash flow Dividends $9.2 $3.1 -$3.2 Capital expenditures Share repurchases2 $7.5 $5.7 +$2.5 Free cash flow1 Returns to shareholders $1.7 $8.8 -$5.7 Walmart Inc. - YTD Q2 FY23 Dollars in billions. Dollar changes may not recalculate due to rounding. Change is calculated as the change versus the prior year comparable period

7 Net Sales $105.1 +7.1% eCommerce net sales growth +12% eCommerce contribution to comp1 100 bps Inventory Total: +25.6% Comparable sales1 6.5% Comparable transactions 1.0% Comparable average ticket 5.5% • Continued strong market share gains in grocery categories • Strong sales throughout the quarter • Solid start to Back-to-School season • E-commerce sales increased 18% on two- year stack • Comp sales accelerated sequentially and were led by strength in food categories, strong private brand sales, and higher average ticket • Comp sales up 11.7% on two-year stack • On a two-year stack, comp transactions increased 7.1% Remodels: >180 stores Pickup: ~4,600 locations Same-day delivery: >3,800 stores • Increase reflects higher cost of goods, improved in-stocks and higher levels of general merchandise 1 Comp sales for the 13-week period ended July 29, 2022 compared to the 13-week period ended July 30, 2021, and excludes fuel. Walmart U.S. - Q2 FY23 Dollars in billions. Change is calculated as the change versus the prior year comparable period

8 Gross profit rate -106 bps Operating income $5.7 -6.7% Operating expense rate -21 bps • Increased general merchandise markdowns, particularly in apparel, pressured gross margin • Category mix shifts toward grocery and away from general merchandise negatively affected the rate • Managing prices due to higher cost inflation • Expense leverage reflects higher sales and lower COVID costs, partially offset by the effect of wage investments implemented last year • COVID costs were lower by ~$0.2 billion Adj. operating income1 $5.7 -6.7% Walmart U.S. - Q2 FY23 Dollars in billions. Change is calculated as the change versus the prior year comparable period 1 See press release located at www.stock.walmart.com and reconciliations at the end of presentation regarding non-GAAP financial measures. • Gross margin pressure was partly offset by expense leverage and solid growth in membership and other income

Walmart U.S. - quarterly merchandise highlights 9 Category Comp sales Details Grocery + low double-digits • Sales growth led by strength in food (+mid-teens); reflected continued market share gains (according to Nielsen) • Grocery sales increased high-teens on a two-year stack • Units in food slightly negative and about flat exiting the quarter • Consumables led by strength in pet categories and paper goods driven partly by inflation Health & wellness + high single-digits • Strong pharmacy sales primarily reflected favorable mix and branded drug inflation; sales were up mid-20% on a two-year stack General merchandise - mid single-digits • Softness in discretionary categories such as electronics, apparel and home products • Sales were solid in automotive, lawn & garden and back-to-school categories

• Slight leverage due to strong sales growth, partially offset by planned strategic investments • Majority of increase is from planned growth and higher costs of goods due to inflation • Some markets have higher general merchandise levels • Overall increase is partially offset by currency exchange rate fluctuations 10 1 See press release located at www.stock.walmart.com and reconciliations at the end of presentation regarding non-GAAP financial measures. Inventory $10.8 +15.1% Gross profit rate -18 bps Operating income $1.0 +21.1% Net sales, constant currency1 $25.3 +9.9% Operating expense rate -7 bps Operating income, constant currency1 $1.1 +28.3% • Lower rate from growth in lower margin formats of Sam’s Club and eCommerce in China • Continuing category mix shifts towards food and consumables Net sales $24.4 +5.7% Walmart International - Q2 FY23 Dollars in billions. Dollar changes may not recalculate due to rounding. Change is calculated as the change versus the prior year comparable period • Includes a $0.2b insurance benefit received in Q2 this year related to the disruption in Chile in fiscal year 2020 Adj. operating income1 $1.2 +33.7% • Strong sales growth with double digit comps in Mexico, Canada and China, each also growing faster than inflation • Strength in food and consumables across all markets; softness in general merchandise in some markets • eCommerce net sales contributed 19% of total net sales Adj. operating income, constant currency1,2 $1.2 +41.1% • Retained market growth of 2.7% • Retained market growth of 0.8%

• Strong sales in food and consumables • eCommerce net sales -9%, as overall market contracted ◦ Two-year stack +32% 1 Walmex includes the consolidated results of Mexico and Central America. 11 Walmex1 China Canada Net sales growth +12.7% +15.9% +10.0% Comparable sales +11.5% +14.1% +10.3% Comparable transactions +5.4% -2.2% +12.6% Comparable ticket +5.7% +16.6% -2.0% • Double-digit growth with continued strength in food and consumables • In Mexico, comp sales increased 10.8% driven by Bodega and Sam’s Club • Mexico eCommerce net sales +18% ◦ Two-year stack +31% • Strong sales growth in Sam’s Club and eCommerce, primarily in food • eCommerce net sales +77% ◦ Two-year stack +152% ◦ eCommerce net sales contributed 40% of China net sales Walmart International - Q2 FY23 Results are presented on a constant currency basis. Net sales and comp sales are presented on a nominal, calendar basis and include eCommerce results. Change is calculated as the change versus the prior year comparable period.

• Disciplined cost management combined with leverage from higher sales • Increased leverage from higher penetration of Sam's Club, which has a lower operating expense rate • Higher transportation cost and higher sales in lower margin food and consumables 1 Walmex includes the consolidated results of Mexico and Central America. 12 Walmex1 China Canada Gross profit rate Relatively Flat Decrease Decrease x • New revenue streams and logistics efficiencies benefited gross profit while Walmex also expanded price gaps • Growth in the lower margin Sam's Club format and eCommerce Operating expense rate Decrease Decrease Decrease Operating income $ Increase Decrease Decrease Walmart International - Q2 FY23 Results are presented on a constant currency basis. Change is calculated as the change versus the prior year comparable period • Increased leverage from higher sales and cost savings initiatives, allowing for continued investment in strategic priorities

13 +9.5% Comparable sales +9.8% Comparable transactions -0.2% Average comparable ticket ~170 bps eCommerce contribution $17,999 +10% Net sales +8.9% Membership income -296 bps Gross profit rate -72.0000000000001 bps Operating expense rate $222 -61.4% Operating income With Fuel Without Fuel Comparable sales1 +17.5% Net sales $21.9 +17.5% eCommerce net sales growth +25% Comparable sales +17.5% Membership income +8.9% Gross profit rate -272 bps Operating expense rate -131 bps Inventory $7.0 +45.0% Operating income $0.4 (35.3)% • Solid membership trends with record total member count • Plus penetration continues to improve, near all-time high • Added more new members than any other quarter in recent years, benefiting from membership campaigns • Higher sales positively affected operating expense leverage • COVID-related costs were lower by ~$25 million • Higher markdowns and elevated supply chain and eCommerce fulfillment costs • LIFO charge of $123 million • Strong contribution from both curbside and direct-to-home • Strong comp sales growth driven by low-teen increase in transactions and inflation • Strength across most categories, led by food and consumables • On a two-year stack, comp sales increased 31.4% • Fuel positively affected comp sales as both prices and gallons sold increased • Tobacco negatively affected comp sales 1 Comp sales for the 13-week period ended July 29, 2022 compared to the 13-week period ended July 30, 2021. • Increase reflects inventory build to support higher sales trends, improving in-stocks and inflation Sam's Club - Q2 FY23 Dollars in billions. Change is calculated as the change versus the prior year comparable period

14 $21,901 +17.5% Net Sales +33% eCommerce net sales growth +17.5% Comparable sales -272 bps Gross profit rate -131 bps Operating expense rate $427 (35.3)% Operating income Without Fuel Net sales $18.0 +9.5% Operating expense rate -72 bps Gross profit rate -296 bps Operating income $0.2 (61.4)% Comparable transactions +9.8% Comparable sales1, 2 +9.5% eCommerce contribution ~170 bps Average comparable ticket -0.2% 1 Comp sales for the 13-week period ended July 29, 2022 compared to the 13-week period ended July 30, 2021, and excludes fuel. 2 Tobacco negatively affected comp sales for the 13-week period ended July 29, 2022 by 50 basis points. On a two-year stack, tobacco negatively affected comp sales by 340 basis points. Sam's Club - Q2 FY23 Dollars in billions. Change is calculated as the change versus the prior year comparable period • On a two-year stack, average comp ticket increased 2.3% • On a two-year stack, comp sales increased 17.2% • On a two-year stack, comp transactions increased 14.9%

15 Category Comp sales Details Fresh / Freezer / Cooler + low-teens • Cooler, produce & floral, deli, and fresh meat & seafood performed well Grocery and beverage + low-teens • Drinks, dry grocery, and chips showed strength Consumables + low-teens • Paper goods, tabletop & bags, and pet supplies performed well Home and apparel + low-teens • Strength in apparel, outdoor living, seasonal, and toys Technology, office and entertainment - high single-digit • Softness in consumer electronics, partially offset by strength in gift cards and office supplies Health and wellness + mid single-digit • Pharmacy and over the counter performed well Sam's Club - quarterly financial highlights

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 5.8 percent and 4.4 percent for the trailing 12 months ended July 31, 2022 and 2021, respectively. The increase in ROA was primarily due to the increase in net income. ROI was 13.8 percent and 14.8 percent for the trailing 12 months ended July 31, 2022 and 2021, respectively. The decrease in ROI was primarily due to a decrease in operating income and increase in average total assets driven by higher inventories. We define ROI as adjusted operating income (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 GAAP 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; and 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. 16 Non-GAAP measures - ROI

The calculation of ROA and ROI, along with a reconciliation of ROI to the calculation of ROA, is as follows: 17 3 Upon adoption of ASU 2016-02, Leases, a factor of eight times rent is no longer included in the calculation of ROI on a prospective basis as operating lease assets are now recorded on the Consolidated Balance Sheet. 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. 2 The average is based on the addition of 'total assets without leased assets, net' at the end of the current period to 'total assets without leased assets, net' at the end of the prior period and dividing by 2, plus 'leased assets, net' at the end of the current period. 3 The average is based on the addition of 'accumulated depreciation and amortization, without leased assets' at the end of the current period to 'accumulated depreciation and amortization, without leased assets' at the end of the prior period and dividing by 2, plus 'accumulated amortization on leased assets' at the end of the current period. NP = not provided CALCULATION OF RETURN ON ASSETS CALCULATION OF RETURN ON INVESTMENT Trailing Twelve Months Trailing Twelve Months Ended July 31, Ended July 31, (Dollars in millions) 2022 2021 (Dollars in millions) 2022 2021 Numerator Numerator Consolidated net income $ 14,015 $ 10,368 Operating income $ 23,851 $ 25,528 Denominator + Interest income 155 122 Average total assets1 $ 242,876 $ 237,967 + Depreciation and amortization 10,733 10,892 Return on assets (ROA) 5.8 % 4.4 % + Rent 2,302 2,451 ROI operating income $ 37,041 $ 38,993 July 31, Denominator Certain Balance Sheet Data 2022 2021 2020 Average total assets1 $ 242,876 $ 237,967 Total assets $ 247,199 $ 238,552 $ 237,382 '+ Average accumulated depreciation and amortization1 102,155 97,685 Accumulated depreciation and amortization 105,963 98,346 97,023 '- Average accounts payable1 51,896 47,964 Accounts payable 54,191 49,601 46,326 '- Average accrued liabilities1 23,878 23,842 Accrued liabilities 23,843 23,915 23,768 Average invested capital $ 269,257 $ 263,846 Return on investment (ROI) 13.8 % 14.8 % 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 - ROI (cont.)

1 "Net cash (used in) provided by investing activities" includes payments for property and equipment, which is also included in our computation of free cash flow. 18 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 $9.2 billion for the six months ended July 31, 2022, which represents a decline of $3.2 billion when compared to the same period in the prior year. The decline is primarily due to a decrease in operating income, higher inventory costs and purchases to support strong sales and the timing of certain payments. Free cash flow for the six months ended July 31, 2022 was $1.7 billion, which represents a decline of $5.7 billion when compared to the same period in the prior year. The decline in free cash flow is due to the reduction in operating cash flows described above, as well as an increase of $2.5 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 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. Six Months Ended July 31, (Dollars in millions) 2022 2021 Net cash provided by operating activities $ 9,240 $ 12,423 Payments for property and equipment (capital expenditures) (7,492) (5,019) Free cash flow $ 1,748 $ 7,404 Net cash (used in) provided by investing activities1 $ (8,584) $ 2,402 Net cash used in financing activities (1,400) (11,559) Non-GAAP measures - free cash flow

1 Change versus prior year comparable period. 2 Walmart International eCommerce net sales were $4.6 billion and $8.9 billion for the three and six months ended July 31, 2022, and were negatively impacted by $207 million and $4,535 million of currency exchange rate fluctuations, respectively. 3 Walmart International eCommerce net sales were 11.4% flat on a reported basis and increased 6% in constant currency and increased 5.6% on a reported basis and (48.1)% in constant currency for the three and six months ended July 31, 2022, respectively. 19 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 six months ended July 31, 2022. Three Months Ended July 31, 2022 Six Months Ended July 31, 2022 2022 Percent Change1 2022 Percent Change1 2022 Percent Change1 2022 Percent Change1 (Dollars in millions) Walmart International Consolidated Walmart International Consolidated Total revenues: As reported $ 24,884 6.4 % $ 152,859 8.4 % $ 48,985 -4.1 % $ 294,428 5.4 % Currency exchange rate fluctuations 996 N/A 996 N/A 1,373 N/A 1,373 N/A Constant currency total revenues $ 25,880 10.7 % $ 153,855 9.1 % $ 50,358 -1.4 % $ 295,801 5.9 % Net sales: As reported $ 24,350 5.7 % $ 151,381 8.2 % $ 48,113 -4.4 % $ 291,669 5.3 % Currency exchange rate fluctuations 956 N/A 956 N/A 1,332 N/A 1,332 N/A Constant currency net sales $ 25,306 9.9 % $ 152,337 8.9 % $ 49,445 -1.8 % $ 293,001 5.8 % Operating income: As reported $ 1,043 21.1 % $ 6,854 -6.8 % $ 1,815 -11.7 % $ 12,172 -14.7 % Currency exchange rate fluctuations 62 N/A 62 N/A 83 N/A 83 N/A Constant currency operating income $ 1,105 28.3 % $ 6,916 -6.0 % $ 1,898 -7.6 % $ 12,255 -14.1 % Non-GAAP measures - constant currency 1 Change versus prior year comparable period.

20 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 realized and unrealized gains and losses related to those equity investments. We have calculated Adjusted EPS for the three and six months ended July 31, 2022 by adjusting EPS for the following: 1. unrealized gains and losses on the company’s equity and other investments; 2. gain on sale of equity method investment in Brazil; and 3. discrete tax item Non-GAAP measures - adjusted EPS

21 1 Change versus prior year comparable period. 2 Calculated based on nature of item, including any realizable deductions, and statutory rate in effect for relevant jurisdictions. 3 The reported effective tax rate was 22.5% and 24.0% for the three and six months ended July 31, 2022, respectively. Adjusted for the above item, the effective tax rate was 26.2% and 25.6% for the three and six months ended July 31, 2022, respectively. 4 Calculated based on the ownership percentages of our noncontrolling interests. 5 Quarterly adjustments or adjusted EPS may not sum to YTD adjustments or YTD adjusted EPS due to rounding. Three Months Ended July 31, 2022 Percent Change1 Six Months Ended July 31, 20225 Percent Change1 Diluted earnings per share: Reported EPS $ 1.88 23.7% $ 2.61 5.2% Adjustments: Pre-Tax Impact Tax Impact2,3 NCI Impact4 Net Impact Pre-Tax Impact Tax Impact2,3 NCI Impact4 Net Impact Unrealized (gains) and losses on equity and other investments $ 0.14 $ (0.02) $ (0.01) $ 0.11 $ 0.85 $ (0.16) $ (0.01) $ 0.68 Gain on sale of equity method investment in Brazil (0.16) — — (0.16) (0.16) — — (0.16) Discrete tax item — (0.06) — (0.06) — (0.06) — (0.06) Net adjustments $ (0.11) $ 0.46 Adjusted EPS $ 1.77 -0.6% $ 3.07 -11.8% Non-GAAP measures - adjusted EPS (cont.)

22 As previously disclosed in our second quarter ended July 31, 2021 press release, we have calculated Adjusted EPS for the three and six months ended July 31, 2021 by adjusting EPS for the following: (1) unrealized and realized gains and losses on the company’s equity investments; and (2) the incremental loss on sale of our operations in the U.K. and Japan during the first quarter of fiscal 2022. Three Months Ended July 31, 2021 Six Months Ended July 31, 20213 Diluted earnings per share: Reported EPS $ 1.52 $ 2.48 Adjustments: Pre-Tax Impact Tax Impact1,2 Net Impact Pre-Tax Impact Tax Impact1,2 Net Impact Unrealized and realized (gains) and losses on equity investments 0.34 (0.08) 0.26 1.07 (0.22) 0.85 Incremental loss on sale of our operations in the U.K. and Japan — — — 0.15 — 0.15 Net adjustments $ 0.26 $ 1.00 Adjusted EPS $ 1.78 $ 3.48 Non-GAAP measures - adjusted EPS (cont.) 1 Calculated based on nature of item, including any realizable deductions, and statutory rate in effect for relevant jurisdictions. Minimal realizable tax benefit was provided in connection with the incremental loss on sale. 2The reported effective tax rate was 26.3% and 26.5% for the three and six months ended July 31, 2021, respectively. Adjusted for the above items, the effective tax rate was 25.6% and 24.5% for the three and six months ended July 31, 2021, respectively. 3Quarterly adjustments or adjusted EPS may not sum to YTD adjustments or YTD adjusted EPS due to rounding.

• Unit counts & square footage • Comparable store sales, including and excluding fuel • Terminology 23 Additional resources at stock.walmart.com

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Document and Entity Information Document	Aug. 16, 2022
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Aug. 16, 2022
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