2024 Annual Report PDF Final Final

Annual Report
2024
A message from our CEO
“At Walmart, we’re a people-led, tech-powered omnichannel retailer dedicated

to helping people save money and live better. Last year’s results were strong,
and we finished the year with momentum. Our people-first approach using the
best technology to power what we do means we’re able to deliver on our purpose
and grow our business. We’re innovating and changing as our associates and
customers change, while staying true to who we are.”
Read the full report

and Doug’s letter here:
Doug McMillon
President and Chief Executive Officer
Walmart Inc.
+6% +32% +200bps $36B

Revenues Operating income Returns Operating cash flow
$100B +28% +20% 1B Tonnes

eCommerce Advertising 1
Membership CO₂e emissions
sales income addressed2,3
1
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.
2
1B tonnes CO2e emissions reduced, avoided, or sequestered reported by suppliers cumulatively since 2017 through Project Gigaton. Calculated in
accordance with Walmart’s “Project Gigaton Accounting Methodology.” 3This result also includes emissions impacts that may only be realized in 2024
through, up to and including 2030. Additional qualifying information can be found by visiting http://corporate.walmart.com/purpose/esgreport.
WAL-081_2024 AR v11.indd 2 4/5/2024 3:15:51 PM

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________________
FORM 10-K
___________________________________________
☒ Annual report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934
For the fiscal year ended January 31, 2024, or
☐ Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934
Commission file number 001-06991.

___________________________________________
WALMART INC.
(Exact name of registrant as specified in its charter)
___________________________________________
Delaware 71-0415188
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
702 S.W. 8th Street

Bentonville, AR 72716
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (479) 273-4000
Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.10 per share WMT New York Stock Exchange
2.550% Notes due 2026 WMT26 New York Stock Exchange
1.050% Notes due 2026 WMT26A New York Stock Exchange
1.500% Notes due 2028 WMT28C New York Stock Exchange
4.875% Notes due 2029 WMT29B New York Stock Exchange
5.750% Notes due 2030 WMT30B New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None

___________________________________________
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes ý No ¨
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the
Exchange Act.
Yes ¨ No ý
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[THIS PAGE INTENTIONALLY LEFT BLANK]
Untitled-1 1 3/29/2024 10:28:40 AM

Corporate and Stock Information
Listing Dividends Payable Per Share(1)
New York Stock Exchange For fiscal 2025, dividends will be paid based on the following schedule:
Stock Symbol: WMT April 1, 2024 $0.2075
May 28, 2024 0.2075
Corporate Information
September 3, 2024 0.2075
Computershare Trust Company, N.A.
January 6, 2025 0.2075
P.O. Box 43006
Providence, RI 02940-3006 Dividends Payable Per Share(1)
1-800-438-6278 For fiscal 2024, dividends were paid based on the following schedule:
TDD for hearing-impaired inside the U.S. 1-800-952-9245 April 3, 2023 $0.1900
Internet: http://www.computershare.com May 30, 2023 0.1900
Annual Meeting September 5, 2023 0.1900
Our 2024 Annual Shareholders’ Meeting will be held on Wednesday, January 2, 2024 0.1900
June 5, 2024 at 10:30am CDT in a virtual meeting format only, with no Dividends Payable Per Share(1)
physical in-person meeting. Our Annual Shareholders’ Meeting will be For fiscal 2023, dividends were paid based on the following schedule:
available for viewing at www.virtualshareholdermeeting.com/WMT2024. April 4, 2022 $0.1867
Communication with Shareholders May 31, 2022 0.1867
Walmart Inc. periodically communicates with our shareholders and other September 6, 2022 0.1867
members of the investment community about our operations. For further January 3, 2023 0.1867
information regarding our policy on shareholder and investor Stock Performance Chart
communications refer to our website, www.stock.walmart.com. This graph compares the cumulative total shareholder return on
Walmart’s common stock during the five fiscal years ending through
The following reports are available without charge upon request
fiscal 2024 to the cumulative total returns on the S&P 500 Consumer
by writing the company c/o Investor Relations or by emailing
Discretionary Distribution & Retailing Index (formerly named the S&P
IR@walmart.com. These reports are also available via the
500 Retailing Index) and the S&P 500 Index. The comparison assumes
corporate website.
$100 was invested on February 1, 2019, in shares of our common stock
• Annual Report on Form 10-K and in each of the indices shown and assumes that all of the dividends
• Quarterly Reports on Form 10-Q were reinvested.
• Earnings Releases
• Current Reports on Form 8-K Comparison of 5-Year Cumulative Total Return*
• Annual Shareholders’ Meeting Proxy Statement Among Walmart Inc., the S&P 500 Index and S&P 500 Consumer Discretionary
• Environmental, Social and Governance Reports Distribution & Retailing Index
• Belonging, Diversity, Equity & Inclusion Reports (Fiscal Years Ended January 31)
S&P 500 Consumer Discretionary
Independent Registered Public Accounting Firm Walmart Inc. S&P 500 Index Distribution & Retailing Index
Ernst & Young LLP

$250
5417 Pinnacle Point Dr., Suite 501
Rogers, AR 72758
$200
Market Price of Common Stock(1)
The high market price and low market price per share for the $150
Company’s common stock for each fiscal quarter in fiscal 2024 and
$100
2023 were as follows:
2024 2023 $ 50
High Low High Low $ 0

2019 2020 2021 2022 2023 2024
1st Quarter $51.25 $45.36 $53.59 $44.00 Fiscal Years
2nd Quarter 53.65 48.33 51.66 39.09 *A ssumes $100 Invested on February 1, 2019
3rd Quarter 55.28 50.55 47.69 41.71 Assumes Dividends Reinvested
Fiscal Year Ended January 31, 2024
4th Quarter 56.65 49.85 51.55 46.06
Fiscal Years Ended January 31,
The high market price and low market price per share for the 2019 2020 2021 2022 2023 2024
Company’s common stock for the first fiscal quarter of fiscal 2025, Walmart Inc. $100.00 $120.27 $148.41 $148.47 $153.58 $177.30
were as follows:
S&P 500 Index 100.00 121.68 142.67 175.90 161.45 195.06
2025
S&P 500 Consumer
High Low
Discretionary
100.00 117.54 166.19 180.56 147.66 190.67
1st Quarter(2) $61.57 $55.06 Distribution &
(1)
n February 23, 2024, the Company effected a 3-for-1 forward split of its common
O Retailing Index
stock and a proportionate increase in the number of authorized shares. Share and per
share information has been retroactively adjusted to reflect the stock split. Holders of Record of Common Stock
(2)
Through March 13, 2024. As of March 13, 2024, there were 200,344 holders of record of
Walmart’s common stock, although there is a much larger number
of beneficial owners.

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Annual Report

“At Walmart, we’re a people-led, tech-powered omnichannel retailer dedicated

Read the full report

+6% +32% +200bps $36B

$100B +28% +20% 1B Tonnes

WAL-081_2024 AR v11.indd 2 4/5/2024 3:15:51 PM

Commission file number 001-06991.

702 S.W. 8th Street

Registrant's telephone number, including area code: (479) 273-4000

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

Securities registered pursuant to Section 12(g) of the Act: None

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