Financial presentation

to accompany management commentary

FY24 Q4
Guidance Metric

Consolidated net sales (cc)

Q1

Increase 4.0% to 5.0%, leap year estimated to benefit approximately 100bps

Consolidated operating income (cc) Increase 3.0% to 4.5%

The following guidance reflects the Company’s
expectations for the first quarter and fiscal Adjusted EPS $1.48 to $1.56 pre-split; $0.49 to $0.52 post-split
year 2025 and is provided on a non-GAAP
basis as the Company cannot predict certain
elements that are included in reported GAAP Metric Fiscal Year 2025
results, such as the changes in fair value of the
Company’s equity and other investments. Consolidated net sales (cc) Increase 3.0% to 4.0%
Growth rates reflect an adjusted basis for prior
Consolidated operating income (cc) Increase 4.0% to 6.0%
year results. Additionally, the Company’s
guidance assumes a generally stable consumer Interest, net Increase approximately $100M to $200M
and continued pressure from its mix of
products and formats globally. Effective tax rate Approximately 25.0% to 26.0%

Non-controlling interest Relatively flat

The Company’s fiscal year guidance is based on
the following FY24 figures: Net sales: $642.6 Adjusted EPS $6.70 to $7.12 pre-split; $2.23 to $2.37 post-split
1
billion, adjusted operating income : $27.1
1
billion, adjusted EPS $6.65. Capital expenditures Approximately 3.0% to 3.5% of net sales

1
See additional information at the end of this presentation regarding non-GAAP financial measures
cc = constant currency
2
Total revenues
1
Total revenues (cc) $172.1 billion, up +4.9%
Amounts in billions, except as noted. Dollar changes may not recalculate due to rounding.

$173.4

• Total revenues reached $173.4

$164.0 billion with strength across all
$161.6 $160.8
operating segments
$152.3
• Positively affected by $1.3 billion
from currency fluctuations

• eCommerce net sales globally up

23%, reaching $30 billion and 18% of
net sales, led by pickup and delivery

• Increased transactions across digital

Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 and in-store channels
Y/Y Change +7.3% +7.6% +5.7% +5.2% +5.7% • Strong growth in membership
1
Y/Y Change (cc)
+7.9% +7.7% +5.4% +4.3% +4.9%
income globally

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

3
Gross profit rate
Gross profit rate +39bps to 23.3%

24.0% 24.0%
• Improvement from continuing to
manage pricing aligned to
23.7% competitive historic price gaps
and lower markdowns resulting
23.3% from strong inventory
management

22.9% • Partially offset by the timing of

Flipkart's The Big Billion Days
(BBD) event which shifted from
Q3 last year to Q4 this year, and
continued category mix pressure
Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24
in the Walmart U.S. segment
Y/Y Change -83bps -18bps +50bps +32bps +39bps

4
 Operating expenses as a percentage of net sales
1
Adjusted operating expenses as a percentage of net sales , +16bps to 20.0%

Operating expenses as a percentage Adjusted operating expenses as a

1
of net sales percentage of net sales

21.0% 21.0% • Operating expenses leveraged on a

reported basis 36bps, primarily due to
the lapping of a discrete charge of
20.3% 20.4% 20.4%
20.3% 20.2% $0.8B associated with business
20.0% 20.0% reorganization and restructurings
19.8%
1
• Adjusted operating expenses
deleveraged 16bps largely due to
higher variable pay expenses in the
U.S. as we exceeded our planned
performance this year

Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24

Y/Y Change -44bps -58bps +33bps -182bps -36bps Y/Y Change -89bps -58bps +27bps +37bps +16bps

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

5
 Operating income
1
Adjusted operating income of $7.3 billion, up 13.2%
Amounts in billions, except as noted. Dollar changes may not recalculate due to rounding.

1
Operating income Adjusted operating income
1
• Adjusted operating income up 13.2%
$7.3 $7.4 relative to 5.6% growth in net sales,
$7.3 $7.3
positively affected by currency and
$6.4 LIFO of 2.3% and 1.0%, respectively
$6.2 $6.2 $6.2 $6.2
$5.6 • Q4 FY23 and Q2 FY24 reported
operating income negatively
affected by discrete charges of
$0.8B and $0.1B, respectively,
associated with business
reorganization and restructurings
and the opioid legal settlement
framework

• Q4 FY24 net income margin

Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 decreased ~70 bps and adjusted
1
Y/Y Change -5.5% +17.3% +6.7% +130.1% +30.4% Y/Y Change +6.9% +17.3% +8.1% +3.0% +13.2%
EBITDA margin increased ~30bps
1 1
Y/Y Change (cc) -6.5% +16.0% +4.9% +124.0% +27.8% Y/Y Change (cc) +6.3% +16.0% +6.3% +0.3% +10.9%

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

6
 EPS
1
Adjusted EPS of $1.80, up 5.3%

1
EPS Adjusted EPS
$2.92

1
$2.32 • Adjusted EPS of $1.80 excludes
$2.03 the effect, net of tax, from a net
$1.84 $1.80
$1.71 gain of $0.23 on equity and other
$1.47 $1.53
investments
1
• Adjusted EPS increased 5.3%
$0.62 due primarily to strong growth in
$0.17 operating income, partially
offset by higher tax expense and
Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24
non-controlling interest

PY $1.53 $1.30 $1.77 $1.50 $1.71

Y/Y Change +11.8% +13.1% +4.0% +2.0% +5.3%

Y/Y Change +81.3% -16.2% +55.3% NM -12.5%

1
See additional information at the end of this presentation regarding non-GAAP financial measures.
NM = not meaningful
7
 Cash flow
Amounts in billions, except as noted. Dollar changes may not recalculate due to rounding.

1
Operating cash flow Free cash flow
$35.7

$28.8
$15.1 • Operating cash flow increased $6.9
billion primarily due to higher cash
$12.0 provided by operating income, as
well as timing of certain payments
$18.2 $19.0 and strategic inventory
$9.0
management as part of working
capital initiatives
$4.3
• Partially offset by payment of the
$4.6
remaining accrued opioid legal
$0.2 charges
Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 1
• Free cash flow increased $3.1
YTD YTD YTD YTD YTD YTD YTD YTD YTD YTD billion due to the increase in
PY $24.2 $(3.8) $9.2 $15.7 $28.8 PY $11.1 $(7.3) $1.7 $3.6 $12.0 operating cash flow, partially offset
by an increase of $3.7 billion in
Y/Y Change +19.3% NM +97.0% +21.1% +23.9% Y/Y Change +8.2% NM +414.0% +19.4% +26.2%
capital expenditures to support the
company's investment strategy

1
See additional information at the end of this presentation regarding non-GAAP financial measures.
NM = not meaningful
8
Returns to shareholders
Through dividends and share repurchases
Amounts in billions, except as noted. Dollar changes may not recalculate due to rounding.

$1.2 • Share repurchases during the

quarter totaled $1,497 million
$0.7 representing 9.5 million shares, at
$0.5 $0.1 $1.5
an average price of $156.61 per
$1.5 $1.5 $1.5 $1.5 $1.5 share

• Remaining share repurchase

authorization is $16.5 billion
Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24

Dividends Share repurchases

Returns to $2.7 $2.2 $2.0 $1.6 $3.0

shareholders

9
 Returns

1
Return on assets (ROA) Return on investment (ROI)

15.0%
6.6% 1
6.5% • ROI increased primarily as a result of
an increase in operating income,
primarily due to lapping opioid legal
5.6% 14.1% charges and business reorganization
and restructuring charges recorded
in FY23, as well as improvements in
4.6% business performance
4.5%

12.8%
12.7% 12.7%

Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24

Y/Y Change -100bps -100bps -20bps +280bps +200bps Y/Y Change -220bps -120bps -100bps +130bps +230bps

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

10
 1
Walmart U.S. comp sales
Net sales +3.4%, eCommerce +17%

• Comp sales +4.0% with strength in

grocery and health & wellness, partially
8.3%
offset by softness in general merchandise

7.4% ◦ Transactions without fuel +4.3%

6.4% ◦ Average ticket without fuel -0.3%

4.9% • Strong growth in-store and digital

transaction counts
4.0%
• Strong share gains in grocery and general
merchandise, particularly among higher-
income households
Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24
• eCommerce growth reflects double-digit
eCommerce increase in store-fulfilled pickup and
~140bps ~270bps ~230bps ~300bps ~240bps
Contribution
delivery, growth in marketplace due in
part to a 20% increase in sellers, and a
22% increase in Walmart Connect
advertising sales

1
Comp sales for the 13-week period ended January 26, 2024 compared to the 13-week period ended January 27, 2023, and excludes fuel.

11
Gross profit rate
+64 bps
Walmart U.S.
• Maintained strong price gaps - managing pricing aligned to historic price gaps
• Benefited from lower markdowns as a result of improved inventory management
• Category mix pressure continued as grocery and health & wellness increased as a
portion of sales, while general merchandise sales declined; sequential improvement Remodels: 205 Q4; ~700 YTD
versus Q3
Pickup: ~4,600 stores
Operating expenses as a percentage of net sales
+30 bps Delivery from Store: ~4,300
• Largely due to higher variable pay expense as we exceeded our planned performance
this year

Operating income
$6.1 billion, +12.9%
• Reflects gross margin expansion and increased Walmart+ membership income, partially
offset by expense deleverage

Inventory
-4.5%
• Strong inventory management while continuing to improve in-stock levels
• Maintaining discipline in buying general merchandise

12
Walmart U.S.
Merchandise category performance details

Category Comp Comments

• Strong comps reflected continued share gains in dollars

and units (according to Nielsen)
• Grocery inflation +LSD in Q4 (but moderated ~150 bps
Grocery + mid single-digit versus Q3); up +high-teens on a two-year stack
• Food units grew with strong growth in fresh food
• Consumables led by strength in personal care, pet supplies
and beauty products due in part to inflation

• Strong pharmacy sales reflected increased script counts,

Health & Wellness + mid teens higher mix of branded versus generic prescriptions,
strength in immunizations, and branded drug inflation

• Comps reflected softness in home, seasonal and toys due

in part to deflation; automotive categories performed well
General Merchandise - low single-digit • Increase in units sold in home, fashion, and hardlines
• Share gains led by higher-income households (per Circana)

13
Walmart International net sales1
Net sales (cc) $31.2 billion, +13.0%
Amounts in billions, except as noted. Dollar changes may not recalculate due to rounding.

1
• Sales growth (cc) led by Flipkart,
$32.4 Walmex, and China with strong
performance in festive events across
markets

$28.0 • Currency rate fluctuations positively

$27.6 $27.6
$26.6
affected sales by $1.3 billion

• eCommerce sales increased 44% led

by marketplace and store fulfilled, and
Net sales eCommerce penetration reached 25%
for the first time

• Overall and eCommerce sales growth

Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 positively affected by the timing of
Flipkart’s The Big Billion Days event,
Y/Y Change +2.1% +12.0% +13.3% +10.8% +17.6%
which shifted from Q3 last year to Q4
Net Sales (cc)
1,2
$27.6 $26.8 $27.0 $26.7 $31.2 this year
1
Y/Y Change (cc) +5.5% +12.9% +11.0% +5.4% +13.0%
• Opened 110 new stores in the quarter

1
See additional information at the end of this presentation regarding non-GAAP financial measures.
2
For Q4 FY23, net sales constant currency reflects reported results for comparison to current quarter growth in constant currency.

14
Walmart
Gross profit rate
-39 bps

International
• Decrease due to the timing shift of Flipkart's The Big Billion Days (BBD) event
• Partially offset by a higher rate in most markets, led by Walmex and Canada

Strong local businesses Operating expenses as a percentage of net sales

powered by Walmart -410 bps
• Approximately three-fourths of leverage due to lapping last year's one-time costs incurred
for the ownership separation of Flipkart and PhonePe and restructuring in Africa
• Additional leverage from timing shift of BBD and operational efficiencies
1
Operating income Adjusted operating income
1 1
$1.4 billion, +397.6%; $1.3 billion (cc) , +347.1% $1.3 billion (cc) , +13.5%
• Operating income growth mostly due to lapping last year's one-time costs
• Adjusted operating income growing double digits, led by Canada, Walmex, and China

Inventory
+5.2%
• Increase due to currency rate fluctuations

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

15
 1,2
Walmex
Net sales (cc): $12.9 billion, +7.7%

Sales
• Continued strength in food and
consumables
• Opened 162 new stores in past twelve
months, including 101 new stores in the
10.6%
quarter
9.3%
8.7% • In Mexico, comp sales grew 6.6% driven
8.0%
by Bodega and Sam's Club
6.3%
• Double-digit growth during annual "El
Fin Irresistible" festive event

Comparable Gross profit rate Increase

sales growth
• Higher gross profit from both stores and
eCommerce, as well as growth of
Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24
advertising

Operating expense rate Increase

Net sales growth +11.8% +10.6% +10.1% +9.4% +7.7%
• Ongoing investments in strategic
eCommerce net
+14% +17% +21% +16% +21% priorities and Hurricane Otis costs in
sales growth
Mexico

Operating income $ Increase

1
Results are presented on a constant currency basis. Net sales and comparable sales are presented on a nominal, calendar basis and include
eCommerce results. Change is calculated as the change versus the prior year comparable period.
2
Walmex includes the consolidated results of Mexico and Central America
16
 1
Canada
Net sales (cc): $6.0 billion, +1.8%

Sales
• Strong performance during festive
events
6.3%
5.7%
• Continuation of food and consumables
5.0%
growth outpacing general merchandise
4.8%
• eCommerce growth led by store fulfilled
and marketplace

Gross profit rate Increase

Comparable 1.5%
sales growth • Efficiencies in logistics and lower import
costs

Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Operating expense rate Relatively flat
• Balanced expense management
Net sales growth +5.9% +6.7% +5.1% +5.3% +1.8%
Operating income $ Increase
eCommerce net
-3% -2% +4% +16% +11%
sales growth

1
Results are presented on a constant currency basis. Net sales and comparable sales are presented on a nominal, calendar basis and include
eCommerce results. Change is calculated as the change versus the prior year comparable period.

17
 1
China
Net sales (cc): $4.0 billion, +11.3%

Sales
• Continued strength in Sam’s Club and
25.5% eCommerce
• Growth negatively affected by a later
start to the Chinese New Year season
18.6%
17.2% this year compared to last year
13.3% • eCommerce penetration at 48%

Gross profit rate Relatively flat

Comparable 6.6%
sales growth • Lower eCommerce delivery costs
offsetting ongoing format mix changes

Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Operating expense rate Decrease

• Driven by sales growth, format mix
Net sales growth +13.5% +28.3% +21.7% +25.3% +11.3% changes, and operational efficiencies
eCommerce net
+70% +54% +44% +38% +11% Operating income $ Increase
sales growth

1
Results are presented on a constant currency basis. Net sales and comparable sales are presented on a nominal, calendar basis and include
eCommerce results. Change is calculated as the change versus the prior year comparable period.

18
 1
Sam’s Club U.S. comp sales
Net sales with fuel +2.0%, Net sales without fuel +3.3%, eCommerce +17%

Sam's Club U.S. comp sales

• Solid comp sales driven by increases in
transactions and unit volume
11.9%12.2%
◦ Transactions without fuel +3.6%
7.0% ◦ Average ticket without fuel -0.4%
5.5%
4.2% • Strength in food and consumables, and
3.3% 3.8% 3.1%
1.9% healthcare

• Gained dollar and unit market share in grocery

(0.2)% (according to Nielsen)

• eCommerce +17%, led by delivery and

Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 curbside
With fuel Without fuel • Scan & Go penetration is up over 270 bps

eComm Cont. ~120bps ~160bps ~150bps ~170bps ~190bps

without fuel

1
Comp sales for the 13-week period ended January 26, 2024 compared to the 13-week period ended January 27, 2023.

19
Gross profit rate
+31 bps, without fuel +22 bps
Sam’s Club U.S.
• Rate increase primarily due to lapping elevated markdowns last year

Operating expenses as a percentage of net sales

+14 bps, without fuel +2 bps
• Lower fuel sales due to price deflation negatively affected expense leverage

Membership income
+10.0%
• All-time highs for total and Plus membership, Plus penetration +130bps y/y
• Expiration of Sam’s Cash offer last year, offsetting fee increase for members

Operating income
$620M, +20.4%, without fuel $501M, +25.9%
• Lapping elevated markdowns last year and increased membership income benefited
operating income

Inventory
-8.1%
• Strong inventory management while maintaining discipline in buying general merchandise

20
Sam’s Club U.S.
Category comparable sales

Category Comp Comments

• Fresh meat, produce & floral, and prepared foods

Fresh / Freezer / Cooler + mid single-digit performed well

Grocery and Beverage + low single-digit • Candy, drinks and snacks showed strength

• Paper goods, laundry & home care, and baby care

Consumables + mid single-digit performed well

• Softness in toys, furniture and sporting goods, partially

Home and Apparel - low single-digit offset by strength in automotive

Technology, Office and • Softness in office supplies and consumer electronics,

- low single-digit
Entertainment partially offset by strength in gift cards

Health and Wellness + high-teens • Strong performance in pharmacy and over the counter

21
 Supplemental Information -
Common Stock Split
On January 30, 2024, we announced our board of directors has authorized a 3-for-1 forward split of our common stock and a proportionate increase in the number of
authorized shares. As a result of the stock split, each holder of record of common stock as of the close of business on February 22, 2024 will receive two additional shares of
common stock, to be distributed after the close of trading on February 23, 2024. For additional information, refer to our Report on Form 8-K filed with the SEC dated
January 31, 2024.
1 2
The table below reflects our Reported and Adjusted diluted earnings per share, on both a pre-split and post-split basis , for the fiscal year ended January 31, 2024 and each
fiscal 2024 quarterly period.

Three Months Ended Three Months Ended Three Months Ended Three Months Ended Fiscal Year Ended
Apr 30, 2023 Jul 31, 2023 Oct 31, 2023 Jan 31, 2024 Jan 31, 2024
PRE-SPLIT POST-SPLIT PRE-SPLIT POST-SPLIT PRE-SPLIT POST-SPLIT PRE-SPLIT POST-SPLIT PRE-SPLIT POST-SPLIT
(Amounts in millions, except per share data) BASIS BASIS BASIS BASIS BASIS BASIS BASIS BASIS BASIS BASIS
Diluted earnings per share:
Consolidated net income (loss) attributable to Walmart $1,673 $1,673 $7,891 $7,891 $453 $453 $5,494 $5,494 $15,511 $15,511
Weighted-average common shares outstanding 2,704 8,112 2,703 8,108 2,703 8,110 2,701 8,102 2,703 8,108
Reported EPS $0.62 $0.21 $2.92 $0.97 $0.17 $0.06 $2.03 $0.68 $5.74 $1.91
1
Adjusted EPS $1.47 $0.49 $1.84 $0.61 $1.53 $0.51 $1.80 $0.60 $6.65 $2.22

1
See additional information at the end of this presentation regarding non-GAAP financial measures.
2
Post-split figures may not recalculate to pre-split figures due to rounding.

22
Supplemental Information -
FY25 and FY26 Comparable Sales 4-5-4 Reporting Calendars
We report U.S. comparable sales on a 13-week and 52-week retail calendar — commonly referred to as a "4-5-4" calendar — which uses 364 days in a year. In certain years, it
becomes necessary to add a 53rd week to our comparable sales reporting calendar, which will occur in fiscal 2025. The following tables reflect our period ending dates for the
reporting of U.S. comparable sales throughout fiscal 2025 and fiscal 2026. The additional week only affects 4-5-4 comparable sales; all other measures remain unaffected.

FY25 Comparable Sales

Q1 Q2 Q3 Q4 Full Year
13 Weeks Ended 13 Weeks Ended 13 Weeks Ended 14 Weeks Ended 53 Weeks Ended
FY25 (53 weeks) April 26, 2024 July 26, 2024 October 25, 2024 January 31, 2025 January 31, 2025
FY25 Base: FY24 (53 weeks) April 28, 2023 July 28, 2023 October 27, 2023 February 02, 2024 February 02, 2024

Reporting
Comparison Period: FY24 Comparable Sales
Q1 Q2 Q3 Q4 Full Year
13 Weeks Ended 13 Weeks Ended 13 Weeks Ended 13 Weeks Ended 52 Weeks Ended
1
FY24 (52 weeks) April 28, 2023 July 28, 2023 October 27, 2023 January 26, 2024 January 26, 2024
Base: FY23 (52 weeks) April 29, 2022 July 29, 2022 October 28, 2022 January 27, 2023 January 27, 2023

FY26 Comparable Sales

Q1 Q2 Q3 Q4 Full Year
13 Weeks Ended 13 Weeks Ended 13 Weeks Ended 13 Weeks Ended 52 Weeks Ended
FY26 (52 weeks) May 02, 2025 August 01, 2025 October 31, 2025 January 30, 2026 January 30, 2026
FY26 Base: FY25 (52 weeks) May 03, 2024 August 02, 2024 November 01, 2024 January 31, 2025 January 31, 2025

Reporting
Comparison Period: FY25 Comparable Sales
Q1 Q2 Q3 Q4 Full Year
13 Weeks Ended 13 Weeks Ended 13 Weeks Ended 14 Weeks Ended 53 Weeks Ended
1
FY25 (53 weeks) April 26, 2024 July 26, 2024 October 25, 2024 January 31, 2025 January 31, 2025
Base: FY24 (53 weeks) April 28, 2023 July 28, 2023 October 27, 2023 February 02, 2024 February 02, 2024

1
Our comparable sales calculations are based on periods of equal lengths and comparison periods are presented as they were originally reported. If the comparison periods were recast to align to the same number of weeks as the
reporting period, any changes to the previously reported comparable sales would be inconsequential. 23
 Safe harbor and non-GAAP measures

This presentation and related management commentary contains statements that may be "forward-looking statements" as defined in, and are intended to enjoy the protection of the safe harbor for forward-
looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Assumptions on which such forward-looking statements are based are also forward-looking statements.
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, store or club closures, and other strategic decisions; our ability to successfully integrate acquired businesses, including within the eCommerce space; changes in the trading prices of
certain equity investments we hold; initiatives of competitors, competitors' entry into and expansion in our markets, and competitive pressures; customer traffic and average ticket 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; trends in consumer shopping habits around the world and in the markets in which we
operate; our gross profit margins; the financial performance of Walmart and each of its segments, including the amounts of our cash flow during various periods; changes in the credit ratings assigned to our
commercial paper and debt securities by credit rating agencies; the amount of our net sales and operating expenses denominated in the U.S. dollar and various foreign currencies; transportation, energy and
utility costs; commodity prices and the price of gasoline and diesel fuel; supply chain disruptions and disruptions in seasonal buying patterns; the availability of goods from suppliers and the cost of goods acquired
from suppliers; 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; consumer enrollment in health
and drug insurance programs and such programs’ reimbursement rates and drug formularies; 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 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 presentations. 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 in the presentation are as of the date of this
meeting. 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 expenses as a percentage
of net sales, adjusted operating income, adjusted EPS, free cash flow, return on investment, and adjusted EBITDA and adjusted EBITDA margin. 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 stock.walmart.com.
24
Non-GAAP measures – ROI

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 6.6% percent and 4.6% percent for the trailing twelve months ended January 31, 2024 and 2023, respectively. The increase in ROA was primarily due to an increase
in consolidated net income during the trailing twelve month period primarily due to higher operating income. ROI was 15.0% and 12.7% for the trailing 12 months ended
January 31, 2024 and 2023, respectively. The increase in ROI was the result of an increase in operating income primarily due to lapping opioid legal charges as well as business
reorganization and restructuring charges incurred in the prior year comparable period, as well as improvements in business performance, partially offset by an increase in
average invested capital primarily due to higher purchases of property and equipment.

We define ROI as 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 generally accepted
accounting principles 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; 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.

25
Non-GAAP measures – ROI (cont.)
The calculation of ROA and ROI, along with a reconciliation of ROI to the calculation of ROA, is as follows:

CALCULATION OF RETURN ON ASSETS

Trailing Twelve Months Ending
Jan 31, Apr 30, Jul 31, Oct 31, Jan 31,
(Dollars in millions) 2023 2023 2023 2023 2024
Numerator
Consolidated net income $ 11,292 $ 11,085 $ 13,991 $ 16,401 $ 16,270
Denominator
1
Average total assets $ 244,029 $ 245,598 $ 251,160 $ 253,415 $ 247,798
Return on assets (ROA) 4.6 % 4.5 % 5.6 % 6.5 % 6.6 %

Jan 31, Apr 30, Jul 31, Oct 31, Jan 31, Apr 30, Jul 31, Oct 31, Jan 31,
Certain Balance Sheet Data 2022 2022 2022 2022 2023 2023 2023 2023 2024
Total assets $ 244,860 $ 246,142 $ 247,199 $ 247,656 $ 243,197 $ 245,053 $ 255,121 $ 259,174 $ 252,399
Accumulated depreciation and amortization 102,211 104,295 105,963 107,628 110,286 113,164 115,878 118,122 119,602
Accounts payable 55,261 52,926 54,191 57,263 53,742 54,268 56,576 61,049 56,812
Accrued liabilities 26,060 21,061 23,843 27,443 31,126 27,527 29,239 26,132 28,759

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
26
Non-GAAP measures – ROI (cont.)
The calculation of ROA and ROI, along with a reconciliation of ROI to the calculation of ROA, is as follows:

CALCULATION OF RETURN ON INVESTMENT

Trailing Twelve Months Ending
Jan 31, Apr 30, Jul 31, Oct 31, Jan 31,
(Dollars in millions) 2023 2023 2023 2023 2024
Numerator
Operating income $ 20,428 $ 21,350 $ 21,812 $ 25,319 $ 27,012
+ Interest income 254 323 442 504 546
+ Depreciation and amortization 10,945 11,110 11,318 11,547 11,853
+ Rent 2,306 2,301 2,284 2,286 2,277
ROI operating income $ 33,933 $ 35,084 $ 35,856 $ 39,656 $ 41,688

Denominator
1
Average total assets $ 244,029 $ 245,598 $ 251,160 $ 253,415 $ 247,798
1
'+ Average accumulated depreciation and amortization 106,249 108,730 110,921 112,875 114,944
1
'- Average accounts payable 54,502 53,597 55,384 59,156 55,277
1
'- Average accrued liabilities 28,593 24,294 26,541 26,788 29,943
Average invested capital $ 267,183 $ 276,437 $ 280,156 $ 280,346 $ 277,522
Return on investment (ROI) 12.7 % 12.7 % 12.8 % 14.1 % 15.0 %

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
27
 Non-GAAP measures – 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 $35.7 billion for the fiscal year ended January 31, 2024, which represents an increase of $6.9 billion when compared to the same period in the prior year.
The increase is primarily due to higher cash provided by operating income, as well as timing of certain payments and strategic inventory management as part of working capital
initiatives, partially offset by payment of the remaining accrued opioid legal charges. Free cash flow for the fiscal year ended January 31, 2024 was $15.1 billion, which represents
an increase of $3.1 billion when compared to the same period in the prior year. The increase in free cash flow is due to the increase in operating cash flows described above,
partially offset by an increase of $3.7 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.

28
Non-GAAP measures – free cash flow (cont.)

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.

Year to Date Period Ended

(Dollars in millions) Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24
Net cash provided by operating activities $ 28,841 $ 4,633 $ 18,201 $ 19,014 $ 35,726
Payments for property and equipment (capital expenditures) (16,857) (4,429) (9,216) (14,674) (20,606)
Free cash flow $ 11,984 $ 204 $ 8,985 $ 4,340 $ 15,120

1
Net cash used in investing activities $ (17,722) $ (4,860) $ (9,909) $ (15,374) $ (21,287)
Net cash provided by (used in) financing activities $ (17,039) $ 1,940 $ (3,309) $ (179) $ (13,414)

Year to Date Period Ended

(Dollars in millions) Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23
Net cash provided by (used in) operating activities $ 24,181 $ (3,758) $ 9,240 $ 15,698 $ 28,841
Payments for property and equipment (capital expenditures) (13,106) (3,539) (7,492) (12,061) (16,857)
Free cash flow $ 11,075 $ (7,297) $ 1,748 $ 3,637 $ 11,984

1
Net cash used in investing activities $ (6,015) $ (4,558) $ (8,584) $ (12,965) $ (17,722)
Net cash provided by (used in) financing activities (22,828) 5,315 (1,400) (5,581) (17,039)

Y/Y Change in Free Cash Flow +8.2% NM +414.0% +19.3% +26.2%

1
"Net Cash used in investing activities" includes payments for property and equipment, which is also included in our computation of free cash flow.
NM = not meaningful

29
 Non-GAAP measures – 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 net sales for the Walmart International segment for the trailing five quarters and operating income for the
current quarter.
Three Months Ended
Walmart International
(Dollars in millions) Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24
Net sales:
As reported $ 27,575 $ 26,604 $ 27,596 $ 28,022 $ 32,419
Currency exchange rate fluctuations 901 226 (574) (1,357) (1,259)
Net sales (cc) $ 28,476 $ 26,830 $ 27,022 $ 26,665 $ 31,160

PY Reported $ 26,997 $ 23,763 $ 24,350 $ 25,295 $ 27,575

% change (cc) +5.5% +12.9% +11.0% +5.4% +13.0%

Operating income:
As reported $ 1,438
Currency exchange rate fluctuations $ (146)
Operating income (cc) $ 1,292

PY Reported $ 289
% change (cc) +347.1%
30
 Non-GAAP measures – constant currency (cont.)

The table below reflects the calculation of constant currency for total revenues, net sales and operating income for the trailing five quarters.

Three Months Ended

Consolidated
(Dollars in millions) Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24
Total Revenue:
As reported $ 164,048 $ 152,301 $ 161,632 $ 160,804 $ 173,388
Currency exchange rate fluctuations 917 230 (576) (1,366) (1,268)
Total Revenue (cc) $ 164,965 $ 152,531 $ 161,056 $ 159,438 $ 172,120

PY Reported $ 152,871 $ 141,569 $ 152,859 $ 152,813 $ 164,048

% change (cc) +7.9% +7.7% +5.4% +4.3% +4.9%

Net sales:
As reported $ 162,743 $ 151,004 $ 160,280 $ 159,439 $ 171,914
Currency exchange rate fluctuations 901 226 (574) (1,357) (1,259)
Net sales (cc) $ 163,644 $ 151,230 $ 159,706 $ 158,082 $ 170,655

PY Reported $ 151,525 $ 140,288 $ 151,381 $ 151,469 $ 162,743

% change (cc) +8.0% +7.8% +5.5% +4.4% +4.9%

Operating income:
As reported $ 5,561 $ 6,240 $ 7,316 $ 6,202 $ 7,254
Currency exchange rate fluctuations (57) (72) (124) (164) (146)
Operating income (cc) $ 5,504 $ 6,168 $ 7,192 $ 6,038 $ 7,108

PY Reported $ 5,887 $ 5,318 $ 6,854 $ 2,695 $ 5,561

% change (cc) -6.5% +16.0% +4.9% +124.0% +27.8%

31
 Non-GAAP measures – adjusted operating expenses as
a percentage of net sales
Adjusted operating expenses as a percentage of net sales is considered a non-GAAP financial measure under the SEC’s rules because it excludes certain charges included in
operating, selling, general and administrative expenses calculated in accordance with GAAP. Management believes that adjusted operating expenses as a percentage of net
sales is a meaningful measure to share with investors because it best allows comparison of performance with that of the comparable period. In addition, adjusted operating
expenses as a percentage of net sales affords investors a view of what management considers Walmart’s core operating expenses and the ability to make a more informed
assessment of such core operating expenses as compared with that of the prior year.
The table below reflects the calculation of adjusted operating expenses as a percentage of net sales for the trailing five quarters.

Three Months Ended

(Dollars in millions) Q4 FY23 Q4 FY22 Q1 FY24 Q1 FY23 Q2 FY24 Q2 FY23 Q3 FY24 Q3 FY23 Q4 FY24 Q4 FY23
Operating, selling, general and administrative expenses $ 33,064 $ 31,462 $ 30,777 $ 29,404 $ 32,466 $ 30,167 $ 33,419 $ 34,505 $ 34,309 $ 33,064
1
Less: Business reorganization and restructuring charges 849 108 — — — — — — — 849
2
Less: Opioid legal charges — — — — 93 — — 3,325 — —
Adjusted operating expenses $ 32,215 $ 31,354 $ 30,777 $ 29,404 $ 32,373 $ 30,167 $ 33,419 $ 31,180 $ 34,309 $ 32,215

Net Sales $ 162,743 $ 151,525 $ 151,004 $ 140,288 $ 160,280 $ 151,381 $ 159,439 $ 151,469 $ 171,914 $ 162,743

Operating, selling, general and administrative expenses as a +20.3% +20.8% +20.4% +21.0% +20.3% +19.9% +21.0% +22.8% +20.0% +20.3%
percentage of net sales
Adjusted operating expenses as a percentage of net sales +19.8% +20.7% +20.4% +21.0% +20.2% +19.9% +21.0% +20.6% +20.0% +19.8%
Y/Y Change (bps) (89) NP (58) NP 27 NP 37 NP 16 NP

1
Business reorganization and restructuring charges in the fourth quarter of fiscal 2023 primarily relate to compensation expenses incurred in connection with the strategic decisions made in the Walmart International
segment. Business restructuring charges in the fourth quarter of fiscal 2022 primarily consist of severance and store closure related costs due to strategic decisions made in the Walmart International segment.
2
Recorded in Corporate and support.

NP = not provided

32
Non-GAAP measures – adjusted operating income

Adjusted operating income is considered a non-GAAP financial measure under the SEC’s rules because it excludes certain charges included in operating income calculated in
accordance with GAAP. Management believes that adjusted operating income is a meaningful measure to share with investors because it best allows comparison of
performance with that of the comparable period. In addition, adjusted operating income 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 as compared with that of the prior year.
When we refer to adjusted operating income in constant currency, this means adjusted 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 adjusted operating income and adjusted operating income in constant currency, when applicable, for the trailing five quarters.

Three Months Ended

Consolidated

(Dollars in millions) Q4 FY23 Q4 FY22 Q1 FY24 Q1 FY23 Q2 FY24 Q2 FY23 Q3 FY24 Q3 FY23 Q4 FY24 Q4 FY23
Operating income:
Operating income, as reported $ 5,561 $ 5,887 $ 6,240 $ 5,318 $ 7,316 $ 6,854 $ 6,202 $ 2,695 $ 7,254 $ 5,561
1
Business reorganization and restructuring charges 849 108 — — — — — — — 849
2
Opioid legal charges — — — — 93 — — 3,325 — —
Adjusted operating income $ 6,410 $ 5,995 $ 6,240 $ 5,318 $ 7,409 $ 6,854 $ 6,202 $ 6,020 $ 7,254 $ 6,410
3
Percent change +6.9% NP +17.3% NP +8.1% NP +3.0% NP +13.2% NP
Currency exchange rate fluctuations $ (39) — $ (72) — $ (124) $ — $ (164) $ — $ (146) $ —
Adjusted operating income, constant currency $ 6,371 $ 5,995 $ 6,168 $ 5,318 $ 7,285 $ 6,854 $ 6,038 $ 6,020 $ 7,108 $ 6,410
3
Percent change +6.3% NP +16.0% NP +6.3% NP +0.3% NP +10.9% NP
1
Business reorganization and restructuring charges in the fourth quarter of fiscal 2023 primarily relate to compensation expenses incurred in connection with the strategic decisions made in the Walmart International
segment. Business restructuring charges in the fourth quarter of fiscal 2022 primarily consist of severance and store closure related costs due to strategic decisions made in the Walmart International segment.
2
Recorded in Corporate and support.
3
Change versus prior year comparable period.
NP = not provided

33
Non-GAAP measures – adjusted operating income (cont.)

The table below reflects the calculation of adjusted operating income and adjusted operating income in constant currency for the three months ended January 31, 2024
and January 31, 2023 for the Walmart International segment.

Three Months Ended

Walmart International

(Dollars in millions) Q4 FY24 Q4 FY23

Operating income:
Operating income, as reported $ 1,438 $ 289
1
Business reorganization and restructuring charges 849
Adjusted operating income $ 1,438 $ 1,138
2
Percent change +26.4% NP
Currency exchange rate fluctuations $ (146) $ —
Adjusted operating income, constant currency $ 1,292 $ 1,138
2
Percent change +13.5% NP

1
Business reorganization and restructuring charges in the fourth quarter of fiscal 2023 primarily relate to compensation expenses incurred in connection with strategic decisions made in the Walmart International segment.
2
Change versus prior year comparable period.
NP = not provided

34
 Non-GAAP measures – 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 unrealized
and realized gains and losses related to those investments.
We have calculated Adjusted EPS for the three months and trailing five quarters as well as the prior year comparable periods by adjusting EPS for the relevant adjustments for
each period presented. Percent
3 3
Three Months Ended Jan 31, 2024 Three Months Ended Jan 31, 2023 Change
Diluted earnings per share:
Reported EPS $2.03 $2.32 -12.5%
Pre-Tax Tax 1,4 NCI Net Pre-Tax Tax 1,4 NCI Net
Adjustments: Impact Impact Impact2 Impact Impact Impact Impact2 Impact
5,6
Unrealized and realized (gains) and losses on equity and other investments $(0.31) $0.08 $— $(0.23) $(1.43) $0.27 $— $(1.16)
Business reorganization and restructuring charges — — — — 0.31 0.40 (0.16) 0.55
Net Adjustments $(0.23) $(0.61)

Adjusted EPS $1.80 $1.71 +5.3%

1
Tax impact calculated based on nature of item, including any realizable deductions, and statutory rate in effect for relevant jurisdictions.
2
Calculated based on the ownership percentages of our noncontrolling interests, where applicable.
3
Individual components in the accompanying tables may include immaterial rounding.
4
The reported effective tax rate was 24.5% and 34.7% for the three months ended January 31, 2024 and January 31, 2023, respectively. Adjusted for the above items, the effective tax rate was 24.5% and 21.7% for the three months ended
January 31, 2024 and January 31, 2023, respectively
5
For the three months ended January 31, 2024, net gains were primarily driven by an increase in the underlying stock price of our investment in Symbotic and an increase in the fair value of our Asda debt securities, partially offset by a
decrease in the underlying stock price of our investment in JD.com.
6
For the three months ended January 31, 2023, net gains were primarily driven by an increase in the underlying stock price of our investment in JD.com.
35
 Non-GAAP measures – adjusted EPS (cont.)

3 3
Percent
Three Months Ended Oct 31, 2023 Three Months Ended Oct 31, 2022 Change
Diluted earnings per share:
Reported EPS $0.17 $(0.66) NM
Pre-Tax Tax 1 NCI Net Pre-Tax Tax 1 NCI Net
Adjustments: Impact Impact Impact2 Impact Impact Impact Impact2 Impact
Unrealized and realized (gains) and losses on equity and other investments $1.76 $(0.41) $0.01 $1.36 $1.34 $(0.24) $0.01 $1.11
Opioid legal charges — — — — 1.22 (0.17) — 1.05
Net Adjustments $1.36 $2.16

4
Adjusted EPS $1.53 $1.50 +2.0%

3 3
Percent
Three Months Ended Jul 31, 2023 Three Months Ended Jul 31, 2022 Change
Diluted earnings per share:
Reported EPS $2.92 $1.88 +55.3%
Pre-Tax Tax 1 NCI Net Pre-Tax Tax 1 NCI Net
Adjustments: Impact Impact Impact2 Impact Impact Impact Impact2 Impact
Unrealized and realized (gains) and losses on equity and other investments $(1.44) $0.33 $— $(1.11) $0.14 $(0.02) $(0.01) $0.11
Incremental opioid settlement expense 0.04 (0.01) — 0.03 — — — —
Gain on sale of equity method investment in Brazil — — — — (0.16) — — (0.16)
Discrete tax item — — — — — (0.06) — (0.06)
Net Adjustments $(1.08) $(0.11)

Adjusted EPS $1.84 $1.77 +4.0%

1
Tax impact calculated based on nature of item, including any realizable deductions, and statutory rate in effect for relevant jurisdictions.
2
Calculated based on the ownership percentages of our noncontrolling interests, where applicable.
3
Individual components in the accompanying tables may include immaterial rounding.
4
Adjusted EPS for the three months ended October 31, 2022 was calculated using weighted average shares outstanding of 2,720 million, which includes the dilutive impact of share-based payment awards.
36
 Non-GAAP measures – adjusted EPS (cont.)

3 3
Percent
Three Months Ended Apr 30, 2023 Three Months Ended Apr 30, 2022 Change
Diluted earnings per share:
Reported EPS $0.62 $0.74 -16.2%
Pre-Tax Tax 1 NCI Net Pre-Tax Tax 1 NCI Net
Adjustments: Impact Impact Impact2 Impact Impact Impact Impact2 Impact
Unrealized and realized (gains) and losses on equity and other investments $1.13 $(0.27) $(0.01) $0.85 $0.71 $(0.15) $— $0.56

Adjusted EPS $1.47 $1.30 +13.1%

3 3
Percent
Three Months Ended Jan 31, 2023 Three Months Ended Jan 31, 2022 Change
Diluted earnings per share:
Reported EPS $2.32 $1.28 +81.3%
Pre-Tax Tax 1 NCI Net Pre-Tax Tax 1 NCI Net
Adjustments: Impact Impact Impact2 Impact Impact Impact Impact2 Impact
Unrealized and realized (gains) and losses on equity and other investments $(1.43) $0.27 $— $(1.16) $0.22 $(0.05) $0.02 $0.19
Business reorganization and restructuring charges 0.31 0.40 (0.16) 0.55 0.08 (0.02) — 0.06
Net Adjustments $(0.61) $0.25

Adjusted EPS $1.71 $1.53 +11.8%

1
Tax impact calculated based on nature of item, including any realizable deductions, and statutory rate in effect for relevant jurisdictions.
2
Calculated based on the ownership percentages of our noncontrolling interests, where applicable.
3
Individual components in the accompanying tables may include immaterial rounding.

37
 Non-GAAP measures – adjusted EBITDA and
adjusted EBITDA margin
The calculation of net income (loss) margin and adjusted EBITDA margin, along with a reconciliation of adjusted EBITDA margin to the
calculation of net income (loss) margin, is as follows:

We include net income (loss) and net income (loss) margin, which are calculated in accordance
with U.S. generally accepted accounting principle as well as adjusted EBITDA and adjusted
EBITDA margin to provide meaningful information about our operational efficiency compared
with our competitors by excluding the impact of certain items. We calculate adjusted EBITDA as Three Months Ended
earnings before interest, taxes, depreciation and amortization. We also exclude other gains and Q4 FY24 Q4 FY23
losses, which is primarily comprised of fair value adjustments on our investments which
management does not believe are indicative of our core business performance. From time to (Dollars in millions) 2024 2023
time, we will also adjust certain items from operating income, which we believe is meaningful Consolidated net income attributable to Walmart $ 5,494 $ 6,275
because it best allows comparison of the performance with that of the comparable period. Consolidated net (income) loss attributable to noncontrolling
interest (184) 466
Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by consolidated net sales.
Provision for income taxes 1,840 3,093
Adjusted EBITDA and adjusted EBITDA margin are considered non-GAAP financial measures.
Other (gains) and losses (813) (3,848)
Management believes, however, that these measures provide meaningful information about our
operational efficiency by excluding the impact of differences in tax jurisdictions and structures, Interest, Net 549 507
debt levels, capital investments and other items which management does not believe are Operating Income $ 7,254 $ 5,561
indicative of our core business performance. We consider net income (loss) to be the financial
+ Depreciation and Amortization 3,117 2,811
measure computed in accordance with GAAP that is the most directly comparable financial
measure to our calculation of adjusted EBITDA. We consider net income (loss) margin to be the + Business reorganization and restructuring charges — 849
financial measure computed in accordance with GAAP that is the most directly comparable Adjusted EBITDA $ 10,371 $ 9,221
financial measure to our calculation of adjusted EBITDA margin. Although adjusted EBITDA and
adjusted EBITDA margin are standard financial measures, numerous methods exist for calculating
a company’s adjusted EBITDA and adjusted EBITDA margin. As a result, the method used by Net Sales $ 171,914 $ 162,743
management to calculate our adjusted EBITDA and adjusted EBITDA margin may differ from the Consolidated net income margin 3.2% 3.9%
methods used by other companies to calculate similarly titled measures.
Adjusted EBITDA margin 6.0% 5.7%

Net income (loss) margin was 3.2% and 3.9% for the three months ended January 31, 2024 and
2023, respectively. The decrease in net income margin was primarily due to higher sales.
Adjusted EBITDA margin was 6.0% and 5.7% for the three months ended January 31, 2024 and
2023, respectively. The increase in Adjusted EBITDA margin was primarily due to adjusted
operating income growth outpacing sales growth.
38