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)

February 21, 2023

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 Tuesday, February 21, 2023 (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 February 21, 2023 (the "Financial Presentation"). The Press Release and the Financial Presentation will disclose information regarding the Company's results of operations for the three months and fiscal year ended January 31, 2023, and the Company's financial condition as of January 31, 2023.

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: February 21, 2023

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

Document

Walmart revenue up 7.3% globally with broad-based strength across segments

Walmart U.S. grew comp sales1 8.3%, with eCommerce growth of 17%

Q4 FY23 GAAP EPS of $2.32; Adjusted EPS2 of $1.71

Company provides outlook for Q1 and FY24

Fourth-quarter highlights

Walmart delivered strong revenue growth globally with strength in stores and eCommerce. Total revenue was 164.0 billion, up 7.3%, or 7.9% in constant currency2.
Walmart U.S. comp sales1 grew 8.3% and 13.9% on a two-year stack. eCommerce growth was 17% and 18% on a two-year stack. Continued to gain market share in grocery.
Sam’s Club comp sales1 increased 12.2%, and 22.6% on a two-year stack. Membership income increased 7.1% with member count at an all-time high.
Walmart International net sales were 27.6 billion, an increase of 2.1% and negatively affected by 0.9 billion from currency fluctuations, while constant currency sales were 28.5 billion, an increase of 5.5%. Walmex, China, and Canada led the way.
Global advertising business3 grew over 20%, led by 41% growth at Walmart Connect in the U.S.
Consolidated gross profit rate declined 83 basis points, primarily due to markdowns and mix of sales.
Consolidated operating expenses as a percentage of net sales decreased 44 basis points primarily due to strong sales growth and lower Covid-related costs, partially offset by reorganization and restructuring charges incurred in the International segment.
Consolidated operating income was 5.6 billion, a decrease of 5.5%, including the charges described above. Adjusted operating income2 was 6.4 billion, an increase of 6.9%.
GAAP EPS of 2.32; Adjusted EPS2 of 1.71 excludes the effects of 1.16 from net gains on equity and other investments and 0.55 from charges related to reorganization and restructuring.

All values are in US Dollars.

Full-year highlights

Total revenue was $611.3 billion, up 6.7%, negatively affected by $5.0 billion related to divestitures. Excluding currency2, total revenue would have increased 7.4% to $615.1 billion.
Walmart U.S. comp sales1 increased 6.6% and 13.0% on a two-year stack.
Walmart U.S. eCommerce sales grew 12% and 23% on a two-year stack.
Sam’s Club comp sales1 increased 10.5% and 20.3% on a two-year stack. Membership income increased 8.6%.
Walmart International net sales were flat and operating income declined 21.1%. Net sales grew 9.0% and adjusted operating income2 grew 8.9% for retained markets4 on a constant currency basis.
Global advertising business3 grew nearly 30% to reach $2.7 billion, led by Walmart Connect in the U.S. and Flipkart Ads.
The company generated $29.1 billion in operating cash flow and returned $16.0 billion to shareholders through dividends and share repurchases.
GAAP EPS of $4.27; Adjusted EPS2 of $6.29.

1 Comp sales for the 13-week and 52-week periods ended January 27, 2023 compared to the 13-week and 52-week periods ended January 28, 2022, 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.

4 Retained markets exclude our operations in the U.K. and Japan which were sold in the first quarter of fiscal 2022. Net sales and operating income in these markets were $5.0 billion and $0.3 billion, respectively, for the first quarter of fiscal 2022.

NYSE: WMT	February 21, 2023	stock.walmart.com

2

Key results

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

	Q4 FY23	Q4 FY22	Change		FY23	FY22	Change
Revenue	$164.0	$152.9	$11.2	7.3%	$611.3	$572.8	$38.5	6.7%
Revenue (constant currency)1	$165.0	$152.9	$12.1	7.9%	$615.1	$572.8	$42.3	7.4%
Operating income	$5.6	$5.9	-$0.3	-5.5%	$20.4	$25.9	-$5.5	-21.3%
Operating income (constant currency)1	$5.5	$5.9	-$0.4	-6.5%	$20.5	$25.9	-$5.5	-21.0%
Adjusted operating income (constant currency)1	$6.4	$6.0	$0.4	6.3%	$24.7	$26.1	-$1.4	-5.2%		Free Cash Flow1	FY23	$ Change	Returns to Shareholders	FY23	% Change
---	---	---	---	---	---
Operating cash flow	$29.1	$4.9	Dividends	$6.1	-0.6%
Capital expenditures	$16.9	$3.8	Share repurchases2	$9.9	1.4%
Free cash flow1	$12.2	$1.2	Total	$16.0	0.6%

Fiscal 2024 Q1 and full year guidance

The following guidance reflects the company’s expectations for the first quarter and fiscal year 2024 and is provided on a non-GAAP basis as the Company cannot predict certain elements which are included in reported GAAP results, including the impact of foreign exchange translation and the changes in fair value of the Company’s equity investments. Growth rates reflect an adjusted basis for prior year results. The company’s fiscal year guidance is based on the following FY23 figures: Net sales of $605.9 billion, adjusted operating income1 of $24.6 billion, and adjusted EPS1 of $6.29.

Fiscal 2024 Q1 guidance

Metric	FY24 Q1 guidance
Consolidated net sales	Increase 4.5% to 5.0% constant currency
Consolidated operating income	Increase 3.5% to 4.0% constant currency, negatively impacted by 235 bps from LIFO
Adjusted earnings per share	$1.25 to $1.30, including an expected $0.03 impact from LIFO

Fiscal 2024 full year guidance

Metric	FY24 full year guidance
Consolidated net sales	Increase 2.5% to 3.0% constant currency
Walmart U.S. comp sales	Increase 2.0% to 2.5%, ex. fuel
Sam’s Club U.S. comp sales	Increase about 5.0%, ex. fuel
Walmart International net sales	Increase about 6.0% constant currency
Consolidated operating expenses	Increase slightly as a percentage of net sales constant currency
Consolidated operating income	Increase approximately 3.0% constant currency, negatively impacted by 100 bps from LIFO
Interest expense, net	Increase about $750 million, or a $0.20 headwind to EPS vs. last year
Effective tax rate	Range of 25.5% to 26.5%, or an $0.10 headwind to EPS vs. last year. The rate is expected to be more normalized than FY23, which benefited from discrete items
Noncontrolling interest	A $0.12 headwind to EPS vs. last year due to acquiring the remaining shares of Massmart, the purchase of Alert Innovation, and an expected stronger contribution from Walmex
Adjusted earnings per share	$5.90 to $6.05, including an expected $0.14 impact from LIFO
Capital expenditures	Flat to up slightly in total dollars versus last year with a focus on technology, supply chain, and customer-facing initiatives

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

2 $19.3 billion remaining of $20 billion authorization approved in November 2022. The company repurchased approximately 74 million shares in fiscal 2023.

NYSE: WMT	February 21, 2023	stock.walmart.com

3

Segment results

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

U.S.			Q4 FY23	Q4 FY22	Change			FY23	FY22	Change
Net sales		$113.7	$105.3	$8.5	8.0%		$420.6	$393.2	$27.3	6.9%
Comp sales (ex. fuel)2		8.3%	5.6%	NP	NP		6.6%	6.4%	NP	NP
	Transactions	1.8%	3.1%	NP	NP		NP	NP	NP	NP
	Average ticket	6.3%	2.4%	NP	NP		NP	NP	NP	NP
	eCommerce contribution	~140 bps	~(80) bps	NP	NP		NP	NP	NP	NP
Operating income			$5.4	$5.2	$0.2	3.8%		$20.6	$21.6	-$1.0	-4.5%			Q4 FY23	Q4 FY22	Change		FY23	FY22	Change
---	---	---	---	---	---	---	---	---
Net sales	$27.6	$27.0	$0.6	2.1%	$101.0	$101.0	$—	—%
Net sales (constant currency)1	$28.5	$27.0	$1.5	5.5%	$104.7	$101.0	$3.7	3.7%
Operating income	$0.3	$0.8	-$0.5	-65.3%	$3.0	$3.8	-$0.8	-21.1%
Operating income (constant currency)1	$0.2	$0.8	-$0.6	-72.1%	$3.0	$3.8	-$0.7	-19.4%
Adjusted operating income (constant currency)1	$1.1	$0.9	$0.2	16.9%	$3.9	$3.9	$—	0.8%				Q4 FY23	Q4 FY22	Change		FY23	FY22	Change
---	---	---	---	---	---	---	---	---	---
Net sales		$21.4	$19.2	$2.2	11.3%	$84.3	$73.6	$10.8	14.7%
Comp sales (ex. fuel)2		12.2%	10.4%	NP	NP	10.5%	9.8%	NP	NP
	Transactions	6.7%	7.0%	NP	NP	NP	NP	NP	NP
	Average ticket	5.2%	3.2%	NP	NP	NP	NP	NP	NP
	eCommerce contribution	~120 bps	~100 bps	NP	NP	NP	NP	NP	NP
Operating income		$0.5	$0.5	$0.0	-6.2%	$2.0	$2.3	-$0.3	-13.1%

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

2 Comp sales for the 13-week and 52-week periods ended January 27, 2023 compared to the 13-week and 52-week periods ended January 28, 2022, 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 240 million customers and members visit more than 10,500 stores and numerous eCommerce websites in 20 countries. With fiscal year 2023 revenue of $611 billion, Walmart employs approximately 2.1 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting https://corporate.walmart.com, on Facebook at https://facebook.com/walmart, on Twitter at https://twitter.com/walmart, and on LinkedIn at https://www.linkedin.com/company/walmart/.

| Investor Relations contact<br>Steph Wissink<br>Stephanie.Wissink@walmart.com | Media Relations contact<br>Randy Hargrove<br>(800) 331-0085 | | --- | --- || NYSE: WMT | February 21, 2023 | 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 adjusted earnings per share, consolidated net sales, consolidated operating income and consolidated adjusted operating income, consolidated operating expense, net interest expenses, noncontrolling interest, capital expenditures, share repurchases, Walmart’s effective tax rate for the fiscal year ending January 31, 2024, and comparable sales, among other items. Walmart believes such statements may be deemed to be "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Act") and are intended to enjoy the protection of the safe harbor for forward-looking statements provided by the Act as well as protections afforded by other federal securities laws. Assumptions on which such forward-looking statements are based are also forward-looking statements. Such forward-looking statements are not statements of historical facts, but instead express our estimates or expectations for our consolidated, or one of our segment's or business’, economic performance or results of operations for future periods or as of future dates or events or developments that may occur in the future or discuss our plans, objectives or goals. Our actual results may differ materially from those expressed in or implied by any of these forward-looking statements as a result of changes in circumstances, assumptions not being realized or other risks, uncertainties and factors including: capital markets and business conditions; trends and events around the world and in the markets in which we operate; currency exchange rate fluctuations, changes in market interest rates and market levels of wages; changes in the size of various markets, including eCommerce markets; unemployment levels; inflation or deflation, generally and in particular product categories; consumer confidence, disposable income, credit availability, spending levels, shopping patterns, debt levels and demand for certain merchandise; the effectiveness of the implementation and operation of our strategies, plans, programs and initiatives; unexpected changes in our objectives and plans; the impact of acquisitions, investments, divestitures, and other strategic decisions; our ability to successfully integrate acquired businesses; changes in the trading prices or fair value of certain equity investments we hold; initiatives of competitors, competitors' entry into and expansion in our markets, and competitive pressures; customer traffic and average transactions in our stores and clubs and on our eCommerce websites; the mix of merchandise we sell, the cost of goods we sell and the shrinkage we experience; our gross profit margins; the financial performance of Walmart and each of its segments, including the amounts of our cash flow during various periods; the amount of our net sales and operating expenses denominated in the U.S. dollar and various foreign currencies; commodity prices and the price of gasoline and diesel fuel; challenges with our supply chain, including disruptions and issues relating to inventory management; disruptions in seasonal buying patterns; the availability of goods from suppliers and the cost of goods acquired from suppliers; our ability to respond to changing trends in consumer shopping habits; consumer acceptance of and response to our stores, clubs, eCommerce platforms, programs, merchandise offerings and delivery methods; cyber security events affecting us and related costs and impact to the business; developments in, outcomes of, and costs incurred in legal or regulatory proceedings to which we are a party or are subject, and the liabilities, obligations and expenses, if any, that we may incur in connection therewith; casualty and accident related costs and insurance costs; the turnover in our workforce and labor costs, including healthcare and other benefit costs; our effective tax rate and the factors affecting our effective tax rate, including assessments of certain tax contingencies, valuation allowances, changes in law, administrative audit outcomes, impact of discrete items and the mix of earnings between the U.S. and Walmart's international operations; changes in existing tax, labor and other laws and regulations and changes in tax rates including the enactment of laws and the adoption and interpretation of administrative rules and regulations; the imposition of new taxes on imports, new tariffs and changes in existing tariff rates; the imposition of new trade restrictions and changes in existing trade restrictions; adoption or creation of new, and modification of existing, governmental policies, programs, initiatives and actions in the markets in which Walmart operates and elsewhere and actions with respect to such policies, programs and initiatives; changes in accounting estimates or judgments; the level of public assistance payments; natural disasters, changes in climate, geopolitical events, global health epidemics or pandemics (such as the COVID-19 pandemic) and catastrophic events; and changes in generally accepted accounting principles in the United States.

Our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the SEC discuss other risks and factors that could cause actual results to differ materially from those expressed or implied by any forward-looking statement in the release and related management commentary. We urge you to consider all of the risks, uncertainties and factors identified above or discussed in such reports carefully in evaluating the forward-looking statements in this release. Walmart cannot assure you that the results reflected in or implied by any forward-looking statement will be realized or, even if substantially realized, that those results will have the forecasted or expected consequences and effects for or on our operations or financial performance. The forward-looking statements made today are as of the date of this release. Walmart undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances.

NYSE: WMT	February 21, 2023	stock.walmart.com

5

Walmart Inc.

Condensed Consolidated Statements of Income

(Unaudited)

	Three Months Ended						Fiscal Year Ended
	January 31,						January 31,
(Amounts in millions, except per share data)	2023		2022		Percent Change		2023		2022		Percent Change
Revenues:
Net sales	$	162,743	$	151,525	7.4	%	$	605,881	$	567,762	6.7	%
Membership and other income	1,305		1,346		(3.0)	%	5,408		4,992		8.3	%
Total revenues	164,048		152,871		7.3	%	611,289		572,754		6.7	%
Costs and expenses:
Cost of sales	125,423		115,522		8.6	%	463,721		429,000		8.1	%
Operating, selling, general and administrative expenses	33,064		31,462		5.1	%	127,140		117,812		7.9	%
Operating income	5,561		5,887		(5.5)	%	20,428		25,942		(21.3)	%
Interest:
Debt	521		348		49.7	%	1,787		1,674		6.8	%
Finance lease obligations	89		79		12.7	%	341		320		6.6	%
Interest income	(103)		(47)		119.1	%	(254)		(158)		60.8	%
Interest, net	507		380		33.4	%	1,874		1,836		2.1	%
Loss on extinguishment of debt	—		—		—	%	—		2,410		(100.0)	%
Other (gains) and losses	(3,848)		725		NM		1,538		3,000		(48.7)	%
Income before income taxes	8,902		4,782		86.2	%	17,016		18,696		(9.0)	%
Provision for income taxes	3,093		1,149		169.2	%	5,724		4,756		20.4	%
Consolidated net income	5,809		3,633		59.9	%	11,292		13,940		(19.0)	%
Consolidated net (income) loss attributable to noncontrolling interest	466		(71)		NM		388		(267)		NM
Consolidated net income attributable to Walmart	$	6,275	$	3,562	76.2	%	$	11,680	$	13,673	(14.6)	%
Net income per common share:
Basic net income per common share attributable to Walmart	$	2.33	$	1.29	80.6	%	$	4.29	$	4.90	(12.4)	%
Diluted net income per common share attributable to Walmart	$	2.32	$	1.28	81.3	%	$	4.27	$	4.87	(12.3)	%
Weighted-average common shares outstanding:
Basic	2,696		2,769				2,724		2,792
Diluted	2,707		2,782				2,734		2,805
Dividends declared per common share	$	—	$	—			$	2.24	$	2.20

NM = Not Meaningful

6

Walmart Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

	January 31,		January 31,
(Amounts in millions)	2023		2022
ASSETS
Current assets:
Cash and cash equivalents	$	8,885	$	14,760
Receivables, net	7,933		8,280
Inventories	56,576		56,511
Prepaid expenses and other	2,521		1,519
Total current assets	75,915		81,070
Property and equipment, net	100,760		94,515
Operating lease right-of-use assets	13,555		13,758
Finance lease right-of-use assets, net	4,919		4,351
Goodwill	28,174		29,014
Other long-term assets	20,134		22,152
Total assets	$	243,457	$	244,860
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND EQUITY
Current liabilities:
Short-term borrowings	$	372	$	410
Accounts payable	54,002		55,261
Accrued liabilities	31,126		26,060
Accrued income taxes	727		851
Long-term debt due within one year	4,191		2,803
Operating lease obligations due within one year	1,473		1,483
Finance lease obligations due within one year	567		511
Total current liabilities	92,458		87,379
Long-term debt	34,649		34,864
Long-term operating lease obligations	12,828		13,009
Long-term finance lease obligations	4,843		4,243
Deferred income taxes and other	14,688		13,474
Commitments and contingencies
Redeemable noncontrolling interest	237		—
Equity:
Common stock	269		276
Capital in excess of par value	4,969		4,839
Retained earnings	83,135		86,904
Accumulated other comprehensive loss	(11,680)		(8,766)
Total Walmart shareholders’ equity	76,693		83,253
Nonredeemable noncontrolling interest	7,061		8,638
Total equity	83,754		91,891
Total liabilities, redeemable noncontrolling interest, and equity	$	243,457	$	244,860

7

Walmart Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Fiscal Year Ended
	January 31,
(Amounts in millions)	2023		2022
Cash flows from operating activities:
Consolidated net income	$	11,292	$	13,940
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization	10,945		10,658
Net unrealized and realized losses	1,683		2,440
Losses on disposal of business operations	—		433
Deferred income taxes	449		(755)
Loss on extinguishment of debt	—		2,410
Other operating activities	1,919		1,652
Changes in certain assets and liabilities, net of effects of acquisitions and dispositions:
Receivables, net	240		(1,796)
Inventories	(528)		(11,764)
Accounts payable	(1,165)		5,520
Accrued liabilities	4,393		1,404
Accrued income taxes	(127)		39
Net cash provided by operating activities	29,101		24,181
Cash flows from investing activities:
Payments for property and equipment	(16,857)		(13,106)
Proceeds from the disposal of property and equipment	170		394
Proceeds from disposal of certain operations, net of divested cash	—		7,935
Payments for business acquisitions, net of cash acquired	(740)		(359)
Other investing activities	(295)		(879)
Net cash used in investing activities	(17,722)		(6,015)
Cash flows from financing activities:
Net change in short-term borrowings	(34)		193
Proceeds from issuance of long-term debt	5,041		6,945
Repayments of long-term debt	(2,689)		(13,010)
Premiums paid to extinguish debt	—		(2,317)
Dividends paid	(6,114)		(6,152)
Purchase of Company stock	(9,920)		(9,787)
Dividends paid to noncontrolling interest	(444)		(424)
Sale of subsidiary stock	66		3,239
Purchase of certain noncontrolling interest	(827)		—
Other financing activities	(2,118)		(1,515)
Net cash used in financing activities	(17,039)		(22,828)
Effect of exchange rates on cash, cash equivalents and restricted cash	(73)		(140)
Net decrease in cash, cash equivalents and restricted cash	(5,733)		(4,802)
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 year	$	9,101	$	14,834

8

Walmart Inc.

Supplemental Financial Information

(Unaudited)

Net sales and operating income

	Net Sales					Operating Income
	Three Months Ended					Three Months Ended
	January 31,					January 31,
(dollars in millions)	2023		2022		Percent Change	2023		2022		Percent Change
Walmart U.S.	$	113,744	$	105,279	8.0%	$	5,382	$	5,183	3.8%
Walmart International	27,575		26,997		2.1%	289		832		-65.3%
Sam’s Club	21,424		19,249		11.3%	515		549		-6.2%
Corporate and support	—		—		—	(625)		(677)		-7.7%
Consolidated	$	162,743	$	151,525	7.4%	$	5,561	$	5,887	-5.5%
	Net Sales					Operating Income
	Fiscal Year Ended					Fiscal Year Ended
	January 31,					January 31,
(dollars in millions)	2023		2022		Percent Change	2023		2022		Percent Change
Walmart U.S.	$	420,553	$	393,247	6.9%	$	20,620	$	21,587	-4.5%
Walmart International	100,983		100,959		—%	2,965		3,758		-21.1%
Sam’s Club	84,345		73,556		14.7%	1,964		2,259		-13.1%
Corporate and support	—		—		—	(5,121)		(1,662)		208.1%
Consolidated	$	605,881	$	567,762	6.7%	$	20,428	$	25,942	-21.3%

U.S. comparable sales results

	With Fuel		Without Fuel		Fuel Impact
	13 Weeks Ended		13 Weeks Ended		13 Weeks Ended
	1/27/2023	1/28/2022	1/27/2023	1/28/2022	1/27/2023	1/28/2022
Walmart U.S.	8.4%	6.0%	8.3%	5.6%	0.1%	0.4%
Sam’s Club	11.9%	16.3%	12.2%	10.4%	-0.3%	5.9%
Total U.S.	8.9%	7.5%	8.8%	6.3%	0.1%	1.2%
	With Fuel		Without Fuel		Fuel Impact
	52 Weeks Ended		52 Weeks Ended		52 Weeks Ended
	1/27/2023	1/28/2022	1/27/2023	1/28/2022	1/27/2023	1/28/2022
Walmart U.S.	6.9%	6.8%	6.6%	6.4%	0.3%	0.4%
Sam’s Club	14.7%	15.3%	10.5%	9.8%	4.2%	5.5%
Total U.S.	8.2%	8.1%	7.1%	6.9%	1.1%	1.2%

Comparable sales is a metric that indicates the performance of our existing stores and clubs by measuring the change in sales for such 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 months and fiscal year ended January 31, 2023.

	Three Months Ended January 31, 2023								Fiscal Year Ended January 31, 2023
	Walmart International				Consolidated				Walmart International				Consolidated
(Dollars in millions)	2023		Percent Change1		2023		Percent Change1		2023		Percent Change1		2023		Percent Change1
Total revenues:
As reported	$	27,966	2.2	%	$	164,048	7.3	%	$	102,604	0.1	%	$	611,289	6.7	%
Currency exchange rate fluctuations	917		N/A		917		N/A		3,781		N/A		3,781		N/A
Constant currency total revenues	$	28,883	5.6	%	$	164,965	7.9	%	$	106,385	3.8	%	$	615,070	7.4	%
Net sales:
As reported	$	27,575	2.1	%	$	162,743	7.4	%	$	100,983	—	%	$	605,881	6.7	%
Currency exchange rate fluctuations	901		N/A		901		N/A		3,706		N/A		3,706		N/A
Constant currency net sales	$	28,476	5.5	%	$	163,644	8.0	%	$	104,689	3.7	%	$	609,587	7.4	%
Operating income:
As reported	$	289	-65.3	%	$	5,561	-5.5	%	$	2,965	-21.1	%	$	20,428	-21.3	%
Currency exchange rate fluctuations	(57)		N/A		(57)		N/A		64		N/A		64		N/A
Constant currency operating income	$	232	-72.1	%	$	5,504	-6.5	%	$	3,029	-19.4	%	$	20,492	-21.0	%

1 Change versus prior year comparable period.

10

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 the 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 reflect the calculation of adjusted operating income and adjusted operating income in constant currency for the three months and fiscal year ended January 31, 2023.

		Three Months Ended January 31,
	Walmart International
(Dollars in millions)		2023	2022	2023	2022
Operating income:
Operating income, as reported		$289	832	$5,561	$5,887
Business reorganization and restructuring charges1		849	108	849	108
Adjusted operating income		1,138	940	6,410	5,995
Percent change3		21.1%	NP	6.9%	NP
Currency exchange rate fluctuations		(39)	—	(39)	—
Adjusted operating income, constant currency		$1,099	940	$6,371	5,995
Percent change3		16.9%	NP	6.3%	NP
		Fiscal Year Ended January 31,
	Walmart International
(Dollars in millions)		2023	2022	2023	2022
Operating income:
Operating income, as reported		$2,965	3,758	$20,428	$25,942
Business restructuring and reorganization charges1		849	108	849	108
Opioid legal charges2		—	—	3,325	—
Adjusted operating income		3,814	3,866	24,602	26,050
Percent change3		(1.3)%	NP	(5.6)%	NP
Currency exchange rate fluctuations		82	—	82	—
Adjusted operating income, constant currency		$3,896	3,866	$24,684	$26,050
Percent change3		0.8%	NP	(5.2)%	NP

All values are in US Dollars.

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 The opioid legal charges are recorded in Corporate and support.

3 Change versus prior year comparable period.

NP - Not provided

11

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 $29.1 billion for the fiscal year ended January 31, 2023, which represents an increase of $4.9 billion when compared to the same period in the prior year. The increase is primarily due to moderated levels of inventory purchases, partially offset by a decline in operating income and the timing of certain payments. Free cash flow for the fiscal year ended January 31, 2023 was $12.2 billion, which represents an increase of $1.2 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 $3.8 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.

	Fiscal Year Ended
	January 31,
(Dollars in millions)	2023		2022
Net cash provided by operating activities	$	29,101	$	24,181
Payments for property and equipment (capital expenditures)	(16,857)		(13,106)
Free cash flow	$	12,244	$	11,075
Net cash used in investing activities1	$	(17,722)	$	(6,015)
Net cash used in financing activities	(17,039)		(22,828)

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

12

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 months and fiscal year ended January 31, 2023 by adjusting EPS for the following:

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

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

3. a discrete tax item;

4. opioid legal charges; and

5. business reorganization and restructuring charges in Walmart International.

	Three Months Ended January 31, 2023
Diluted earnings per share:
Reported EPS				$2.32
Adjustments:	Pre-Tax Impact	Tax Impact1,2	NCI Impact3	Net Impact
Unrealized (gains) and losses on equity and other investments	$(1.43)	$0.27	$—	$(1.16)
Business reorganization and restructuring charges	0.31	0.40	(0.16)	0.55
Net adjustments4				$(0.61)
Adjusted EPS4				$1.71
	Fiscal Year Ended January 31, 20234
---	---	---	---	---
Diluted earnings per share:
Reported EPS				$4.27
Adjustments:	Pre-Tax Impact	Tax Impact1, 2	NCI Impact3	Net Impact
Unrealized (gains) and losses on equity and other investments	$0.77	$(0.12)	$—	$0.65
Business reorganization and restructuring charges	0.31	0.39	(0.16)	0.54
Opioid legal charges	1.22	(0.17)	—	1.05
Gain on sale of equity method investment in Brazil	(0.16)	—	—	(0.16)
Discrete tax item	—	(0.06)	—	(0.06)
Net adjustments				$2.02
Adjusted EPS				$6.29

1 Tax impact calculated based on nature of item, including any realizable deductions, and statutory rate in effect for relevant jurisdictions. Business reorganization and restructuring charges include tax amounts incurred on separation of Flipkart and PhonePe. No tax expense was incurred in connection with the gain on sale of equity method investment in Brazil.

2 The reported effective tax rate was 34.7% and 33.6% for the three months and fiscal year ended January 31, 2023, respectively. Adjusted for the above items, the effective tax rate was 21.7% and 24.7% for the three months and fiscal year ended January 31, 2023, 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.

13

As previously disclosed in our fiscal year ended January 31, 2022 press release, we have calculated Adjusted EPS for the three months and fiscal year ended January 31, 2022 by adjusting EPS for the following: (1) unrealized and realized gains and losses on the company’s equity investments, (2) loss on extinguishment of debt, (3) the incremental loss on sale of our operations in the U.K and Japan recorded during the first quarter of fiscal 2022; and (4) business restructuring charges.

	Three Months Ended January 31, 2022
Diluted earnings per share:
Reported EPS				$1.28
Adjustments:	Pre-Tax Impact	Tax Impact1, 2	NCI Impact3	Net Impact
Unrealized and realized (gains) and losses on equity investments	$0.22	$(0.05)	0.02	$0.19
Business restructuring charges	0.08	(0.02)	—	0.06
Net adjustments				$0.25
Adjusted EPS				$1.53
	Fiscal Year Ended January 31, 20224
---	---	---	---	---
Diluted earnings per share:
Reported EPS				$4.87
Adjustments:	Pre-Tax Impact	Tax Impact1,2	NCI Impact3	Net Impact
Unrealized and realized (gains) and losses on equity investments	$0.87	$(0.18)	$0.02	$0.71
Loss on extinguishment of debt	0.86	(0.19)	—	0.67
Incremental loss on sale of our operations in the U.K. and Japan	0.15	—	—	0.15
Business restructuring charges	0.08	(0.02)	—	0.06
Net adjustments				$1.59
Adjusted EPS				$6.46

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 24.0% and 25.4% for the three months and fiscal year ended January 31, 2022, respectively. Adjusted for the above items, the effective tax rate was 23.7% and 24.3% for the three months and fiscal year ended January 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.

earningspresentationfy23

Q4 FY2023 Financial presentation to accompany management commentary

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This presentation contains statements or may include or may incorporate by reference Walmart management’s guidance regarding adjusted earnings per share, consolidated net sales, consolidated operating and consolidated adjusted operating income, consolidated operating expenses, net interest expenses, noncontrolling interest, capital expenditures, share repurchases, Walmart’s effective tax rate for the fiscal year ending January 31, 2024, 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: 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 (such as the COVID-19 pandemic) 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 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

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3 Fiscal 2024 Q1 and full year guidance The following guidance reflects the company’s expectations for the first quarter and fiscal year 2024 and is provided on a non-GAAP basis as the Company cannot predict certain elements which are included in reported GAAP results, including the impact of foreign exchange translation and the changes in fair value of the Company’s equity investments. Growth rates reflect an adjusted basis for prior year results. The company’s fiscal year guidance is based on the following FY23 figures: Net sales of $605.9 billion, adjusted operating income1 of $24.6 billion, and adjusted EPS1 of $6.29. Metric Fiscal year 2024 Q1 guidance Consolidated net sales Increase 4.5% to 5.0% constant currency Consolidated operating income Increase 3.5% to 4.0% constant currency, negatively impacted by 235 bps from LIFO Adjusted earnings per share $1.25 to $1.30, including an expected $0.03 impact from LIFO Metric FY24 full year guidance Consolidated net sales Increase 2.5% to 3.0% constant currency Walmart U.S. comp sales Increase 2.0% to 2.5%, ex. fuel Sam’s Club U.S. comp sales Increase about 5.0%, ex. fuel Walmart International net sales Increase about 6.0% constant currency Consolidated operating expenses Increase slightly as a percentage of net sales constant currency Consolidated operating income Increase approximately 3.0% constant currency, negatively impacted by 100 bps from LIFO Interest expense, net Increase about $750 million, or a $0.20 headwind to EPS vs. last year Effective tax rate Range of 25.5% to 26.5%, or an $0.10 headwind to EPS vs. last year. The rate is expected to be more normalized than FY23, which benefited from discrete items Non-controlling interest A $0.12 headwind to EPS vs. last year due to acquiring the remaining shares of Massmart, the purchase of Alert Innovation, and an expected stronger contribution from Walmex Adjusted earnings per share $5.90 to $6.05, including an expected $0.14 impact from LIFO Capital expenditures Flat to up slightly in total dollars versus last year with a focus on technology, supply chain, and customer-facing initiatives 1 See additional information at the end of this release regarding non-GAAP financial measures.

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4 Total revenue $164.0 +7.3% Total revenue, constant currency1 $165.0 +7.9% Net sales $162.7 +7.4% Net sales, constant currency1 $163.6 +8.0% Membership and Other Income $1.3 -3.0% Gross profit rate 22.9% -83 bps Operating expense as a percentage of net sales 20.3% -44 bps Operating income $5.6 -5.5% Operating income, constant currency1 $5.5 -6.5% Adj. operating income, constant currency1 $6.4 +6.3% Effective tax rate 34.7% EPS $2.32 +81.3% Adjusted EPS1 $1.71 +11.8% Walmart Inc. - Q4 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 $6.4 +6.3%

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1 See press release located at www.stock.walmart.com and reconciliations at the end of presentation regarding non-GAAP financial measures. 5 Total revenue $611.3 +6.7% Total revenue, constant currency1 $615.1 +7.4% Net sales $605.9 +6.7% Net sales, constant currency1 $609.6 +7.4% Membership and Other Income $5.4 +8.3% Gross profit rate 23.5% -98 bps Operating expense as a percentage of net sales 21.0% +23 bps Operating income $20.4 -21.3% Operating income, constant currency1 $20.5 -21.0% Adj. operating income, constant currency1 $24.7 -5.2% Effective tax rate 33.6% EPS $4.27 -12.3% Adjusted EPS1 $6.29 -2.6% Walmart Inc. - FY23 Dollars in billions, except per share. Change is calculated as the change versus the prior year comparable period

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1 Debt to total capitalization calculated as of January 31, 2023. 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 January 31, 2023. For ROI, see reconciliations at the end of presentation regarding non-GAAP financial measures. 6 Receivables, net Debt to capitalization1 $7.9 36.8% -4.2% +280 bps Inventories Return on assets2 $56.6 4.6% +0.1% -100 bps Accounts payable Return on investment2 $54.0 12.7% -2.3% -220 bps Walmart Inc. - Q4 FY23 Dollars in billions. Change is calculated as the change versus the prior year comparable period Continuing to strengthen jobs and invest in people Launched Walmart Business to save business and nonprofit customers time, money and hassle

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1 See press release located at www.stock.walmart.com and reconciliations at the end of this presentation regarding non-GAAP financial measures. 2 $19.3 billion remaining of $20 billion authorization approved in November 2022. The company repurchased approximately 74 million shares in fiscal 2023. 7 Operating cash flow Dividends $29.1 $6.1 +$4.9 $1.5 in 4Q23 Capital expenditures Share repurchases2 $16.9 $9.9 +$3.8 $1.2 in 4Q23 Free cash flow1 Returns to shareholders $12.2 $16.0 +$1.2 Walmart Inc. - FY23 Dollars in billions. Dollar changes may not recalculate due to rounding. Change is calculated as the change versus the prior year comparable period With new associate-to-driver program, the wheel is within reach Customers can now shop as easily as texting

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8 Net Sales $113.7 +8.0% eCommerce net sales growth +17% eCommerce contribution to comp1 140 bps Inventory Total: -2.6% Comparable sales1 8.3% Comparable transactions 1.8% Comparable average ticket 6.3% • Saw continued strong market share gains in grocery, including high-income households • eCommerce sales reflected strong growth in store-fulfilled pickup & delivery as well as advertising • Comp sales up 13.9% on two-year stack • Comps strong throughout Q4 • December was the largest sales volume month in Walmart’s history • Comp sales reflected strength in food categories, private brand sales, and higher average ticket and store transactions • On a two-year stack, comp transactions increased 4.9% Remodels: >200 stores • ~700 store remodels completed in FY23 Pickup: >4,600 locations Same-day delivery: >3,900 stores • Reflects continued strong execution of inventory rebalancing from early in year • Reflects elevated inflation more than offset by a significant decline in unit inventory • Q4 results reflect 15 percentage point sequential improvement versus Q3 levels 1 Comp sales for the 13-week period ended January 27, 2023 compared to the 13-week period ended January 28, 2022, and excludes fuel. Walmart U.S. - Q4 FY23 Dollars in billions. Change is calculated as the change versus the prior year comparable period

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9 Gross profit rate -112 bps Operating income $5.4 +3.8% Operating expense rate -100 bps • Increased general merchandise markdowns pressured gross margin • Category mix shifts toward grocery and away from general merchandise negatively affected the rate • Expense leverage reflects higher sales and lower COVID costs • COVID costs were lower by ~$0.5 billion; benefited leverage by ~45 bps Adj. operating income1 $5.4 +3.8% Walmart U.S. - Q4 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. • Declines in gross profit rate partially offset by operating expense leverage • Lower sustainability income, partially offset by benefits from membership income growth

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Walmart U.S. - quarterly merchandise highlights 10 Category Comp sales Details Grocery + mid-teens • Strength in food sales (+high-teens) reflected continued market share gains (according to Nielsen) and ongoing growth in private brand penetration; elevated food inflation was similar to Q3 levels (+mid-teens) • Grocery sales increased low-20% on a two-year stack • Food units sold increased year-over-year • Consumables led by strength in pet and personal care products due in part to inflation Health & wellness + low double-digits • Strong pharmacy sales primarily reflected mix, branded drug inflation and higher immunization volumes, partially offset by lower COVID vaccines • Sales were up mid-20% on a two-year stack General merchandise - mid single-digits • General merchandise sales reflected softness in discretionary categories including toys, electronics, home, and apparel • Sales were strong in automotive and seasonal hardlines categories • On a two-year stack, sales decreased LSD%

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• Deleverage entirely due to one-time reorganization costs incurred for the ownership separation of Flipkart and PhonePe and restructuring in Africa 11 1 See press release located at www.stock.walmart.com and reconciliations at the end of presentation regarding non-GAAP financial measures. Inventory $11.2 +3.4% Gross profit rate +52 bps Operating income $0.3 -65.3% Net sales, constant currency1 $28.5 +5.5% Operating expense rate +262 bps Operating income, constant currency1 $0.2 -72.1% • Benefited from timing of sales events, including Flipkart’s The Big Billion Days • Partially offset by mix effect from continued growth in lower margin categories in Canada and format and channel mix in China Net sales $27.6 +2.1% Walmart International - Q4 FY23 Dollars in billions. Dollar changes may not recalculate due to rounding. Change is calculated as the change versus the prior year comparable period • Decrease primarily due to costs incurred for the ownership separation of Flipkart and PhonePe Adj. operating income1 $1.1 +21.1% • Positive sales growth in most markets, led by double-digit growth in Walmex and China; also driven by successful festive events across markets • Overall growth negatively affected by the timing of The Big Billion Days event, which moved from Q4 last year to Q3 this year • eCommerce penetration of 21% of total net sales, flat YoY, negatively affected by timing of The Big Billion Days event Adj. operating income, constant currency1 $1.1 +16.9% • Double-digit increase from sales growth combined with effective cost management across markets • Inventory at normal levels, resulting from continued good execution during the back half of the year

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• Continued momentum in food and consumables with general merchandise gaining traction during seasonal events • eCommerce net sales -3% 1 Walmex includes the consolidated results of Mexico and Central America. 12 Walmex1 China Canada Net sales growth +11.8% +13.5% +5.9% Comparable sales +10.6% +13.3% +5.7% Comparable transactions +2.4% -1.2% +7.0% Comparable ticket +8.0% +14.7% -1.2% • Double-digit growth with continued strength in food and consumables and the opening of over 65 new stores • In Mexico, comp sales grew 10.2% driven by Bodega and Sam’s Club • Mexico eCommerce net sales +14% • Continued strong sales growth in Sam’s Club and eCommerce and improving Hypermarket performance • eCommerce net sales +70%, contributing 48% of China net sales Walmart International - Q4 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.

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• Balanced expense management in line with sales growth • Higher penetration of Sam's Club, which has a lower operating expense rate as well as increased leverage from operational efficiencies • Mix effect from continued growth in lower margin categories of food and consumables 1 Walmex includes the consolidated results of Mexico and Central America. 13 Walmex1 China Canada Gross profit rate Relatively Flat Decrease Decrease x • Primarily driven by planned price investments during seasonal events • Mix effect from continued growth in lower margin Sam’s format and ecommerce channel Operating expense rate Relatively Flat Decrease Flat Operating income $ Increase Increase Decrease Walmart International - Q4 FY23 Results are presented on a constant currency basis. Change is calculated as the change versus the prior year comparable period • Higher sales and cost savings initiatives allowing for continued investment in strategic priorities

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14 +12.2% Comparable sales +6.7% Comparable transactions +5.2% Average comparable ticket ~120 bps eCommerce contribution $18,828 +12% Net sales +7.1% Membership income -113 bps Gross profit rate -85.9999999999998 bps Operating expense rate $398 -11.6% Operating income With Fuel Without Fuel Comparable sales1 +11.9% Net sales $21.4 +11.3% eCommerce net sales growth +21% Comparable sales +11.9% Membership income +7.1% Gross profit rate -93 bps Operating expense rate -73 bps Inventory $6.7 +11.8% Operating income $0.5 (6.2)% • Solid membership trends with record total member count • Plus penetration continues to improve, reaching an all-time high • Minimal impact to membership metrics from October fee increase, to date • Higher sales positively affected operating expense leverage • Elevated markdowns and lapping higher co-branded credit card income last year pressured gross margin • LIFO charge of $14 million • Strong contribution from both curbside and ship-to-home • Strong comp sales growth driven by solid increases in transactions and ticket • On a two-year stack, comp sales increased 28.2% • Strength in most categories, led by food and consumables • Partial exit of tobacco category negatively affected comp sales 1 Comp sales for the 13-week period ended January 27, 2023 compared to the 13-week period ended January 28, 2022. • Increase reflects inventory to support higher sales, better in-stocks and inflation Sam's Club - Q4 FY23 Dollars in billions. Change is calculated as the change versus the prior year comparable period

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15 $21,424 +11.3% Net Sales +33% eCommerce net sales growth +11.9% Comparable sales -93 bps Gross profit rate -73 bps Operating expense rate $515 (6.2)% Operating income Without Fuel Net sales $18.8 +11.6% Operating expense rate -86 bps Gross profit rate -113 bps Operating income $0.4 (11.6)% Comparable transactions +6.7% Comparable sales1, 2 +12.2% eCommerce contribution ~120 bps Average comparable ticket +5.2% 1 Comp sales for the 13-week period ended January 27, 2023 compared to the 13-week period ended January 28, 2022, and excludes fuel. 2 Partial exit of tobacco category negatively affected comp sales for the 13-week period ended January 27, 2023 by 40 basis points. On a two-year stack, negatively affected comp sales by 80 basis points. Sam's Club - Q4 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 8.4% • On a two-year stack, comp sales increased 22.6% • On a two-year stack, comp transactions increased 13.7%

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16 Category Comp sales Details Fresh / Freezer / Cooler + low-teens • Cooler, deli, fresh meat, and prepared foods performed well Grocery and beverage + high-teens • Dry grocery, drinks, and snacks showed strength Consumables + mid-teens • Paper goods, tabletop & bags, pet supplies, and laundry & home care performed well Home and apparel + high single-digit • Strength in seasonal, apparel, toys, and tires Technology, office and entertainment relatively flat • Strength in gift cards and entertainment, partially offset by softness in consumer electronics Health and wellness + low double-digit • Pharmacy and over the counter performed well Sam's Club - quarterly financial highlights

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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 4.6 percent and 5.6 percent for the trailing 12 months ended January 31, 2023 and 2022, respectively. The decrease in ROA was primarily due to the decrease in net income, which was driven by lower operating income, partially offset by lapping debt extinguishment charges. ROI was 12.7 percent and 14.9 percent for the trailing 12 months ended January 31, 2023 and 2022, respectively. The decrease in ROI was primarily due to a decrease in operating income which included opioid legal charges and reorganization and restructuring charges. 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. 17 Non-GAAP measures - ROI

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The calculation of ROA and ROI, along with a reconciliation of ROI to the calculation of ROA, is as follows: 18 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 January 31, Ended January 31, (Dollars in millions) 2023 2022 (Dollars in millions) 2023 2022 Numerator Numerator Consolidated net income $ 11,292 $ 13,940 Operating income $ 20,428 $ 25,942 Denominator + Interest income 254 158 Average total assets1 $ 244,159 $ 248,678 + Depreciation and amortization 10,945 10,658 Return on assets (ROA) 4.6 % 5.6 % + Rent 2,306 2,274 ROI operating income $ 33,933 $ 39,032 January 31, Denominator Certain Balance Sheet Data 2023 2022 2021 Average total assets1 $ 244,159 $ 248,678 Total assets $ 243,457 $ 244,860 $ 252,496 '+ Average accumulated depreciation and amortization1 106,249 98,199 Accumulated depreciation and amortization 110,286 102,211 94,187 '- Average accounts payable1 54,632 52,201 Accounts payable 54,002 55,261 49,141 '- Average accrued liabilities1 28,593 32,013 Accrued liabilities 31,126 26,060 37,966 Average invested capital $ 267,183 $ 262,663 Return on investment (ROI) 12.7 % 14.9 % 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.)

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1 "Net cash used in investing activities" includes payments for property and equipment, which is also included in our computation of free cash flow. 19 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 $29.1 billion for the fiscal year ended January 31, 2023, which represents an increase of $4.9 billion when compared to the same period in the prior year. The increase is primarily due to moderated levels of inventory purchases, partially offset by a decline in operating income and the timing of certain payments. Free cash flow for the fiscal year ended January 31, 2023 was $12.2 billion, which represents an increase of $1.2 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 $3.8 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. Fiscal Year Ended January 31, (Dollars in millions) 2023 2022 Net cash provided by operating activities $ 29,101 $ 24,181 Payments for property and equipment (capital expenditures) (16,857) (13,106) Free cash flow $ 12,244 $ 11,075 Net cash used in investing activities1 $ (17,722) $ (6,015) Net cash used in financing activities (17,039) (22,828) Non-GAAP measures - free cash flow

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1 Change versus prior year comparable period. 2 Walmart International eCommerce net sales were $5.5 billion and $20.3 billion for the three and fiscal year ended July 31, 2022, and were negatively impacted by $463 million and $(1,104) million of currency exchange rate fluctuations, respectively. 3 Walmart International eCommerce net sales were (4.5)% flat on a reported basis and increased 4% in constant currency and increased 9.6% on a reported basis and 15.6% in constant currency for the three and fiscal year ended January 31, 2023, respectively. 20 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 months and fiscal year ended January 31, 2023. Three Months Ended January 31, 2023 Fiscal Year Ended January 31, 2023 2023 Percent Change1 2023 Percent Change1 2023 Percent Change1 2023 Percent Change1 (Dollars in millions) Walmart International Consolidated Walmart International Consolidated Total revenues: As reported $ 27,966 2.2 % $ 164,048 7.3 % $ 102,604 0.1 % $ 611,289 6.7 % Currency exchange rate fluctuations 917 N/A 917 N/A 3,781 N/A 3,781 N/A Constant currency total revenues $ 28,883 5.6 % $ 164,965 7.9 % $ 106,385 3.8 % $ 615,070 7.4 % Net sales: As reported $ 27,575 2.1 % $ 162,743 7.4 % $ 100,983 — % $ 605,881 6.7 % Currency exchange rate fluctuations 901 N/A 901 N/A 3,706 N/A 3,706 N/A Constant currency net sales $ 28,476 5.5 % $ 163,644 8.0 % $ 104,689 3.7 % $ 609,587 7.4 % Operating income: As reported $ 289 -65.3 % $ 5,561 -5.5 % $ 2,965 -21.1 % $ 20,428 -21.3 % Currency exchange rate fluctuations (57) N/A (57) N/A 64 N/A 64 N/A Constant currency operating income $ 232 -72.1 % $ 5,504 -6.5 % $ 3,029 -19.4 % $ 20,492 -21.0 % Non-GAAP measures - constant currency 1 Change versus prior year comparable period.

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1Business 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 The opioid legal charges are recorded in Corporate and support. 3Change versus prior year comparable period. NP - not provided 21 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 the 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 reflect the calculation of adjusted operating income and adjusted operating income in constant currency for the three months and fiscal year ended January 31, 2023. Three Months Ended January 31, Fiscal Year Ended January 31, Walmart International Consolidated Walmart International Consolidated 2023 2022 2023 2022 2023 2022 2023 2022 Operating income: Operating income, as reported 289 832 5,561 5,887 2,965 3,758 20,428 25,942 Business reorganization and restructuring charges1 849 108 849 108 849 108 849 108 Opioid legal charges2 — — — — — — 3,325 — Adjusted operating income 1,138 940 6,410 5,995 3,814 3,866 24,602 26,050 Percent change3 21.1 % NP 6.9 % NP (1.3) % NP (5.6) % NP Currency exchange rate fluctuations (39) — (39) — 82 — 82 — Adjusted operating income, constant currency 1,099 940 6,371 5,995 3,896 3,866 24,684 26,050 Percent change3 16.9 % NP 6.3 % NP 0.8 % NP (5.2) % NP Non-GAAP measures - adjusted operating income

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22 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 months and fiscal year ended January 31, 2023 by adjusting EPS for the following: 1. unrealized gains and losses on the company’s equity and other investments; 2. the gain on sale of equity method investment in Brazil; 3. a discrete tax item; 4. opioid legal charges; and 5. business reorganization and restructuring charges in Walmart International. Non-GAAP measures - adjusted EPS

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23 1 Change versus prior year comparable period. 2 Tax impact calculated based on nature of item, including any realizable deductions, and statutory rate in effect for relevant jurisdictions. Business reorganization and restructuring charges include tax amounts incurred on separation of Flipkart and PhonePe. No tax expense was incurred in connection with the gain on sale of equity method investment in Brazil. 3 The reported effective tax rate was 34.7% and 33.6% for the three months and fiscal year ended January 31, 2023, respectively. Adjusted for the above items, the effective tax rate was 21.7% and 24.7% for the three months and fiscal year ended January 31, 2023, 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 January 31, 2023 Percent Change1 Fiscal Year Ended January 31, 20235 Percent Change1 Diluted earnings per share: Reported EPS $ 2.32 81.3% $ 4.27 -12.3% 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 $ (1.43) $ 0.27 $ — $ (1.16) $ 0.77 $ (0.12) $ — $ 0.65 Gain on sale of equity method investment in Brazil — — — — (0.16) — — (0.16) Discrete tax item — — — — — (0.06) — (0.06) Opioid legal charges — — — — 1.22 (0.17) — 1.05 Business reorganization and restructuring charges 0.31 0.40 (0.16) 0.55 0.31 0.39 (0.16) 0.54 Net adjustments $ (0.61) $ 2.02 Adjusted EPS $ 1.71 11.8% $ 6.29 -2.6% Non-GAAP measures - adjusted EPS (cont.)

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24 As previously disclosed in our fiscal year ended January 31, 2022 press release, we have calculated Adjusted EPS for the three months and fiscal year ended January 31, 2022 by adjusting EPS for the following: (1) unrealized and realized gains and losses on the company’s equity investments, (2) loss on extinguishment of debt, (3) the incremental loss on sale of our operations in the U.K and Japan recorded during the first quarter of fiscal 2022; and (4) business restructuring charges. Three Months Ended January 31, 2022 Fiscal Year Ended January 31, 20224 Diluted earnings per share: Reported EPS $ 1.28 $ 4.87 Adjustments: Pre-Tax Impact Tax Impact1,2 NCI Impact3 Net Impact Pre-Tax Impact Tax Impact1,2 NCI Impact3 Net Impact Unrealized and realized (gains) and losses on equity investments 0.22 (0.05) 0.02 0.19 0.87 (0.18) 0.02 0.71 Loss on extinguishment of debt — — — — 0.86 (0.19) — 0.67 Incremental loss on sale of our operations in the U.K. and Japan — — — — 0.15 — — 0.15 Business restructuring charges 0.08 (0.02) — 0.06 0.08 (0.02) — 0.06 Net adjustments $ 0.25 $ 1.59 Adjusted EPS $ 1.53 $ 6.46 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. 2 The reported effective tax rate was 24.0% and 25.4% for the three months and fiscal year ended January 31, 2022, respectively. Adjusted for the above items, the effective tax rate was 23.7% and 24.3% for the three months and fiscal year ended January 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.

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• Unit counts & square footage • Comparable store sales, including and excluding fuel • Terminology 25 Additional resources at stock.walmart.com

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