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Walmart Inc. - Annual Report: 2025 (Form 10-K)

Property and equipment, net  
Operating lease right-of-use assets
  Finance lease right-of-use assets, net  Goodwill  Other long-term assets  Total assets$ $ 
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND SHAREHOLDERS' EQUITY
Current liabilities:Short-term borrowings$ $ Accounts payable  Accrued liabilities  Accrued income taxes  Long-term debt due within one year  Operating lease obligations due within one year  Finance lease obligations due within one year  Total current liabilities  Long-term debt  Long-term operating lease obligations  Long-term finance lease obligations  Deferred income taxes and other  Commitments and contingenciesRedeemable noncontrolling interest  
Shareholders' equity:
Common stock  Capital in excess of par value  Retained earnings  Accumulated other comprehensive loss()()Total Walmart shareholders' equity  
Nonredeemable noncontrolling interest
  
Total shareholders' equity
  
Total liabilities, redeemable noncontrolling interest, and shareholders' equity
$ $ 
See accompanying notes.
55

Walmart Inc.
Consolidated Statements of Shareholders' Equity

AccumulatedTotal
Capital inOtherWalmartNonredeemableTotal
(Amounts in millions)Common StockExcess ofRetainedComprehensiveShareholders'NoncontrollingShareholders'
SharesAmountPar ValueEarningsIncome (Loss)EquityInterestEquity
Balances as of February 1, 2022 $ $ $ $()$ $ $ 
Consolidated net income— — —  —  () 
Other comprehensive loss, net of income taxes— — — — ()()()()
Cash dividends declared ($ per share)
— — — ()— ()— ()
Purchase of Company stock()()()()— ()— ()
Cash dividend declared to noncontrolling interest— — — — — — ()()
Purchase of noncontrolling interest— — ()— ()()()()
Sale of subsidiary stock— —  — —    
Other   ()—    
Balances as of January 31, 2023    ()   
Consolidated net income— — —  —    
Other comprehensive income, net of income taxes— — — —     
Cash dividends declared ($ per share)
— — — ()— ()— ()
Purchase of Company stock()()()()— ()— ()
Cash dividend declared to noncontrolling interest— — — — — — ()()
Purchase of noncontrolling interest— — ()— — ()()()
Sale of subsidiary stock— —  — —    
Other   ()—    
Balances as of January 31, 2024    ()   
Consolidated net income— — —  —    
Other comprehensive loss, net of income taxes— — — — ()()()()
Cash dividends declared ($ per share)
— — — ()— ()— ()
Purchase of Company stock()()()()— ()— ()
Cash dividend declared to noncontrolling interest— — — — — — ()()
Sale of subsidiary stock— —  — —    
Other   ()—    
Balances as of January 31, 2025    ()   
See accompanying notes.
56

Walmart Inc.
Consolidated Statements of Cash Flows

Fiscal Years Ended January 31,
(Amounts in millions)202520242023
Cash flows from operating activities:
Consolidated net income$ $ $ 
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization   
Investment (gains) and losses, net
   
Deferred income taxes()() 
Other operating activities   
Changes in certain assets and liabilities, net of effects of acquisitions and dispositions:
Receivables, net()() 
Inventories() ()
Accounts payable  ()
Accrued liabilities () 
Accrued income taxes ()()
Net cash provided by operating activities   
Cash flows from investing activities:
Payments for property and equipment()()()
Proceeds from the disposal of property and equipment   
Proceeds from disposal of certain strategic investments
   
Payments for business acquisitions, net of cash acquired
()()()
Other investing activities()()()
Net cash used in investing activities()()()
Cash flows from financing activities:
Net change in short-term borrowings  ()
Proceeds from issuance of long-term debt   
Repayments of long-term debt()()()
Dividends paid()()()
Purchase of Company stock()()()
Dividends paid to noncontrolling interest()()()
Purchase of noncontrolling interest ()()
Sale of subsidiary stock   
Other financing activities()()()
Net cash used in financing activities()()()
Effect of exchange rates on cash, cash equivalents and restricted cash() ()
Net increase (decrease) in cash, cash equivalents and restricted cash() ()
Cash, cash equivalents and restricted cash at beginning of year   
Cash, cash equivalents and restricted cash at end of year$ $ $ 
Supplemental disclosure of cash flow information:
Income taxes paid$ $ $ 
Interest paid    
See accompanying notes.
57

Walmart Inc.
Notes to Consolidated Financial Statements
Note 1.
reportable segments: Walmart U.S., Walmart International and Sam's Club U.S.-for-1 forward split of its common stock and a proportionate increase in the number of authorized shares. All share and per share information, including share based compensation, has been retroactively adjusted to reflect the stock split. The shares of common stock retain a par value of $ per share. Accordingly, an amount equal to the par value of the increased shares resulting from the stock split was reclassified from capital in excess of par value to common stock. billion and $ billion as of January 31, 2025 and 2024, respectively.
The Company's cash balances are held in various locations around the world. Of the Company's $ billion and $ billion in cash and cash equivalents as of January 31, 2025 and January 31, 2024, approximately % and % were held outside of the U.S., respectively. Cash and cash equivalents held outside of the U.S. are generally utilized to support liquidity needs in the Company's non-U.S. operations.
The Company uses intercompany financing arrangements in an effort to ensure cash can be made available in the country in which it is needed with the minimum cost possible.
As of January 31, 2025 and 2024, cash and cash equivalents of approximately $ billion and $ billion, respectively, may not be freely transferable to the U.S. due to local laws, other restrictions or are subject to the approval of the noncontrolling interest shareholders.
58

Net receivables from transactions with customers were $ billion and $ billion as of January 31, 2025 and January 31, 2024, respectively.
.
 $ Buildings and improvements
-
  Fixtures and equipment
-
  Transportation equipment
-
  Construction in progressN/A  Property and equipment  Accumulated depreciation()()Property and equipment, net$ $ 
Total depreciation and amortization expense for property and equipment, property under finance leases and intangible assets for fiscal 2025, 2024 and 2023 was $ billion, $ billion and $ billion, respectively.
59

 $ $ $ Changes in currency translation and other()() ()Acquisitions    )) )  )))   ))))  ()
(1) Upon closing of the noncontrolling interest shareholder buyout of the Company's Massmart subsidiary during the fourth quarter of fiscal 2023, the cumulative amount of currency translation was reallocated from the Company's noncontrolling interest back to the Company. Refer to Note 3.
67

Note 5.
  
Self-insurance(2)
  
Accrued non-income taxes(3)
  Deferred gift card revenue  
Other(4)
  Total accrued liabilities$ $ 
(1)Accrued wages and benefits include accrued wages, salaries, vacation, bonuses and other incentive plans.
(2)Self-insurance consists of insurance-related liabilities, such as workers' compensation, general liability, auto liability, product liability and certain employee-related healthcare benefits.
(3)Accrued non-income taxes include accrued payroll, property, value-added, sales and miscellaneous other taxes.
(4)Other accrued liabilities includes items such as deferred membership revenue, interest, supply chain, advertising, and maintenance and utilities.
Note 6.
billion and $ billion, respectively, with weighted-average interest rates of % and %, respectively.  $ $ $ $ $ 
-day revolving credit facility(1)
      Total$ $ $ $ $ $ 
-day revolving credit facility as well as its credit facility.
The committed lines of credit in the table above mature in April 2025 and April 2029, carry interest rates of the Secured Overnight Financing Rate plus basis points, and incur commitment fees ranging between and basis points. In conjunction with the committed lines of credit listed in the table above, the Company has agreed to observe certain covenants, the most restrictive of which relates to the maximum amount of secured debt. Additionally, the Company has syndicated and fronted letters of credit available which totaled $ billion as of January 31, 2025 and 2024, of which $ billion and $ billion was drawn as of January 31, 2025 and 2024, respectively.
 %$ %
Euro denominated
2027 - 2030 % %
Sterling denominated
2031 - 2039 % %
Yen denominated
2028 % %
Total unsecured fixed-rate debt
  
Total other(2)
()()Total debt  Less amounts due within one year()()Long-term debt$ $ 
(1)The average rate represents the weighted-average stated rate for each corresponding debt category, based on year-end balances and year-end interest rates.
68

 2027 2028 2029 2030 Thereafter Total$ 
Debt Issuances
There were long-term debt issuances in fiscal 2025.
April 15, 2026Fixed%$ April 18, 2023$April 15, 2028Fixed% April 18, 2023$April 15, 2030Fixed% April 18, 2023$April 15, 2033Fixed% April 18, 2023$April 15, 2053Fixed% Total$ 
These issuances are senior, unsecured notes which rank equally with all other senior, unsecured debt obligations of the Company, and are not convertible or exchangeable. These issuances do not contain any financial covenants which restrict the Company's ability to pay dividends or repurchase Company stock.
Maturities
Fixed%$ July 8, 2024$Fixed% July 18, 2024¥Fixed% December 15, 2024$Fixed% Total repayment of matured debt$ 
(Amounts in millions)
Maturity DatePrincipal AmountFixed vs. FloatingInterest RateRepayment
April 11, 2023$Fixed%$ 
June 26, 2023$Fixed% 
Total repayment of matured debt$ 
Note 7.
 $$Finance lease cost:   Amortization of right-of-use assets    Interest on lease obligations Variable lease cost 
69

   Operating cash flows from finance leases   Financing cash flows from finance leases   Assets obtained in exchange for operating lease obligations   Assets obtained in exchange for finance lease obligations   
As of January 31,
20252024
Weighted-average remaining lease term - operating leases years years
Weighted-average remaining lease term - finance leases years years
Weighted-average discount rate - operating leases%%
Weighted-average discount rate - finance leases%%
 $ 2027  2028  2029  2030  Thereafter  Total undiscounted lease obligations  Less imputed interest()()Net lease obligations$ $ 
Note 8.
 $ Equity investments measured using Level 2 inputs  Total$ $ 
The fair value of these investments decreased $ billion during fiscal 2025, primarily due to the sale of the Company's investment in JD.com in August 2024, as well as gains and losses resulting from net changes in the underlying stock prices of the investments, along with certain other immaterial investment activity. The fair value of these investments decreased $ billion during fiscal 2024 primarily due to gains and losses resulting from net changes in the underlying stock prices, along with certain other immaterial investment activity.
Sale of Investment
In August 2024, the Company sold its investment in JD.com for net proceeds of approximately $ billion and recorded a realized loss of $ billion within other gains and losses.
70

 $()(1)$ $()(1)Receive fixed-rate, pay fixed-rate cross-currency swaps designated as cash flow hedges ()(1) ()(1)Total$ $()$ $()
(1)Primarily classified in deferred income taxes and other within the Company's Consolidated Balance Sheets.
Nonrecurring Fair Value Measurements
In addition to assets and liabilities recorded at fair value on a recurring basis, the Company's assets and liabilities are also subject to nonrecurring fair value measurements. Generally, assets are recorded at fair value on a nonrecurring basis as a result of impairment charges.
The Company did not have any material assets or liabilities resulting in nonrecurring fair value measurements as of January 31, 2025 and January 31, 2024.
Other Fair Value Disclosures
The Company records cash and cash equivalents, restricted cash and short-term borrowings at cost. The carrying values of these instruments approximate their fair value due to their short-term maturities.
The Company's long-term debt is also recorded at cost. The fair value is estimated using Level 2 inputs based on observable prices of identical instruments in less active markets.
 $ $ $ 
Note 9.
 $ $ Non-U.S.   Total income before income taxes$ $ $  $ $ U.S. state and local   International   Total current tax provision   Deferred:U.S. federal()() U.S. state and local   International() ()Total deferred tax expense (benefit)()() Total provision for income taxes$ $ $ 
71

 % % %U.S. state income taxes, net of federal income tax benefit % % %Income taxed outside the U.S. % % %Separation, disposal and wind-down of certain business operations % % %Valuation allowance % % %Net impact of repatriated international earnings()%()%()%Federal tax credits()%()%()%Change in unrecognized tax benefits % % %Other, net()% % %Effective income tax rate % % %
Deferred Taxes
 $ Accrued liabilities  Share-based compensation  Lease obligations  Other  Total deferred tax assets  Valuation allowances()()Deferred tax assets, net of valuation allowances  Deferred tax liabilities:Property and equipment  Acquired intangibles  Inventory  Lease right of use assets  Mark-to-market investments  Other  Total deferred tax liabilities  Net deferred tax liabilities$ $  $ Liabilities:Deferred income taxes and other  
(1) Total fuel-related expenses for Sam's Club U.S. were $ billion, $ billion, and $ billion in fiscal 2025, fiscal 2024, and fiscal 2023 respectively.
(2) Includes other income from corporate campus facilities.

78

 $ $ Depreciation and amortization   Capital expenditures   Walmart InternationalTotal assets$ $ $ Depreciation and amortization   Capital expenditures   
Sam's Club U.S.
Total assets$ $ $ Depreciation and amortization   Capital expenditures   CorporateTotal assets$ $ $ Depreciation and amortization   Capital expenditures   ConsolidatedTotal assets$ $ $ Depreciation and amortization   Capital expenditures    $ $ Non-U.S. operations   Total revenues$ $ $ Long-lived assets U.S. operations$ $ $ Non-U.S. operations   Total long-lived assets$ $ $ 
No individual country outside of the U.S. had total revenues or long-lived assets that were material to the consolidated totals. Additionally, the Company did not generate material revenues from any single customer.
Disaggregated Revenues
In the following tables, segment net sales are disaggregated by either merchandise category or market. In addition, net sales related to eCommerce are provided for each segment. Net sales related to eCommerce include omni-channel sales where a customer initiates an order digitally and the order is fulfilled through a store or club, as well as net sales from other business offerings that are part of the Company's ecosystem such as certain advertising arrangements, fulfillment services, and data insights. From time to time, the Company revises the assignment of net sales of a particular item to a merchandise category. When the assignment changes, previous period amounts are reclassified to be comparable to the current period's presentation.
 $ $ General merchandise   Health and wellness   
Other
   Total$ $ $ 
Of Walmart U.S.'s total net sales, approximately $ billion, $ billion and $ billion related to eCommerce for fiscal 2025, 2024 and 2023, respectively.
79

 $ $ Canada   China   Other   Total$ $ $ 
Of Walmart International's total net sales, approximately $ billion, $ billion and $ billion related to eCommerce for fiscal 2025, 2024 and 2023, respectively.
 $ $ Fuel and other   General merchandise   Health and wellness   Total$ $ $ 
billion, $ billion and $ billion related to eCommerce for fiscal 2025, 2024 and 2023, respectively.
Note 13.
per share, an increase over the fiscal 2025 dividend of $ per share. per share, according to the following record and payable dates:
80

ITEM 9.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.
ITEM 9A.CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to provide reasonable assurance that information, which is required to be timely disclosed, is accumulated and communicated to management in a timely fashion. In designing and evaluating such controls and procedures, we recognize that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Our management is necessarily required to use judgment in evaluating controls and procedures. Also, we have investments in unconsolidated entities. Since we do not control or manage those entities, our controls and procedures with respect to those entities are substantially more limited than those we maintain with respect to our consolidated subsidiaries.
In the ordinary course of business, we review our internal control over financial reporting and make changes to our systems and processes to improve such controls and increase efficiency, while ensuring that we maintain an effective internal control environment. Changes may include such activities as implementing new, more efficient systems, updating existing systems, automating manual processes, standardizing controls globally, migrating certain processes to our shared services organizations and increasing monitoring controls. We are continuing to upgrade our financial systems globally, and modernize functions across the business which will impact our internal control over financial reporting.
An evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of January 31, 2025 was performed under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective to provide reasonable assurance that information required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange Act of 1934, as amended, is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure and are effective to provide reasonable assurance that such information is recorded, processed, summarized and reported within the time periods specified by the SEC's rules and forms.
Report on Internal Control Over Financial Reporting
Management has responsibility for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external reporting purposes in accordance with accounting principles generally accepted in the United States. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Management has assessed the effectiveness of the Company's internal control over financial reporting as of January 31, 2025. In making its assessment, management has utilized the criteria set forth by the Committee of Sponsoring Organizations ("COSO") of the Treadway Commission in Internal Control-Integrated Framework (2013). Management concluded that based on its assessment, Walmart's internal control over financial reporting was effective as of January 31, 2025. The Company's internal control over financial reporting as of January 31, 2025, has been audited by Ernst & Young LLP as stated in their report which appears herein.
Changes in Internal Control Over Financial Reporting
There have been no changes in the Company's internal control over financial reporting as of January 31, 2025, that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.
ITEM 9B.OTHER INFORMATION
of Directors and Executive Officers
, , , Walmart International, designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934. Under the terms of the plan, Ms. McLay will sell an aggregate shares of common stock. The plan will terminate in .
ITEM 9C.DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not applicable.
81

PART III
ITEM 10.DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
Please see the information concerning our executive officers contained in "Item 1. Business" herein under the caption "Information About Our Executive Officers," which is included in accordance with the Instruction to Item 401 of the SEC's Regulation S-K.
Information required by this Item 10 with respect to the Company's directors and certain family relationships is incorporated by reference to such information under the caption "Proposal No. 1 – Election of Directors" included in our Proxy Statement relating to our 2025 Annual Meeting of Shareholders (our "Proxy Statement").
No material changes have been made to the procedures by which shareholders of the Company may recommend nominees to our Board of Directors since those procedures were disclosed in our proxy statement relating to our 2024 Annual Shareholders' Meeting as previously filed with the SEC.
The information regarding our Audit Committee, including our audit committee financial experts, our Reporting Protocols for Senior Financial Officers and our Code of Conduct applicable to all of our associates, including our Chief Executive Officer, Chief Financial Officer and our Controller, who is our principal accounting officer, required by this Item 10 is incorporated herein by reference to the information under the captions "Corporate Governance" and "Proposal No. 4: Ratification of Independent Accountants" included in our Proxy Statement. "Item 1. Business" above contains information relating to the availability of a copy of our Reporting Protocols for Senior Financial Officers and our Code of Conduct and the posting of amendments to and any waivers of the Reporting Protocols for Senior Financial Officers and our Code of Conduct on our website.
The Company has an ("Insider Trading Policy") that governs the purchase, sale and other dispositions of Walmart securities by its directors, officers, associates and the Company itself. The Insider Trading Policy states, among other things, that our directors, officers and associates are prohibited from trading in such securities while in possession of material, nonpublic information. The Company is also prohibited from trading in Walmart securities while in possession of material, nonpublic information related to the Company unless such trading activity complies with all applicable securities laws. The Company believes the Insider Trading Policy is reasonably designed to promote compliance with insider trading laws, rules and regulations, and any applicable NYSE listing standards. The foregoing summary of our Insider Trading Policy does not purport to be complete and is qualified by reference to the Insider Trading Policy filed as Exhibit 19 to this Annual Report on Form 10-K.
ITEM 11.EXECUTIVE COMPENSATION
The information required by this Item 11 is incorporated herein by reference to the information under the captions "Corporate Governance – Director Compensation" and "Executive Compensation" included in our Proxy Statement.
ITEM 12.SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
The information required by this Item 12 is incorporated herein by reference to the information that appears under the caption "Stock Ownership" included in our Proxy Statement.
ITEM 13.CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
The information required by this Item 13 is incorporated herein by reference to the information under the caption "Corporate Governance – Board Processes and Practices" included in our Proxy Statement.
ITEM 14.PRINCIPAL ACCOUNTING FEES AND SERVICES
The information required by this Item 14 is incorporated herein by reference to the information under the caption "Proposal No. 4 – Ratification of Independent Accountants" included in our Proxy Statement.
82

PART IV
ITEM 15.EXHIBITS, FINANCIAL STATEMENT SCHEDULES
(a)     Documents filed as part of this report are as follows:
1.
Financial Statements: See the Financial Statements in "Item 8. Financial Statements and Supplementary Data."
2.
Financial Statement Schedules:
Certain schedules have been omitted because the required information is not present or is not present in amounts sufficient to require submission of the schedule, or because the information required is included in the Consolidated Financial Statements, including the notes thereto.
3.
Exhibits:
See exhibits listed under part (b) below.
(b)    The required exhibits are filed as part of this Form 10-K or are incorporated by reference herein.(1)
3.1(a)
3.1(b)
3.2
4.1
Indenture dated as of April 1, 1991, between the Company and J.P. Morgan Trust Company, National Association, as successor trustee to Bank One Trust Company, NA, as successor trustee to The First National Bank of Chicago, Trustee, is incorporated herein by reference to Exhibit 4(a) to Registration Statement on Form S-3 (File Number 33-51344) (P)
4.2
First Supplemental Indenture dated as of September 9, 1992, to the Indenture dated as of April 1, 1991, between the Company and J.P. Morgan Trust Company, National Association, as successor trustee to Bank One Trust Company, NA, as successor trustee to The First National Bank of Chicago, Trustee, is incorporated herein by reference to Exhibit 4(b) to Registration Statement on Form S-3 (File Number 33-51344) (P)
4.3
4.4
4.5
4.6
4.7
4.8
83


10.1
10.2
10.3
10.4
10.5
10.6
10.7
10.7(a)
10.8
10.9
10.10
10.11
10.12
10.13
10.14
84

19*
21*
23*
31.1* 
31.2* 
32.1** 
32.2** 
97.1
99.1*
101.INS*Inline XBRL Instance Document
101.SCH*Inline XBRL Taxonomy Extension Schema Document
101.CAL*Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*Inline XBRL Taxonomy Extension Presentation Linkbase Document
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
*Filed herewith as an Exhibit.
**Furnished herewith as an Exhibit.
(C)This Exhibit is a management contract or compensatory plan or arrangement
(P)This Exhibit was originally filed in paper format. Accordingly, a hyperlink has not been provided.
(1)
Certain instruments defining the rights of holders of long-term debt securities of the Registrant are omitted pursuant to Item 601(b)(4)(iii) of Regulation S-K. The Company hereby undertakes to furnish to the SEC, upon request, copies of any such instruments.

(c)    Financial Statement Schedules: None.
ITEM 16.FORM 10-K SUMMARY
None.
85

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 Walmart Inc.
Date: March 14, 2025 By /s/ C. Douglas McMillon
  C. Douglas McMillon
  President and Chief Executive Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated:
Date: March 14, 2025 By /s/ C. Douglas McMillon
  C. Douglas McMillon
  President and Chief Executive Officer and Director
  (Principal Executive Officer)
Date: March 14, 2025 By /s/ Gregory B. Penner
  Gregory B. Penner
  Chairman of the Board and Director
Date: March 14, 2025 By /s/ John David Rainey
  John David Rainey
  Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
Date: March 14, 2025 By /s/ David M. Chojnowski
  David M. Chojnowski
  Senior Vice President and Controller
(Principal Accounting Officer)
Signature Page to Walmart Inc.
Form 10-K for the Fiscal Year Ended January 31, 2025
86

Date: March 14, 2025 By /s/ Cesar Conde
  Cesar Conde
  Director
Date: March 14, 2025By/s/ Timothy P. Flynn
Timothy P. Flynn
Director
Date: March 14, 2025By/s/ Sarah Friar
Sarah Friar
Director
Date: March 14, 2025By/s/ Carla A. Harris
Carla A. Harris
Director
Date: March 14, 2025By/s/ Thomas W. Horton
Thomas W. Horton
Director
Date: March 14, 2025By/s/ Marissa A. Mayer
Marissa A. Mayer
Director
Date: March 14, 2025
By
/s/ Robert E. Moritz, Jr.
Robert E. Moritz, Jr.
Director
Date: March 14, 2025
By
/s/ Brian Niccol
Brian Niccol
Director
Date: March 14, 2025By/s/ Randall L. Stephenson
Randall L. Stephenson
Director
Date: March 14, 2025 By /s/ Steuart L. Walton
  Steuart L. Walton
  Director

Signature Page to Walmart Inc.
Form 10-K for the Fiscal Year Ended January 31, 2025

87

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