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Arphra AIPlain-English read on Walmart Inc.’s valuationIncome statement
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $572.75B | $611.29B | $648.13B | $680.99B | $713.16B | $752.37B | $787.35B | $828.3B | $858.45B |
| Cost of revenue | $429B | $463.72B | $490.14B | $511.75B | $535.4B | $575.56B | $601.46B | $621.51B | $651.68B |
| Gross profit | $143.75B | $147.57B | $157.98B | $169.23B | $177.77B | $181.6B | $190.54B | $210.18B | $208.79B |
| Gross margin | +25.10% | +24.14% | +24.38% | +24.85% | +24.93% | +24.14% | +24.20% | +25.37% | +24.32% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $117.81B | $127.14B | $130.97B | $139.88B | $147.94B | $153.78B | $161.62B | $169.77B | $177.97B |
| Total operating expenses | $117.81B | $127.14B | $130.97B | $139.88B | $147.94B | $153.95B | $161.44B | $167.96B | $173.18B |
| Operating income | $25.94B | $20.43B | $27.01B | $29.35B | $29.83B | $31.97B | $33.33B | $35.74B | $36.12B |
| Operating margin | +4.53% | +3.34% | +4.17% | +4.31% | +4.18% | +4.25% | +4.23% | +4.31% | +4.21% |
| EBITDA | $31.35B | $30.09B | $36.38B | $42.01B | $46.47B | $46.5B | $47.09B | $50.28B | $53.84B |
| EBIT | $20.69B | $19.14B | $24.53B | $29.04B | $32.27B | $32.23B | $32.2B | $35.75B | $36.87B |
| Below the line | |||||||||
| Interest expense | $1.99B | $2.13B | $2.68B | $2.73B | $2.8B | $2.99B | $3.23B | $3.25B | $3.43B |
| Interest income | $158M | $254M | $546M | $483M | $368M | $526.08M | $557.8M | $561.36M | $603.58M |
| Other income / expense | -$7.25B | -$3.41B | -$5.16B | -$3.04B | -$356M | — | — | — | — |
| Pre-tax income | $18.7B | $17.02B | $21.85B | $26.31B | $29.47B | $27.72B | $29.37B | $31.32B | $32.02B |
| Income tax expense | $4.76B | $5.72B | $5.58B | $6.15B | $7.2B | $6.78B | $7.3B | $7.5B | $7.95B |
| Earnings | |||||||||
| Net income | $13.67B | $11.68B | $15.51B | $19.44B | $21.89B | $21.04B | $21.25B | $23.09B | $24.06B |
| Net income · continuing ops | $13.94B | $11.29B | $16.27B | $20.16B | $22.27B | $21.8B | $22.72B | $23.67B | $25.11B |
| Net margin | +2.39% | +1.91% | +2.39% | +2.85% | +3.07% | +2.80% | +2.70% | +2.79% | +2.80% |
| EPS · basic | $1.63 | $1.43 | $1.92 | $2.42 | $2.74 | $2.93 | $3.26 | $3.73 | $3.97 |
| EPS · diluted | $1.62 | $1.42 | $1.91 | $2.41 | $2.73 | $2.90 | $3.28 | $3.67 | $3.97 |
| EPS · low estimate | — | — | — | — | — | $2.82 | $3.11 | $3.50 | $3.88 |
| EPS · high estimate | — | — | — | — | — | $3.03 | $3.64 | $4.20 | $4.04 |
| Shares · basic | 8.38B | 8.17B | 8.08B | 8.04B | 7.98B | 7.91B | 7.95B | 7.98B | 7.98B |
| Shares · diluted | 8.42B | 8.2B | 8.11B | 8.08B | 8.02B | 8.04B | 8.1B | 8.09B | 7.95B |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 29 | 28 | 17 | 8 |
| Analysts (EPS) | — | — | — | — | — | 25 | 25 | 10 | 4 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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