01—Abstract
Summary
Summary of the 10-K filed March 15, 2024. Cited figures are marked; the original filing is the authoritative source.
Walmart Inc. reported significant revenue growth for fiscal year 2024, reaching $648.1 billiona, a 6.0% increase over the prior year.
This growth was primarily driven by strong comparable sales across its major segments: Walmart U.S., Walmart International, and Sam's Club. The company's strategic focus on omni-channel capabilities, including e-commerce, continues to yield positive results, with e-commerce sales contributing positively to comparable sales growth. The company also demonstrated improved profitability, with operating income increasing by 32%b year-over-year, partly due to favorable year-over-year comparisons that lapped significant legal settlement charges in the prior year.
Walmart continues to invest heavily in its business, with capital expenditures totaling $20.6 billionc, focused on technology, supply chain, and customer-facing initiatives. The company also returned significant capital to shareholders through dividends and share repurchases. While the company faces ongoing risks related to macroeconomic conditions, competition, and cybersecurity, its strong financial position, diversified business model, and strategic investments position it for continued resilience and growth.
02—Key points
Key Highlights
- Total revenues reached $648.1 billion in fiscal year 2024, up 6.0% from the prior year.
- Comparable sales growth was robust across all segments: Walmart U.S. (4.9%), Sam's Club (2.3%), and Walmart International (13.5%).
- Operating income saw a significant increase of 32%, reaching $27.0 billion, with operating margin improving to 4.2% from 3.4%.
- Capital expenditures increased by 22% to $20.6 billion, with a strong focus on technology, supply chain, and customer-facing initiatives.
- The company returned approximately $2.8 billion to shareholders through share repurchases in fiscal year 2024.
- Net income attributable to Walmart increased by 32.8% to $15.5 billion.
- The company successfully resolved substantially all opioid-related lawsuits by agreeing to a settlement framework, with most of the accrued liability paid in fiscal 2024.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2024, Walmart Inc. kept $0.02.
- Revenue$642.64B100.0%
- Cost of revenue−$490.14B76.3%
- Gross profit$152.50B23.7%
- Operating costs−$125.48B19.5%
- Operating income$27.01B4.2%
- Interest, other & tax−$11.50B1.8%
- Net income$15.51B2.4%
Where FY2024 revenue went
$642.64B- Cost of revenue: $490.14B, 76% of revenue
- SG&A: $130.97B, 20% of revenue
- Net income: $15.51B, 2.4% of revenue
- Interest, other & tax: $11.50B, 1.8% of revenue
Kept 2.4% as net incomeNet income $15.51B · 2.4%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2024filed March 15, 2024Financial Statements
FY2024 against FY2023
| Line item | FY2024FY2023 | Change |
|---|---|---|
| Revenue | $642.64B$605.88B | +6.1% |
| Cost of Revenue | $490.14B$463.72B | +5.7% |
| Gross Profit | $152.50B$142.16B | +7.3% |
| SG&A Expenses | $130.97B$127.14B | +3.0% |
| Operating Income | $27.01B$20.43B | +32.2% |
| Interest Expense | $2.26B$1.79B | +26.4% |
| Net Income | $15.51B$11.68B | +32.8% |
| EPS (Basic) | $1.92$1.43 | +34.3% |
| EPS (Diluted) | $1.91$1.42 | +34.5% |
| Shares Outstanding (Basic) | 8.08B8.17B | −1.2% |
| Shares Outstanding (Diluted) | 8.11B8.20B | −1.1% |
05—Questions
Frequently Asked Questions
What was Walmart's overall financial performance in fiscal year 2024?
Walmart achieved strong financial results in fiscal year 2024. Total revenues grew by 6.0% to $648.1 billion, driven by healthy comparable sales growth across its U.S. and international segments. Operating income increased significantly, and the company returned substantial capital to shareholders through dividends and share repurchases.
How did Walmart's e-commerce business perform?
Walmart's e-commerce business continues to be a strong contributor to overall growth. E-commerce sales positively impacted comparable sales for Walmart U.S. by 2.6% and for Sam's Club by 1.7% in fiscal year 2024. The company is investing in omni-channel initiatives, such as store pickup and delivery, to enhance the customer experience.
What are the key investments Walmart is making for future growth?
Walmart is strategically investing in areas such as automation, technology, supply chain improvements, and customer-facing initiatives. Capital expenditures for fiscal year 2024 totaled $20.6 billion, with a projected $20 billion to $24 billion planned for fiscal year 2025, reflecting a commitment to enhancing its omni-channel capabilities and operational efficiency.
What is the status of Walmart's legal proceedings, particularly concerning opioid litigation?
Walmart has reached a settlement framework to resolve substantially all opioid-related lawsuits brought by states, political subdivisions, and Native American tribes. Most of the accrued liability of approximately $3.3 billion has been paid in fiscal year 2024. The company continues to defend itself against other opioid-related claims not covered by the settlement.
06—Continue