2025年度报告

Annual Report2025 A message from our CEO “The journey we’ve been on to improve how we serve our customers and members while changingthe shape of our business continues. The success we’re seeing is made possible by the hard workand dedication of our associates from around the world. Walmart is anandcompany.We’re people and technology. We’re stores and eCommerce. We’re innovation and execution.We believe the combination of a purpose-driven, people-centric culture and world-classtechnology is the winning formula.” Full report &Doug’s letter Doug McMillonPresident and Chief Executive Officer Walmart Inc. $36BOperatingcash flow +8.6%Operatingincome +5.1%Revenues ~$2BGlobal giving2 +21%Membershipincome +27%Advertising1 UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549___________________________________________ FORM 10-K ☒Annual report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended January 31, 2025, or ☐Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 Commission file number 001-06991. (Exact name of registrant as specified in its charter) 71-0415188 Registrant's telephone number, including area code: (479) 273-4000 Securities registered pursuant to Section 12(b) of the Act: Yes¨Noý Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required tofile such reports), and (2) has been subject to such filing requirements for at least the past 90 days. YesýNo¨ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter periodthat the registrant was required to submit such files). YesýNo¨ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smallerreporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large Accelerated Filer☒Accelerated Filer☐Non-Accelerated Filer☐Smaller Reporting Company☐Emerging Growth Company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition periodfor complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.¨ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to§240.10D-1(b).¨ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ As of July 31, 2024, the aggregate market value of the voting common stock of the registrant held by non-affiliates of theregistrant, based on the closing sale price of those shares on the New York Stock Exchange reported on July 31, 2024, was$297,576,699,886. For the purposes of this disclosure only, the registrant has assumed that its directors, executive officers (asdefined in Rule 3b-7 under the Exchange Act) and the beneficial owners of 5% or more of the registrant's outstanding commonstock are the affiliates of the registrant. The registrant had 8,016,849,444 shares of common stock outstanding as of March 12, 2025. DOCUMENTS INCORPORATED BY REFERENCE Parts Into Which Incorporated Document Portions of the registrant's Proxy Statement for the AnnualMeeting of Shareholders to be held June 5, 2025 (the "ProxyStatement") Part III Walmart Inc.Form 10-KFor the Fiscal Year Ended January 31, 2025 Table of Contents Part I Item 1BusinessItem 1ARisk FactorsItem 1BUnresolved Staff CommentsItem 1CCybersecurityItem 2PropertiesItem 3Legal ProceedingsItem 4Mine Safety Disclosures Part II Item 5Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities32Item 6Reserved33Item 7Management's Discussion and Analysis of Financial Condition and Results