沃尔玛 2025年度报告

A message from our CEO “Walmart is leading the next chapter of retail. We are at a pivotal moment, not just for our company, but for theindustry, as artificial intelligence fundamentally reshapes how customers shop and how associates work. Weare harnessing its power to enhance our business, guided by our foundational values of service, excellence,respect, and integrity. In this new era, our purpose positions us to set the standard – making it a perfect timeto be an omnichannel retailer dedicated to helping people save money and live better.” John Furner President and Chief Executive OfficerWalmart Inc. $42BOperating Cash Flow ~$2BGlobal Giving2 +46%Advertising1 UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549___________________________________________ ☒Annual report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended January 31, 2026, 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) Registrant's telephone number, including area code: (479) 273-4000 Securities registered pursuant to Section 12(b) of the Act: YesýNo¨ 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, 2025, 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, 2025, was$391,703,475,732. 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 7,972,402,501 shares of common stock outstanding as of March 11, 2026. DOCUMENTS INCORPORATED BY REFERENCE Document Parts Into Which Incorporated Portions of the registrant's Proxy Statement for the AnnualMeeting of Shareholders to be held June 4, 2026 (the "ProxyStatement") Walmart Inc.Form 10-KFor the Fiscal Year Ended January 31, 2026 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 Securities31Item 6Reserved32Item 7Management's Discussion and Analysis of Financial Condition and Results of Operations33Item 7AQuantitative and Qualitative Disclosures About Market Risk46