Dollar Amounts
USD (Millions)
Balance sheet data in USD (millions)
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Over the five-year period Walmart’s balance sheet shows modest growth in total assets from $252,496m in 2021 to $260,823m in 2025 (+$8,327m, ≈+3.3%). Assets dipped through 2022–2023 (to $243,197m) before recovering in 2024–2025, suggesting a cycle of reduced asset carrying (likely inventory/working-capital or timing of investments) followed by renewed reinvestment. Total liabilities were relatively stable, edging down slightly from $171,571m in 2021 to $169,810m in 2025 (‑$1,761m, ≈‑1.0%) but with a mid‑period rise in 2023; as a result Walmart’s leverage measured as liabilities/assets moved from ~68.0% (2021) to ~65.1% (2025), indicating a modest de‑leveraging over the period. Stockholders’ equity strengthened overall, rising from $80,925m to $91,013m (+$10,088m, ≈+12.5%), though it experienced a notable trough in 2023 ($76,693m) before rebounding in 2024–2025. That 2023 decline reflects the combined effect of lower assets and higher liabilities that year; the subsequent recovery points to improved retained earnings/capital actions or asset value recovery. Taken together, the profile is of a large, conservative retail balance sheet: steady asset base, stable liabilities, and a healthier equity cushion by 2025. In industry context, these patterns are consistent with a retailer managing inventory and capital deployment through post‑pandemic and inflationary pressures while maintaining conservative leverage amid ongoing investments in e‑commerce and store operations.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.