Q1FY2023

Financialpresentationtoaccompanymanagementcommentary

ThispresentationcontainsstatementsormayincludeormayincorporatebyreferenceWalmartmanagement’sguidanceregardingearningspersharegrowth,consolidatednetsales,consolidatedoperatingincome,capitalexpenditures,sharerepurchases,Walmart’seffectivetaxrateforthefiscalyearendingJanuary31,2023,andcomparablesalesgrowth.Walmartbelievessuchstatementsmaybedeemedtobe"forward-lookingstatements"withinthemeaningofSection21EoftheSecuritiesExchangeActof1934,asamended(the"Act")andareintendedtoenjoytheprotectionofthesafeharborforforward-lookingstatementsprovidedbytheActaswellasprotectionsaffordedbyotherfederalsecuritieslaws.Assumptionsonwhichsuchforward-lookingstatementsarebasedarealsoforward-lookingstatements.Suchforward-lookingstatementsarenotstatementsofhistoricalfacts,butinsteadexpressourestimatesorexpectationsforourconsolidated,oroneofoursegment'sorbusiness’,economicperformanceorresultsofoperationsforfutureperiodsorasoffuturedatesoreventsordevelopmentsthatmayoccurinthefutureordiscussourplans,objectivesorgoals.Ouractualresultsmaydiffermateriallyfromthoseexpressedinorimpliedbyanyoftheseforward-lookingstatementsasaresultofchangesincircumstances,assumptionsnotbeingrealizedorotherrisks,uncertaintiesandfactorsincluding:theimpactoftheCOVID-19pandemiconourbusinessandtheglobaleconomy;economic,capitalmarketsandbusinessconditions;trendsandeventsaroundtheworldandinthemarketsinwhichweoperate;currencyexchangeratefluctuations,changesinmarketinterestratesandmarketlevelsofwages;changesinthesizeofvariousmarkets,includingeCommercemarkets;unemploymentlevels;inflationordeflation,generallyandinparticularproductcategories;consumerconfidence,disposableincome,creditavailability,spendinglevels,shoppingpatterns,debtlevelsanddemandforcertainmerchandise;theeffectivenessoftheimplementationandoperationofourstrategies,plans,programsandinitiatives;unexpectedchangesinourobjectivesandplans;theimpactofacquisitions,investments,divestitures,andotherstrategicdecisions;ourabilitytosuccessfullyintegrateacquiredbusinesses;changesinthetradingpricesofcertainequityinvestmentswehold;initiativesofcompetitors,competitors'entryintoandexpansioninourmarkets,andcompetitivepressures;customertrafficandaveragetransactionsinourstoresandclubsandonoureCommercewebsites;themixofmerchandisewesell,thecostofgoodswesellandtheshrinkageweexperience;ourgrossprofitmargins;thefinancialperformanceofWalmartandeachofitssegments,includingtheamountsofourcashflowduringvariousperiods;theamountofournetsalesandoperatingexpensesdenominatedintheU.S.dollarandvariousforeigncurrencies;commoditypricesandthepriceofgasolineanddieselfuel;supplychaindisruptionsanddisruptionsinseasonalbuyingpatterns;theavailabilityofgoodsfromsuppliersandthecostofgoodsacquiredfromsuppliers;ourabilitytorespondtochangingtrendsinconsumershoppinghabits;consumeracceptanceofandresponsetoourstores,clubs,eCommerceplatforms,programs,merchandiseofferingsanddeliverymethods;cybersecurityeventsaffectingusandrelatedcostsandimpacttothebusiness;developmentsin,outcomesof,andcostsincurredinlegalorregulatoryproceedingstowhichweareapartyoraresubject,andtheliabilities,obligationsandexpenses,ifany,thatwemayincurinconnectiontherewith;casualtyandaccident-relatedcostsandinsurancecosts;theturnoverinourworkforceandlaborcosts,includinghealthcareandotherbenefitcosts;oureffectivetaxrateandthefactorsaffectingoureffectivetaxrate,includingassessmentsofcertaintaxcontingencies,valuationallowances,changesinlaw,administrativeauditoutcomes,impactofdiscreteitemsandthemixofearningsbetweentheU.S.andWalmart'sinternationaloperations;changesinexistingtax,laborandotherlawsandregulationsandchangesintaxratesincludingtheenactmentoflawsandtheadoptionandinterpretationofadministrativerulesandregulations;theimpositionofnewtaxesonimports,newtariffsandchangesinexistingtariffrates;theimpositionofnewtraderestrictionsandchangesinexistingtraderestrictions;adoptionorcreationofnew,andmodificationofexisting,governmentalpolicies,programs,initiativesandactionsinthemarketsinwhichWalmartoperatesandelsewhereandactionswithrespecttosuchpolicies,programsandinitiatives;changesinaccountingestimatesorjudgments;thelevelofpublicassistancepayments;naturaldisasters,changesinclimate,geopoliticalevents,globalhealthepidemicsorpandemicsandcatastrophicevents;andchangesingenerallyacceptedaccountingprinciplesintheUnitedStates.

OurmostrecentannualreportonForm10-KfiledwiththeSECdiscussesotherrisksandfactorsthatcouldcauseactualresultstodiffermateriallyfromthoseexpressedorimpliedbyanyforward-lookingstatementinthepresentation.Weurgeyoutoconsideralloftherisks,uncertaintiesandfactorsidentifiedaboveordiscussedinsuchreportscarefullyinevaluatingtheforward-lookingstatementsinthispresentation.Walmartcannotassureyouthattheresultsreflectedinorimpliedbyanyforward-lookingstatementwillberealizedor,evenifsubstantiallyrealized,thatthoseresultswillhavetheforecastedorexpectedconsequencesandeffectsfororonouroperationsorfinancialperformance.Theforward-lookingstatementsmadetodayareasofthedateofthispresentation.Walmartundertakesnoobligationtoupdatetheseforward-lookingstatementstoreflectsubsequenteventsorcircumstances.

Thispresentationincludescertainnon-GAAPmeasuresasdefinedunderSECrules,includingnetsales,revenue,andoperatingincomeonaconstantcurrencybasis,adjustedoperatingincome,adjustedoperatingincomeonaconstantcurrencybasis,adjustedEPS,freecashflowandreturnoninvestment.Refertoinformationaboutthenon-GAAPmeasurescontainedinthispresentation.AdditionalinformationasrequiredbyRegulationGandItem10(e)ofRegulationS-Kregardingnon-GAAPmeasurescanbefoundinourmostrecentForm10-KandourForm8-KfurnishedasofthedateofthispresentationwiththeSEC,whichareavailableatwww.stock.walmart.com.

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Safeharborandnon-GAAPmeasures

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Fiscal2023Q2andfull-yearguidanceThefollowingguidancereflectstheCompany’supdatedexpectationsforQ2andfiscalyear2023andisprovidedonanon-GAAPbasisastheCompanycannotpredictcertainelementswhichareincludedinreportedGAAPresults,includingtheeffectsofforeignexchangetranslationandthechangesinfairvalueoftheCompany’sequityinvestments.Growthratesreflectanadjustedbasisforprioryearresults.Thecompany’sguidanceassumesagenerallystableconsumerintheU.S.,highersupplychaincosts,continuedpressurefrominflation,andmixofproductsandformatsglobally.

1WecompletedthesaleofouroperationsintheU.K.andJapaninthefirstquarteroffiscal2022.

Metric FullYearGuidance:Feb17,2022 FullYearGuidance:May17,2022Consolidatednetsales Increaseabout3%inconstantcurrency

• Excludingdivestitures1,increaseabout4%Increaseabout4%inconstantcurrency

• Excludingdivestitures1,increase4.5%to5%

Compsalesgrowth • WalmartU.S.,slightlyabove3%,ex.fuel • WalmartU.S.,about3.5%,ex.fuel

Consolidatedoperatingincome Increaseabout3%inconstantcurrency• Excludingdivestitures1,increaseataratehigherthan

netsales

Decreaseabout1%inconstantcurrency• Excludingdivestitures1,flatversuslastyear

Effectivetaxrate 25%to26% Nochange

EPS Increasemidsingle-digits• Excludingdivestitures1,increase5%to6%

Decreaseabout1%• Excludingdivestitures1,flatversuslastyear

Capitalexpenditures Upperendof2.5%to3%ofnetsaleswithafocusonsupplychain,automation,customer-facinginitiativesandtechnology Nochange

Metric Q2Guidance:Feb17,2022 Q2Guidance:May17,2022Consolidatednetsales Notprovided Increaseover5%

Compsalesgrowth Notprovided WalmartU.S.,increase4%to5%,ex.fuel

Consolidatedoperatingincome Increaselowtomidsingle-digits Flattoupslightly

EPS Increaselowtomidsingle-digits Flattoupslightly

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Totalrevenue

$141.6+2.4%

Totalrevenue,constantcurrency1,2

$141.9+2.6%

MembershipandOtherIncome

$1.3+11.3%

Netsales2

$140.3+2.3%

Netsales,constantcurrency1

$140.7+2.6%

Grossprofitrate2

23.8%-87bps

Operatingexpenseasapercentageofnetsales2

21.0%+45bps

Operatingincome2

$5.3-23.0%

Operatingincome,constantcurrency1

$5.3-22.7%

Effectivetaxrate

27.5%AdjustedEffectivetaxrate1

24.9%EPS

$0.74-23.7%

AdjustedEPS1,2

$1.30-23.1%

WalmartInc.-Q1FY23Dollarsinbillions,exceptpershare.Changeiscalculatedasthechangeversustheprioryearcomparableperiod

1Seepressreleaselocatedatwww.stock.walmart.comandreconciliationsattheendofpresentationregardingnon-GAAPfinancialmeasures.2WhenremovingthedivestituresofU.K.andJapan:

• Totalrevenueinconstantcurrencywouldhaveincreased6.5%,excluding$5.0billioninQ1fiscal2022.• Grossprofitratewouldhavedecreased89bps,excludinga2bpsimpactinQ1fiscal2022.• Operatingexpenseasapercentageofnetsaleswouldhaveincreased39bps,excludinga6bpsimpactinQ1fiscal2022.• Operatingincomewouldhavedecreased19.7%,excluding$289millioninQ1fiscal2022.• AdjustedEPSwouldhavedecreased19.8%,excludinga$0.07impactinQ1fiscal2022.

Adj.operatingincome,constantcurrency1,2

$5.4-23.1%

1DebttototalcapitalizationcalculatedasofApril30,2022.Debtincludesshort-termborrowings,long-termdebtduewithinoneyear,financeleaseobligationsduewithinoneyear,long-termdebtandlong-termfinanceleaseobligations.TotalcapitalizationincludesdebtandtotalWalmartshareholders'equity.

2Calculatedforthetrailing12monthsendedApril30,2022.ForROI,seereconciliationsattheendofpresentationregardingnon-GAAPfinancialmeasures.5

Receivables,net Debttocapitalization1

$7.7 40.4%+32.4% +220bps

Inventories Returnonassets2

$61.2 5.5%+32.0% +20bps

Accountspayable Returnoninvestment2

$52.9 13.9%+9.9% -50bps

WalmartInc.-Q1FY23Dollarsinbillions.Changeiscalculatedasthechangeversustheprioryearcomparableperiod

1Seepressreleaselocatedatwww.stock.walmart.comandreconciliationsattheendofthispresentationregardingnon-GAAPfinancialmeasures.2$8.3billionremainingof$20billionauthorizationapprovedinFebruary2021.Thecompanyrepurchasedapproximately17millionsharesinQ1fiscal2023. 6

Operatingcashflow Dividends

-$3.8 $1.5-$6.6

Capitalexpenditures Sharerepurchases2

$3.5 $2.4+$1.3

Freecashflow1 Totalshareholderreturns

-$7.3 $4.0-$7.9

WalmartInc.-Q1FY23Dollarsinbillions.Dollarchangesmaynotrecalculateduetorounding.Changeiscalculatedasthechangeversustheprioryearcomparableperiod

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NetSales

$96.9+4.0%

eCommercenetsalesgrowth

+1%eCommercecontributiontocomp1

-30bps

Inventory

Total:+33.4%

Comparablesales1

3.0%Comparabletransactions

flatComparableaverageticket

3.0%

• Continuedstronggrocerymarketsharegains

• eCommercesalesincreased38%onatwo-yearstack

• Compsalesincreased,ledbystrengthinfoodcategories,despitelappinglastyear'sstimulus-relatedsales

• Compsalesup9.0%ontwo-yearstack

• Onatwo-yearstack,compticketincreased12.5%

Remodels:>75stores

Pickup:~4,600locations

Same-daydelivery:>3,600stores

• Increasereflectshighercostofgoodsduetoinflationandaggressiveinventorybuysoverthepastfewquarters

1Compsalesforthe13-weekperiodendedApril29,2022comparedtothe13-weekperiodendedApril30,2021,andexcludesfuel.

WalmartU.S.-Q1FY23Dollarsinbillions.Changeiscalculatedasthechangeversustheprioryearcomparableperiod

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Grossprofitrate

-38bpsOperatingincome

$4.5-18.2%

Operatingexpenserate

+95bps

• Three-quartersofthedeclinerelatedtohigher-than-expectedsupplychaincosts,includingfuelandeCommercefulfillment

• CategorymixshiftstowardgrocerypressuredtheGPratedueinparttolappingstimulusspendinglastyear

• Generalmerchandisemarkdownswere$100Mmorethanexpected

• Managingpricesduetohighercostinflation

• Expensesdeleverageddueprimarilytoincreasedwagecostsrelatedtolastyear'shourlywageinvestmentsandassociatesreturningfromCovidleavemorerapidlythananticipated

• TotalCOVIDcostswerelowerby~$0.2billion

Adj.operatingincome1

$4.5-18.2%

WalmartU.S.-Q1FY23Dollarsinbillions.Changeiscalculatedasthechangeversustheprioryearcomparableperiod

1Seepressreleaselocatedatwww.stock.walmart.comandreconciliationsattheendofpresentationregardingnon-GAAPfinancialmeasures.

• Grossmarginandexpensepressurewerepartlyoffsetbysolidgrowthinmembershipandotherincome

WalmartU.S.-quarterlymerchandisehighlights

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Category Compsales Details

Grocery +lowdouble-digits

• Salesgrowthledbystrengthinfood(+lowdouble-digits);reflectedcontinuedmarketsharegains(accordingtoNielsen);onatwo-yearstack,salesincreasedbyhighsingle-digits

• Foodcategoriesincreasedbymid-20%onathree-yearstack

• Consumablesledbystrengthinpetcategoriesdueinparttoinflation

Health&wellness +highsingle-digits • Strongpharmacysalesprimarilyreflectedfavorablemixandbrandeddruginflation;saleswereuphigh-teensonatwo-yearstack

Generalmerchandise -lowdouble-digits

• Softnessindiscretionarycategoriesaswelappedstrongsaleslastyearduetostimulusspending

• Unseasonablycoolweatherpressuredsalesinapparel,patiofurnitureandlandscapingsupplies

• Generalmerchandisesalesincreasedhighsingle-digitsonatwo-yearstack

• Divestituresaccountedfordeleverage;retainedmarketleveragewasflat

• Increasereflectshighercostsofgoodsduetoinflationandincreasedinventorybuysoverthepastfewquarterstoaddressglobalsupplychainconstraints

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1Seepressreleaselocatedatwww.stock.walmart.comandreconciliationsattheendofpresentationregardingnon-GAAPfinancialmeasures.2WhenremovingthedivestituresofU.K.,JapanandArgentina

• WalmartInternationalnetsalesandnetsalesinconstantcurrencywouldhaveincreased6.3%and8.0%,respectively,excluding5.0billioninQ1fiscal2022.• WalmartInternationaleCommercenetsalesinconstantcurrencywouldhaveincreased22%,excluding$0.7billioninQ1fiscal2022,andonatwo-yearstackbasiswouldhaveincreased86%,excluding$0.7billioninQ1fiscal2021• WalmartInternationaloperatingincomeinconstantcurrencywouldhavedecreased12.5%,excluding$289millioninQ1fiscal2022.

Inventory

$11.1+20.5%

Grossprofitrate

-108bpsOperatingincome

$0.8-35.3%

Netsales,constantcurrency1,2

$24.1-11.6%

Operatingexpenserate

+12bps

Operatingincome,constantcurrency1,2

$0.8-33.7%

• Negativelyaffectedby36bpsfromdivestitures

• Retainedmarketgrossprofitratedecreaseof72bps

◦ Duetomarkdownsfromslowersalesgrowth,aswellasongoinggrowthinSam'sClubandeCommercesalesinChina

Netsales2

$23.8-13.0%

WalmartInternational-Q1FY23Dollarsinbillions.Dollarchangesmaynotrecalculateduetorounding.Changeiscalculatedasthechangeversustheprioryearcomparableperiod

• Divestituresaccountedforareductionof$289million

• Retainedmarketdeclineof14.7%,12.5%inconstantcurrency,

◦ DecreaseduetolowergrossprofitinChinaandplannedinvestmentsineCommerce

Adj.operatingincome1

$0.9-26.3%

• Divestituresaccountedforareductionof$5.0billion

• Retainedmarketgrowthof6.3%,and8.0%inconstantcurrency◦ StrongsalesgrowthinMexico,Canada,andChile;slowerthanexpectedgrowthinChina

◦ StronggrowthineCommerce,contributing18.2%oftotalnetsales

◦ Growthinfoodandconsumablesoutpacedgeneralmerchandise

Adj.operatingincome,constantcurrency1,2

$0.9-24.5%

• Retainedmarketgrowthof2.7%

• Retainedmarketgrowthof0.8%

• Salesgrowthacceleratedthroughoutthequarter

• StrengthinGroceryandFreshcategories

• eCommercenetsales-4%

◦ Two-yearstack+112%

1WalmexincludestheconsolidatedresultsofMexicoandCentralAmerica.

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Walmex1 China Canada

Netsalesgrowth +10.4% +7.2% +6.9%

Comparablesales +9.2% +4.4% +7.7%

Comparabletransactions +6.2% +0.2% +10.6%

Comparableticket +2.8% +4.2% -2.5%

• DoubledigitgrowthwithstrengthinfoodcategoriesandtheBodegaformatinMexicoandCentralAmerica

• Increasedpricegapvscompetitorsby160bps

• InMexico,compsalesincreased+9.0%

• MexicoeCommercenetsales+19%◦ Two-yearstack+185%

• Strengthinconsumablescategorydrivingsalesgrowth

• Covidrestrictionsanddeliveryconstraintsledtoslowerthanexpectedgrowth

• eCommercenetsales+89%

◦ Two-yearstack+149%

WalmartInternational-Q1FY23Resultsarepresentedonaconstantcurrencybasis.Netsalesandcompsalesarepresentedonanominal,calendarbasisandincludeeCommerceresults.Changeiscalculatedasthechangeversustheprioryearcomparableperiod.

• HighersalesdrivingleverageandlappingLYwritedownonland

• HigherpenetrationofSam’sClubloweroperatingexpense

• Continuedelevatedimportandlogisticcosts

1WalmexincludestheconsolidatedresultsofMexicoandCentralAmerica.

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Walmex1 China Canada

Grossprofitrate SlightIncrease Decrease Decreasex

• BettersalesfromHealth&BeautyandApparelcategoriesandcontinuedcontributionofWalmartConnect

• Duetomarkdownsfromslowersalesgrowth,aswellashighermixofSam'sClubandeCommercesales

Operatingexpenserate SlightIncrease Decrease Decrease

Operatingincome$ Increase Decrease Increase

WalmartInternational-Q1FY23Resultsarepresentedonaconstantcurrencybasis.Changeiscalculatedasthechangeversustheprioryearcomparableperiod

• Plannedinvestmentsbehindstrategicpriorities,includingassociates,IT,ande-Commerce

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+10.2%Comparablesales

+10.0%Comparabletransactions

+0.2%Averagecomparableticket

~150bpseCommercecontribution

$16,532+11%

Netsales

+10.5%Membershipincome

-219bpsGrossprofitrate

-63bpsOperatingexpenserate

$335-36.8%

Operatingincome

WithFuel WithoutFuel

Comparablesales1

+17.0%

Netsales

$19.6+17.5%

eCommercenetsalesgrowth

+22%

Comparablesales

+17%

Membershipincome

+10.5%

Grossprofitrate

-216bps

Operatingexpenserate

-117bps

Inventory

$7.1+44.6%

Operatingincome

$0.5(20.0)%

• Solidmembershiptrendswithrecordtotalmembercount

• Pluspenetrationincreased~290bps,reachinganotherall-timehigh

• Highersalespositivelyaffectedoperatingexpenseleverage

• COVID-relatedcostswerelowerby~$33mil.andbenefitedexpenseleverageby~20bps

• Highersupplychaincosts,elevatedinflation,andmarkdownscausedbyinventorydelays

• Strongcontributionfrombothdirect-to-homeandcurbside

• Strongcompsalesgrowthdrivenbylowdouble-digitincreaseintransactionsaswellasinflation

• Compsalesincreased28.1%onatwo-yearstackbasis

• Strengthacrossmostcategories,ledbyfood

• Tobacconegativelyaffectedcompsales

1Compsalesforthe13-weekperiodendedApril29,2022comparedtothe13-weekperiodendedApril30,2021.

• Increasereflectsinventorybuildtosupporthighersalestrendsandinflation

Sam'sClub-Q1FY23Dollarsinbillions.Changeiscalculatedasthechangeversustheprioryearcomparableperiod

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$19,621+17.5%NetSales

+33%eCommercenetsalesgrowth

+17%Comparablesales

-216bpsGrossprofitrate

-117bpsOperatingexpenserate

$460(20)%

Operatingincome

WithoutFuel

Netsales

$16.5+10.7%

Operatingexpenserate

-63bps

Grossprofitrate

-219bps

Operatingincome

$0.3-36.8%

Comparabletransactions

+10.0%

Comparablesales1,2

+10.2%

eCommercecontribution

~150bps

Averagecomparableticket

+0.2%

1Compsalesforthe13-weekperiodendedApril29,2022comparedtothe13-weekperiodendedApril30,2021,andexcludesfuel.2Tobacconegativelyaffectedcompsalesforthe13-weekperiodendedApril29,2022by40basispoints.Onatwo-yearstack,tobacconegativelyaffectedcompsalesby380basispoints.

Sam'sClub-Q1FY23Dollarsinbillions.Changeiscalculatedasthechangeversustheprioryearcomparableperiod

• Onatwo-yearstack,averagecompticketincreased5.1%

• Onatwo-yearstack,compsalesincreased17.4%

• Onatwo-yearstack,comptransactionsincreased12.2%

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Category Compsales Details

Fresh/Freezer/Cooler +mid-teens • Freshmeat,produce&floral,cooler,anddeliperformedwell

Groceryandbeverage +high-teens • Drygrocery,drinksandchipsshowedstrength

Consumables +mid-teens • Petsupplies,laundry&homecare,andbabycareperformedwell

Homeandapparel -lowsingle-digit • Homewassoftduetolappingstimuluslastyearandcontinuedsupplychainconstraints,partiallyoffsetbyapparel,outdoorliving,andtiresstrength

Technology,officeandentertainment -highsingle-digit • Consumerelectronicsweresoftduetolappingstimuluslastyear,partiallyoffsetbygift

cardsstrength

Healthandwellness +midsingle-digit • Healthcareandoverthecounterwerestrong

Sam'sClub-quarterlyfinancialhighlights

WeincludeReturnonAssets("ROA"),whichiscalculatedinaccordancewithU.S.generallyacceptedaccountingprinciples("GAAP")aswellasReturnonInvestment("ROI")asmeasurestoassessreturnsonassets.ManagementbelievesROIisameaningfulmeasuretosharewithinvestorsbecauseithelpsinvestorsassesshoweffectivelyWalmartisdeployingitsassets.TrendsinROIcanfluctuateovertimeasmanagementbalanceslong-termstrategicinitiativeswithpossibleshort-termimpacts.WeconsiderROAtobethefinancialmeasurecomputedinaccordancewithGAAPthatisthemostdirectlycomparablefinancialmeasuretoourcalculationofROI.

ROAwas5.5percentand5.3percentforthetrailing12monthsendedApril30,2022and2021,respectively.TheincreaseinROAwasprimarilyduetotheincreaseinnetincome.ROIwas13.9percentand14.4percentforthetrailing12monthsendedApril30,2022and2021,respectively.ThedecreaseinROIwasprimarilyduetotheincreaseinaveragetotalassetsdrivenbyhigherinventories.

WedefineROIasadjustedoperatingincome(operatingincomeplusinterestincome,depreciationandamortization,andrentexpense)forthetrailingtwelvemonthsdividedbyaverageinvestedcapitalduringthatperiod.Weconsideraverageinvestedcapitaltobetheaverageofourbeginningandendingtotalassets,plusaverageaccumulateddepreciationandaverageamortization,lessaverageaccountspayableandaverageaccruedliabilitiesforthatperiod.

OurcalculationofROIisconsideredanon-GAAPfinancialmeasurebecausewecalculateROIusingfinancialmeasuresthatexcludeandincludeamountsthatareincludedandexcludedinthemostdirectlycomparableGAAPfinancialmeasure.Forexample,weexcludetheimpactofdepreciationandamortizationfromourreportedoperatingincomeincalculatingthenumeratorofourcalculationofROI.Asmentionedabove,weconsiderROAtobethefinancialmeasurecomputedinaccordancewithGAAPmostdirectlycomparabletoourcalculationofROI.ROIdiffersfromROA(whichisconsolidatednetincomefortheperioddividedbyaveragetotalassetsfortheperiod)becauseROI:adjustsoperatingincometoexcludecertainexpenseitemsandaddsinterestincome;andadjuststotalassetsfortheimpactofaccumulateddepreciationandamortization,accountspayableandaccruedliabilitiestoarriveattotalinvestedcapital.Becauseoftheadjustmentsmentionedabove,webelieveROImoreaccuratelymeasureshowwearedeployingourkeyassetsandismoremeaningfultoinvestorsthanROA.AlthoughROIisastandardfinancialmeasure,numerousmethodsexistforcalculatingacompany'sROI.Asaresult,themethodusedbymanagementtocalculateourROImaydifferfromthemethodsusedbyothercompaniestocalculatetheirROI.

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Non-GAAPmeasures-ROI

ThecalculationofROAandROI,alongwithareconciliationofROItothecalculationofROA,isasfollows:

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3 Upon adoption of ASU 2016-02, Leases, a factor of eight times rent is no longer included in the calculation of ROI on a prospective basis as operating lease assets are now recorded on the Consolidated Balance Sheet.

1 The average is based on the addition of the account balance at the end of the current period to the account balance at the end of the prior period and dividing by 2.

2 The average is based on the addition of 'total assets without leased assets, net' at the end of the current period to 'total assets without leased assets, net' at the end of the prior period and dividing by 2, plus 'leased assets, net' at the end of the current period.

3 The average is based on the addition of 'accumulated depreciation and amortization, without leased assets' at the end of the current period to 'accumulated depreciation and amortization, without leased assets' at the end of the prior period and dividing by 2, plus 'accumulated amortization on leased assets' at the end of the current period.

NP = not provided

CALCULATIONOFRETURNONASSETS CALCULATIONOFRETURNONINVESTMENT

TrailingTwelveMonths TrailingTwelveMonths

Ended April30, Ended April30,(Dollarsinmillions) 2022 2021 (Dollarsinmillions) 2022 2021Numerator NumeratorConsolidatednetincome $ 13,232 $ 12,443 Operatingincome $ 24,351 $ 24,233Denominator +Interestincome 163 108Averagetotalassets1 $ 241,362 $ 234,737 +Depreciationandamortization 10,679 11,022Returnonassets(ROA) 5.5% 5.3% +Rent 2,270 2,534

ROIoperatingincome $ 37,463 $ 37,897

April30, DenominatorCertainBalanceSheetData 2022 2021 2020 Averagetotalassets1 $ 241,362 $ 234,737

Totalassets $ 246,142 $ 236,581 $ 232,892'+Averageaccumulateddepreciationandamortization1 100,315 95,424

Accumulateddepreciationandamortization 104,295 96,334 94,514 '-Averageaccountspayable1 50,539 46,124Accountspayable 52,926 48,151 44,096 '-Averageaccruedliabilities1 21,216 20,874

Accruedliabilities 21,061 21,371 20,377 Averageinvestedcapital $ 269,922 $ 263,163

Returnoninvestment(ROI) 13.9% 14.4%

1Theaverageisbasedontheadditionoftheaccountbalanceattheendofthecurrentperiodtotheaccountbalanceattheendofthepriorperiodanddividingby2.

Non-GAAPmeasures-ROI(cont.)

1"Netcashprovidedby(usedin)investingactivities"includespaymentsforpropertyandequipment,whichisalsoincludedinourcomputationoffreecashflow.

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Wedefinefreecashflowasnetcashusedinorprovidedbyoperatingactivitiesinaperiodminuspaymentsforpropertyandequipmentmadeinthatperiod.Netcashusedinoperatingactivitieswas$3.8billionforthethreemonthsendedApril30,2022,whichrepresentsadeclineof$6.6billionwhencomparedtothesameperiodintheprioryear.Thedeclineisprimarilyduetoanincreaseininventorycostsandpurchasestosupportstrongsales,loweroperatingincomeandthetimingofcertainpayments.FreecashflowforthethreemonthsendedApril30,2022wasnegative$7.3billion,whichrepresentsadeclineof$7.9billionwhencomparedtothesameperiodintheprioryear.Thedeclineinfreecashflowisduetothereductioninoperatingcashflowsdescribedabove,aswellasanincreaseof$1.3billionincapitalexpenditurestosupportourinvestmentstrategy.

Freecashflowisconsideredanon-GAAPfinancialmeasure.Managementbelieves,however,thatfreecashflow,whichmeasuresourabilitytogenerateadditionalcashfromourbusinessoperations,isanimportantfinancialmeasureforuseinevaluatingtheCompany'sfinancialperformance.Freecashflowshouldbeconsideredinadditionto,ratherthanasasubstitutefor,consolidatednetincomeasameasureofourperformanceandnetcashprovidedbyoperatingactivitiesasameasureofourliquidity.Additionally,Walmart’sdefinitionoffreecashflowislimited,inthatitdoesnotrepresentresidualcashflowsavailablefordiscretionaryexpenditures,duetothefactthatthemeasuredoesnotdeductthepaymentsrequiredfordebtserviceandothercontractualobligationsorpaymentsmadeforbusinessacquisitions.Therefore,webelieveitisimportanttoviewfreecashflowasameasurethatprovidessupplementalinformationtoourConsolidatedStatementsofCashFlows.Althoughothercompaniesreporttheirfreecashflow,numerousmethodsmayexistforcalculatingacompany’sfreecashflow.Asaresult,themethodusedbyWalmart’smanagementtocalculateourfreecashflowmaydifferfromthemethodsusedbyothercompaniestocalculatetheirfreecashflow.

Thefollowingtablesetsforthareconciliationoffreecashflow,anon-GAAPfinancialmeasure,tonetcashprovidedbyoperatingactivities,whichwebelievetobetheGAAPfinancialmeasuremostdirectlycomparabletofreecashflow,aswellasinformationregardingnetcashusedininvestingactivitiesandnetcashusedinfinancingactivities.

ThreeMonthsEndedApril30,

(Dollarsinmillions) 2022 2021

Netcashprovidedby(usedin)operatingactivities $ (3,758) $ 2,858

Paymentsforpropertyandequipment(capitalexpenditures) (3,539) (2,214)

Freecashflow $ (7,297) $ 644

Netcashprovidedby(usedin)investingactivities1 $ (4,558) $ 5,850

Netcashprovidedby(usedin)financingactivities 5,315 (5,399)

Non-GAAPmeasures-freecashflow

1Changeversusprioryearcomparableperiod.2WalmartInternationaleCommercenetsaleswere$4.3billionforthethreemonthsendedApril30,2022,whichwasnegativelyimpactedby$54millionofcurrencyexchangeratefluctuations.3WalmartInternationaleCommercenetsaleswereflatonareportedbasisandincreased1%inconstantcurrencyforthethreemonthsendedApril30,2022.

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Indiscussingouroperatingresults,thetermcurrencyexchangeratesreferstothecurrencyexchangeratesweusetoconverttheoperatingresultsforcountrieswherethefunctionalcurrencyisnottheU.S.dollarintoU.S.dollars.Wecalculatetheeffectofchangesincurrencyexchangeratesasthedifferencebetweencurrentperiodactivitytranslatedusingthecurrentperiod'scurrencyexchangeratesandthecomparableprioryearperiod'scurrencyexchangerates.Additionally,nocurrencyexchangeratefluctuationsarecalculatedfornon-USDacquisitionsuntilownedfor12months.Throughoutourdiscussion,werefertotheresultsofthiscalculationastheimpactofcurrencyexchangeratefluctuations.Whenwerefertoconstantcurrencyoperatingresults,thismeansoperatingresultswithouttheimpactofthecurrencyexchangeratefluctuations.ThedisclosureofconstantcurrencyamountsorresultspermitsinvestorstobetterunderstandWalmart’sunderlyingperformancewithouttheeffectsofcurrencyexchangeratefluctuations.Thetablebelowreflectsthecalculationofconstantcurrencyfortotalrevenues,netsalesandoperatingincomeforthethreemonthsendedApril30,2022.

ThreeMonthsEndedApril30,2022

2022PercentChange1 2022

PercentChange1

(Dollarsinmillions) WalmartInternational ConsolidatedTotalrevenues:Asreported $ 24,101 -12.9% $ 141,569 2.4%Currencyexchangeratefluctuations 377 N/A 377 N/AConstantcurrencytotalrevenues $ 24,478 -11.5% $ 141,946 2.6%

Netsales2,3:Asreported $ 23,763 -13.0% $ 140,288 2.3%Currencyexchangeratefluctuations 376 N/A 376 N/AConstantcurrencynetsales $ 24,139 -11.6% $ 140,664 2.6%

Operatingincome:Asreported $ 772 -35.3% $ 5,318 -23.0%Currencyexchangeratefluctuations 20 N/A 20 N/AConstantcurrencyoperatingincome $ 792 -33.7% $ 5,338 -22.7%

Non-GAAPmeasures-constantcurrency

1Changeversusprioryearcomparableperiod.2ConsolidatedeCommercenetsaleswere$21.9billionand$13.3billionforthethreemonthsendedJanuary31,2022and2020,respectively.3WalmartInternationaleCommercenetsaleswere$5.8billionand$18.5billionforthethreemonthsandfiscalyearendedJanuary31,2022,andwerenegativelyimpactedby$30millionand

positivelyimpactedby$471millionofcurrencyexchangeratefluctuations,respectively.4WalmartInternationaleCommercenetsalesdecreased5%onareportedbasisand5%inconstantcurrencyandincreased11%onareportedbasisand8.7%inconstantcurrencyforthethree

andfiscalyearendedJanuary31,2022,respectively.

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AdjusteddilutedearningspershareattributabletoWalmart(AdjustedEPS)isconsideredanon-GAAPfinancialmeasureundertheSEC’srulesbecauseitexcludescertainamountsincludedinthedilutedearningspershareattributabletoWalmartcalculatedinaccordancewithGAAP(EPS),themostdirectlycomparablefinancialmeasurecalculatedinaccordancewithGAAP.ManagementbelievesthatAdjustedEPSisameaningfulmeasuretosharewithinvestorsbecauseitbestallowscomparisonoftheperformancewiththatofthecomparableperiod.Inaddition,AdjustedEPSaffordsinvestorsaviewofwhatmanagementconsidersWalmart’scoreearningsperformanceandtheabilitytomakeamoreinformedassessmentofsuchcoreearningsperformancewiththatoftheprioryear.

Weadjustfortheunrealizedandrealizedgainsandlossesonourequityinvestmentseachquarterbecausealthoughtheinvestmentsarestrategicdecisionsforthecompany’sretailoperations,management’smeasurementofeachstrategyisprimarilyfocusedontheoperationalresultsratherthanthefairvalueofsuchinvestments.Additionally,managementdoesnotforecastchangesinthefairvalueofitsequityinvestments.Accordingly,managementadjustsEPSeachquarterfortherealizedandunrealizedgainsandlossesrelatedtothoseequityinvestments.

WehavecalculatedAdjustedEPSforthethreemonthsendedApril30,2022byadjustingEPSforunrealizedandrealizedgainsandlossesonthecompany’sequityinvestments.

Non-GAAPmeasures-adjustedEPS

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1Changeversusprioryearcomparableperiod.2Calculatedbasedonnatureofitem,includinganyrealizabledeductions,andstatutoryrateineffectforrelevantjurisdictions.3Thereportedeffectivetaxratewas27.5%forthethreemonthsendedApril30,2022.Adjustedfortheaboveitem,theeffectivetaxratewas24.9%forthethreemonthsendedApril30,2022.

ThreeMonthsEndedApril30,2022

PercentChange1

Dilutedearningspershare:

ReportedEPS $ 0.74 (23.7%)

Adjustments:Pre-TaxImpact

TaxImpact2,3

NetImpact

Unrealizedandrealized(gains)andlossesonequityinvestments $ 0.71 $ (0.15) $ 0.56

Netadjustments $ 0.56

AdjustedEPS $ 1.30 (23.1%)

Non-GAAPmeasures-adjustedEPS(cont.)

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AspreviouslydisclosedinourfirstquarterendedApril30,2021pressrelease,wehavecalculatedAdjustedEPSforthethreemonthsendedApril30,2021byadjustingEPSforthefollowing:(1)theincrementallossonsaleofouroperationsintheU.K.andJapanduringthefirstquarteroffiscal2022;and(2)unrealizedandrealizedgainsandlossesonthecompany’sequityinvestments.

ThreeMonthsEndedApril30,2021

Dilutedearningspershare:

ReportedEPS $ 0.97

Adjustments:Pre-TaxImpact

TaxImpact1,2 NetImpact

Unrealizedandrealized(gains)andlossesonequityinvestments 0.74 (0.17) 0.57

IncrementallossonsaleofouroperationsintheU.K.andJapan 0.15 — 0.15

Netadjustments $ 0.72

AdjustedEPS $ 1.69

Non-GAAPmeasures-adjustedEPS(cont.)

1Calculatedbasedonnatureofitem,includinganyrealizabledeductions,andstatutoryrateineffectforrelevantjurisdictions.Minimalrealizabletaxbenefitwasprovidedinconnectionwiththeincrementallossonsale.

2Thereportedeffectivetaxratewas26.9%forthethreemonthsendedApril30,2021.Adjustedfortheaboveitems,theeffectivetaxratewas23.3%forthethreemonthsendedApril30,2021.

• Unitcounts&squarefootage• Comparablestoresales,includingandexcludingfuel• Terminology

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