Q4FY2021

Financialpresentationtoaccompanymanagementcommentary

Thispresentationcontainsstatementsormayincludeormayincorporatebyreference,statementsthatmaybedeemedtobe"forward-lookingstatements"withinthemeaningofSection21EoftheSecuritiesExchangeActof1934,asamended(the"Act"),thatareintendedtoenjoytheprotectionofthesafeharborforforward-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-KandsubsequentquarterlyreportonForm10-QfiledwiththeSECdiscussotherrisksandfactorsthatcouldcauseactualresultstodiffermateriallyfromthoseexpressedorimpliedbyanyforward-lookingstatementinthepresentation.Weurgeyoutoconsideralloftherisks,uncertaintiesandfactorsidentifiedaboveordiscussedinsuchreportscarefullyinevaluatingtheforward-lookingstatementsinthispresentation.Walmartcannotassureyouthattheresultsreflectedinorimpliedbyanyforward-lookingstatementwillberealizedor,evenifsubstantiallyrealized,thatthoseresultswillhavetheforecastedorexpectedconsequencesandeffectsfororonouroperationsorfinancialperformance.Theforward-lookingstatementsmadetodayareasofthedateofthispresentation.Walmartundertakesnoobligationtoupdatetheseforward-lookingstatementstoreflectsubsequenteventsorcircumstances.

Thispresentationincludescertainnon-GAAPmeasuresasdefinedunderSECrules,includingnetsales,revenue,andoperatingincomeonaconstantcurrencybasis,adjustedoperatingincome,adjustedoperatingincomeinconstantcurrency,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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Metric FY22GuidanceConsolidatednetsales Declineinconstantcurrency

• Excludingdivestitures1,consolidatednetsalesgrowthuplowsingle-digits

Compsalesgrowth • WalmartU.S.,uplowsingle-digits,excludingfuel• Sam’sClub,uplowsingle-digits,ex.fuelandtobacco

WalmartInternationalnetsales Declineinconstantcurrency• HighergrowthpercentagethanU.S.,excludingdivestitures1

Consolidatedexpenseleverage Maintainrate,orslightlydeleverage

Consolidatedoperatingincome Declineslightlyinconstantcurrency• Flattoupslightly,excludingdivestitures1

WalmartU.S.operatingincome Increaseslightly

Effectivetaxrate 24.5%to25.5%

EPS Declineslightly• Flattoupslightly,excludingdivestitures1

Capitalexpenditures Around$14billionwithafocusonsupplychain,automation,customer-facinginitiativesandtechnology

1WecompletedthesaleofWalmartArgentinainNovember2020,theU.K.inFebruary2021andexpecttocompletethesaleofouroperationsinJapaninthefirstquarteroffiscal2022.

Fiscal2022full-yearguidanceThefollowingguidancereflectsthecompany’sexpectationsforfiscalyear2022andisprovidedonanon-GAAPbasisastheCompanycannotpredictcertainelementswhichareincludedinreportedGAAPresults,includingtheimpactofforeignexchangetranslation,thetimingofdivestituresandthechangesinfairvalueontheCompany’sequityinvestments.Additionally,theguidanceassumeswecompletethesaleofourbusinessinJapannearthebeginningoffiscal2022.AssumptionsintheguidancearedependentuponthedurationandintensityoftheCOVID-19healthcrisisglobally,timingandeffectivenessofglobalvaccines,thescaleanddurationofeconomicstimulus,employmenttrendsandconsumerconfidence.

1Seepressreleaselocatedatwww.stock.walmart.comandreconciliationsattheendofpresentationregardingnon-GAAPfinancialmeasures. 4

Totalrevenue

$152.1+7.3%

Totalrevenue,constantcurrency1

$152.3+7.5%

Netsales

$151.0+7.4%

Netsales,constantcurrency1

$151.2+7.6%

MembershipandOtherIncome

$1.1+2.9%

Grossprofitrate

23.7%+29bps

Operatingexpenseasapercentageofnetsales

20.8%+41bps

Operatingincome

$5.5+3.1%

Adj.operatingincome,constantcurrency1

$5.7-3.2%

Effectivetaxrate

(238.6)%

Adjustedeffectivetaxrate1

22.0%

EPS

-$0.74-151.0%

AdjustedEPS1

$1.39+0.7%

WalmartInc.-Q4FY21Dollarsinbillions,exceptpershare.Changeiscalculatedasthechangeversustheprioryearcomparableperiod

1Seepressreleaselocatedatwww.stock.walmart.comandreconciliationsattheendofpresentationregardingnon-GAAPfinancialmeasures. 5

Totalrevenue

$559.2+6.7%

Totalrevenue,constantcurrency1

$564.2+7.7%

Netsales

$555.2+6.8%

Netsales,constantcurrency1

$560.3+7.8%

MembershipandOtherIncome

$3.9-3.0%

Grossprofitrate

24.3%+20bps

Operatingexpenseasapercentageofnetsales

20.9%+2bps

Operatingincome

$22.5+9.6%

Adj.operatingincome,constantcurrency1

$23.4+9.3%

Effectivetaxrate

33.3%

Adjustedeffectivetaxrate1

24.3%

EPS

$4.75-8.5%

AdjustedEPS1

$5.48+11.2%

WalmartInc.-FY21Dollarsinbillions,exceptpershare.Changeiscalculatedasthechangeversustheprioryearcomparableperiod

1DebttototalcapitalizationcalculatedasofJanuary31,2021.Debtincludesshort-termborrowings,long-termdebtduewithinoneyear,financeleaseobligationsduewithinoneyear,long-termdebtandlong-termfinanceleaseobligations.TotalcapitalizationincludesdebtandtotalWalmartshareholders'equity.

2CalculatedforthefiscalyearendedJanuary31,2021.ForROI,seereconciliationsattheendofpresentationregardingnon-GAAPfinancialmeasures.6

Receivables,net Debttocapitalization1

$6.5 37.5%+3.7% -470bps

Inventories Returnonassets2

$44.9 5.6%+1.2% -110bps

Accountspayable Returnoninvestment2

$49.1 14.0%+4.6% +60bps

WalmartInc.-Q4FY21Dollarsinbillions.Changeiscalculatedasthechangeversustheprioryearcomparableperiod

1Seepressreleaselocatedatwww.stock.walmart.comandreconciliationsattheendofthispresentationregardingnon-GAAPfinancialmeasures.2$3.0billionremainingof$20billionauthorizationapprovedinOctober2017.Thecompanyrepurchasedapproximately19millionsharesinfiscal2021. 7

Operatingcashflow Dividends

$36.1 $6.1+$10.8 ($1.5in4Q21)

Capitalexpenditures Sharerepurchases2

$10.3 $2.6-$0.4 ($1.4in4Q21)

Freecashflow1 Totalshareholderreturns

$25.8 $8.7+$11.3 ($2.9in4Q21)

WalmartInc.-FY21Dollarsinbillions.Dollarchangesmaynotrecalculateduetorounding.Changeiscalculatedasthechangeversustheprioryearcomparableperiod

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NetSales

$99.6+7.9%

eCommercenetsalesgrowth

+69%

eCommercecontributiontocomp1,2

~620bps

Inventory

Compstore:+1.1%

Total:+7.1%

Comparablesales1,2

8.6%Comparabletransactions

-10.9%Comparableaverageticket

21.9%

• StrongeCommercesalesgrowthacrosschannelsthroughoutQ4;strongholidaysalesonWalmart.com

• Marketplaceandpickup&deliverysalesuptriple-digitspercentage

• Compsalesstrongthroughoutthequarter;robustholidayresultsandaccelerationinJanuaryduetostimulusspending;Foodcompsacceleratedasquarterprogressed

• Customersconsolidatedstoreshoppingtripswithsignificantlylargeraveragebaskets;morepurchasesviaeCommerce;transactionvolumesimprovedafterstorehoursextendedinNovember

FormatGrowth

NetStoreOpenings:0

Remodels:~145stores

Pickup:~3,750locations

Same-daydelivery:~3,000stores

• Primarilyreflectsinventorybuildtosupporthighersalestrends

• In-stockcontinuestoimprovefromQ3levels

1Compsalesforthe13-weekperiodendedJanuary29,2021comparedtothe13-weekperiodendedJanuary31,2020,andexcludesfuel.2Theresultsofnewacquisitionsareincludedinourcompsalesmetricsinthe13thmonthafteracquisition.

WalmartU.S.-Q4FY21Dollarsinbillions.Changeiscalculatedasthechangeversustheprioryearcomparableperiod

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Grossprofitrate

+20bps

Operatingincome

$5.2+17.4%

Operatingexpenserate

-22bps

• Strategicsourcinginitiativesandfewermarkdownsbenefitedgrossprofit

• ProgressoneCommercemarginratescontinuedwithfastergrowthofmarketplacesales,improvedproductmix,andbenefitsfromacombinedomnimerchandiseorganization

• Comparisonbenefited~50bpsfromlapping$450Mbusinessrestructuringchargefromlastyear

• Negativeeffectfrom~$900MincrementalCOVIDcosts(~91bpsdeleverage)ofwhich>90%relatedtoassociatebonusesandbenefits;partialoffsetbyreducedtravelandprofessionalservices

Adj.operatingincome1

$5.0+16.7%

WalmartU.S.-Q4FY21Dollarsinbillions.Changeiscalculatedasthechangeversustheprioryearcomparableperiod

Adj.operatingincome1

$5.2+6.5%

1Seepressreleaselocatedatwww.stock.walmart.comandreconciliationsattheendofpresentationregardingnon-GAAPfinancialmeasures.

WalmartU.S.-quarterlymerchandisehighlights

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Category Compsales Details

Grocery +highsingle-digit

• Foodsalesreflectedbroad-basedstrengthacrossmostcategoriesandbenefitedfromexpandedstorehours,betterin-stocksandstrongpricepositioning;consumablessalesgrowthwasledbystrengthinhouseholdchemicalsandpaperproducts

• StorepickupanddeliverysawrecordhighsalesvolumesreflectingcontinuedcustomershifttowardeCommerceandomnioptions

Health&wellness +midsingle-digit • Pharmacycompsalesgrowthdueprimarilytobrandeddruginflationandmix• VisionCentersalesweresoftreflectingcontinuedCOVID-relatedrestrictions

Generalmerchandise +lowdouble-digit

• Strongsalesperformanceincategoriesrelatedtocustomercomfort,leisure,andrecreationincludinghome,electronics,sportinggoods,toys,andoutdoorliving;stimulusspendingbenefitedJanuarysales

• SalesnegativelyaffectedbycontinuedphasedreopeningofAutoCareCenters,butimprovedversusQ3

111Seepressreleaselocatedatwww.stock.walmart.comandreconciliationsattheendofpresentationregardingnon-GAAPfinancialmeasures.

• Positivecompsalesin7/9markets

• StrongtoplinegrowthledbyFlipkart,Mexico,andCanada

• COVID-relatedsellingrestrictionsdisruptedoperationsinsecondhalfofquarter

• eCommercecontributed18%oftotal

Inventory

$9.2-14.4%

• Certaininternationaloperationsclassifiedasheldforsaleorsold

• Forremainderofmarkets,inventoryincreasedinlinewithsales

Grossprofitrate

+39bpsOperatingincome

$1.0-12.8%

Adj.operatingincome1

$1.0-19.7%

Netsales,constantcurrency1

$35.1+6.3%

Operatingexpenserate

+78bpsOperatingincome,constant

currency1

$1.0-11.2%

Adj.operatingincome,constantcurrency1

$1.0-18.3%

• LappingunrestinChileandreducedsalesoffuelintheU.K.,offsetbymixshifttolowermarginformats

Netsales

$34.9+5.5%

WalmartInternational-Q4FY21Dollarsinbillions.Dollarchangesmaynotrecalculateduetorounding.Changeiscalculatedasthechangeversustheprioryearcomparableperiod

• DecisiontorepaytaxreliefintheU.K.contributed66bpsofdeleverage

• COVID-relatedcostsofapproximately$100millioncontributed29bpsofdeleverage

1WalmexincludestheconsolidatedresultsofMexicoandCentralAmerica2CompsalesfortheUnitedKingdomarepresentedexcludingfuel.WedivestedofouroperationsintheU.K.inFebruary2021(Fiscal2022).3ANTAD-AsociacionNacionaldeTiendasdeAutoservicioyDepartamentales;TheNationalAssociationofSupermarketsandDepartmentStores 12

Walmex1 China Canada UnitedKingdom2

Netsalesgrowth +4.9% +2.9% +8.6% +0.7%

Comparablesales +3.7% +2.0% +8.6% +5.1%

Comparabletransactions -16.7% -12.6% -14.3% -17.9%

Comparableticket +24.5% +16.6% +26.7% +28.0%

• Salesgrowthacrossallformatsandcategories

• InMexico,compsalesincreased4.9%

• CompsalesoutpacedANTAD3self-serviceandclubreachinga160bpsgaptomarket

• eCommercenetsales+171%

• StrongsalesinSam'sClubacrossallcategoriesoffsetbysoftertrafficinHypermarkets

• Sam'sClubdelivereddoubledigitcompsalesgrowth

• eCommercenetsales+65%

• Strongsalesinfoodandonlinegrocery

• eCommercesalesgrowthdrivenbystrengthacrossallcategories

• eCommercenetsales+229%

• Strongsalesingrocery,ledbyonlinegrocery

• Outpacedtheonlinemarket,accordingtoKantar

• Netsalesnegativelyaffectedbylowerdemandforfuel

• eCommercenetsales+76%

WalmartInternational-Q4FY21Resultsarepresentedonaconstantcurrencybasis.Netsalesandcompsalesarepresentedonanominal,calendarbasisandincludeeCommerceresults.Changeiscalculatedasthechangeversustheprioryearcomparableperiod.

1WalmexincludestheconsolidatedresultsofMexicoandCentralAmerica.

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Walmex1 China Canada UnitedKingdom

Grossprofitrate Increase Decrease Decrease Increase

• Lappingpriceinvestmentsandhighermarkdownsincertaincategories

• Costofgoodssavingsinitiatives

• HighercoststooperateduringtheCOVID-19pandemic

• Changeinmixtolowermarginformats

• Highermarkdownsprimarilyinapparelandmixshifttolowermarginchannels

• HighercoststooperateduringtheCOVID-19pandemicandadditionalinvestmentsincustomerexperience,partiallyoffsetbystrongsales

• Sharpreductioninsalesoffuelpartiallyoffsetbychangeinmixtolowermargincategories

• Decisiontorepaytaxrelief

Operatingexpenserate Increase Flat Increase Increase

Operatingincome SlightIncrease Flat SlightDecrease Decrease

WalmartInternational-Q4FY21Resultsarepresentedonaconstantcurrencybasis.Changeiscalculatedasthechangeversustheprioryearcomparableperiod

• CertainrestructuringchargesoffsetbystrongsalesatSam'sClub

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+10.8%Comparablesales

+8.4%Comparabletransactions

+2.2%Averagecomparableticket

~280bpseCommercecontribution

$15,255+10%

Netsales

+12.9%Membershipincome

42.9999999999998bps

Grossprofitrate

+55.0000000000003bps

Operatingexpenserate

$3624.9%

Operatingincome

WithFuel WithoutFuel

Comparablesales1

+8.5%

Netsales

$16.5+8.1%

eCommercenetsalesgrowth

+42%

Comparablesales

+8.5%

Membershipincome

+12.9%

Grossprofitrate

+53bps

Operatingexpenserate

+73bps

Inventory

$4.80.5%

Operatingincome

$0.4+1.3%

• Improvementintotalnumberofmembers,overallrenewalrates,PlusrenewalratesandPluspenetrationrate

• Highestquarterlyincreaseinmorethan6years

• Newmembercountincreasedapproximately28%

• Wage&clubinvestments,incrementalCOVID-19costsandlowertobacco&fuelsalesweighedonoperatingexpenseleverage

• IncrementalCOVID-19costsof~$80mil.negativelyaffectedexpenseleveragebyabout50bps

• Favorablesalesmix,includinglowertobaccoandfuelsales,partiallyoffsetbyhighereCommercefulfillmentexpense

• Strongcurbsideperformanceandsoliddirect-to-homecontribution

• Comparablesalesstrengthdrivenbyanincreaseinbothtransactionsandaverageticket

• Broadstrengthacrosscategories,ledbyfoodandconsumables

• Tobacconegativelyaffectedcompsales

1Compsalesforthe13-weekperiodendedJanuary29,2021comparedtothe13-weekperiodendedJanuary31,2020.

• Overallin-stockpositioncontinuestoimprove

Sam'sClub-Q4FY21Dollarsinbillions.Changeiscalculatedasthechangeversustheprioryearcomparableperiod

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$16,527+8.1%

NetSales

+33%eCommercenetsalesgrowth

+8.5%Comparablesales

+53bpsGrossprofitrate

+73bpsOperatingexpenserate

$3891.3%

Operatingincome

WithoutFuel

Netsales

$15.3+10.4%

Operatingexpenserate

+55bps

Grossprofitrate

+43bps

Operatingincome

$0.4+4.9%

Comparabletransactions

+8.4%

Comparablesales1,2

+10.8%

eCommercecontribution

~280bps

Averagecomparableticket

+2.2%

1Compsalesforthe13-weekperiodendedJanuary29,2021comparedtothe13-weekperiodendedJanuary31,2020,andexcludesfuel.2Tobacconegativelyaffectedcompsalesby410basispoints.

Sam'sClub-Q4FY21Dollarsinbillions.Changeiscalculatedasthechangeversustheprioryearcomparableperiod

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Category Compsales Details

Fresh/Freezer/Cooler +highteens • Freshmeat&seafood,frozenandproduceperformedwell

Groceryandbeverage +highteens • Drygrocery,drinksandsnacksperformedwell

Consumables +low20% • Broad-basedstrength,includinglaundry,papergoodsandbeautyaids

Homeandapparel +highsingle-digit • Kitchen,homeimprovementandtoysperformedwell

Technology,officeandentertainment -lowdouble-digit

• PersonalelectronicsandTVsperformedwellbutweremorethanoffsetbyreducedmobilephonesales

• Sam'senteredintoanewstrategicarrangementinitsmobilephonebusinessandnolongerrecognizesthefulltransactionvalue;instead,itreceivesacommissiononeachsale

Healthandwellness +midteens • OTCperformedwell

Sam'sClub-quarterlyfinancialhighlights

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

ROAwas5.6percentand6.7percentforthefiscalyearsendedJanuary31,2021and2020,respectively.ThedecreaseinROAwasprimarilyduetothelossesoncertaininternationaloperationsheldforsaleorsold,partiallyoffsetbythefairvaluechangeinourequityinvestmentsaswellastheincreaseinoperatingincome.ROIwas14.0percentand13.4percentforthefiscalyearsendedJanuary31,2021and2020.TheincreaseinROIwasprimarilyduetotheincreaseinoperatingincome.

WedefineROIasadjustedoperatingincome(operatingincomeplusinterestincome,depreciationandamortization,andrentexpense)forthetrailingtwelvemonthsdividedbyaverageinvestedcapitalduringthatperiod.Weconsideraverageinvestedcapitaltobetheaverageofourbeginningandendingtotalassets,plusaverageaccumulateddepreciationandaverageamortization,lessaverageaccountspayableandaverageaccruedliabilitiesforthatperiod.ForthefiscalyearendedJanuary31,2020,leaserelatedassetsandassociatedaccumulatedamortizationareincludedinthedenominatorattheircarryingamountasofthatbalancesheetdate,ratherthanaveraged,becausetheyarenotdirectlycomparabletotheprioryearcalculationwhichincludedrentforthetrailing12monthsmultipliedbyafactorof8.Atwo-pointaveragewasusedforleasedassetsbeginninginfiscal2021,afteronefullyearfromthedateofadoptionofthenewleasestandard.

OurcalculationofROIisconsideredanon-GAAPfinancialmeasurebecausewecalculateROIusingfinancialmeasuresthatexcludeandincludeamountsthatareincludedandexcludedinthemostdirectlycomparableGAAPfinancialmeasure.Forexample,weexcludetheimpactofdepreciationandamortizationfromourreportedoperatingincomeincalculatingthenumeratorofourcalculationofROI.Asmentionedabove,weconsiderROAtobethefinancialmeasurecomputedinaccordancewithgenerallyacceptedaccountingprinciplesmostdirectlycomparabletoourcalculationofROI.ROIdiffersfromROA(whichisconsolidatednetincomefortheperioddividedbyaveragetotalassetsfortheperiod)becauseROI:adjustsoperatingincometoexcludecertainexpenseitemsandaddsinterestincome;adjuststotalassetsfortheimpactofaccumulateddepreciationandamortization,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

FiscalYear FiscalYear

Ended January31, Ended January31,(Dollarsinmillions) 2021 2020 (Dollarsinmillions) 2021 2020Numerator NumeratorConsolidatednetincome $ 13,706 $ 15,201 Operatingincome $ 22,548 $ 20,568Denominator +Interestincome 121 189Averagetotalassets1 $ 244,496 $ 227,895 +Depreciationandamortization 11,152 10,987Returnonassets(ROA) 5.6% 6.7% +Rent 2,626 2,670

ROIoperatingincome $ 36,447 $ 34,414

January31, DenominatorCertainBalanceSheetData 2021 2020 2019 Averagetotalassets1,2 $ 244,496 $ 235,277

Totalassets $ 252,496 $ 236,495 $ 219,295+Averageaccumulateddepreciationandamortization1,2 94,351 90,351

Leasedassets,net NP 21,841 7,078 -Averageaccountspayable1 48,057 47,017Totalassetswithoutleasedassets,net NP 214,654 212,217 -Averageaccruedliabilities1 30,131 22,228

Accumulateddepreciationandamortization 94,351 94,514 87,175 Averageinvestedcapital $ 260,659 $ 256,383

Accumulatedamortizationonleasedassets NP 4,694 5,682 Returnoninvestment(ROI) 14.0% 13.4%

Accumulateddepreciationandamortization,withoutleasedassets NP 89,820 81,493

Accountspayable 49,141 46,973 47,060Accruedliabilities 37,966 22,296 22,159

1Theaverageisbasedontheadditionoftheaccountbalanceattheendofthecurrentperiodtotheaccountbalanceattheendofthecorrespondingpriorperiodanddividingby2.AveragetotalassetsasusedinROAincludestheaverageimpactoftheadoptionofASU2016-02,Leases(Topic842).

2ForthefiscalyearendedJanuary31,2020,asaresultofadoptingASU2016-02,averagetotalassetsisbasedontheaverageoftotalassetswithoutleasedassets,netplusleasedassets,netasofJanuary31,2020.Averageaccumulateddepreciationandamortizationisbasedontheaverageofaccumulateddepreciationandamortization,withoutleasedassetsplusaccumulatedamortizationonleasedassetsasofJanuary31,2020.

NP-notprovided

Non-GAAPmeasures-ROI(cont.)

1"Netcashusedininvestingactivities"includespaymentsforpropertyandequipment,whichisalsoincludedinourcomputationoffreecashflow. 19

Wedefinefreecashflowasnetcashprovidedbyoperatingactivitiesinaperiodminuspaymentsforpropertyandequipmentmadeinthatperiod.Wehadnetcashprovidedbyoperatingactivitiesof$36.1billionforthefiscalyearendedJanuary31,2021,whichincreasedwhencomparedto$25.3billionforthefiscalyearendedJanuary31,2020primarilyduetotheimpactoftheglobalhealthcrisiswhichacceleratedinventorysell-through,aswellasthetimingandpaymentofinventorypurchases,incrementalCOVID-19relatedexpensesandcertainbenefitpayments.Wegeneratedfreecashflowof$25.8billionforthefiscalyearendedJanuary31,2021,whichincreasedwhencomparedto$14.6billionforthefiscalyearendedJanuary31,2020duetothesamereasonsastheincreaseinnetcashprovidedbyoperatingactivities,aswellas$0.4billionindecreasedcapitalexpenditures..

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.

FiscalYearEndedJanuary31,

(Dollarsinmillions) 2021 2020

Netcashprovidedbyoperatingactivities $ 36,074 $ 25,255

Paymentsforpropertyandequipment(capitalexpenditures) (10,264) (10,705)

Freecashflow $ 25,810 $ 14,550

Netcashusedininvestingactivities1 $ (10,071) $ (9,128)

Netcashusedinfinancingactivities (16,117) (14,299)

Non-GAAPmeasures-freecashflow

1Changeversusprioryearcomparableperiod.

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Indiscussingouroperatingresults,thetermcurrencyexchangeratesreferstothecurrencyexchangeratesweusetoconverttheoperatingresultsforcountrieswherethefunctionalcurrencyisnottheU.S.dollarintoU.S.dollars.Wecalculatetheeffectofchangesincurrencyexchangeratesasthedifferencebetweencurrentperiodactivitytranslatedusingthecurrentperiod’scurrencyexchangeratesandthecomparableprioryearperiod’scurrencyexchangerates.Additionally,nocurrencyexchangeratefluctuationsarecalculatedfornon-USDacquisitionsuntilownedfor12months.Throughoutourdiscussion,werefertotheresultsofthiscalculationastheimpactofcurrencyexchangeratefluctuations.Whenwerefertoconstantcurrencyoperatingresults,thismeansoperatingresultswithouttheimpactofthecurrencyexchangeratefluctuations.ThedisclosureofconstantcurrencyamountsorresultspermitsinvestorstobetterunderstandWalmart’sunderlyingperformancewithouttheeffectsofcurrencyexchangeratefluctuations.Thetablebelowreflectsthecalculationofconstantcurrencyfortotalrevenues,netsalesandoperatingincomeforthefiscalyearendedJanuary31,2021.

ThreeMonthsEndedJanuary31,2021 FiscalYearEndedJanuary31,2021

2021PercentChange1 2021

PercentChange1 2021

PercentChange1 2021

PercentChange1

(Dollarsinmillions) WalmartInternational Consolidated WalmartInternational ConsolidatedTotalrevenues:Asreported $ 35,208 5.3% $ 152,079 7.3% $ 122,501 0.9% $ 559,151 6.7%Currencyexchangeratefluctuations 252 N/A 252 N/A 5,053 N/A 5,053 N/AConstantcurrencytotalrevenues $ 35,460 6.1% $ 152,331 7.5% $ 127,554 5.0% $ 564,204 7.7%

Netsales:Asreported $ 34,873 5.5% $ 150,985 7.4% $ 121,360 1.0% $ 555,233 6.8%Currencyexchangeratefluctuations 256 N/A 256 N/A 5,022 N/A 5,022 N/AConstantcurrencynetsales $ 35,129 6.3% $ 151,241 7.6% $ 126,382 5.2% $ 560,255 7.8%

Operatingincome:Asreported $ 964 -12.8% $ 5,487 3.1% $ 3,660 8.6% $ 22,548 9.6%Currencyexchangeratefluctuations 17 N/A 17 N/A 210 N/A 210 N/AConstantcurrencyoperatingincome $ 981 -11.2% $ 5,504 3.4% $ 3,870 14.8% $ 22,758 10.6%

Non-GAAPmeasures-constantcurrency

1ThechargerelatestoamountswhichwerenotallocatedtoanoperatingsegmentandrecordedinCorporateandsupport.2Fiscal2021includesabusinessrestructuringchargeresultingfromchangestoWalmartU.S.supportteamstobettersupportitsomni-channelstrategyrecordedinthesecondquarteroffiscal2021.Businessrestructuringchargesduringthefourthquarteroffiscal2020include(1)$399millionofnon-cashimpairmentchargestowritedownofcertaineCommerceassetsinWalmartU.S.and$51millioninrelatedseverancecosts;and(2)$96millionofnon-cashimpairmentchargesrelatedtostrategicbusinessdecisionsthatresultedinthewritedownofcertainassetsinWalmartInternational.Additionally,forfiscal2020,businessrestructuringchargesincludes$293millioninnon-cashimpairmentchargesinthethirdquarterfortheJabong.comtradename.

3Changeversusprioryearcomparableperiod.NP-notprovided

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Adjustedoperatingincomeisconsideredanon-GAAPfinancialmeasureundertheSEC’srulesbecauseitexcludescertainchargesincludedinoperatingincomecalculatedinaccordancewithGAAP.Managementbelievesthatadjustedoperatingincomeisameaningfulmeasuretosharewithinvestorsbecauseitbestallowscomparisonoftheperformancewiththatofthecomparableperiod.Inaddition,adjustedoperatingincomeaffordsinvestorsaviewofwhatmanagementconsidersWalmart’scoreearningsperformanceandtheabilitytomakeamoreinformedassessmentofsuchcoreearningsperformanceascomparedwiththatoftheprioryear.

Whenwerefertoadjustedoperatingincomeinconstantcurrencythismeansadjustedoperatingresultswithouttheimpactofthecurrencyexchangeratefluctuations.ThedisclosureofconstantcurrencyamountsorresultspermitsinvestorstobetterunderstandWalmart’sunderlyingperformancewithouttheeffectsofcurrencyexchangeratefluctuations.ThetablesbelowreflectthecalculationofadjustedoperatingincomeandadjustedoperatingincomeinconstantcurrencyforthefiscalyearendedJanuary31,2021.

ThreeMonthsEndedJanuary31, FiscalYearEndedJanuary31,

WalmartUS WalmartInternational Consolidated WalmartUS Walmart

International Consolidated

2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020Operatingincome:Operatingincome,asreported 5,168 4,403 964 1,105 5,487 5,322 19,116 17,380 3,660 3,370 22,548 20,568

Officercompensationcharge1 — — — — 175 — — — — — 175 —Businessrestructuringcharge2 — 450 — 96 — 546 380 450 — 389 380 839

Discretetaxitem — — — — — — — — 77 — 77 —

Adjustedoperatingincome 5,168 4,853 964 1,201 5,662 5,868 19,496 17,830 3,737 3,759 23,180 21,407Percentchange3 6.5% NP (19.7)% NP (3.5)% NP 9.3% NP (0.6)% NP 8.3% NPCurrencyexchangeratefluctuations — — 17 — 17 — — — 228 — 228 —

Adjustedoperatingincome,constantcurrency 5,168 4,853 981 1,201 5,679 5,868 19,496 17,830 3,965 3,759 23,408 21,407

Percentchange3 6.5% NP (18.3)% NP (3.2)% NP 9.3% NP 5.5% NP 9.3% NP

Non-GAAPmeasures-adjustedoperatingincome

ThreeMonthsEndedJanuary31,2021 TaxRate FiscalYearEndedJanuary31,2021 TaxRate

Income(loss)beforeincometaxes

Provisionforincometaxes1

Income(loss)beforeincometaxes

Provisionforincometaxes1

Asreported $ (593) $ 1,415 (238.6)% $ 20,564 $ 6,858 33.3%

Adjustments:Lossoncertaininternationaloperationsheldforsaleorsold 7,388 179 8,346 179

Unrealizedandrealized(gains)andlossesonequityinvestments (1,788) 391 (8,671) 1,841

Businessrestructuringcharge — — 380 (92)Discretetaxitem — (283) 179 (150)Officercompensationcharge 175 (11) 175 (11)

Netadjustments 5,775 276 409 1,767

Adjusted $ 5,182 $ 1,139 22.0% $ 20,973 $ 5,091 24.3%

Non-GAAPmeasures-adjustedeffectivetaxrateTheadjustedeffectivetaxrateisconsideredanon-GAAPfinancialmeasureundertheSEC’srulesbecauseitexcludescertainimpactsincludedincalculatingtheeffectivetaxrateinaccordancewithGAAP.Managementbelievesthattheadjustedeffectivetaxrateisameaningfulmeasuretosharewithinvestorsbecauseitbestallowscomparisonoftheperformancewiththatofthecomparableperiod.Inaddition,theadjustedeffectivetaxrateaffordsinvestorsaviewofwhatmanagementconsidersWalmart’scoreearningsperformanceandtheabilitytomakeamoreinformedassessmentofsuchcoreearningsperformanceascomparedwiththatoftheprioryear.

1Calculatedbasedonnatureofitem,includinganyrealizabledeductions,andstatutoryrateineffectforrelevantjurisdictions.Minimalrealizabletaxbenefitwasprovidedinconnectionwiththelossoncertaininternationaloperationsheldforsaleorsold,aswellastheofficercompensationcharge.

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

WeadjustfortheunrealizedandrealizedgainsandlossesonourequityinvestmentseachquarterbecausealthoughtheinvestmentsarestrategicdecisionsfortheCompany’sretailoperations,management’smeasurementofeachstrategyisprimarilyfocusedontherespectivemarket’soperationalresultsratherthanthefairvalueofsuchinvestments.Additionally,managementdoesnotforecastchangesinthefairvalueofitsequityinvestments.Accordingly,managementadjustsEPSeachquarterfortherealizedandunrealizedgainsandlossesrelatedtothoseequityinvestments.

WehavecalculatedAdjustedEPSforthethreemonthsandfiscalyearendedJanuary31,2021byadjustingEPSforthefollowing:

1. thelossonsaleofouroperationsinJapanandtheU.K.whichweredeterminedtobeheldforsaleasofJanuary31,2021andouroperationsinWalmartArgentinawhichwereheldforsaleasofOctober31,2020andsubsequentlydivestedinNovember2020;

2. unrealizedandrealizedgainsandlossesontheCompany’sequityinvestments;

3. discretetaxitems;

4. achargerelatedtoofficercompensation;and

5. abusinessrestructuringchargeresultingfromchangestoWalmartsupportteamstobettersupporttheWalmartU.S.omni-channelsupportstrategyinthequarterendedJuly31,2020.

Non-GAAPmeasures-adjustedEPS

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1Changeversusprioryearcomparableperiod.2Calculatedbasedonnatureofitem,includinganyrealizabledeductions,andstatutoryrateineffectforrelevantjurisdictions.Minimalrealizabletaxbenefitwasprovidedinconnectionwiththelossoncertaininternationaloperationsheldforsaleorsold,aswellastheofficercompensationcharge.

3Thereportedeffectivetaxratewas(238.6%)and33.3%forthethreemonthsandfiscalyearendedJanuary31,2021,respectively.Adjustedfortheaboveitems,theeffectivetaxratewas22.0%and24.3%forthethreemonthsandfiscalyearendedJanuary31,2021,respectively.

4Calculatedbasedontheownershippercentagesofournoncontrollinginterests.5QuarterlyadjustmentsoradjustedEPSmaynotsumtoYTDadjustmentsorYTDadjustedEPSduetorounding.6AdjustedEPSforthethreemonthsendedJanuary31,2021wascalculatedusingweightedaveragesharesoutstandingof2,844million,whichincludesthedilutiveimpactofshare-basedpaymentawards.

ThreeMonthsEndedJanuary31,2021PercentChange1 FiscalYearEndedJanuary31,20215

PercentChange1

Dilutedearningspershare:

ReportedEPS $ (0.74) -151.0% $ 4.75 (8.5)%

Adjustments:Pre-TaxImpact

TaxImpact2,3

NCIImpact4

NetImpact

Pre-TaxImpact

TaxImpact2,3

NCIImpact4

NetImpact

Lossoncertaininternationaloperationsheldforsaleorsold $ 2.60 $ 0.06 $ — $ 2.66 $ 2.93 $ 0.06 $ 2.99

Unrealizedandrealized(gains)andlossesonequityinvestments (0.63) 0.14 — (0.49) (3.04) 0.64 — $ (2.40)

Businessrestructuringcharge — — — — 0.13 (0.03) — $ 0.10Discretetaxitem — (0.10) — (0.10) 0.06 (0.05) (0.03) $ (0.02)Officercompensationcharge 0.06 — — 0.06 0.06 — — 0.06Netadjustments6 $ 2.13 $ 0.73

AdjustedEPS6 $ 1.39 0.7% $ 5.48 11.2%

Non-GAAPmeasures-adjustedEPS(cont.)

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AspreviouslydisclosedinourfiscalyearendedJanuary31,2020pressrelease,wehavecalculatedAdjustedEPSforthethreemonthsandfiscalyearendedJanuary31,2020byadjustingEPSforthefollowing:(1)unrealizedgainsandlossesonthecompany’sequityinvestmentinJD.com;(2)ataxbenefitontherevaluationofdeferredtaxliabilitiesasaresultofanincometaxratereductioninIndia;(3)certainincometaxmatters;and(4)certainbusinessrestructuringchargeswhichprimarilyincludesnon-cashimpairmentchargesoncertaintradenamesandotherlong-livedassets.

ThreeMonthsEndedJanuary31,2020 FiscalYearEndedJanuary31,20203

Dilutedearningspershare:

ReportedEPS $ 1.45 $ 5.19

Adjustments:Pre-TaxImpact TaxImpact1 NCIImpact2 NetImpact

Pre-TaxImpact TaxImpact1 NCIImpact2 NetImpact

Unrealized(gains)andlossesonJD.cominvestment $ (0.33) $ 0.07 $ — $ (0.26) $ (0.65) $ 0.14 $ — $ (0.51)

Businessrestructuringcharges4 0.20 (0.05) — 0.15 0.30 (0.08) (0.01) 0.21

TaxbenefitfromincometaxratereductioninIndia — (0.14) 0.03 (0.11) — (0.14) 0.03 (0.11)

Certainincometaxmatters5 0.01 0.14 — 0.15 0.01 0.14 — 0.15

NetAdjustments $ (0.07) $ (0.26)

AdjustedEPS $ 1.38 $ 4.93

Non-GAAPmeasures-adjustedEPS(cont.)

1Calculatedbasedonnatureofitem,includinganyrealizabledeductions,andstatutoryrateineffectforrelevantjurisdictions.2Calculatedbasedontheownershippercentagesofthenoncontrollinginterest.3QuarterlyadjustmentsoradjustedEPSmaynotsumtoYTDadjustmentsorYTDadjustedEPSduetorounding. 4Businessrestructuringchargesprimarilyconsistsofnon-cashimpairmentchargesforcertaintradenames,acquireddevelopedtechnology,andpropertyandequipmentduetodecisionsthatresultedinthewrite-offofcertainassetsinWalmartU.S.andWalmartInternational.Additionally,forthefiscalyearendedJanuary31,2020,businessrestructuringchargesincludesnon-cashimpairmentchargesontheJabong.comtradenameinQ3.

5Representsachargerelatedtocertainincometaxmattersandaccruedinterestunrelatedtocurrentperiodoperations

• Unitcounts&squarefootage• Comparablestoresales,includingandexcludingfuel• Terminology

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