Uniquely Walmart

2021 Annual Report

Key Highlights for FY 2021

Launched Express Delivery

$36.1 Billion in operating cash flow

8.7% Walmart U.S. comp sales

Revenue grew $35 Billion

YOY

Paid $1.6 Billion

for associate special cash bonuses

$8.7 Billion in returns

to shareholders

Launched Walmart+

Launched Walmart Connect

Launched curbside pickup at

all Sam’s Clubs

$559.2 Billion in revenue

Annualized PhonePe Total Payment Value of

~$300 Billion

eCommerce marketplace grew

triple-digits Announced wage increases for

590K associates

Corporate and Stock InformationListingNew York Stock ExchangeStock Symbol: WMT

Corporate InformationStock Registrar and Transfer Agent: Computershare Trust Company, N.A. P.O. Box 505000 Louisville, Kentucky 40233-5000 1-800-438-6278 TDD for hearing-impaired inside the U.S. 1-800-952-9245 Internet: http://www.computershare.com

Annual MeetingDue to the continuation of the COVID-19 pandemic, for the safety of all of our associates and shareholders, our 2021 Annual Shareholders’ Meeting will be held on Wednesday, June 2, 2021 at 10:30am CDT in a virtual meeting format only, with no physical in-person meeting. Our Annual Shareholders’ Meeting will be available for viewing at www.virtualshareholdermeeting.com/WMT2021.

Communication with ShareholdersWalmart Inc. periodically communicates with our shareholders and other members of the investment community about our operations. For further information regarding our policy on shareholder and investor communications refer to our website, www.stock.walmart.com.

The following reports are available without charge upon request by writing the company c/o Investor Relations or by calling (479) 273-8446. These reports are also available via the corporate website.

• Annual Report on Form 10-K• Quarterly Reports on Form 10-Q• Earnings Releases• Current Reports on Form 8-K• Annual Shareholders’ Meeting Proxy Statement• Environmental, Social and Governance Report• Culture, Diversity, Equity and Inclusion Report

Independent Registered Public Accounting FirmErnst & Young LLP5417 Pinnacle Point Dr., Suite 501 Rogers, AR 72758

Market Price of Common StockThe high market price and low market price per share for the Company’s common stock for each fiscal quarter in fiscal 2021 and 2020 were as follows:

Fiscal Years Ended January 31,

2021 2020

High Low High Low

1st Quarter $133.38 $102.00 $104.18 $93.112nd Quarter 134.13 117.01 115.49 98.853rd Quarter 151.33 128.27 120.71 104.844th Quarter 153.66 139.03 125.38 112.68

The high market price and low market price per share for the Company’s common stock for the first fiscal quarter of fiscal 2022, were as follows:

2022

High Low

1st Quarter(1) $147.50 $126.28(1) Through March 17, 2021

Dividends Payable Per ShareFor fiscal 2022, dividends will be paid based on the following schedule:April 5, 2021 $0.55June 1, 2021 0.55September 7, 2021 0.55January 3, 2022 0.55

Dividends Paid Per ShareFor fiscal 2021, dividends were paid based on the following schedule:April 6, 2020 $0.54June 1, 2020 0.54September 8, 2020 0.54January 4, 2021 0.54

Dividends Paid Per Share For fiscal 2020, dividends were paid based on the following schedule:April 1, 2019 $0.53June 3, 2019 0.53September 3, 2019 0.53January 2, 2020 0.53

Stock Performance ChartThis graph compares the cumulative total shareholder return on Walmart’s common stock during the five fiscal years ending through fiscal 2021 to the cumulative total returns on the S&P 500 Retailing Index and the S&P 500 Index. The comparison assumes $100 was invested on February 1, 2016, in shares of our common stock and in each of the indices shown and assumes that all of the dividends were reinvested.

Comparison of 5-Year Cumulative Total Return* Among Walmart Inc., the S&P 500 Index and S&P 500 Retailing Index

* Assumes $100 Invested on February 1, 2016 Assumes Dividends Reinvested Fiscal Year Ended January 31, 2021

Fiscal Years Ended January 31,

2016 2017 2018 2019 2020 2021

Walmart Inc. $100.00 $103.50 $169.56 $156.05 $190.21 $237.33S&P 500 Index 100.00 120.04 151.74 148.23 180.37 211.48S&P 500 Retailing Index 100.00 120.09 174.49 186.29 219.46 316.05

Holders of Record of Common StockAs of March 17, 2021, there were 214,673 holders of record of Walmart’s common stock.

$350

$300

$250

$200

$150

$100

$ 50

$ 020212016 2017 2018 20202019

Fiscal Years

S&P 500 Retailing IndexS&P 500 IndexWalmart Inc.

Comparison of 5-Year Cumulative Total Return – 2021

Our Bold Objective: To Become a Regenerative CompanyWalmart is committed to leading on environmental, social, and governance issues. For example, we are taking action beyond sustainability to restore, renew, and replenish the environment.

Source 20 commodities more sustainably by 2025

Work with suppliers to avoid 1 gigaton of greenhouse gas emissions across our supply chain by 2030

With the Walmart Foundation, help protect, manage or restore at least 50M acres of land and 1M square miles of ocean by 2030

Achieve 100% renewable energy by 2035

Targeting zero emissions by 2040

702 SW 8th St. Bentonville, AR 72716 | corporate.walmart.com