Walmart Inc. Consolidated Statements of Income Fiscal Years Ended January 31, (Amounts in millions, except per share data) 2022 2021 2020 Revenues: Net sales S 567,762 555,233 519,926 Membership and other income 4,992 3,918 4,038 Total revenue 572,754 559,151 523,964 Costs and expenses: Cost of sales 429,000 420,315 394,605 Operating, selling, general and administrative expenses 117,812 116,288 108,791 Operating income 25,942 22,548 20,568 Interest: Debt 1,674 1,976 2,262 Finance lease 320 339 337 Interest income (158) (121) (189) Interest, net 1,836 2,194 2,410 Loss on extinguishment of debt 2,410 Other (gains) and losses 3,000 (210) (1,958) Income before income taxes 8,696 20,564 20,116 Provision for income taxes 4,756 6,858 4,915 Consolidated net income 13,940 13,706 15,201 Consolidated net income attributable to noncontrolling interest (267) (196) (320) Consolidated net income attributable to Walmart 13,673 13,510 14,881 Net income per common share: Basic net income per common share attributable to Walmart S 4.90 $ 4.77 5.22 Diluted net income per common share attributable to Walmart 4.87 4.75 5.19 Weighted-average common shares outstanding: Basic 2,792 2,831 2,850 Diluted 2,805 2,847 2,868 Dividends declared per common share 2.20 $ 2.16 2.12 See accompanying notes. 53Walmart Inc. Consolidated Statements of Comprehensive Income Fiscal Years Ended January 31, (Amounts in millions) 2022 2021 2020 Consolidated net income 13,940 S 13,706 $ 15,201 Consolidated net income attributable to noncontrolling interest (267) 196) (320) Consolidated net income attributable to Walmart 13,673 13,510 14,881 Other comprehensive income (loss), net of income taxes Currency translation and other 2.442 842 286 Net investment hedges (1,202) (221 ) 122 Cash flow hedges (444) 235 (399) Minimum pension liability 1,974 (30 ) (1,244) Other comprehensive income (loss), net of income taxes 2,770 326 1,235) Other comprehensive (income) loss attributable to noncontrolling interest 230 213 (28) Other comprehensive income (loss) attributable to Walmart 3,000 ,039 1,263) Comprehensive income, net of income taxes 16,710 14,532 13,96 Comprehensive (income) loss attributable to noncontrolling interest (37) 17 (348) Comprehensive income attributable to Walmart 16,673 14,549 13,618 See accompanying notes. 54Walmart Inc. Consolidated Balance Sheets As of January 31, (Amounts in millions) 2022 2021 ASSETS Current assets: Cash and cash equivalents $ 14,760 $ 17,741 Receivables, net 8,280 6,516 Inventories 56,511 44,949 Prepaid expenses and other 1,519 20,861 Total current assets 81,070 90,067 Property and equipment, net 4,515 92,201 Operating lease right-of-use assets 13,758 13,642 Finance lease right-of-use assets, net 4,351 4,005 Goodwill 29,014 28,983 Other long-term assets 22,152 23,598 Total assets 244,860 252,496 LIABILITIES AND EQUITY Current liabilities: Short-term borrowings 410 $ 224 Accounts payable 55,261 49,141 Accrued liabilities 26,060 37,966 Accrued income taxes 851 242 Long-term debt due within one year 2,803 3,115 Operating lease obligations due within one year 1,483 1,466 Finance lease obligations due within one year 511 491 Total current liabilities 87,379 92,645 Long-term debt 34,864 41,194 Long-term operating lease obligations 13,009 12,909 Long-term finance lease obligations 4,243 3 , 847 Deferred income taxes and other 13,474 14,370 Commitments and contingencies Equity: Common stock 276 282 Capital in excess of par value 4,839 3,646 Retained earnings 86,904 88 , 763 Accumulated other comprehensive loss (8,766) (11,766) Total Walmart shareholders' equity 83,253 80,925 Noncontrolling interest 8,638 6,606 Total equity 1,891 87,531 Total liabilities and equity 244,860 252,496 See accompanying notes.Walmart Inc. Consolidated Statements of Shareholders' Equity Accumulated Total Capital in Other Walmart Common Stock Excess of Retained Comprehensive Shareholders' Noncontrolling Total (Amounts in millions) Shares Amount Par Value Earnings Income (Loss) Equity Interest Equity Balances as of February 1, 2019 2,878 288 $ 2,965 S 80,785 S (11,542) $ 72,496 $ 7,138 S 79,634 Adoption of new accounting standards, net of income taxes (266) (266) (34) (300) Consolidated net income 1 14 ,881 14,881 320 15,201 Other comprehensive income (loss), net of income taxes (1,263) 1,263) 28 (1,235 Cash dividends declared ($2.12 per share (6,048) 6,048) (6,048) Purchase of Company stock (53) (5) (199) '5,435) (5,639) (5,639 Cash dividend declared to noncontrolling interest (475) (475) Sale of subsidiary stock - - 37 37 15 52 Other 7 1 444 26 471 (109) 362 Balances as of January 31, 2020 2,832 284 3,247 3,943 (12,805) 74,669 6,883 31,552 Consolidated net income 13,510 13,510 196 13,706 Other comprehensive income (loss), net of income taxes 1 - 1,039 1,039 (213) 826 Cash dividends declared ($2.16 per share) - (6, 116) (6,116) (6, 116) Purchase of Company stock (20) ( 2 ) (97) (2,559) - (2,658) (2,658) Cash dividend declared to noncontrolling interest - (365 (365) Sale of subsidiary stock 29 29 111 140 Other 9 - 467 (15) 452 ( 6 ) 446 Balances as of January 31, 2021 2.821 282 3,646 88,763 (11,766) 30,925 6,606 87,531 Consolidated net income 13,673 13,67 267 13,940 Other comprehensive income (loss), net of income taxes - - 3,000 3,000 (230) 2,770 Cash dividends declared ($2.20 per share) - (6,152) (6,152) (6,152) Purchase of Company stock (70) (7) (426) (9,375) (9,808) 9,808) Cash dividend declared to noncontrolling interest - (416) (416) Sale of subsidiary stock 952 952 2.287 3,239 Other 10 1 667 (5) 663 124 787 Balances as of January 31, 2022 2,761 276 $ 4,839 86,904 8,766) 83,253 8,638 91,891 See accompanying notes. 56Walmart Inc. Consolidated Statements of Cash Flows Fiscal Years Ended January 31, (Amounts in millions) 2022 2021 2020 Cash flows from operating activities: Consolidated net income 13,940 $ 13,706 $ 15,201 Adjustments to reconcile consolidated net income to net cash provided by operating activities: Depreciation and amortization 10.658 11,152 10,98 Net unrealized and realized (gains) and losses 2,440 8,589 (1,886) Losses on disposal of business operations 433 8,401 15 Asda pension contribu (1,036) Deferred income taxes (755 ) 1,911 320 Loss on extinguishment of debt 2,410 Other operating activities 1,652 1,521 1,981 Changes in certain assets and liabilities, net of effects of acquisitions and dispositions: Receivables, net (1, 796) (1,086) 154 Inventories (11,764) 2,395 (300) Accounts payable 5,520 6,966 "274) Accrued liabilities 1,404 4.623 186 Accrued income taxes 39 (136) (93 Net cash provided by operating activities 24,181 36,074 25,255 Cash flows from investing activities: Payments for property and equipment (13,106) (10,264) (10,705) Proceeds from the disposal of property and equipment 394 215 321 Proceeds from disposal of certain operations, net of divested cash 7,935 56 833 Payments for business acquisitions, net of cash acquired (359) (180) (56) Other investing activities (879) 102 179 Net cash used in investing activities (6,015) (10,071) 9,128) Cash flows from financing activities: Net change in short-term borrowings 193 (324) (4,656 Proceeds from issuance of long-term debt 5,945 5,492 Repayments of long-term debt (13,010) (5,382) (1,907) Premiums paid to extinguish debt (2,317) Dividends paid (6, 152 (6, 116) (6,048) Purchase of Company stock (9,787) (2,625) (5,717 Dividends paid to noncontrolling interest (424) (434) (555) Sale of subsidiary stock 3,239 140 52 Other financing activities (1,515) (1,376) (960) Net cash used in financing activities 22,828) 16,117) 14,299) Effect of exchange rates on cash, cash equivalents and restricted cash (140) 235 (69) Net increase (decrease) in cash, cash equivalents and restricted cash (4,802 10,121 1,759 Change in cash and cash equivalents reclassified from (to) assets held for sale 1,848 (1,848) Cash, cash equivalents and restricted cash at beginning of year 17,788 ,515 7,756 Cash, cash equivalents and restricted cash at end of year 14,834 17 ,788 9,515 Supplemental disclosure of cash flow information: Income taxes paid 5,918 5,271 3,616 Interest paid 2,237 2,216 2,464The calculation of ROA and ROI, along with a reconciliation of R01 to the calculation of ROA, the most comparable GAAP nancial measure, is as follows: Fiscal Years Ended January 31, (Amounts in millions) 2022 2021 CALCULATION OF RETURN ON ASSETS Numerator Consolidated net income S 13,940 5 13,706 Denominator Average total assets'n S 248,678 S 244,496 Return on assets (ROA) CALCULATION OF RETURN ON INVESTMENT Numerator Operating income S 25,942 S 22,548 + Interest income 158 121 + Depreciation and amortization 10,658 11,152 + Rent 2,274 2,626 ROI operating income 5 39,032 8 36,447 Denominator Average total assets'n S 248,678 S 244,496 +Average accumulated depreciation and amortization'\" 98,199 94,351 - Average accounts payable\") 52,201 48,057 - Average accmed liabilities'\" 32,013 30,131 Average invested capital S 262,663 S 260,659 Return on investment (ROI) 1 14 i\" 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. As ofJauuary 31, 2022 2021 2020 Certain Balance Sheet Data Total assets S 244,860 S 252,496 S 236,495 Accumulated depreciation and amortization 102,211 94,187 94,514 Accounts payable 55,261 49,141 46,973 Accrued liabilities 26,060 37,966 22,296