Walmart Investor Presentation — February 2024

Document content

Financial presentation

to accompany management commentary

The following guidance reflects the Company’s

expectations for the second quarter and fiscal

year 2025 and is provided on a non-GAAP

basis as the Company cannot predict certain

elements that are included in reported GAAP

results, such as the changes in fair value of the

Company’s equity and other investments.

Growth rates reflect an adjusted basis for prior

year results. Additionally, the Company’s

guidance assumes a generally stable consumer

and continued pressure from its mix of

products and formats globally.

The Company’s fiscal year guidance is based on

the following FY24 figures: Net sales: $642.6

billion, adjusted operating income1: $27.1

billion, adjusted EPS1 $2.22.Metric Q2

Consolidated net sales (cc) Increase 3.5% to 4.5%

Consolidated operating income (cc) Increase 3.0% to 4.5%

Adjusted EPS $0.62 to $0.65

Metric FY 2025 (updated) FY 2025 (original)

Consolidated net sales (cc) High-end or slightly above original guidance Increase 3.0% to 4.0%

Consolidated adj. operating income (cc) High-end or slightly above original guidance Increase 4.0% to 6.0%

Interest, net Unchanged from original guidance Increase approximately $100M to $200M

Effective tax rate Unchanged from original guidance Approximately 25.0% to 26.0%

Non-controlling interest Unchanged from original guidance Relatively flat

Adjusted EPS High-end or slightly above original guidance $2.23 to $2.37

Capital expenditures Unchanged from original guidance Approximately 3.0% to 3.5% of net sales

1For relevant reconciliations, see Q4 FY24 earnings release furnished on Form 8-K on February 20, 2024.