Walmart Investor Presentation — November 2023

Document content

Financial presentation

to accompany management commentary

The following guidance reflects the Company’s

expectations for the third 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. Third Quarter

The Company’s fiscal third quarter guidance is based on the following FY24 Q3 figures: Net Sales: $159.4 billion,

operating income: $6.2 billion, and adjusted EPS1: $0.51. Guidance contemplates the impact of timing of festive

events in the Company’s international segment and the timing of planned expenses.

Consolidated net sales (cc) Increase 3.25% to 4.25%

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

Adjusted EPS $0.51 to $0.52

The Company’s fiscal year guidance is based on the following FY24 figures: Net sales: $642.6 billion, adjusted

operating income1: $27.1 billion, and adjusted EPS1: $2.22. The Company’s full year guidance assumes a generally

stable consumer and continued pressure from its mix of products and formats globally.

Metric FY 2025 (updated) FY 2025 (original)

Consolidated net sales (cc) Increase 3.75% to 4.75% Increase 3.0% to 4.0%

Consolidated adj. operating income (cc) Increase 6.5% to 8.0% Increase 4.0% to 6.0%

Interest, net Increase approximately $100M Increase approximately $100M to $200M

Effective tax rate Lower-end of original guidance Approximately 25.0% to 26.0%

Non-controlling interest Unchanged from original guidance Relatively flat