Question

12 Months Ended Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions Jan. 31, 2018 Jan. 31, 2017 99.08% 0 $ 495,761 4,582 500,343 $ 481,317 4,556 485,873 99.06% 0.94% 0 373,396 106,510 0 o 361,256 101,853 20,437 22,764 3 Revenues: 4 Net sales 5 Membership and other income 6 Total revenues 7 Costs and expenses: 8 Cost of sales Operating, selling, general and administrative 9 expenses 10 Operating income 11 Interest: 12 Debt 13 Capital lease and financing obligations 14 Interest income 15 Interest, net 16 Gain (loss) on extinguishment of debt 17 Income before income taxes 18 Provision for income taxes 19 Consolidated net income Consolidated net income attributable to 20 noncontrolling interest Consolidated net income attributable to Walmart 2,044 323 (100) 2,267 1,978 352 (152) 2,178 3,136 15,123 4,600 10,523 (661) OOOOOOOOO 0 20,497 6,204 14,293 (650) $ 13,643

Answer 1

Formulas used in Income statement

Consolidated Statement of Income - USD ($) shares in Millions, $ in Millions 12 months ended Jan 31, 2018 Jan 31, 2017 Revenues: $ 4,81,317 $ 4,95,761 Net Sales 99.08% 99.06% Membership and other income 4,582 0.92% 4,556 0.94% $ 5,00,343 $ 4,85,873 Total Revenues 100.00% 100.00% Cost and expenses: $ 3,73,396 $ 1,06,510 $ 3,61,256 $ 1,01,853 24 Cost of Sales 74.63% 74.35% Operating, selling, general and administrative expenses 21.29% 20.96% 4.08% 4.69% 20,437 22,764 Operating Income Interest: 0.40% 2$ Debt 1,978 0.42% 2,044 Capital Lease and financing obligations 352 0.07% 323 0.07% -0.03% Interest income -152 -100 -0.02% 2$ 2,178 0.47% Interest, net 0.44% 2,267 0.63% Gain (Loss) on extinguishment of debt 3,136 0.00% Income before income taxes 2$ 15,123 3.02% 20,497 4.22% Provision for income taxes 2$ 24 0.92% 4,600 6,204 1.28% Consolidated net income 2$ 2$ 10,523 2.10% 14,293 2.94% -0.13% Consolidated net income attributable to non controlling interest -0.13% -661 -650 Consolidated net income attributable to Walmart 1.97% 9,862 13,643 2.81%

A B 1. Rectar 12 months ended Consolidated Statement of Income - USD ($) shares in Millions, $ in Millions 3. Jan 31, 2018 Jan 31, 2017 4 Revenues: =+C5/C$7 =+F5/F$7 =+F6/F$7 Net Sales 495761 481317 =+C6/C$7 Membership and other income 4582 4556 Total Revenues =SUM(C5:C6) =SUM(G5:G6) =SUM(D5:D6) =SUM(F5:F6) Cost and expenses: 8 =+C9/C$7 =+C10/C$7 =+C11/C$7 Cost of Sales =+F9/F$7 =+F10/F$7 =+F11/F$7 373396 9 361256 Operating, selling, general and administrative expenses 101853 10 106510 11 Operating Income =C7-C9-C10 =F7-F9-F10 12 Interest: =+C13/C$7 =+F13/F$7 Debt 13 1978 2044 =+F14/F$7 =+F15/F$7 =+F16/F$7 =+F17/F$7 =+F18/F$7 =+F19/F$7 =+F20/F$7 =+F21/F$7 =+F22/F$7 =+C14/C$7 Capital Lease and financing obligations 14 352 323 =+C15/C$7 =+C16/C$7 =+C17/C$7 =+C18/C$7 =+C19/C$7 =+C20/C$7 =+C21/C$7 Interest income 15 -152 -100 =SUM(C13:C15) =SUM(F13:F15) 16 Interest, net Gain (Loss) on extinguishment of debt 17 3136 18 Income before income taxes =+F11-F16-F17 =+C11-C16-C17 Provision for income taxes 19 4600 6204 Consolidated net income 20 =C18-C19 =F18-F19 Consolidated net income attributable to non controlling interest 21 -661 -650 =+C22/C$7 22 Consolidated net income attributable to Walmart =C20+C21 =F20+F21 23

Formulas used in Balance Sheet

Walmart Balance Sheet Vertical Analysis Consolidated Balance Sheets - USD ($) shares in Millions, $ in Millions Jan 31, 2017 Jan 31, 2018 Current Assets: Cash and cash equivalents 2$ 6,756 3.30% 6,867 3.45% Receivables, net 5,835 43,046 5,614 2.74% 2.93% 21.41% 21.65% Inventories 43,783 2$ 24 Prepaid expenses and Other 3,511 1.72% 1,941 0.98% 2$ Total Current Assets 57,689 59,664 29.17% 29.01% Property and Equipment: Property and Equipment Less- Accumulated Depreciation $ 1,85,154 $ -77,479 $ 1,07,675 $ 1,79,492 90.28% 90.53% -37.88% -71,782 -36.10% $ 1,07,710 Property and Equipment, net Property under Capital lease and financing Property under Capital lease and financing 54.17% 52.65% 6.21% 2$ 11,637 12,703 5.85% Less- Accumulated Amortization -2.60% -5,560 -2.72% -5,169 Property under Capital lease and financing 3.49% 7,143 6,468 3.25% Goodwill 2$ 24 8.92% 18,242 17,037 8.57% Other Assets and deferred charges 11,798 5.77% 9,921 4.99% $ 2,04,522 Total Assets 100.00% 1,98,825 100.00% Current Liabilities: Short-Term Borrowings 5,257 2.57% 1,099 0.55% Accounts Payable 46,092 22.54% 41,433 20.84% 24 20,654 2$ Accrued Liabilities 10.82% 10.39% 22,122 Accrued Income taxes 0.32% 645 921 0.46% Long-term debt due within one year Capital lease and financial obligations due 2,256 3,738 1.83% 1.13% 667 0.33% 565 0.28% 2$ Total Current Liabilities 78,521 38.39% 66,928 33.66% Long-term debt Long-Term Capital Lease and Financing 18.11% 30,045 14.69% 36,015 6,003 6,780 3.32% 3.02% Deferred Income taxes and other 9,344 4.70% 8,354 4.08% Commitments and Contingencies Equity: 24 Common Stock 295 0.14% 305 0.15% 2$ Capital in excess of par value Retained Earnings 2,371 2,648 1.29% 1.19% 24 89,354 85,107 41.61% 44.94% Accumulated other comprehensive loss Total Walmart Shareholders' equity 2$ -14,232 77,798 -10,181 -4.98% -7.16% 38.07% 39.13% 77,869 Noncontrolling interest Total equity Total Liabilites and equity 1.44% 2,953 2,737 1.38% 80,822 39.52% 80,535 40.51% $ 2,04,522 $ 1,98,825 100.00% 100.00%

Walmart Balance Sheet Vertical Analysis 25 Consolidated Balance Sheets - USD ($) shares in Millions, $ in Millions Jan 31, 2017 26 Jan 31, 2018 27 Current Assets: =+F28/F$43 =+F29/F$43 =+F30/F$43 =+F31/F$43 =+C28/C$43 =+C29/C$43 =+C30/C$43 =+C31/C$43 Cash and cash equivalents 6867 28 6756 Receivables, net 5835 29 5614 43783 30 Inventories 43046 Prepaid expenses and Other 31 3511 1941 =SUM(C28:C31) =SUM(D28:D31) Total Current Assets =SUM(F28:F31) =SUM(G28:G31) 32 Property and Equipment: Property and Equipment Less- Accumulated Depreciation 33 =+C34/C$43 =+C35/C$43 =+F34/F$43 =+F35/F$43 34 185154 179492 -77479 -71782 35 Property and Equipment, net =+C34+C35 36 =+D34+D35 =+F34+F35 =+G34+G35 Property under Capital lease and financing Property under Capital lease and financing 37 =+C38/C$43 =+C39/C$43 =+C40/C$43 =+C41/C$43 =+C42/C$43 =+F38/F$43 =+F39/F$43 =+F40/F$43 =+F41/F$43 38 12703 11637 Less- Accumulated Amortization 39 -5560 -5169 40 Property under Capital lease and financing =+F38+F39 =+C38+C39 Goodwill 18242 41 17037 Other Assets and deferred charges =+F42/F$43 42 11798 9921 Total Assets =+F42+F41+F40+F36+F32 =+G42+G41+G40+G36+G32 43 =+C42+C41+C40+C36+C32 =+D42+D41+D40+D36+D32 Current Liabilities: 44 Short-Term Borrowings Accounts Payable =+C45/C$64 =+C46/C$64 =+C47/C$64 =+C48/C$64 =+C49/C$64 =+C50/C$64 =+C51/C$64 =+C52/C$64 =+C53/C$64 =+C54/C$64 =+F45/F$64 =+F46/F$64 =+F47/F$64 =+F48/F$64 =+F49/F$64 45 5257 1099 46 46092 41433 Accrued Liabilities 47 22122 20654 48 Accrued Income taxes 645 921 49 Long-term debt due within one year Capital lease and financial obligations due 3738 2256 =+F50/F$64 =+F51/F$64 =+F52/F$64 =+F53/F$64 =+F54/F$64 50 667 565 Total Current Liabilities =SUM(C45:C50) =SUM(F45:F50) 51 Long-term debt Long-Term Capital Lease and Financing Deferred Income taxes and other 52 30045 36015 53 6780 6003 54 8354 9344 Commitments and Contingencies 55 56 Equity: =+C57/C$64 =+C58/C$64 =+C59/C$64 =+C60/C$64 =+C61/C$64 =+C62/C$64 =+C63/C$64 =+F57/F$64 =+F58/F$64 =+F59/F$64 =+F60/F$64 =+F61/F$64 =+F62/F$64 =+F63/F$64 Common Stock 57 295 305 Capital in excess of par value Retained Earnings 2648 2371 58 89354 59 85107 60 Accumulated other comprehensive loss Total Walmart Shareholders' equity -10181 -14232 =SUM(C57:C60) =SUM(F57:F60) 61 Noncontrolling interest Total equity 62 2953 2737 63 =C61+C62 =F61+F62 Total Liabilites and equity =F51+F52+F53+F54+F63 64 =C51+C52+C53+C54+C63 =D51+D52+D53+D54+D63 =G51+G52+G53+G54+G63