Q1FY2022

Financialpresentationtoaccompanymanagementcommentary

Thispresentationcontainsstatementsormayincludeormayincorporatebyreference,statementsthatmaybedeemedtobe"forward-lookingstatements"withinthemeaningofSection21EoftheSecuritiesExchangeActof1934,asamended(the"Act"),thatareintendedtoenjoytheprotectionofthesafeharborforforward-lookingstatementsprovidedbytheActaswellasprotectionsaffordedbyotherfederalsecuritieslaws.Assumptionsonwhichsuchforward-lookingstatementsarebasedarealsoforward-lookingstatements.Suchforward-lookingstatementsarenotstatementsofhistoricalfacts,butinsteadexpressourestimatesorexpectationsforourconsolidated,oroneofoursegment'sorbusiness’,economicperformanceorresultsofoperationsforfutureperiodsorasoffuturedatesoreventsordevelopmentsthatmayoccurinthefutureordiscussourplans,objectivesorgoals.Ouractualresultsmaydiffermateriallyfromthoseexpressedinorimpliedbyanyoftheseforward-lookingstatementsasaresultofchangesincircumstances,assumptionsnotbeingrealizedorotherrisks,uncertaintiesandfactorsincluding:theimpactoftheCOVID-19pandemiconourbusinessandtheglobaleconomy;economic,capitalmarketsandbusinessconditions;trendsandeventsaroundtheworldandinthemarketsinwhichweoperate;currencyexchangeratefluctuations,changesinmarketinterestratesandmarketlevelsofwages;changesinthesizeofvariousmarkets,includingeCommercemarkets;unemploymentlevels;inflationordeflation,generallyandinparticularproductcategories;consumerconfidence,disposableincome,creditavailability,spendinglevels,shoppingpatterns,debtlevelsanddemandforcertainmerchandise;theeffectivenessoftheimplementationandoperationofourstrategies,plans,programsandinitiatives;unexpectedchangesinourobjectivesandplans;theimpactofacquisitions,investments,divestitures,andotherstrategicdecisions;ourabilitytosuccessfullyintegrateacquiredbusinesses;changesinthetradingpricesofcertainequityinvestmentswehold;initiativesofcompetitors,competitors'entryintoandexpansioninourmarkets,andcompetitivepressures;customertrafficandaveragetransactionsinourstoresandclubsandonoureCommercewebsites;themixofmerchandisewesell,thecostofgoodswesellandtheshrinkageweexperience;ourgrossprofitmargins;thefinancialperformanceofWalmartandeachofitssegments,includingtheamountsofourcashflowduringvariousperiods;theamountofournetsalesandoperatingexpensesdenominatedintheU.S.dollarandvariousforeigncurrencies;commoditypricesandthepriceofgasolineanddieselfuel;supplychaindisruptionsanddisruptionsinseasonalbuyingpatterns;theavailabilityofgoodsfromsuppliersandthecostofgoodsacquiredfromsuppliers;ourabilitytorespondtochangingtrendsinconsumershoppinghabits;consumeracceptanceofandresponsetoourstores,clubs,eCommerceplatforms,programs,merchandiseofferingsanddeliverymethods;cybersecurityeventsaffectingusandrelatedcostsandimpacttothebusiness;developmentsin,outcomesof,andcostsincurredinlegalorregulatoryproceedingstowhichweareapartyoraresubject,andtheliabilities,obligationsandexpenses,ifany,thatwemayincurinconnectiontherewith;casualtyandaccident-relatedcostsandinsurancecosts;theturnoverinourworkforceandlaborcosts,includinghealthcareandotherbenefitcosts;oureffectivetaxrateandthefactorsaffectingoureffectivetaxrate,includingassessmentsofcertaintaxcontingencies,valuationallowances,changesinlaw,administrativeauditoutcomes,impactofdiscreteitemsandthemixofearningsbetweentheU.S.andWalmart'sinternationaloperations;changesinexistingtax,laborandotherlawsandregulationsandchangesintaxratesincludingtheenactmentoflawsandtheadoptionandinterpretationofadministrativerulesandregulations;theimpositionofnewtaxesonimports,newtariffsandchangesinexistingtariffrates;theimpositionofnewtraderestrictionsandchangesinexistingtraderestrictions;adoptionorcreationofnew,andmodificationofexisting,governmentalpolicies,programs,initiativesandactionsinthemarketsinwhichWalmartoperatesandelsewhereandactionswithrespecttosuchpolicies,programsandinitiatives;changesinaccountingestimatesorjudgments;thelevelofpublicassistancepayments;naturaldisasters,changesinclimate,geopoliticalevents,globalhealthepidemicsorpandemicsandcatastrophicevents;andchangesingenerallyacceptedaccountingprinciplesintheUnitedStates.

OurmostrecentannualreportonForm10-KandsubsequentquarterlyreportonForm10-QfiledwiththeSECdiscussotherrisksandfactorsthatcouldcauseactualresultstodiffermateriallyfromthoseexpressedorimpliedbyanyforward-lookingstatementinthepresentation.Weurgeyoutoconsideralloftherisks,uncertaintiesandfactorsidentifiedaboveordiscussedinsuchreportscarefullyinevaluatingtheforward-lookingstatementsinthispresentation.Walmartcannotassureyouthattheresultsreflectedinorimpliedbyanyforward-lookingstatementwillberealizedor,evenifsubstantiallyrealized,thatthoseresultswillhavetheforecastedorexpectedconsequencesandeffectsfororonouroperationsorfinancialperformance.Theforward-lookingstatementsmadetodayareasofthedateofthispresentation.Walmartundertakesnoobligationtoupdatetheseforward-lookingstatementstoreflectsubsequenteventsorcircumstances.

Thispresentationincludescertainnon-GAAPmeasuresasdefinedunderSECrules,includingnetsales,revenue,andoperatingincomeonaconstantcurrencybasis,adjustedoperatingincome,adjustedoperatingincomeinconstantcurrency,adjustedEPS,freecashflowandreturnoninvestment.Refertoinformationaboutthenon-GAAPmeasurescontainedinthispresentation.AdditionalinformationasrequiredbyRegulationGandItem10(e)ofRegulationS-Kregardingnon-GAAPmeasurescanbefoundinourmostrecentForm10-KandourForm8-KfurnishedasofthedateofthispresentationwiththeSEC,whichareavailableatwww.stock.walmart.com.

2

Safeharborandnon-GAAPmeasures

3

Metric PriorFY22Guidance UpdatedFY22GuidanceConsolidatednetsales Declineinconstantcurrency

• Excludingdivestitures1,consolidatednetsalesgrowthuplowsingle-digits

Declinelowsingle-digitsinconstantcurrency• Excludingdivestitures1,consolidatednetsalesgrowthuplow-

to-midsingle-digits

Compsalesgrowth • WalmartU.S.,uplowsingle-digits,excludingfuel• Sam’sClub,uplowsingle-digits,ex.fuelandtobacco

Nochange

WalmartInternationalnetsales Declineinconstantcurrency• HighergrowthpercentagethanU.S.,excludingdivestitures1

Decline20%-25%inconstantcurrencyduetodivestitures1

• Increasemidsingle-digits,excludingdivestitures1

Consolidatedexpenseleverage Maintainrate,orslightlydeleverage Maintainrate,orslightlyleverage

Consolidatedoperatingincome Declineslightlyinconstantcurrency• Flattoupslightly,excludingdivestitures1

Increasemidsingle-digitsinconstantcurrency• Increasehighsingle-digits,excludingdivestitures1,inconstant

currencyWalmartU.S.operatingincome Increaseslightly Increasehighsingle-digits

Effectivetaxrate 24.5%to25.5% Nochange

EPS Declineslightly• Flattoupslightly,excludingdivestitures1

Increasehighsingle-digits• Increaselowdouble-digits,excludingdivestitures1

Capitalexpenditures Around$14billionwithafocusonsupplychain,automation,customer-facinginitiativesandtechnology

Nochange

1WecompletedthesalesofWalmartArgentinainNovember2020,AsdainFebruary2021andSeiyuinMarch2021.

Fiscal2022Q2andfull-yearguidanceThefollowingguidancereflectsthecompany’supdatedexpectationsforfiscalyear2022andisprovidedonanon-GAAPbasisasthecompanycannotpredictcertainelementswhichareincludedinreportedGAAPresults,includingtheimpactofforeignexchangetranslationandexternallyadjusteditems.Prioryearresultsareonanadjustedbasis.Thecompany’supdatedguidanceassumesCOVID-19conditionscontinuetoimproveaswellasnosignificantadditionalgovernmentstimuluspackagesfortheremainderoftheyear.

Metric PriorQ2FY22Guidance UpdatedQ2FY22GuidanceCompsalesgrowth N/A WalmartU.S.,uplowsingle-digits,excludingfuel

Consolidatedoperatingincome Declinemid-to-highsingle-digits Declinelow-to-midsingledigits• Upslightly,excludingdivestitures1

EPS Declinemid-to-highsingle-digits Declinelowsingle-digits• Uplowsingle-digits,excludingdivestitures1

4

Totalrevenue

$138.3+2.7%

Totalrevenue,constantcurrency1,2

$137.4+2.1%

MembershipandOtherIncome

$1.2+21.2%

Netsales

$137.2+2.6%

Netsales,constantcurrency1,2

$136.2+1.9%

Grossprofitrate2

24.7%+104bps

Operatingexpenseasapercentageofnetsales2

20.5%+3bps

Operatingincome

$6.9+32.3%

Operatingincome,constantcurrency1,2

$6.9+31.3%

Effectivetaxrate

26.9%

EPS

$0.97-30.7%

AdjustedEPS1

$1.69+43.2%

WalmartInc.-Q1FY22Dollarsinbillions,exceptpershare.Changeiscalculatedasthechangeversustheprioryearcomparableperiod

1Seepressreleaselocatedatwww.stock.walmart.comandreconciliationsattheendofpresentationregardingnon-GAAPfinancialmeasures.2WhenremovingthedivestituresofU.K.,JapanandArgentina:

• Totalrevenueinconstantcurrencywouldhaveincreased5.8%,excluding$4.7billionand$9.2billioninQ1fiscal2022and2021,respectively.• Netsalesinconstantcurrencywouldhaveincreased5.6%,excluding$4.7billionand$9.1billioninQ1fiscal2022and2021,respectively.• Grossprofitratewouldhaveincreased96bps,excludingabenefitof8bpsduetothedivestitures.• Operatingexpenseasapercentageofnetsaleswouldhaveincreased21bps,excludingabenefitof18bpsduetothedivestitures.• Operatingincomeinconstantcurrencywouldhaveincreased28.3%,excluding$273millionand$90millioninQ1fiscal2022and2021,respectively.• eCommercenetsalesinconstantcurrencywouldhaveincreased42.8%,excluding$706millionand$730millioninQ1fiscal2022and2021,respectively.

Adj.operatingincome,constantcurrency1,2

$7.0+33.7%

1DebttototalcapitalizationcalculatedasofApril30,2021.Debtincludesshort-termborrowings,long-termdebtduewithinoneyear,financeleaseobligationsduewithinoneyear,long-termdebtandlong-termfinanceleaseobligations.TotalcapitalizationincludesdebtandtotalWalmartshareholders'equity.

2Calculatedforthetrailing12monthsendedApril30,2021.ForROI,seereconciliationsattheendofpresentationregardingnon-GAAPfinancialmeasures.5

Receivables,net Debttocapitalization1

$5.8 38.2%+15.3% -780bps

Inventories Returnonassets2

$46.4 5.3%+12.5% -130bps

Accountspayable Returnoninvestment2

$48.2 14.4%+9.2% +100bps

WalmartInc.-Q1FY22Dollarsinbillions.Changeiscalculatedasthechangeversustheprioryearcomparableperiod

1Seepressreleaselocatedatwww.stock.walmart.comandreconciliationsattheendofthispresentationregardingnon-GAAPfinancialmeasures.2$17.6billionremainingof$20billionauthorizationapprovedinFebruary2021.Thecompanyrepurchasedapproximately20.6millionsharesinQ1fiscal2022. 6

Operatingcashflow Dividends

$2.9 $1.5-$4.2

Capitalexpenditures Sharerepurchases2

$2.2 $2.8+$0.5

Freecashflow1 Totalshareholderreturns

$0.6 $4.4-$4.6

WalmartInc.-YTDQ1FY22Dollarsinbillions.Dollarchangesmaynotrecalculateduetorounding.Changeiscalculatedasthechangeversustheprioryearcomparableperiod

7

NetSales

$93.2+5.0%

eCommercenetsalesgrowth

+37%

eCommercecontributiontocomp1,2

~360bps

Inventory

Total:+15.8%

Comparablesales1,2

6.0%Comparabletransactions

-3.2%Comparableaverageticket

9.5%

• StrongeCommercesalesgrowthacrosschannelsthroughoutQ1;ledbygrowthinstorepickup&deliveryandmarketplace

• Onatwo-yearstack,eCommercesalesmorethandoubled

• Compsalesstrongerthanexpectedaidedbystimulusspendingdespitelappinglastyear'sCOVID-relatedstock-upphaseandstimulus

• Onatwo-yearstack,compsalesincreased16%

• Customerscontinuedtoconsolidatestoreshoppingtripswithlargeraveragebasketsizes;morepurchasesviaeCommerce;comparabletransactionsdeclinedlessthanpriorquarters

Remodels:89stores

Pickup:~3,800locations

Same-daydelivery:>3,200stores

• Increasereflectsinventorybuildtosupporthighersalestrendsandlappinglastyear'sCOVID-relatedeffectsoninventory

1Compsalesforthe13-weekperiodendedApril30,2021comparedtothe13-weekperiodendedMay1,2020,andexcludesfuel.2Theresultsofnewacquisitionsareincludedinourcompsalesmetricsinthe13thmonthafteracquisition.

WalmartU.S.-Q1FY22Dollarsinbillions.Changeiscalculatedasthechangeversustheprioryearcomparableperiod

8

Grossprofitrate

+142bps

Operatingincome

$5.5+26.8%

Operatingexpenserate

+49bps

• BenefitedfrommixshiftsintoGeneralMerchandise,dueinparttostimulus,andlowermarkdowns

• Alsobenefitedfromlappinglastyear'sweakerresultsduetoCOVID-relatedmixshiftsintoFoodandclosuresofAutoCareCentersandVisionCenters

• Expensesdeleveragedprimarilyduetostrategicwageandtechnologyinvestments

• COVID-relatedcostswerelowerby~$400millionandbenefitedexpenseleverageby~50bps

Adj.operatingincome1

$5.6+29.7%

WalmartU.S.-Q1FY22Dollarsinbillions.Changeiscalculatedasthechangeversustheprioryearcomparableperiod

1Seepressreleaselocatedatwww.stock.walmart.comandreconciliationsattheendofpresentationregardingnon-GAAPfinancialmeasures.

WalmartU.S.-quarterlymerchandisehighlights

9

Category Compsales Details

Grocery -lowsingle-digit

• Salesdeclinedagainstatoughcomparisonaswelappedlastyear'scustomerstockup,butwereuplow-doubledigitsonatwo-yearstackedbasis

• Foodcategoriessawmid-teensgrowthonatwo-yearstackaidedbystrongpricepositioning,improvingin-stocksandexpandedstorehourswhileconsumablessalesreflectedstrengthinhouseholdchemicalsandareboundinbeautysaleswithcustomertrendstowardsocialinteraction

• SalesvolumesfromeCommercepickupanddeliveryfromstoreremainrobust

Health&wellness +midsingle-digit • Strongsalesreflectedbrandeddruginflation,lappinglastyear'sCOVID-relatedclosuresofVisionCenters,andthisyear'svaccineadministration

Generalmerchandise +low20%• Saleswereaidedbystimulusspendingandreflectedcustomertrendstowardrecreation

andhomeimprovementsincludingcategoriessuchasapparel,home,outdoorlivingandsportinggoods

101Seepressreleaselocatedatwww.stock.walmart.comandreconciliationsattheendofpresentationregardingnon-GAAPfinancialmeasures.

Inventory

$9.2+1.8%

Grossprofitrate

+42bpsOperatingincome

$1.2+48.1%

Netsales,constantcurrency1

$26.4-11.4%

Operatingexpenserate

-86bps

Operatingincome,constantcurrency1

$1.1+41.8%

• Positivelyimpactedby18bpsfromdivestitures

• Retainedmarketgrossprofitrateincreased24bpsduetomixshifttohighermargincategoriesandfewermarkdowns

Netsales

$27.3-8.3%

WalmartInternational-Q1FY22Dollarsinbillions.Dollarchangesmaynotrecalculateduetorounding.Changeiscalculatedasthechangeversustheprioryearcomparableperiod

• Operatingexpenserateleveraged~90bpsfromdivestitures,primarilydrivenbyceasingdepreciation&amortizationfortheU.K.andJapan(~60bps)whileheldforsaleunderU.S.GAAPandlowerCOVID-relatedcosts(~24bps)

• Retainedmarketoperatingexpenseratewasrelativelyflat

• RetainedmarketlowerCOVID-relatedcostsbenefitedleverage~$30million(~8bps)

• Divestiturescontributed$5.0billionofnetsalesduetoapartialperiodownership;areductionof$4.2billionYoY

• Retainedmarketgrowthof8.4%

• Divestiturescontributed$4.7billionofnetsalesduetoapartialperiodownership;areductionof$4.4billionYoY

• Retainedmarketgrowthof5.1%:◦ StrengthinFlipkartandCanada◦ eCommercenetsalescontributed

16%oftotalnetsales◦ Negativelyaffectedby

government-mandatedrestrictionsincertainmarkets

• Divestiturescontributed$289millionofoperatingincome

• Retainedmarketgrowthof26.4%

• Divestiturescontributed$273millionofoperatingincome

• Retainedmarketgrowthof21.5%

• $1.8billiondecreasefromdivestitures

• Retainedmarketinventoryincreasedreflectinghighersalestrends

1WalmexincludestheconsolidatedresultsofMexicoandCentralAmerica2ANTAD-AsociacionNacionaldeTiendasdeAutoservicioyDepartamentales;TheNationalAssociationofSupermarketsandDepartmentStores

11

Walmex1 China Canada

Netsalesgrowth +0.4% +4.1% +3.5%

Comparablesales -0.8% +1.3% +3.4%

Comparabletransactions -17.0% +5.8% +0.2%

Comparableticket +19.5% -4.3% +3.2%

• Growthinapparelandgeneralmerchandise,offsetbyslowergrowthinfoodandconsumablesagainsttoughercomparisons

• InMexico,compsalesslightlydeclined-0.1%;two-yearstackof+10.7%

• CompsalesoutpacedANTAD2self-serviceandclub

• MexicoeCommercenetsales+166%

• StrongsalesinSam'sClubacrossallcategories,offsetbysoftertrafficinHypermarkets

• StrongresultsfromChineseNewYear

• Sam'sClubdelivereddoubledigitcompsalesgrowth

• eCommercenetsales+60%

WalmartInternational-Q1FY22Resultsarepresentedonaconstantcurrencybasis.Netsalesandcompsalesarepresentedonanominal,calendarbasisandincludeeCommerceresults.Changeiscalculatedasthechangeversustheprioryearcomparableperiod.

• Strongsalesinapparelandgeneralmerchandise

• StrongstartwithheadwindslaterinthequarterfromCOVID-relatedrestrictionsonnon-essentialcategoriesandstorecapacity

• eCommercenetsales+116%,ledbyonlinegrocery

• Write-downonlandcombinedwithinvestmentsinomnichannelexpansionandcustomerexperience

1WalmexincludestheconsolidatedresultsofMexicoandCentralAmerica.

12

Walmex1 China Canada

Grossprofitrate Increase Decrease Increase

• Changeinmixtohighermargincategoriessuchasapparelandgeneralmerchandise

• Investmentsinomnichannelexpansion

• Changeinmixtolowermarginformats

• Changeinmixtohighermargincategories,particularlyearlierinthequarter

Operatingexpenserate Increase Decrease Increase

Operatingincome$ Increase Increase Decrease

WalmartInternational-Q1FY22Resultsarepresentedonaconstantcurrencybasis.Changeiscalculatedasthechangeversustheprioryearcomparableperiod

• LappingCovid-relatedexpenses,includingassociatebenefitsandhealthandsafetymeasures,aswellascostdiscipline

13

+7.2%Comparablesales

+2.2%Comparabletransactions

+4.9%Averagecomparableticket

~310bpseCommercecontribution

$14,937+6%

Netsales

+12.7%Membershipincome

86bpsGrossprofitrate

+25.9999999999999bps

Operatingexpenserate

$53033.2%

Operatingincome

WithFuel WithoutFuel

Comparablesales1

+11.1%

Netsales

$16.7+10.1%

eCommercenetsalesgrowth

+47%

Comparablesales

+11.1%

Membershipincome

+12.7%

Grossprofitrate

-2bps

Operatingexpenserate

-18bps

Inventory

$4.9+13.7%

Operatingincome

$0.6+16.4%

• Strongmembershiptrendswithrecordtotalmembercount

• Renewalratesincreased580bpswithPlusmemberrenewalrateincreasingover875bps

• Pluspenetrationratealsoimprovedsignificantly

• Significantincreaseinfirstyearmemberrenewals

• Higherfuelsalespositivelyaffectedoperatingexpenseleverage

• Wageinvestmentsandlowertobaccosalessomewhatoffsetthattailwind

• COVID-relatedcostswerelowerby~$25mil.andbenefitedexpenseleverageby~20bps

• Lowerfuelrateandunfavorablefuelmixnegativelyimpactedgrossprofit

• Favorablemerchandisemixshiftandlowertobaccosalesoffsettheseheadwinds

• Strongcurbsideperformanceandsoliddirect-to-homecontribution

• Compsaleswereaidedbystimulusspendingdespitelappinglastyear'sCOVID-relatedstock-upphaseandstimulus

• Onatwo-yearstack,compsalesincreased19.6%

• Broadstrengthacrosscategories,ledbyhomeandapparel

• Tobacconegativelyaffectedcompsales

1Compsalesforthe13-weekperiodendedApril30,2021comparedtothe13-weekperiodendedMay1,2020.

• Increasereflectsinventorybuildtosupporthighersalestrendsandlappinglastyear'sCOVID-relatedeffectsoninventory

Sam'sClub-Q1FY22Dollarsinbillions.Changeiscalculatedasthechangeversustheprioryearcomparableperiod

14

$16,692+10.1%NetSales

+33%eCommercenetsalesgrowth

+11.1%Comparablesales

-2.00000000000033bps

Grossprofitrate

-18.0000000000001bps

Operatingexpenserate

$57516.4%

Operatingincome

WithoutFuel

Netsales

$14.9+6.2%

Operatingexpenserate

+26bps

Grossprofitrate

+86bps

Operatingincome

$0.5+33.2%

Comparabletransactions

+2.2%

Comparablesales1,2

+7.2%

eCommercecontribution

~310bps

Averagecomparableticket

+4.9%

1Compsalesforthe13-weekperiodendedApril30,2021comparedtothe13-weekperiodendedMay1,2020,andexcludesfuel.2Tobacconegativelyaffectedcompsalesforthe13-weekperiodendedApril30,2021by340basispoints.Onatwo-yearstack,tobacconegativelyaffectedcompsalesby750basispoints.

Sam'sClub-Q1FY22Dollarsinbillions.Changeiscalculatedasthechangeversustheprioryearcomparableperiod

• Onatwo-yearstack,averagecompticketincreased5.0%

• Onatwo-yearstack,compsalesincreased19.2%

• Onatwo-yearstack,comptransactionsincreased14.1%

15

Category Compsales Details

Fresh/Freezer/Cooler +midsingle-digit • Produce,preparedfoodsandfreshmeat&seafoodperformedwell

Groceryandbeverage +highsingle-digit • Drinks,snacksandcandyshowedstrength

Consumables +lowsingle-digit • Laundry&homecare,plasticwareandpetsuppliesperformedwell

Homeandapparel +high50% • Strengthinapparel,outdoor,seasonalanddomestics.

Technology,officeandentertainment +lowdouble-digit

• TVsandentertainmentperformedwellbutwerepartiallyoffsetbyreducedmobilephonesales

• Sam'senteredintoanewstrategicarrangementinitsmobilephonebusinessandnolongerrecognizesthefulltransactionvalue;instead,itreceivesacommissiononeachsale

Healthandwellness +highsingle-digit • OTC,opticalandhearingwerestrong

Sam'sClub-quarterlyfinancialhighlights

WeincludeReturnonAssets("ROA"),whichiscalculatedinaccordancewithU.S.generallyacceptedaccountingprinciples("GAAP")aswellasReturnonInvestment("ROI")asmeasurestoassessreturnsonassets.ManagementbelievesROIisameaningfulmeasuretosharewithinvestorsbecauseithelpsinvestorsassesshoweffectivelyWalmartisdeployingitsassets.TrendsinROIcanfluctuateovertimeasmanagementbalanceslong-termstrategicinitiativeswithpossibleshort-termimpacts.WeconsiderROAtobethefinancialmeasurecomputedinaccordancewithGAAPthatisthemostdirectlycomparablefinancialmeasuretoourcalculationofROI.

ROAwas5.3percentand6.6percentforthetrailing12monthsendedApril30,2021and2020,respectively.ThedecreaseinROAwasprimarilyduetothelossesondivestitureofouroperationsintheU.K.,JapanandArgentina,partiallyoffsetbytheincreaseinoperatingincomeaswellasthefairvaluechangeinourequityinvestments.ROIwas14.4percentand13.4percentforthetrailingtwelvemonthsendedApril30,2021and2020.TheincreaseinROIwasprimarilyduetotheincreaseinoperatingincome.

WedefineROIasadjustedoperatingincome(operatingincomeplusinterestincome,depreciationandamortization,andrentexpense)forthetrailingtwelvemonthsdividedbyaverageinvestedcapitalduringthatperiod.Weconsideraverageinvestedcapitaltobetheaverageofourbeginningandendingtotalassets,plusaverageaccumulateddepreciationandaverageamortization,lessaverageaccountspayableandaverageaccruedliabilitiesforthatperiod.

OurcalculationofROIisconsideredanon-GAAPfinancialmeasurebecausewecalculateROIusingfinancialmeasuresthatexcludeandincludeamountsthatareincludedandexcludedinthemostdirectlycomparableGAAPfinancialmeasure.Forexample,weexcludetheimpactofdepreciationandamortizationfromourreportedoperatingincomeincalculatingthenumeratorofourcalculationofROI.Asmentionedabove,weconsiderROAtobethefinancialmeasurecomputedinaccordancewithgenerallyacceptedaccountingprinciplesmostdirectlycomparabletoourcalculationofROI.ROIdiffersfromROA(whichisconsolidatednetincomefortheperioddividedbyaveragetotalassetsfortheperiod)becauseROI:adjustsoperatingincometoexcludecertainexpenseitemsandaddsinterestincome;adjuststotalassetsfortheimpactofaccumulateddepreciationandamortization,accountspayableandaccruedliabilitiestoarriveattotalinvestedcapital.Becauseoftheadjustmentsmentionedabove,webelieveROImoreaccuratelymeasureshowwearedeployingourkeyassetsandismoremeaningfultoinvestorsthanROA.AlthoughROIisastandardfinancialmeasure,numerousmethodsexistforcalculatingacompany'sROI.Asaresult,themethodusedbymanagementtocalculateourROImaydifferfromthemethodsusedbyothercompaniestocalculatetheirROI.

16

Non-GAAPmeasures-ROI

ThecalculationofROAandROI,alongwithareconciliationofROItothecalculationofROA,isasfollows:

17

3 Upon adoption of ASU 2016-02, Leases, a factor of eight times rent is no longer included in the calculation of ROI on a prospective basis as operating lease assets are now recorded on the Consolidated Balance Sheet.

1 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.

2 The average is based on the addition of 'total assets without leased assets, net' at the end of the current period to 'total assets without leased assets, net' at the end of the prior period and dividing by 2, plus 'leased assets, net' at the end of the current period.

3 The average is based on the addition of 'accumulated depreciation and amortization, without leased assets' at the end of the current period to 'accumulated depreciation and amortization, without leased assets' at the end of the prior period and dividing by 2, plus 'accumulated amortization on leased assets' at the end of the current period.

NP = not provided

CALCULATIONOFRETURNONASSETS CALCULATIONOFRETURNONINVESTMENT

TrailingTwelveMonths TrailingTwelveMonths

Ended April30, Ended April30,(Dollarsinmillions) 2021 2020 (Dollarsinmillions) 2021 2020Numerator NumeratorConsolidatednetincome $ 12,443 $ 15,369 Operatingincome $ 24,233 $ 20,847Denominator +Interestincome 108 184Averagetotalassets1 $ 234,737 $ 233,718 +Depreciationandamortization 11,022 11,062Returnonassets(ROA) 5.3% 6.6% +Rent 2,534 2,694

ROIoperatingincome $ 37,897 $ 34,787

April30, DenominatorCertainBalanceSheetData 2021 2020 2019 Averagetotalassets1 $ 234,737 $ 233,718

Totalassets $ 236,581 $ 232,892 $ 234,544'+Averageaccumulateddepreciationandamortization1 95,424 90,970

Accumulateddepreciationandamortization 96,334 94,514 87,426 '-Averageaccountspayable1 46,124 44,603Accountspayable 48,151 44,096 45,110 '-Averageaccruedliabilities1 20,874 20,700

Accruedliabilities 21,371 20,377 21,023 Averageinvestedcapital $ 263,163 $ 259,385

Returnoninvestment(ROI) 14.4% 13.4%

1Theaverageisbasedontheadditionoftheaccountbalanceattheendofthecurrentperiodtotheaccountbalanceattheendofthepriorperiodanddividingby2.

Non-GAAPmeasures-ROI(cont.)

1"Netcashprovidedby(usedin)investingactivities"includespaymentsforpropertyandequipment,whichisalsoincludedinourcomputationoffreecashflow.

18

Wedefinefreecashflowasnetcashprovidedbyoperatingactivitiesinaperiodminuspaymentsforpropertyandequipmentmadeinthatperiod.Wehadnetcashprovidedbyoperatingactivitiesof$2.9billionforthethreemonthsendedApril30,2021,whichdecreasedwhencomparedto$7.0billionforthethreemonthsendedApril30,2020primarilyduetoanincreaseininventorypurchasesdueinparttolappingtheimpactofacceleratedinventorysell-throughinthefirstquarteroffiscal2021.Wegeneratedfreecashflowof$0.6billionforthethreemonthsendedApril30,2021,whichdecreasedwhencomparedto$5.3billionforthethreemonthsendedApril30,2020duetothesamereasonsasthedecreaseinnetcashprovidedbyoperatingactivities,aswellas$0.5billioninincreasedcapitalexpenditures.

Freecashflowisconsideredanon-GAAPfinancialmeasure.Managementbelieves,however,thatfreecashflow,whichmeasuresourabilitytogenerateadditionalcashfromourbusinessoperations,isanimportantfinancialmeasureforuseinevaluatingthecompany’sfinancialperformance.Freecashflowshouldbeconsideredinadditionto,ratherthanasasubstitutefor,consolidatednetincomeasameasureofourperformanceandnetcashprovidedbyoperatingactivitiesasameasureofourliquidity.Additionally,Walmart’sdefinitionoffreecashflowislimited,inthatitdoesnotrepresentresidualcashflowsavailablefordiscretionaryexpenditures,duetothefactthatthemeasuredoesnotdeductthepaymentsrequiredfordebtserviceandothercontractualobligationsorpaymentsmadeforbusinessacquisitions.Therefore,webelieveitisimportanttoviewfreecashflowasameasurethatprovidessupplementalinformationtoourConsolidatedStatementsofCashFlows.Althoughothercompaniesreporttheirfreecashflow,numerousmethodsmayexistforcalculatingacompany’sfreecashflow.Asaresult,themethodusedbyWalmart’smanagementtocalculateourfreecashflowmaydifferfromthemethodsusedbyothercompaniestocalculatetheirfreecashflow.

Thefollowingtablesetsforthareconciliationoffreecashflow,anon-GAAPfinancialmeasure,tonetcashprovidedbyoperatingactivities,whichwebelievetobetheGAAPfinancialmeasuremostdirectlycomparabletofreecashflow,aswellasinformationregardingnetcashusedininvestingactivitiesandnetcashusedinfinancingactivities.

ThreeMonthsEndedApril30,

(Dollarsinmillions) 2021 2020

Netcashprovidedbyoperatingactivities $ 2,858 $ 7,017

Paymentsforpropertyandequipment(capitalexpenditures) (2,214) (1,752)

Freecashflow $ 644 $ 5,265

Netcashprovidedby(usedin)investingactivities1 $ 5,850 $ (1,696)

Netcash(usedin)providedbyfinancingactivities (5,399) 565

Non-GAAPmeasures-freecashflow

1Changeversusprioryearcomparableperiod.2ForQ1FY22,consolidatedeCommercenetsaleswere$17.2billionwhichwaspositivelyimpactedby$126millionofcurrencyexchangeratefluctuations.ForQ1FY21,

consolidatedeCommercenetsaleswere$12.2billion. 19

Indiscussingouroperatingresults,thetermcurrencyexchangeratesreferstothecurrencyexchangeratesweusetoconverttheoperatingresultsforcountrieswherethefunctionalcurrencyisnottheU.S.dollarintoU.S.dollars.Wecalculatetheeffectofchangesincurrencyexchangeratesasthedifferencebetweencurrentperiodactivitytranslatedusingthecurrentperiod’scurrencyexchangeratesandthecomparableprioryearperiod’scurrencyexchangerates.Additionally,nocurrencyexchangeratefluctuationsarecalculatedfornon-USDacquisitionsuntilownedfor12months.Throughoutourdiscussion,werefertotheresultsofthiscalculationastheimpactofcurrencyexchangeratefluctuations.Whenwerefertoconstantcurrencyoperatingresults,thismeansoperatingresultswithouttheimpactofthecurrencyexchangeratefluctuations.ThedisclosureofconstantcurrencyamountsorresultspermitsinvestorstobetterunderstandWalmart’sunderlyingperformancewithouttheeffectsofcurrencyexchangeratefluctuations.Thetablebelowreflectsthecalculationofconstantcurrencyfortotalrevenues,netsalesandoperatingincomeforthethreemonthsendedApril30,2021.

ThreeMonthsEndedApril30,2021

2021PercentChange1 2021

PercentChange1

(Dollarsinmillions) WalmartInternational ConsolidatedTotalrevenues:Asreported $ 27,669 (7.9)% $ 138,310 2.7%Currencyexchangeratefluctuations (928) N/A (928) N/AConstantcurrencytotalrevenues $ 26,741 (11.0)% $ 137,382 2.1%

Netsales2:Asreported $ 27,300 (8.3)% $ 137,159 2.6%Currencyexchangeratefluctuations (913) N/A (913) N/AConstantcurrencynetsales $ 26,387 (11.4)% $ 136,246 1.9%

Operatingincome:Asreported $ 1,194 48.1% $ 6,909 32.3%Currencyexchangeratefluctuations (51) N/A (51) N/AConstantcurrencyoperatingincome $ 1,143 41.8% $ 6,858 31.3%

Non-GAAPmeasures-constantcurrency

20

AdjusteddilutedearningspershareattributabletoWalmart(AdjustedEPS)isconsideredanon-GAAPfinancialmeasureundertheSEC’srulesbecauseitexcludescertainamountsincludedinthedilutedearningspershareattributabletoWalmartcalculatedinaccordancewithGAAP(EPS),themostdirectlycomparablefinancialmeasurecalculatedinaccordancewithGAAP.ManagementbelievesthatAdjustedEPSisameaningfulmeasuretosharewithinvestorsbecauseitbestallowscomparisonoftheperformancewiththatofthecomparableperiod.Inaddition,AdjustedEPSaffordsinvestorsaviewofwhatmanagementconsidersWalmart’scoreearningsperformanceandtheabilitytomakeamoreinformedassessmentofsuchcoreearningsperformancewiththatoftheprioryear.

Weadjustfortheunrealizedandrealizedgainsandlossesonourequityinvestmentseachquarterbecausealthoughtheinvestmentsarestrategicdecisionsforthecompany’sretailoperations,management’smeasurementofeachstrategyisprimarilyfocusedontheoperationalresultsratherthanthefairvalueofsuchinvestments.Additionally,managementdoesnotforecastchangesinthefairvalueofitsequityinvestments.Accordingly,managementadjustsEPSeachquarterfortherealizedandunrealizedgainsandlossesrelatedtothoseequityinvestments.

WehavecalculatedAdjustedEPSforthethreemonthsendedApril30,2021byadjustingEPSforthefollowing:

1. theincrementallossonsaleofouroperationsintheU.KandJapanduringthefirstquarteroffiscal2022;and

2. unrealizedandrealizedgainsandlossesonthecompany’sequityinvestments.

Non-GAAPmeasures-adjustedEPS

21

1Changeversusprioryearcomparableperiod.2Calculatedbasedonnatureofitem,includinganyrealizabledeductions,andstatutoryrateineffectforrelevantjurisdictions.Minimalrealizabletaxbenefitwasprovidedinconnectionwiththeincrementallossonsale.

3Thereportedeffectivetaxratewas26.9%forthethreemonthsendedApril30,2021.Adjustedfortheaboveitems,theeffectivetaxratewas23.3%forthethreemonthsendedApril30,2021.

ThreeMonthsEndedApril30,2021

PercentChange1

Dilutedearningspershare:

ReportedEPS $ 0.97 (30.7)%

Adjustments:Pre-TaxImpact

TaxImpact2,3

NetImpact

Unrealizedandrealized(gains)andlossesonequityinvestments $ 0.74 $ (0.17) $ 0.57

IncrementallossonsaleofouroperationsintheU.K.andJapan 0.15 — 0.15

Netadjustments $ 0.72

AdjustedEPS $ 1.69 43.2%

Non-GAAPmeasures-adjustedEPS(cont.)

22

AspreviouslydisclosedinourfirstquarterendedApril30,2020pressrelease,wehavecalculatedAdjustedEPSforthethreemonthsendedApril30,2020byadjustingEPSfortheunrealizedgainsandlossesonourJD.cominvestment.

ThreeMonthsEndedApril30,2020

Dilutedearningspershare:

ReportedEPS $ 1.40

Adjustments:Pre-TaxImpact TaxImpact1 NetImpact

Unrealized(gains)andlossesonJD.cominvestment $ (0.27) $ 0.05 $ (0.22)

AdjustedEPS $ 1.18

Non-GAAPmeasures-adjustedEPS(cont.)

1Calculatedbasedonnatureofitem,includinganyrealizabledeductions,andstatutoryrateineffectforrelevantjurisdictions.

• Unitcounts&squarefootage• Comparablestoresales,includingandexcludingfuel• Terminology

23

Additionalresourcesatstock.walmart.com