1、Annual Report 2025“The journey weve been on to improve how we serve our customers and members while changing the shape of our business continues.The success were seeing is made possible by the hard work and dedication of our associates from around the world.Walmart is an and company.Were people and

2、technology.Were stores and eCommerce.Were innovation and execution.We believe the combination of a purpose-driven,people-centric culture and world-class technology is the winning formula.”A message from our CEODoug McMillonPresident and Chief Executive OfficerWalmart Inc.Full report&Dougs letter+5.1

3、%Revenues+8.6%Operating income+130bpsReturns$36BOperating cash flow$121BeCommerce sales 8.3B units delivered same or next day+27%Advertising1+21%Membership income$2BGlobal giving21Our global advertising business is recorded in either net sales or as a reduction to cost of sales,depending on the natu

4、re of the advertising arrangement.2Total global giving includes cash donations made by Walmart Inc.&subsidiaries and related charitable entities,and estimated value of in-kind donations.UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington,D.C.20549_FORM 10-K_ Annual report pursuant to section 1

5、3 or 15(d)of the Securities Exchange Act of 1934For the fiscal year ended January 31,2025,or Transition report pursuant to section 13 or 15(d)of the Securities Exchange Act of 1934Commission file number 001-06991._ WALMART INC.(Exact name of registrant as specified in its charter)_ Delaware71-041518

6、8(State or other jurisdiction ofincorporation or organization)(IRS Employer Identification No.)702 S.W.8th Street72716Bentonville,AR(Address of principal executive offices)(Zip Code)Registrants telephone number,including area code:(479)273-4000 Securities registered pursuant to Section 12(b)of the A