Q3FY2022

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

Fiscal2022Q4andfull-yearguidanceThefollowingguidancereflectsthecompany’supdatedexpectationsforQ4andfiscalyear2022andisprovidedonanon-GAAPbasisasthecompanycannotpredictcertainelementswhichareincludedinreportedGAAPresults,includingtheimpactofforeignexchangetranslationandexternallyadjusteditems.Prioryearresultsareonanadjustedbasis.Thecompany’supdatedguidanceassumescontinuedstrengthintheU.S.economyandnosignificantadditionalgovernmentstimulusfortheremainderoftheyear.

Q4FY22Guidance• WalmartU.S.compsales:around5%,excludingfuel

FiscalYear2022Guidance• WalmartU.S.compsales:above6%,excludingfuel• GAAPEPS:around$5.00;AdjustedEPS:around$6.40versuspriorguidanceof$6.20-$6.35• Capitalexpenditures:around$13billion

4

Totalrevenue

$140.5+4.3%

Totalrevenue,constantcurrency1,2

$139.2+3.3%

MembershipandOtherIncome

$1.3+37.9%

Netsales

$139.2+4.1%

Netsales,constantcurrency1,2

$137.9+3.1%

Grossprofitrate2

24.6%-42bps

Operatingexpenseasapercentageofnetsales2

21.3%-4bps

Operatingincome2

$5.8+0.2%

Operatingincome,constantcurrency1,2

$5.7-1.1%

Effectivetaxrate

24.5%-242bps

EPS

$1.11-38.3%

AdjustedEPS1

$1.45+8.2%

WalmartInc.-Q3FY22Dollarsinbillions,exceptpershare.Changeiscalculatedasthechangeversustheprioryearcomparableperiod

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

• Totalrevenueinconstantcurrencywouldhaveincreased11.1%,excluding$9.4billioninQ3fiscal2021.• Netsalesinconstantcurrencywouldhaveincreased10.8%,excluding$9.4billioninQ3fiscal2021.• Walmart International eCommerce net sales in constant currencywould have increased 33%, excluding $1.2 billion in Q3 fiscal 2021, and on a two-year stack basis would have

increased91%,excluding$680millioninQ3fiscal2020.• Grossprofitratewouldhavedecreased51bps,excludinga9bpsimpactduetodivestitures.• Grossmargindollarswouldhaveincreased9.6%,excluding$2.2billioninQ3fiscal2021duetothedivestitures.• Operatingexpenseasapercentageofnetsaleswouldhavedecreased13bps,excludinga9bpsimpactduetothedivestitures.• Operatingincomeinconstantcurrencywouldhaveincreased6.3%,excluding$404millioninQ3fiscal2021.

Adj.operatingincome,constantcurrency1,2

$5.7-1.1%

1DebttototalcapitalizationcalculatedasofOctober31,2021.Debtincludesshort-termborrowings,long-termdebtduewithinoneyear,financeleaseobligationsduewithinoneyear,long-termdebtandlong-termfinanceleaseobligations.TotalcapitalizationincludesdebtandtotalWalmartshareholders'equity.

2Calculatedforthetrailing12monthsendedOctober31,2021.ForROI,seereconciliationsattheendofpresentationregardingnon-GAAPfinancialmeasures.5

Receivables,net Debttocapitalization1

$7.3 34.3%+27.4% -410bps

Inventories Returnonassets2

$57.5 3.3%+10.9% -490bps

Accountspayable Returnoninvestment2

$57.2 14.5%+5.5% +80bps

WalmartInc.-Q3FY22Dollarsinbillions.Changeiscalculatedasthechangeversustheprioryearcomparableperiod

1Seepressreleaselocatedatwww.stock.walmart.comandreconciliationsattheendofthispresentationregardingnon-GAAPfinancialmeasures.2$13.1billionremainingof$20billionauthorizationapprovedinFebruary2021.Thecompanyrepurchasedapproximately15millionsharesinQ3fiscal2022. 6

Operatingcashflow Dividends

$16.3 $4.6-$6.6 ($1.5in3Q22)

Capitalexpenditures Sharerepurchases2

$8.6 $7.4+$2.2 ($2.2in3Q22)

Freecashflow1 Totalshareholderreturns

$7.7 $12.0-$8.7 ($3.7in3Q22)

WalmartInc.-YTDQ3FY22Dollarsinbillions.Dollarchangesmaynotrecalculateduetorounding.Changeiscalculatedasthechangeversustheprioryearcomparableperiod

7

NetSales

$96.6+9.3%

eCommercenetsalesgrowth

+8%

eCommercecontributiontocomp1,2

<10bps

Inventory

Total:+11.5%

Comparablesales1,2

9.2%Comparabletransactions

5.7%Comparableaverageticket

3.3%

• Salesreflectstrongmarketsharegainsingrocery;unitsharegainsonatwo-yearstack

• eCommercesalesincreased87%onatwo-yearstack

• WalmartConnectadvertisingsalesincreasednearly240%onatwo-yearstack;rampingnewadvertisers

• eCommercemarketplaceadded~21MitemstoassortmentinQ3

• Compsalesreflectstrongunderlyingtrends,ledbyin-storetraffic,andaidedbyrobustconsumerspending,dueinparttostimulusandinflation

• Compsalesup15.6%ontwo-yearstack

• Compsalesincreasedsequentiallyonbothaone-yearandtwo-yearbasis

• Compticketincreased~27%ontwo-yearstack

Remodels:174stores

Pickup:~4,300locations

Same-daydelivery:>3,300stores

• Increasereflectspreparationforanexpectedstrongholidayseason

• Onatwo-yearstack,inventoryup~17%oncompsalesgrowthof15.6%

1Compsalesforthe13-weekperiodendedOctober29,2021comparedtothe13-weekperiodendedOctober30,2020,andexcludesfuel.2Theresultsofnewacquisitionsareincludedinourcompsalesmetricsinthe13thmonthafteracquisition.

WalmartU.S.-Q3FY22Dollarsinbillions.Changeiscalculatedasthechangeversustheprioryearcomparableperiod

• TheSparkdriverplatformcontinuestogrow;nowactivein900cities,providingaccesstomorethan50%ofU.S.households

• LaunchedWalmartGoLocaldeliveryasaserviceplatform;stronginterestfrombothnationalandlocalmerchantpartners

8

Grossprofitrate

-12bps

Operatingincome

$4.9+5.9%

Operatingexpenserate

+20bps

• Reflectsincreasedcostsinthesupplychain

• LowermarkdownsandincreasedcontributionsfromWalmartConnectadvertisingrevenuehavehelpedoffsetcostpressures

• Merchantscontinueworkingwithsuppliersandmonitoringpricegapstomanagemarginsappropriately

• ExpensesdeleverageddueprimarilytoinvestmentsinwagespartlyoffsetbystrongsalesandlowerCOVIDcosts

• COVIDcostswerelowerby~$0.1billion;benefitedleverageby~20bps

Adj.operatingincome1

$4.9+5.9%

WalmartU.S.-Q3FY22Dollarsinbillions.Changeiscalculatedasthechangeversustheprioryearcomparableperiod

WalmartU.S.-quarterlymerchandisehighlights

9

Category Compsales Details

Grocery +highsingle-digits

• Salesgrowthofnearly10%reflectedstrongmarketsharegains(accordingtoNielsen)andlow-to-midsingledigitticketinflation;onatwo-yearstackedbasis,salesincreasedbyamid-teenspercentage;strongpricepositioningandomniofferingsareresonatingwithcustomers

• Foodcategoriesincreased$3.6billion,thestrongestquarterlygrowthinsixquarters,withbroad-basedstrength,includingstronggrowthinfreshcategories

• Consumablesreflectedstrengthinpets,babyproductsandbeauty

Health&wellness +mid-teens • Strongsalesprimarilyreflectedincreasedscripts,includingCOVIDvaccineadministration,andbrandeddruginflation

Generalmerchandise +midsingle-digits

• Categorystrengthinapparel,back-to-school,automotiveandseasonalitemslikeholidaydécor

• Automotivecategoriesbenefitedfromlappinglastyear'sCOVID-relatedclosuresofAutoCareCenters

• Generalmerchandisesalesincreasedmid-teenspercentageonatwo-yearstackedbasis

• Negativelyaffectedby14bpsfromdivestitures

• Retainedmarketoperatingexpenserateleveraged24bpsduetoashifttolowermarginformats,offsetbyhigherexpensesheadingintofestiveseason

• RetainedmarketCOVID-relatedcostswerelowerby~$30mil.andbenefitedleverageby~16bps

• Divestituresaccountedforareductionof$1.7billionYoY

• Increaseprimarilyduetolowinventorylevelsintheprioryearandearlypreparationforfestiveseasons

101Seepressreleaselocatedatwww.stock.walmart.comandreconciliationsattheendofpresentationregardingnon-GAAPfinancialmeasures.

Inventory

$11.9+10.4%

Grossprofitrate

-86bpsOperatingincome

$0.9-19.2%

Netsales,constantcurrency1

$22.3-24.6%

Operatingexpenserate

-10bps

Operatingincome,constantcurrency1

$0.8-26.5%

• Negativelyaffectedby36bpsfromdivestitures

• Retainedmarketgrossprofitratedecreased50bpsduetomixshifttolowermarginformats

Netsales

$23.6-20.1%

WalmartInternational-Q3FY22Dollarsinbillions.Dollarchangesmaynotrecalculateduetorounding.Changeiscalculatedasthechangeversustheprioryearcomparableperiod

• Divestituresaccountedforareductionof$9.4billionYoY

• Retainedmarketgrowthof17.0%

• Divestituresaccountedforareductionof$404millionYoY

• Retainedmarketgrowthof29.2%

• Divestituresaccountedforareductionof$404millionYoY

• Retainedmarketgrowthof17.5%

Adj.operatingincome1

$0.9-19.2%

Adj.operatingincome,constantcurrency1

$0.8-26.5%

• Divestituresaccountedforareductionof$9.4billionYoY

• Retainedmarketgrowthof10.3%:◦ StrongsalesgrowthinChina,

Mexico,andFlipkart◦ eCommercenetsalescontributed

19%oftotalnetsales

• Retainedmarketgrowthof12.3%

• Broadbasedstrengthacrosscategories,particularlyingrocery

• Improvedperformanceinseasonalsalesevents

• eCommercenetsales+31%

1WalmexincludestheconsolidatedresultsofMexicoandCentralAmerica2ANTAD-AsociacionNacionaldeTiendasdeAutoservicioyDepartamentales;TheNationalAssociationofSupermarketsandDepartmentStores

11

Walmex1 China Canada

Netsalesgrowth +8.7% +18.8% +5.3%

Comparablesales +7.2% +16.5% +6.0%

Comparabletransactions +8.2% -1.0% +7.4%

Comparableticket -0.9% +17.7% -1.3%

• Broadbasedstrengthacrosscategories,particularlyingrocery

• InMexico,compsalesincreased+6.0%

• CompsalesoutpacedANTAD2self-serviceandclubby60bpsand420bpsonatwo-yrstack

• MexicoeCommercenetsales+27%

• StrongsalesinSam'sClub,partiallyoffsetbysofterstoretrafficinHypermarkets

• Sam'sClubdelivereddouble-digitcompsalesandmembershipgrowth

• OpenedthreenewSam'sClubsinQ3

• eCommercenetsales+96%

WalmartInternational-Q3FY22Resultsarepresentedonaconstantcurrencybasis.Netsalesandcompsalesarepresentedonanominal,calendarbasisandincludeeCommerceresults.Changeiscalculatedasthechangeversustheprioryearcomparableperiod.

• StrongsalesandlappinghigherCOVID-relatedcosts,partiallyoffsetbyinvestmentsinremodels

• HigherpenetrationofSam'sClubloweroperatingexpenseformat

• Changeinmixtohighermargincategories

1WalmexincludestheconsolidatedresultsofMexicoandCentralAmerica.

12

Walmex1 China Canada

Grossprofitrate SlightDecrease Decrease RelativelyFlat

• InvestmentsinpriceandmixshifttolowermargincategoriesinCentralAmerica

x

• WalmartConnectgrowingmiddouble-digits

• ChangeinmixtolowermarginformatsofSam'sClubandeCommerce

Operatingexpenserate RelativelyFlat Decrease SlightDecrease

Operatingincome$ Increase Increase Increase

WalmartInternational-Q3FY22Resultsarepresentedonaconstantcurrencybasis.Changeiscalculatedasthechangeversustheprioryearcomparableperiod

• InvestmentsineCommerceandtechnology,offsetbyproductivityinitiativesinCentralAmerica

13

+13.9%Comparablesales

+11.1%Comparabletransactions

+2.6%Averagecomparableticket

~170bpseCommercecontribution

$16,614+14%

Netsales

+11.3%Membershipincome

-89.9999999999999bps

Grossprofitrate

-63.9999999999999bps

Operatingexpenserate

$3682.8%

Operatingincome

WithFuel WithoutFuel

Comparablesales1

+19.8%

Netsales

$19.0+19.7%

eCommercenetsalesgrowth

+32%

Comparablesales

+19.8%

Membershipincome

+11.3%

Grossprofitrate

-127bps

Operatingexpenserate

-117bps

Inventory

$5.4+7.3%

Operatingincome

$0.5+10.2%

• Strongmembershiptrendswithrecordtotalmembercount

• RenewalratesimprovedwithPlusmemberrenewalrateincreasingover185bps

• Pluspenetrationincreasedover660bps,reachinganall-timehigh

• Firstyearmemberrenewalsremainstrong

• Increasedsalesinconjunctionwithlaborproductivityimprovementspositivelyaffectedoperatingexpenseleverage

• COVID-relatedcostswerelowerby~$70mil.andbenefitedexpenseleverageby~45bps

• Unfavorablefuelmixandlowerfuelratenegativelyaffectedgrossprofit

• Excludingfuel,highersupplychainexpense,costinflationandhigherFreshwastewerepartiallyoffsetbylowershrink

• Strongcontributionfrombothdirect-to-homeandcurbside

• Strongcompsalesgrowthdrivenbydouble-digittransactionandsolidticketgrowth,aswellasabenefitfromstimulusspendingandinflation

• Onatwo-yearstack,compsalesincreased27.7%

• Broadstrengthacrosscategories,ledbyfood

• Tobacconegativelyaffectedcompsales

1Compsalesforthe13-weekperiodendedOctober29,2021comparedtothe13-weekperiodendedOctober30,2020.

• Increasereflectsinventorybuildtosupporthighersalestrendsandlappinglastyear'sCOVID-relatedeffectsoninventory

Sam'sClub-Q3FY22Dollarsinbillions.Changeiscalculatedasthechangeversustheprioryearcomparableperiod

14

$18,971+19.7%NetSales

+33%eCommercenetsalesgrowth

+19.8%Comparablesales

-127bpsGrossprofitrate

-117bpsOperatingexpenserate

$47510.2%

Operatingincome

WithoutFuel

Netsales

$16.6+13.8%

Operatingexpenserate

-64bps

Grossprofitrate

-90bps

Operatingincome

$0.4+2.8%

Comparabletransactions

+11.1%

Comparablesales1,2

+13.9%

eCommercecontribution

~170bps

Averagecomparableticket

+2.6%

1Compsalesforthe13-weekperiodendedOctober29,2021comparedtothe13-weekperiodendedOctober30,2020,andexcludesfuel.2Tobacconegativelyaffectedcompsalesforthe13-weekperiodendedOctober29,2021by160basispoints.Onatwo-yearstack,tobacconegativelyaffectedcompsalesby580basispoints.

Sam'sClub-Q3FY22Dollarsinbillions.Changeiscalculatedasthechangeversustheprioryearcomparableperiod

• Onatwo-yearstack,averagecompticketincreased6.6%

• Onatwo-yearstack,compsalesincreased25.0%

• Onatwo-yearstack,comptransactionsincreased17.9%

15

Category Compsales Details

Fresh/Freezer/Cooler +mid-teens • Freshmeat,produceandfloralandpreparedfoodsperformedwell

Groceryandbeverage +high-teens • Drinks,drygrocery,snacksandcandyshowedstrength

Consumables +high-teens • Papergoods,tabletopandlaundry&homecareperformedwell

Homeandapparel +high-teens • Strengthinseasonal,tires,toys,furnitureanddomestics

Technology,officeandentertainment -midsingle-digit

• Reducedmobilephonesales• Sam'senteredintoanewstrategicarrangementinitsmobilephonebusinessandno

longerrecognizesthefulltransactionvalue;instead,itreceivesacommissiononeachsale

• Asidefromthemobilephonebusiness,compsaleswereslightlynegative

Healthandwellness +lowsingle-digit • Pharmacyandopticalwerestrong

Sam'sClub-quarterlyfinancialhighlights

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

ROAwas3.3percentand8.2percentforthetrailing12monthsendedOctober31,2021and2020,respectively.ThedecreaseinROAwasprimarilyduetonetfairvaluechangesinourequityinstrumentsaswellasthelossesondivestitureofouroperationsintheU.K.andJapan,partiallyoffsetbytheincreaseinoperatingincome.ROIwas14.5percentand13.7percentforthetrailingtwelvemonthsendedOctober31,2021and2020.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 October31, Ended October31,(Dollarsinmillions) 2021 2020 (Dollarsinmillions) 2021 2020Numerator NumeratorConsolidatednetincome $ 8,299 $ 20,008 Operatingincome $ 25,542 $ 22,383Denominator +Interestincome 141 132Averagetotalassets1 $ 247,857 $ 245,347 +Depreciationandamortization 10,771 11,161Returnonassets(ROA) 3.3% 8.2% +Rent 2,360 2,646

ROIoperatingincome $ 38,814 $ 36,322

October31, DenominatorCertainBalanceSheetData 2021 2020 2019 Averagetotalassets1 $ 247,857 $ 245,347

Totalassets $ 244,851 $ 250,863 $ 239,830'+Averageaccumulateddepreciationandamortization1 99,872 95,637

Accumulateddepreciationandamortization 100,168 99,576 91,697 '-Averageaccountspayable1 55,654 51,951Accountspayable 57,156 54,152 49,750 '-Averageaccruedliabilities1 24,735 22,984

Accruedliabilities 24,474 24,995 20,973 Averageinvestedcapital $ 267,340 $ 266,049

Returnoninvestment(ROI) 14.5% 13.7%

1Theaverageisbasedontheadditionoftheaccountbalanceattheendofthecurrentperiodtotheaccountbalanceattheendofthepriorperiodanddividingby2.

Non-GAAPmeasures-ROI(cont.)

1"Netcashusedininvestingactivities"includespaymentsforpropertyandequipment,whichisalsoincludedinourcomputationoffreecashflow.

18

Wedefinefreecashflowasnetcashprovidedbyoperatingactivitiesinaperiodminuspaymentsforpropertyandequipmentmadeinthatperiod.Wehadnetcashprovidedbyoperatingactivitiesof$16.3billionfortheninemonthsendedOctober31,2021,whichdecreasedwhencomparedto$22.9billionfortheninemonthsendedOctober31,2020primarilyduetoanincreaseininventorypurchasestosupportstrongsalesandlappingtheimpactofacceleratedinventorysell-throughinfiscal2021,aswellastimingandpaymentofwages.Wegeneratedfreecashflowof$7.7billionfortheninemonthsendedOctober31,2021,whichdecreasedwhencomparedto$16.4billionfortheninemonthsendedOctober31,2020duetothesamereasonsasthedecreaseinnetcashprovidedbyoperatingactivities,aswellas$2.2billioninincreasedcapitalexpenditures.

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.

NineMonthsEndedOctober31,

(Dollarsinmillions) 2021 2020

Netcashprovidedbyoperatingactivities $ 16,291 $ 22,880

Paymentsforpropertyandequipment(capitalexpenditures) (8,588) (6,438)

Freecashflow $ 7,703 $ 16,442

Netcashusedininvestingactivities1 $ (1,530) $ (6,507)

Netcashusedinprovidedbyfinancingactivities (18,113) (11,340)

Non-GAAPmeasures-freecashflow

1Changeversusprioryearcomparableperiod.2WalmartInternationaleCommercenetsaleswere$4.3billionand$12.7billionforthethreeandninemonthsendedOctober31,2021,andwerepositivelyimpactedby$126millionand$501

millionofcurrencyexchangeratefluctuations,respectively.WalmartInternationaleCommercenetsaleswere$4.3billionand$10.5billionforthethreeandninemonthsendedOctober31,2020,respectively.

3WalmartInternationaleCommercenetsalesdecreased1%onareportedbasisand4%inconstantcurrencyandincreased21%onareportedbasisand16%inconstantcurrencyforthethreeandninemonthsendingOctober31,2021,respectively.

19

Indiscussingouroperatingresults,thetermcurrencyexchangeratesreferstothecurrencyexchangeratesweusetoconverttheoperatingresultsforcountrieswherethefunctionalcurrencyisnottheU.S.dollarintoU.S.dollars.Wecalculatetheeffectofchangesincurrencyexchangeratesasthedifferencebetweencurrentperiodactivitytranslatedusingthecurrentperiod’scurrencyexchangeratesandthecomparableprioryearperiod’scurrencyexchangerates.Additionally,nocurrencyexchangeratefluctuationsarecalculatedfornon-USDacquisitionsuntilownedfor12months.Throughoutourdiscussion,werefertotheresultsofthiscalculationastheimpactofcurrencyexchangeratefluctuations.Whenwerefertoconstantcurrencyoperatingresults,thismeansoperatingresultswithouttheimpactofthecurrencyexchangeratefluctuations.ThedisclosureofconstantcurrencyamountsorresultspermitsinvestorstobetterunderstandWalmart’sunderlyingperformancewithouttheeffectsofcurrencyexchangeratefluctuations.Thetablebelowreflectsthecalculationofconstantcurrencyfortotalrevenues,netsalesandoperatingincomeforthethreeandninemonthsendedOctober31,2021.

ThreeMonthsEndedOctober31,2021 NineMonthsEndedOctober31,2021

2021PercentChange1 2021

PercentChange1 2021

PercentChange1 2021

PercentChange1

(Dollarsinmillions) WalmartInternational Consolidated WalmartInternational ConsolidatedTotalrevenues:Asreported $ 24,040 -19.4% $ 140,525 4.3% $ 75,098 -14.0% $ 419,883 3.1%Currencyexchangeratefluctuations (1,367) N/A (1,367) N/A (4,720) N/A (4,720) N/AConstantcurrencytotalrevenues $ 22,673 -24.0% $ 139,158 3.3% $ 70,378 -19.4% $ 415,163 2.0%

Netsales2,3:Asreported $ 23,627 -20.1% $ 139,207 4.1% $ 73,962 -14.5% $ 416,237 3.0%Currencyexchangeratefluctuations (1,347) N/A (1,347) N/A (4,657) N/A (4,657) N/AConstantcurrencynetsales $ 22,280 -24.6% $ 137,860 3.1% $ 69,305 -19.9% $ 411,580 1.8%

Operatingincome:Asreported $ 871 -19.2% $ 5,792 0.2% $ 2,926 8.5% $ 20,055 17.5%Currencyexchangeratefluctuations (79) N/A (79) N/A (280) N/A (280) N/AConstantcurrencyoperatingincome $ 792 -26.5% $ 5,713 -1.1% $ 2,646 -1.9% $ 19,775 15.9%

Non-GAAPmeasures-constantcurrency

20

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

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

WehavecalculatedAdjustedEPSforthethreeandninemonthsendedOctober31,2021byadjustingEPSforthefollowing:

1. unrealizedandrealizedgainsandlossesonthecompany’sequityinvestments,

2. lossonextinguishmentofdebt;and

3. theincrementallossonsaleofouroperationsintheU.KandJapanrecordedduringthefirstquarteroffiscal2022.

Non-GAAPmeasures-adjustedEPS

21

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

3Thereportedeffectivetaxratewas24.5%and25.9%forthethreeandninemonthsendedOctober31,2021,respectively.Adjustedfortheaboveitems,theeffectivetaxratewas24.3%and24.5%forthethreeandninemonthsendedOctober31,2021,respectively.

4QuarterlyadjustmentsoradjustedEPSmaynotsumtoYTDadjustmentsorYTDadjustedEPSduetorounding.

ThreeMonthsEndedOctober31,2021PercentChange1 NineMonthsEndedOctober31,20214

PercentChange1

Dilutedearningspershare:

ReportedEPS $ 1.11 -38.3% $ 3.59 -34.5%

Adjustments:Pre-TaxImpact

TaxImpact2,3 NetImpact

Pre-TaxImpact

TaxImpact2,3 NetImpact

Unrealizedandrealized(gains)andlossesonequityinvestments $ (0.42) $ 0.09 $ (0.33) $ 0.65 $ (0.13) $ 0.52

Lossonextinguishmentofdebt 0.86 (0.19) 0.67 0.86 (0.19) 0.67

IncrementallossonsaleofouroperationsintheU.K.andJapan — — — 0.15 — 0.15

Netadjustments $ 0.34 $ 1.34

AdjustedEPS $ 1.45 8.2% $ 4.93 20.8%

Non-GAAPmeasures-adjustedEPS(cont.)

22

AspreviouslydisclosedinourthirdquarterendedOctober31,2020pressrelease,wehavecalculatedAdjustedEPSforthethreeandninemonthsendedOctober31,2020byadjustingEPSforthefollowing:(1)unrealizedgainsandlossesontheCompany’sequityinvestmentsand(2)thelossonsaleofWalmartArgentinaclassifiedasheldforsaleasofOctober31,2020.FortheninemonthsendedOctober31,2020wealsoadjustedEPSfor(3)abusinessrestructuringchargeresultingfromchangestocorporatesupportteamstobettersupporttheWalmartU.S.omnichannelstrategyand(4)adiscretetaxitem.

ThreeMonthsEndedOctober31,2020 NineMonthsEndedOctober31,20204

Dilutedearningspershare:

ReportedEPS $ 1.80 $ 5.48

Adjustments:Pre-TaxImpact

TaxImpact1,2 NCIImpact3 NetImpact

Pre-TaxImpact

TaxImpact1,2 NCIImpact3 NetImpact

Unrealized(gains)andlossesonequityinvestments $ (1.01) $ 0.21 $ — $ (0.80) $ (2.42) $ 0.50 $ — $ (1.92)

LossonsaleofWalmartArgentina 0.34 — — 0.34 0.34 — — 0.34

Businessrestructuringcharge — — — — 0.13 (0.03) — 0.10

Discretetaxitem — — — — 0.06 0.05 (0.03) 0.08

Netadjustments $ (0.46) $ (1.40)

AdjustedEPS $ 1.34 $ 4.08

Non-GAAPmeasures-adjustedEPS(cont.)

1Calculatedbasedonnatureofitem,includinganyrealizabledeductions,andstatutoryrateineffectforrelevantjurisdictions.ThelossonsaleofWalmartArgentinaprovidedminimalrealizabletaxbenefit.

2Thereportedeffectivetaxratewas26.9%%and25.7%forthethreeandninemonthsendedOctober31,2020,respectively.Whenadjustedfortheaboveitems,theeffectivetaxratewas25.2%and25.0%forthethreeandninemonthsendedOctober31,2020,respectively.3Calculatedbasedontheownershippercentagesofournoncontrollinginterests.4QuarterlyadjustmentsoradjustedEPSmaynotsumtoYTDadjustmentsorYTDadjustedEPSduetorounding.

• Unitcounts&squarefootage• Comparablestoresales,includingandexcludingfuel• Terminology

23

Additionalresourcesatstock.walmart.com