Retail giant Walmart ($WMT) filed its Q4 and full-year 2025 results today, leading off with a 4.7 percent increase in annual net sales and a 10.5 percent jump in consolidated net income. 

Walmart being a large, sophisticated business, however, the company also reports a host of lower-profile disclosures too. Today we want to spotlight some of those items, how analysts can find them, and what information they might give you as you ponder Walmart’s results.

For example, one useful metric for retailers is the ratio of inventory to net sales. If that number is rising, it means goods are piling up on the shelves while consumers stay away; a state of affairs that often leads retailers to slash prices so they can clear the shelves for next season’s goods. 

We used our Multi-Company page to pull up Walmart’s inventory and net sales numbers for fiscal years 2020-2026; and within a few moments had Figure 1, below.

As you can see, that ratio bulged upward in 2022 and 2023. Inflation surged at that time too, driving consumers to be more cautious with spending. Now Walmart’s inventory-to-sales ratio is 8.3 percent, just a whisker above its pre-pandemic norms of roughly 8 percent.

Segment Growth

Walmart also reports three primary operating segments: Walmart U.S., Sam’s Club (the big box discount division of Walmart), and Walmart International.

You can use either our Segments, Rollforwards, and Breakouts page or the Show Tag History feature to track those segment-level disclosures over time. We used the See Tag History feature to cook up Figure 2, below, in about a minute.

Walmart actually discloses many other segment numbers too, such as e-commerce sales, health and wellness, grocery sales, and geographic segments such as Canada, China, and “Other” international.

Sometimes you can find that data in the earnings release, but not always; and you need to read the footnotes carefully to find the precise disclosure you want. For example, Walmart’s earnings release mentions the word “ecommerce” 17 times and talks about how much e-commerce sales have risen in the last fiscal year, but the earnings release never actually discloses what that number is. 

To find that, analysts need to wait for Walmart to file its full 10-Q report (which should be in a few days) and then you need to pore through the footnotes. 

Or, once the 10-Q is filed, you can use our Segments, Rollforwards, and Breakouts page to search Walmart’s segments disclosure, and we find the number for you!

Figure 3, below, shows what we mean. If you look on the left-hand side, you can see (by the red arrow) that Walmart reported $79.3 billion in e-commerce sales one year ago. We then used the world-famous Calcbench Trace feature to trace that number back to the Walmart footnote about disaggregated revenue (seen on the right side of Figure 3) to identify exactly where Walmart reports its e-commerce numbers and how those numbers have changed in recent years. 

Equity Adjustments

And in perhaps the finest of fine print, Walmart also reports adjustments to EPS based on equity investments it has in other businesses. This isn’t unusual; as we’ve written before, lots of large businesses have equity investments in other businesses and they regularly re-assess the value of those holdings. Sometimes (as we explored in a post about Amazon’s ($AMZN) investments in Anthropic last November) those markups can have a huge effect on overall pretax income.

The change in valuation ultimately gets rolled into EPS, so companies often report adjusted EPS that lets you see how much those investments are or aren’t affecting overall EPS.

That brings us back to Walmart. Tucked away on Page 33 of the earnings release we found a disclosure that the company investments in Symbotic ($SYM), a warehouse automation business, led to a $0.21 hit to EPS in Walmart’s most recent quarter. Hence Walmart reported overall EPS of $0.53 and a non-GAAP adjusted EPS of $0.74.

Perhaps that shouldn’t be a surprise. A quick look at Symbotic’s share price shows that the stock went from a high of nearly $84 in late November to a low of $54 at the end of January, the close of Walmart’s most recent quarter. So of course Walmart had to write down the value of that investment, and here we are.