Walmart Inc.WMT
Walmart Inc. Debt Disclosure
Short-term Borrowings and Long-term Debt
Short-term borrowings consist of commercial paper and lines of credit. Short-term borrowings as of January 31, 2026 and 2025 were $6.6 billion and $3.1 billion, respectively, with weighted-average interest rates of 4.0% and 5.3%, respectively.
The Company has various committed lines of credit in the U.S. to support its commercial paper program which are summarized in the following table:
| January 31, 2026 | January 31, 2025 | |||||||||||||||||||||||||||||||||||||
| (Amounts in millions) | Available | Drawn | Undrawn | Available | Drawn | Undrawn | ||||||||||||||||||||||||||||||||
-year credit facility(1) | $ | 5,000 | $ | — | $ | 5,000 | $ | 5,000 | $ | — | $ | 5,000 | ||||||||||||||||||||||||||
364-day revolving credit facility(1) | 10,000 | — | 10,000 | 10,000 | — | 10,000 | ||||||||||||||||||||||||||||||||
| Total | $ | 15,000 | $ | — | $ | 15,000 | $ | 15,000 | $ | — | $ | 15,000 | ||||||||||||||||||||||||||
(1)In April 2025, the Company renewed and extended its existing 364-day revolving credit facility as well as its five year credit facility.
The committed lines of credit in the table above mature in April 2026 and April 2030, carry interest rates of the Secured Overnight Financing Rate plus 45 basis points, and incur commitment fees ranging between 1.5 and 4.0 basis points. In conjunction with the committed lines of credit listed in the table above, the Company has agreed to observe certain covenants, the most restrictive of which relates to the maximum amount of secured debt. Additionally, the Company has syndicated and fronted letters of credit available which totaled $2.0 billion and $2.1 billion as of January 31, 2026 and 2025, respectively, of which $1.7 billion and $1.5 billion was issued as of January 31, 2026 and 2025, respectively.
The Company's long-term debt, which includes the fair value instruments further discussed in Note 7, consists of the following as of January 31, 2026 and 2025:
| January 31, 2026 | January 31, 2025 | |||||||||||||||||||||||||||||||
| (Amounts in millions) | Maturity Dates By Fiscal Year | Amount | Average Rate(1) | Amount | Average Rate(1) | |||||||||||||||||||||||||||
| Unsecured debt | ||||||||||||||||||||||||||||||||
| Fixed | 2027 - 2054 | $ | 32,032 | 3.9% | $ | 31,406 | 3.8% | |||||||||||||||||||||||||
| Variable | 2028 | 750 | 4.1% | — | —% | |||||||||||||||||||||||||||
| Total U.S. dollar denominated | 32,782 | 31,406 | ||||||||||||||||||||||||||||||
Euro denominated | 2027 - 2030 | 1,955 | 4.0% | 1,715 | 4.0% | |||||||||||||||||||||||||||
Sterling denominated | 2031 - 2039 | 3,677 | 5.4% | 3,336 | 5.4% | |||||||||||||||||||||||||||
Yen denominated | 2028 | 388 | 0.5% | 389 | 0.5% | |||||||||||||||||||||||||||
| Total unsecured debt | 38,802 | 36,846 | ||||||||||||||||||||||||||||||
Total other(2) | (636) | (847) | ||||||||||||||||||||||||||||||
| Total debt | 38,166 | 35,999 | ||||||||||||||||||||||||||||||
| Less amounts due within one year | (3,542) | (2,598) | ||||||||||||||||||||||||||||||
| Long-term debt | $ | 34,624 | $ | 33,401 | ||||||||||||||||||||||||||||
(1)The average rate represents the weighted-average stated rate for each corresponding debt category, based on year-end balances and year-end interest rates.
(2)Includes deferred loan costs, discounts, fair value hedges, foreign-held debt and secured debt.
Annual maturities of long-term debt during the next five years and thereafter are as follows:
| (Amounts in millions) | Annual | |||||||
| Fiscal Year | Maturities | |||||||
| 2027 | $ | 3,542 | ||||||
| 2028 | 3,237 | |||||||
| 2029 | 3,389 | |||||||
| 2030 | 2,143 | |||||||
| 2031 | 2,600 | |||||||
| Thereafter | 23,255 | |||||||
| Total | $ | 38,166 | ||||||
Debt Issuances
Information on significant issuances of long-term debt during fiscal 2026, for general corporate purposes, is as follows:
| (Amounts in millions) | ||||||||||||||||||||||||||
| Issue Date | Principal Amount | Maturity Date | Interest Rate | Net Proceeds | ||||||||||||||||||||||
| April 28, 2025 | $750 | April 28, 2027 | Floating | $ | 749 | |||||||||||||||||||||
| April 28, 2025 | $750 | April 28, 2027 | 4.100% | 748 | ||||||||||||||||||||||
| April 28, 2025 | $1,000 | April 28, 2030 | 4.350% | 993 | ||||||||||||||||||||||
| April 28, 2025 | $1,500 | April 28, 2035 | 4.900% | 1,493 | ||||||||||||||||||||||
| Total | $ | 3,983 | ||||||||||||||||||||||||
These issuances are senior, unsecured notes which rank equally with all other senior, unsecured debt obligations of the Company, and are not convertible or exchangeable. These issuances do not contain any financial covenants which restrict the Company's ability to pay dividends or repurchase Company stock.
Maturities
The following tables provide details of significant long-term debt maturities during fiscal 2026 and 2025, respectively:
| (Amounts in millions) | ||||||||||||||||||||
| Maturity Date | Principal Amount | Interest Rate | Repayment | |||||||||||||||||
| June 26, 2025 | $875 | 3.550% | $ | 875 | ||||||||||||||||
| September 9, 2025 | $1,750 | 3.900% | 1,750 | |||||||||||||||||
| Total | $ | 2,625 | ||||||||||||||||||
| (Amounts in millions) | |||||||||||||||||||||||
| Maturity Date | Principal Amount | Interest Rate | Repayment | ||||||||||||||||||||
| April 22, 2024 | $1,500 | 3.300% | $ | 1,500 | |||||||||||||||||||
| July 8, 2024 | $990 | 2.850% | 990 | ||||||||||||||||||||
| July 18, 2024 | ¥40,000 | 0.298% | 253 | ||||||||||||||||||||
| December 15, 2024 | $630 | 2.650% | 630 | ||||||||||||||||||||
| Total | $ | 3,373 | |||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | Mar 13, 2026 | Showing above |
| 2025 | Mar 14, 2025 | |
| 2024 | Mar 15, 2024 | |
| 2023 | Mar 17, 2023 | |
| 2022 | Mar 18, 2022 | |
| 2021 | Mar 19, 2021 | |
| 2020 | Mar 20, 2020 | |
| 2019 | Mar 28, 2019 | |
| 2018 | Mar 30, 2018 | |
| 2017 | Mar 31, 2017 | |
| 2016 | Mar 30, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.