Inventory Turnover › Walmart
Walmart Inventory Turnover: Multi-Year 10-K History
Walmart Inc (WMT) reported 9.3x inventory turnover in fiscal 2026 (year ended January 31, 2026), up from 9.2x in FY25 and a post-COVID low of 8.2x in FY23. All figures below pulled directly from the company 10-K filings on SEC EDGAR.
FY22 - FY26 turnover history
| Fiscal Year | COGS | Inv (start) | Inv (end) | Turnover |
|---|---|---|---|---|
| FY22 (ended Jan 2022) | $429.0B | $44.95B | $56.51B | 8.4x |
| FY23 (ended Jan 2023) | $463.7B | $56.51B | $56.58B | 8.2x |
| FY24 (ended Jan 2024) | $490.1B | $56.58B | $54.89B | 8.8x |
| FY25 (ended Jan 2025) | $511.8B | $54.89B | $56.44B | 9.2x |
| FY26 (ended Jan 2026) | $535.4B | $56.44B | $58.85B | 9.3x |
Source: Walmart Inc 10-K filings, fiscal years 2022-2026. Turnover calculated as COGS divided by average inventory (opening plus closing divided by 2). Walmart filings index.
Year-by-year commentary
FY22 (ended Jan 2022)
Inventory built sharply post-COVID-19 demand normalisation.
FY23 (ended Jan 2023)
Inventory held flat YoY; turnover dipped on COGS growth.
FY24 (ended Jan 2024)
Inventory reduction restored turnover; markdown drag eased.
FY25 (ended Jan 2025)
Productivity push: average inventory held roughly flat while COGS grew, lifting turnover.
FY26 (ended Jan 2026)
COGS rose 4.6% to $535.4B while inventory grew more slowly, edging turnover to a multi-year high.
LIFO accounting and the inventory line
Walmart uses the LIFO (Last-In-First-Out) inventory accounting method for the majority of US operations, disclosed in Note 1 of every annual 10-K. International segments use FIFO or weighted-average per local GAAP. The LIFO reserve disclosed in the 10-K notes (a non-trivial figure) means the carrying value of inventory on the balance sheet is below current replacement cost.
For turnover comparison purposes:
- Walmart turnover figures using GAAP-reported inventory overstate the operational efficiency relative to a FIFO peer.
- Adding back the LIFO reserve (FIFO-equivalent inventory) reduces reported turnover by approximately 0.3-0.5x.
- The IRS LIFO conformity rule requires book and tax inventory methods to match, so this is not a discretionary disclosure.
See IRS Publication 538 for LIFO accounting rules and our LIFO vs FIFO page for retailer-by-retailer choices.
Walmart OTIF programme
Walmart operates one of the most disciplined supplier perfect-order programmes in US retail. The OTIF (On Time In Full) target is 98% delivery accuracy at the case level; misses incur a 3% chargeback on invoice value. The programme materially affects inventory turnover for Walmart suppliers because:
- Suppliers carry extra safety stock to hedge OTIF risk, raising their own inventory.
- Walmart can run leaner DC inventory because incoming reliability is high.
- The system pushes inventory upstream, improving Walmart turnover at the cost of supplier turnover.