Providing opportunity & serving our communities 2018 ANNUAL REPORT 250,000+ $250B U.S. associates Commitment to graduated from purchase products that Walmart Academy support American jobs 1 Gigaton $35M+ Commitment to Donated to 2017 work with suppliers to hurricane relief reduce emissions in the value chain For more information, please see our Global Responsibility Report at: 2018 Annual Report corporate.walmart.com/global-responsibility Walmart Inc. (NYSE: WMT) 702 S.W. 8th Street Bentonville, Arkansas 72716 USA 479-273-4000 ACCELERATING walmart.com INNOVATION The minimized environmental footprint of this report is the result of an extensive, collaborative effort of Walmart and our supply chain partners. The environmental and social impact continues to be an important consideration. It is printed on paper from well-managed forests containing recycled PCW fiber that is Elementally Chlorine Free (ECF). It is printed using environmental manufacturing principles that were utilized in the printing process. These practices include environmentally responsible procurement, lean manufacturing, green chemistry principles, the recycling of residual materials and reduced volatile organic compound inks and coatings. Corporate and Stock Information Listing Dividends Payable Per Share New York Stock Exchange For fiscal 2019, dividends will be paid based on the following schedule: Walmart by the numbers Stock Symbol: WMT April 2, 2018 $0.52 June 4, 2018 0.52 Corporate Information September 4, 2018 0.52 Stock Registrar and Transfer Agent: January 2, 2019 0.52 Computershare Trust Company, N.A. $500.3 billion P.O. Box 505000 Dividends Paid Per Share Total Revenue Louisville, Kentucky 40233-5000 For fiscal 2018, dividends were paid based on the following schedule: 1-800-438-6278 April 3, 2017 $0.51 TDD for hearing-impaired inside the U.S. 1-800-952-9245 June 5, 2017 0.51 Internet: http://www.computershare.com September 5, 2017 0.51 January 2, 2018 0.51 Annual Meeting Our Annual Meeting of Shareholders will be held on Wednesday, For fiscal 2017, dividends were paid based on the following schedule: May 30, 2018 at 10:00 a.m. (Central Time) in the John Q. Hammons April 4, 2016 $0.50 Center, Rogers, Arkansas. June 6, 2016 0.50 September 6, 2016 0.50 Communication With Shareholders January 3, 2017 0.50 Walmart Inc. periodically communicates with its shareholders and other members of the investment community about our operations. Stock Performance Chart For further information regarding our policy on shareholder and This graph compares the cumulative total shareholder return on $28.3 billion investor communications refer to our website: www.stock.walmart.com. Walmart’s common stock during the five fiscal years ending in Operating Cash Flow fiscal 2018 to the cumulative total returns on the S&P 500 Retailing The following reports are available without charge upon request Index and the S&P 500 Index. The comparison assumes $100 was by writing the Company c/o Investor Relations or by calling invested on February 1, 2013, in shares of our common stock and (479) 273-8446. These reports are also available via the in each of the indices shown and assumes that all of the dividends corporate website. were reinvested. • Annual Report on Form 10-K • Quarterly Reports on Form 10-Q Comparison of 5-Year Cumulative Total Return* • Earnings Releases Among Walmart Inc., the S&P 500 Index and S&P 500 Retailing Index • Current Reports on Form 8-K Walmart Inc. S&P 500 Index S&P 500 Retailing Index • Annual Shareholders’ Meeting Proxy Statement $14.4 billion $10.1 billion • Global Responsibility Report cash returned to • Culture, Diversity & Inclusion Report Capital Expenditures $350 shareholders through Independent Registered Public Accounting Firm $300 dividends and share Ernst & Young LLP $250 repurchases 5417 Pinnacle Point Dr., Suite 501 $200 Rogers, AR 72758 $150 Market Price of Common Stock $100 The high market price and low market price per share for the $ 50 www.cricommunications.com Company’s common stock for each fiscal quarter in fiscal 2018 $ 0 and 2017 were as follows: 2013 2014 2015 2016 2017 2018 Fiscal Years Ended January 31, Fiscal Years $11.5 billion 2018 2017 * Assumes $100 Invested on February 1, 2013 Walmart U.S. Serve nearly over High Low High Low Assumes Dividends Reinvested Fiscal Year Ending January 31, 2018 eCommerce 1st Quarter $ 75.77 $ 66.04 $ 70.08 $ 62.35 11,700 stores 2nd Quarter 80.47 73.13 74.35 62.72 Fiscal Years Ended January 31, sales 270 million operating in 3rd Quarter 89.11 77.50 75.19 67.07 2013 2014 2015 2016 2017 2018 customers 4th Quarter 109.98 87.00 72.48 65.28 a week 28 countries Walmart Inc. $100.00 $109.39 $127.58 $102.39 $105.97 $173.61 The high market price and low market price per share for the Company’s S&P 500 Index 100.00 121.52 138.80 137.88 165.51 209.22 common stock for the first fiscal quarter of fiscal 2019, were as follows: S&P 500 Retailing Index 100.00 127.72 153.64 184.32 218.76 321.37 2019 Holders of Record of Common Stock High Low As of March 28, 2018, there were 229,858 holders of record of Walmart’s common stock. 1st Quarter(1) $106.56 $85.28 Designed and produced by Corporate Reports Inc./Atlanta Reports Corporate by and produced Designed (1) Through March 28, 2018. 2 | WALMART CEO LETTER Dear shareholders, associates and customers: Recently I was talking to Chad Daggett about his experience leading our Sam’s Club in Bangor, Maine (he was recently promoted to a new role). Chad’s club had a good year and we were recognizing him for his servant leadership in the club and the community. He was quick to give credit to his team and said, “If you treat people like they make a difference, they will.” In that moment, he captured what makes our company unique: it’s our people, our culture, our purpose and our values that make the difference for our business and have enabled our success since the start. And those are the things that will empower our success in the future. We’ve had an exciting year at Walmart. We have the right strategy and we’re making progress putting our unique assets to work to serve customers in all the ways they want to shop. We are confident in our strategy because customers are responding. We are confident in our ability to execute the strategy because we have the culture, the talent and the resources not only to deliver the current plan, but also to dream of new things and new ways to transform our business. We will delight customers in ways they might not have even thought of yet. We’re out to provide an easy, fast, friendly and fun shopping experience for them whether they shop with us in stores, online, via a mobile device, with their voice or with virtual reality, augmented reality or whatever comes next. This year we made great progress accelerating innovation to save customers both money and time. In our stores, we’re digitizing experiences to make it easier for customers to shop and more efficient for associates to manage inventory and perform routine tasks. Our eCommerce business continues to scale as we launch new ways to enhance the customer experience. We’re moving faster, getting stronger and we have good momentum throughout the business. Last fiscal year we reached more than $500 billion in revenue for the first time as a company. Walmart U.S. delivered the highest comp sales growth in nine years and U.S. eCommerce sales grew 44 percent. Walmart International had 10 of 11 markets post positive comp sales for the year and five of those markets grew comp sales by more than 5 percent. Sam’s Club comp sales continue to improve and the business is repositioned to capitalize on future growth. We have a strong foundation and great opportunities to better serve customers. I’m excited about what the future holds. HERE’S MORE ABOUT WHAT WE’VE BEEN eCommerce marketplaces in Canada and Mexico so that UP TO: First, we know our customers’ lives are busier customers have access to more of the general merchandise than ever before, so our first objective is to make every assortments they desire. Overall, it’s a lot easier to shop day easier for them. They rely on us for low prices and with Walmart today than it used to be. And, we’re going they want us to save them time. We’re leveraging our to keep getting better as we focus on serving customers stores as a strategic advantage in new ways. This past seamlessly across our apps, sites and stores. year, we nearly doubled the number of stores offering online grocery pickup to more than 1,100 locations in the U.S. and we’ll add another 1,000 locations in fiscal 2019. We’re expanding online grocery in Canada, Mexico and China as well. We’re also broadening our delivery capabilities in the U.S., China and other international markets. For example, through our partnership with Nearly JD Daojia in China, we offer grocery delivery in less than one hour in over 160 stores in China. We launched an express checkout experience in pharmacy, money 2X services, and returns at Walmart U.S. Sam’s Club Scan the spend & Go has been well-received by members and we’ve Stores eCommerce introduced this capability in certain Walmart U.S. stores as well as in Canada. We launched free 2-day shipping and easy reorder on Walmart.com and the response has been strong.