Investor Presentaiton

Non-GAAP measures - Adjusted Operating Income Adjusted operating income is considered a non-GAAP financial measure under the SEC's rules because it excludes certain charges included in operating income calculated in accordance with GAAP. Management believes that adjusted operating income is a meaningful measure to share with investors because it best allows comparison of the performance with that of the comparable period. In addition, adjusted operating income affords investors a view of what management considers Walmart's core earnings performance and the ability to make a more informed assessment of such core earnings performance as compared with that of the prior year. When we refer to adjusted operating income in constant currency, this means adjusted operating results without the impact of the currency exchange rate fluctuations. The disclosure of constant currency amounts or results permits investors to better understand Walmart's underlying performance without the effects of currency exchange rate fluctuations. The table below reflects the calculation of adjusted operating income and adjusted operating income in constant currency, when applicable, for the trailing five quarters. Three Months Ended (Dollars in millions) Q2 FY23 Q2 FY22 Q3 FY23 Q3 FY22 Q4 FY23 Q4 FY22 Q1 FY24 Q1 FY23 Q2 FY24 Q2 FY23 Operating income: Operating income, as reported $ 6,854 $ 7,354 $ 2,695 $ 5,792 $ Business reorganization and restructuring charges¹ 5,561 $ 849 5,887 108 $ 6,240 $ 5,318 $ 7,316 $ 6,854 - Opioid legal charges² 3,325 93 Adjusted operating income $ 6,854 7,354 $ 6,020 5,792 $ 6,410 Percent change³ -6.8% NP Currency exchange rate fluctuations $ 62 +3.9% 38 NP +6.9% 5,995 NP $ 6,240 $ +17.3% 5,318 $ 7,409 NP +8.1% 6,854 NP (39) (72) (124) $ Adjusted operating income, constant currency Percent change³ $ 6,916 $ -6.0% 7,354 $ NP 6,058 $ +4.6% 5,792 $ NP 6,371 $ +6.3% 5,995 $ 6,168 $ 5,318 $ 7,285 $ 6,854 NP +16.0% NP +6.3% NP 'Business reorganization and restructuring charges in the fourth quarter of fiscal 2023 primarily relate to compensation expenses incurred in connection with the strategic decisions made in the Walmart International segment. Business restructuring charges in the fourth quarter of fiscal 2022 primarily consist of severance and store closure related costs due to strategic decisions made in the Walmart International segment. Recorded in Corporate and support. 3 Change versus prior year comparable period. NP not provided

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