For FY2025, calculate and compare the Fixed Charge Coverage Ratio (EBITDAR ÷ total fixed charges = interest expense plus fixed operating lease cost) for TGT and WMT, using operating lease cost excluding short-term and variable components. Which demonstrates stronger coverage, and by how much?

# TGT - Income Statement (Annual)

**Showing 1 periods** (most recent first)

{
  "periods": [
    "FY2025"
  ],
  "metrics": {
    "revenues": [
      106566000000
    ],
    "cogs": [
      76502000000
    ],
    "gross_profit": [
      30064000000
    ],
    "rnd_exps": [
      null
    ],
    "sga_exps": [
      21969000000
    ],
    "ttl_oper_exps": [
      98471000000
    ],
    "oper_inc": [
      5566000000
    ],
    "interest_expense": [
      411000000
    ],
    "net_income": [
      4091000000
    ],
    "eps_diluted": [
      8.86
    ],
    "shares_diluted": [
      461800000
    ],
    "gross_margin": [
      0.28211624720830286
    ],
    "oper_margin": [
      0.052230542574554735
    ],
    "net_margin": [
      0.03838935495373759
    ]
  }
}

# TGT - Cash Flow Statement (Annual)

**Showing 1 periods** (most recent first)

{
  "periods": [
    "FY2025"
  ],
  "metrics": {
    "net_cf_ops": [
      7367000000
    ],
    "deprec_amort": [
      2981000000
    ],
    "stock_comp": [
      304000000
    ],
    "defer_inc_taxes_cf": [
      -180000000
    ],
    "chg_working_cap": [
      -154000000
    ],
    "chg_accs_recvb": [
      null
    ],
    "chg_inventory": [
      -854000000
    ],
    "chg_accs_payb": [
      1008000000
    ],
    "oper_other_cf": [
      null
    ],
    "capex": [
      -2891000000
    ],
    "fcf": [
      4476000000
    ],
    "fcf_margin": [
      0.04200213951917122
    ],
    "dividends_paid": [
      -2080000000
    ],
    "dividends_per_share": [
      4.46
    ],
    "dividend_payout_ratio": [
      0.5084331459300905
    ],
    "stock_repurch": [
      -1007000000
    ],
    "net_cf_inv": [
      -2860000000
    ],
    "net_cf_fin": [
      -3550000000
    ],
    "change_in_cash": [
      null
    ]
  }
}

**Next:** Use compare_companies() for peer benchmarking, get_filing_index() for a qualitative signal map, or get_stock_price() for the share-price / return leg of a valuation.

# WMT - Income Statement (Annual)

**Showing 1 periods** (most recent first)

{
  "periods": [
    "FY2025"
  ],
  "metrics": {
    "revenues": [
      680985000000
    ],
    "cogs": [
      511753000000
    ],
    "gross_profit": [
      169232000000
    ],
    "rnd_exps": [
      null
    ],
    "sga_exps": [
      139884000000
    ],
    "ttl_oper_exps": [
      651637000000
    ],
    "oper_inc": [
      29348000000
    ],
    "interest_expense": [
      2249000000
    ],
    "net_income": [
      19436000000
    ],
    "eps_diluted": [
      2.41
    ],
    "shares_diluted": [
      8081000000
    ],
    "gross_margin": [
      0.24851061330278934
    ],
    "oper_margin": [
      0.04309639713062696
    ],
    "net_margin": [
      0.028541010448100913
    ]
  }
}

# WMT - Cash Flow Statement (Annual)

**Showing 1 periods** (most recent first)

{
  "periods": [
    "FY2025"
  ],
  "metrics": {
    "net_cf_ops": [
      36443000000
    ],
    "deprec_amort": [
      12973000000
    ],
    "stock_comp": [
      2800000000
    ],
    "defer_inc_taxes_cf": [
      -663000000
    ],
    "chg_working_cap": [
      3228000000
    ],
    "chg_accs_recvb": [
      null
    ],
    "chg_inventory": [
      null
    ],
    "chg_accs_payb": [
      3228000000
    ],
    "oper_other_cf": [
      null
    ],
    "capex": [
      -23783000000
    ],
    "fcf": [
      12660000000
    ],
    "fcf_margin": [
      0.018590717857221526
    ],
    "dividends_paid": [
      -6688000000
    ],
    "dividends_per_share": [
      0.83
    ],
    "dividend_payout_ratio": [
      0.3441037250463058
    ],
    "stock_repurch": [
      -4494000000
    ],
    "net_cf_inv": [
      -21379000000
    ],
    "net_cf_fin": [
      -14822000000
    ],
    "change_in_cash": [
      null
    ]
  }
}

**Next:** Use compare_companies() for peer benchmarking, get_filing_index() for a qualitative signal map, or get_stock_price() for the share-price / return leg of a valuation.

No FY2025 filing resolved for TGT (section "footnote_leases").

Period selection uses the XBRL period index (annual = FY, quarters = Q1/Q2/Q3) and does not cover DEF 14A or non-XBRL forms. Use `list_filings("TGT")` to find the exact accession, then pass `accession_number=`; or use `vantage_date="YYYY-MM-DD"` for point-in-time retrieval.

*Keyword "operating lease cost short-term variable" matched no chunks in section "footnote_leases". Showing full section (1 chunk) for browse — try a broader term or drop the query entirely. If you're looking for a specific financial line-item or disaggregated component (e.g. cost-of-sales sub-items, depreciation, segment figures), it may be XBRL-tagged rather than in the prose — try: `get_xbrl_facts("WMT", search="operating lease cost short-term variable")`.*

# WMT — footnote_leases
10-K FY FY2025 (filed 2025-03-14)
Latest 10-K for WMT
~197 words | Chunks 1-1 of 1

[WMT | 10-K FY 2025 | Leases | Chunk 1/1]

For any new or modified lease, the Company, at the inception of the contract, determines whether a contract is or contains a lease. The Company records right-of-use ("ROU") assets and lease obligations for its finance and operating leases, which are initially recognized based on the discounted future lease payments over the term of the lease. If the rate implicit in the Company's leases is not readily determinable, the Company's applicable incremental borrowing rate is used in calculating the present value of the sum of the lease payments.

Lease term is defined as the non-cancelable period of the lease plus any options to extend or terminate the lease when it is reasonably certain that the Company will exercise the option. The Company has elected not to recognize ROU asset and lease obligations for its short-term leases, which are defined as leases with an initial term of 12 months or less.

For a majority of all classes of underlying assets, the Company has elected to not separate lease from non-lease components. For leases in which the lease and non-lease components have been combined, the variable lease expense includes expenses such as common area maintenance, utilities and repairs and maintenance.

---
SEC Filing: sec.gov/…↗⧉
Accession: 0000104169-25-000021
Citation: mdck://WMT/0000104169-25-000021/footnote_leases#c0

End of section.

**Other sections in this filing:**
- `accountant_changes` (Changes in and Disagreements with Accountants) — ~13 words
- `business_description` (Business Description) — ~5,918 words
- `controls_procedures` (Controls and Procedures) — ~577 words
- `cybersecurity` (Cybersecurity) — ~1,050 words
- `footnote_accounting_policies` (Summary of Significant Accounting Policies) — ~5,273 words
- `footnote_business_combinations` (Business Combinations) — ~9,033 words
- `footnote_cash_investments` (Cash and Investments) — ~2,768 words
- `footnote_commitments` (Commitments and Contingencies) — ~2,401 words
- `footnote_debt` (Debt and Credit Facilities) — ~215 words
- `footnote_derivatives` (Derivative Financial Instruments) — ~21 words
- `footnote_eps` (Earnings Per Share) — ~205 words
- `footnote_fair_value` (Fair Value Measurements) — ~837 words
- `footnote_goodwill` (Goodwill and Intangible Assets) — ~244 words
- `footnote_income_tax` (Income Taxes) — ~149 words
- `footnote_inventory` (Inventories) — ~161 words
- `footnote_pension` (Pension and Post-Retirement Benefits) — ~132 words
- `footnote_ppe` (Property, Plant and Equipment) — ~150 words
- `footnote_restructuring` (Restructuring and Related Charges) — ~12,813 words
- `footnote_revenue` (Revenue Recognition) — ~193 words
- `footnote_segment` (Segment Information) — ~94 words
- `footnote_stock_comp` (Stock-Based Compensation) — ~268 words
- `footnote_subsequent_events` (Subsequent Events) — ~109 words
- `footnotes_introduction` (Notes to Financial Statements - Introduction) — ~1,917 words
- `legal_proceedings` (Legal Proceedings) — ~27 words
- `market_equity` (Market for Common Equity) — ~440 words
- `market_risk` (Market Risk Disclosures) — ~902 words
- `mda_full` (Management's Discussion and Analysis) — ~9,248 words
- `mine_safety` (Mine Safety Disclosures) — ~7 words
- `other_information_10k` (Other Information (10-K)) — ~74 words
- `properties` (Properties) — ~387 words
- `risk_factors` (Risk Factors) — ~16 words
- `unresolved_staff_comments` (Unresolved Staff Comments) — ~5 words

_Drill in via `get_filing_section(cik="0000104169", accession_number="0000104169-25-000021", section_id="...")`._

# TARGET CORP (TGT) — SEC Filings

**2 filings** found

## 10-K — FY (filed 2025-03-12)
Accession: 0000027419-25-000018 | 50 sections | 116 tables

## 10-K — FY (filed 2024-03-13)
Accession: 0000027419-24-000032 | 48 sections | 112 tables

**Tip:** Use `get_filing_section` with a section_id and accession_number above to read section content.

*No exact match for "operating lease cost short-term variable fixed" in section "mda_full". Showing the 1 most relevant chunk of 16 (ranked by term overlap) — drop the query to browse the full section, or refine it. If you're looking for a specific financial line-item or disaggregated component (e.g. cost-of-sales sub-items, depreciation, segment figures), it may be XBRL-tagged rather than in the prose — try: `get_xbrl_facts("WMT", search="operating lease cost short-term variable fixed")`.*

# WMT — mda_full
10-Q Q3 FY2026 (filed 2025-12-03)
Latest 10-Q for WMT
~9,568 words | Chunks 1-1 of 16

[WMT | 10-Q Q3 2026 | Management's Discussion and Analysis | Chunk 3/16]

(1)
Gross profit defined as net sales less cost of sales.
Gross profit as a percentage of net sales ("gross profit rate") increased 2 and 6 basis points for the three and nine months ended October 31, 2025, respectively, when compared to the same periods in the previous fiscal year. The increases were primarily due to the Walmart U.S. segment, driven by disciplined inventory management and growth in higher margin businesses, partially offset by mix shifts into lower margin merchandise categories and the timing of Flipkart's The Big Billion Days ("BBD") sales event in the Walmart International segment, which primarily occurred in the fourth quarter of fiscal 2025 but mostly shifted to the third quarter of fiscal 2026. Additionally, the increases were partially offset by ongoing channel and format mix shifts in the Walmart International segment.
Operating expenses as a percentage of net sales increased 28 and 33 basis points for the three and nine months ended October 31, 2025, respectively, when compared to the same periods in the previous fiscal year, primarily driven by a charge of $0.7 billion related to modification of certain share-based compensation arrangements for our PhonePe subsidiary. The increase for the nine months ended October 31, 2025 was also impacted by higher self-insured general liability claims expense in the U.S. of approximately $0.8 billion, influenced by rising costs to resolve claims across retail and related industries.
Operating income as a percentage of net sales decreased 22 and 26 basis points for the three and nine months ended October 31, 2025, respectively, primarily due to the factors described above.
20
Table of Contents
Returns
As we execute our financial framework, we believe our return on capital will improve over time. We measure return on capital with our return on investment and free cash flow metrics. In addition, we provide returns in the form of share repurchases and dividends, which are discussed in the
Liquidity and Capital Resources
section.
Return on Assets and Return on Investment
We include Return on Assets ("ROA") and Return on Investment ("ROI") as metrics to assess our return on capital. ROA is the most directly comparable measure based on our financial statements presented in accordance with generally accepted accounting principles in the U.S. ("GAAP") while ROI is considered a non-GAAP financial measure. Management believes ROI is a meaningful metric to share with investors because it helps investors assess how effectively Walmart deploys its assets. Trends in ROI can fluctuate over time as management balances long-term strategic initiatives with possible short-term impacts.
Our calculation of ROI is considered a non-GAAP financial metric because we calculate ROI using financial measures that exclude and include amounts that are included and excluded in ROA, the most directly comparable GAAP financial measure. ROA is consolidated net income for the period divided by average total assets for the period. We define ROI as operating income plus interest income, depreciation and amortization, and rent expense for the trailing 12 months divided by average invested capital during that period. We consider average invested capital to be the average of our beginning and ending total assets, plus average accumulated depreciation and amortization, less average accounts payable and averaged accrued liabilities for that period. Although ROI is a standard financial measure, numerous methods exist for calculating a company's ROI. As a result, the method used by management to calculate our ROI may differ from the methods used by other companies to calculate their ROI.
The calculation of ROA and ROI, along with a reconciliation of ROI to the calculation of ROA, the most comparable GAAP financial measure, is as follows:

---
SEC Filing: sec.gov/…↗⧉
MetricDuck Viewer: viewer.metricduck.com/…#section-mda_full↗⧉
Accession: 0000104169-25-000191
Citation: mdck://WMT/0000104169-25-000191/mda_full#c2

**Other sections in this filing:**
- `controls_procedures` (Controls and Procedures) — ~419 words
- `footnote_accounting_policies` (Summary of Significant Accounting Policies) — ~233 words
- `footnote_business_combinations` (Business Combinations) — ~162 words
- `footnote_cash_investments` (Cash and Investments) — ~142 words
- `footnote_commitments` (Commitments and Contingencies) — ~809 words
- `footnote_debt` (Debt and Credit Facilities) — ~240 words
- `footnote_derivatives` (Derivative Financial Instruments) — ~21 words
- `footnote_eps` (Earnings Per Share) — ~227 words
- `footnote_fair_value` (Fair Value Measurements) — ~869 words
- `footnote_income_tax` (Income Taxes) — ~103 words
- `footnote_leases` (Leases) — ~1,324 words
- `footnote_ppe` (Property, Plant and Equipment) — ~28 words
- `footnote_restructuring` (Restructuring and Related Charges) — ~5,318 words
- `footnote_revenue` (Revenue Recognition) — ~127 words
- `footnote_segment` (Segment Information) — ~1,884 words
- `footnote_stock_comp` (Stock-Based Compensation) — ~108 words
- `footnote_subsequent_events` (Subsequent Events) — ~237 words
- `legal_proceedings` (Legal Proceedings) — ~2,485 words
- `market_risk` (Market Risk Disclosures) — ~10 words
- `other_information_10q` (Other Information (10-Q)) — ~2,371 words
- `risk_factors` (Risk Factors) — ~7 words

_Drill in via `get_filing_section(cik="0000104169", accession_number="0000104169-25-000191", section_id="...")`._
---
## Matching Tables

**Calendar comparable sales, as well as the impact of fuel, for the three and nine months ended October 31, 2025 and 2024, were as follows:**

# TGT — table_lease_costs
10-K FY FY2024 (filed 2025-03-12)
~288 words | Chunks 1-1 of 1

[TGT | 10-K FY 2024 | Lease Costs Schedule | Chunk 1/1]

(a)2024, 2023, and 2022 include $132 million, $115 million, and $101 million, respectively, of short-term and variable lease costs.
(b)Supply chain-related amounts are included in Cost of Sales.
(c)Sublease income excludes rental income from owned properties of $48 million in 2024, and $49 million for each of 2023 and 2022, which is also included in Net Sales.

---
SEC Filing: sec.gov/…↗⧉
MetricDuck Viewer: viewer.metricduck.com/…#section-table_lease_costs↗⧉
Accession: 0000027419-25-000018
Citation: mdck://TGT/0000027419-25-000018/table_lease_costs#c0

End of section.

**Other sections in this filing:**
- `accountant_changes` (Changes in and Disagreements with Accountants) — ~15 words
- `business_description` (Business Description) — ~5,622 words
- `controls_procedures` (Controls and Procedures) — ~286 words
- `cybersecurity` (Cybersecurity) — ~1,093 words
- `footnote_accounting_policies` (Summary of Significant Accounting Policies) — ~243 words
- `footnote_business_combinations` (Business Combinations) — ~121 words
- `footnote_cash_investments` (Cash and Investments) — ~311 words
- `footnote_commitments` (Commitments and Contingencies) — ~427 words
- `footnote_debt` (Debt and Credit Facilities) — ~823 words
- `footnote_derivatives` (Derivative Financial Instruments) — ~615 words
- `footnote_eps` (Earnings Per Share) — ~386 words
- `footnote_fair_value` (Fair Value Measurements) — ~702 words
- `footnote_income_tax` (Income Taxes) — ~1,871 words
- `footnote_inventory` (Inventories) — ~199 words
- `footnote_leases` (Leases) — ~1,936 words
- `footnote_pension` (Pension and Post-Retirement Benefits) — ~3,687 words
- `footnote_ppe` (Property, Plant and Equipment) — ~313 words
- `footnote_revenue` (Revenue Recognition) — ~1,202 words
- `footnote_segment` (Segment Information) — ~643 words
- `footnote_stock_comp` (Stock-Based Compensation) — ~1,167 words
- `footnotes_introduction` (Notes to Financial Statements - Introduction) — ~53 words
- `legal_proceedings` (Legal Proceedings) — ~344 words
- `market_equity` (Market for Common Equity) — ~983 words
- `market_risk` (Market Risk Disclosures) — ~34 words
- `mda` (Results of Operations) — ~3,474 words
- `mda_critical_accounting`
- `mda_full` (Management's Discussion and Analysis) — ~39,303 words
- `mda_liquidity`
- `mda_non_gaap` (Non-GAAP Financial Measures)
- `mda_outlook`
- `mda_results_operations` (Results of Operations)
- `mine_safety` (Mine Safety Disclosures) — ~56 words
- `other_information_10k` (Other Information (10-K)) — ~100 words
- `policy_cash_equivalents` (Cash and Cash Equivalents Policy) — ~45 words
- `policy_consolidation` (Consolidation Policy) — ~27 words
- `policy_derivatives` (Derivatives Policy) — ~45 words
- `policy_fair_value` (Fair Value Measurement Policy) — ~53 words
- `policy_leases` (Leases Policy) — ~243 words
- `policy_ppe` (Property, Plant and Equipment Policy) — ~124 words
- `policy_revenue_recognition` (Revenue Recognition Policy) — ~555 words
- `properties` (Properties) — ~307 words
- `risk_factors` (Risk Factors) — ~7,159 words
- `signature_officers` (Signatures (Executive Officers)) — ~425 words
- `table_contract_assets` (Contract Assets and Liabilities) — ~78 words
- `table_deferred_taxes` (Deferred Tax Assets and Liabilities) — ~235 words
- `table_fair_value` (Fair Value Measurements Schedule) — ~277 words
- `table_revenue_disaggregation` (Revenue Disaggregation) — ~312 words
- `table_segment_reporting` (Segment Reporting Schedule) — ~270 words
- `unresolved_staff_comments` (Unresolved Staff Comments) — ~523 words

_Drill in via `get_filing_section(cik="0000027419", accession_number="0000027419-25-000018", section_id="...")`._

# WMT — footnote_leases
10-K FY FY2025 (filed 2025-03-14)
~197 words | Chunks 1-1 of 1

[WMT | 10-K FY 2025 | Leases | Chunk 1/1]

For any new or modified lease, the Company, at the inception of the contract, determines whether a contract is or contains a lease. The Company records right-of-use ("ROU") assets and lease obligations for its finance and operating leases, which are initially recognized based on the discounted future lease payments over the term of the lease. If the rate implicit in the Company's leases is not readily determinable, the Company's applicable incremental borrowing rate is used in calculating the present value of the sum of the lease payments.

Lease term is defined as the non-cancelable period of the lease plus any options to extend or terminate the lease when it is reasonably certain that the Company will exercise the option. The Company has elected not to recognize ROU asset and lease obligations for its short-term leases, which are defined as leases with an initial term of 12 months or less.

For a majority of all classes of underlying assets, the Company has elected to not separate lease from non-lease components. For leases in which the lease and non-lease components have been combined, the variable lease expense includes expenses such as common area maintenance, utilities and repairs and maintenance.

---
SEC Filing: sec.gov/…↗⧉
Accession: 0000104169-25-000021
Citation: mdck://WMT/0000104169-25-000021/footnote_leases#c0

End of section.

**Other sections in this filing:**
- `accountant_changes` (Changes in and Disagreements with Accountants) — ~13 words
- `business_description` (Business Description) — ~5,918 words
- `controls_procedures` (Controls and Procedures) — ~577 words
- `cybersecurity` (Cybersecurity) — ~1,050 words
- `footnote_accounting_policies` (Summary of Significant Accounting Policies) — ~5,273 words
- `footnote_business_combinations` (Business Combinations) — ~9,033 words
- `footnote_cash_investments` (Cash and Investments) — ~2,768 words
- `footnote_commitments` (Commitments and Contingencies) — ~2,401 words
- `footnote_debt` (Debt and Credit Facilities) — ~215 words
- `footnote_derivatives` (Derivative Financial Instruments) — ~21 words
- `footnote_eps` (Earnings Per Share) — ~205 words
- `footnote_fair_value` (Fair Value Measurements) — ~837 words
- `footnote_goodwill` (Goodwill and Intangible Assets) — ~244 words
- `footnote_income_tax` (Income Taxes) — ~149 words
- `footnote_inventory` (Inventories) — ~161 words
- `footnote_pension` (Pension and Post-Retirement Benefits) — ~132 words
- `footnote_ppe` (Property, Plant and Equipment) — ~150 words
- `footnote_restructuring` (Restructuring and Related Charges) — ~12,813 words
- `footnote_revenue` (Revenue Recognition) — ~193 words
- `footnote_segment` (Segment Information) — ~94 words
- `footnote_stock_comp` (Stock-Based Compensation) — ~268 words
- `footnote_subsequent_events` (Subsequent Events) — ~109 words
- `footnotes_introduction` (Notes to Financial Statements - Introduction) — ~1,917 words
- `legal_proceedings` (Legal Proceedings) — ~27 words
- `market_equity` (Market for Common Equity) — ~440 words
- `market_risk` (Market Risk Disclosures) — ~902 words
- `mda_full` (Management's Discussion and Analysis) — ~9,248 words
- `mine_safety` (Mine Safety Disclosures) — ~7 words
- `other_information_10k` (Other Information (10-K)) — ~74 words
- `properties` (Properties) — ~387 words
- `risk_factors` (Risk Factors) — ~16 words
- `unresolved_staff_comments` (Unresolved Staff Comments) — ~5 words

_Drill in via `get_filing_section(cik="0000104169", accession_number="0000104169-25-000021", section_id="...")`._

*No exact match for "operating lease cost short-term variable" in section "footnote_accounting_policies". Showing the 4 most relevant chunks of 11 (ranked by term overlap) — drop the query to browse the full section, or refine it. If you're looking for a specific financial line-item or disaggregated component (e.g. cost-of-sales sub-items, depreciation, segment figures), it may be XBRL-tagged rather than in the prose — try: `get_xbrl_facts("WMT", search="operating lease cost short-term variable")`.*

# WMT — footnote_accounting_policies
10-K FY FY2025 (filed 2025-03-14)
~7,139 words | Chunks 1-4 of 11

[WMT | 10-K FY 2025 | Summary of Significant Accounting Policies | Chunk 2/11]

General
Walmart Inc. ("Walmart" or the "Company") is a people-led, technology-powered omni-channel retailer dedicated to helping people around the world save money and live better by providing the opportunity to shop in both retail stores and through eCommerce. Through innovation, the Company is striving to continuously improve a customer-centric experience that seamlessly integrates eCommerce and retail stores in an omni-channel offering that saves time for its customers.
The Company's operations comprise
three
reportable segments: Walmart U.S., Walmart International and Sam's Club U.S.
Principles of Consolidation
The Consolidated Financial Statements include the accounts of Walmart and its subsidiaries as of and for the fiscal years ended January 31, 2025 ("fiscal 2025"), January 31, 2024 ("fiscal 2024") and January 31, 2023 ("fiscal 2023"). Intercompany accounts and transactions have been eliminated in consolidation. The Company consolidates variable interest entities where it has been determined that the Company is the primary beneficiary of those entities' operations. Investments in common stock or in-substance common stock for which the Company exercises significant influence but does not have control are accounted for under the equity method. These variable interest entities and equity method investments are immaterial to the Company's Consolidated Financial Statements.
The Company's Consolidated Financial Statements are based on a fiscal year ending on January 31 for the United States ("U.S.") and Canadian operations. The Company consolidates all other operations generally using a one-month lag and based on a calendar year. There were no significant intervening events during the month of January 2025 related to the operations consolidated using a lag that materially affected the Consolidated Financial Statements.
Use of Estimates
The Consolidated Financial Statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP"). Those principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities. Management's estimates and assumptions also affect the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.
Common Stock Split
On February 23, 2024, the Company effected a
3
-for-1 forward split of its common stock and a proportionate increase in the number of authorized shares. All share and per share information, including share based compensation, has been retroactively adjusted to reflect the stock split. The shares of common stock retain a par value of $
0.10
per share. Accordingly, an amount equal to the par value of the increased shares resulting from the stock split was reclassified from capital in excess of par value to common stock.
Cash and Cash Equivalents
The Company considers investments with a maturity when purchased of three months or less to be cash equivalents. All credit card, debit card and electronic transfer transactions that process in less than seven days are classified as cash and cash equivalents. The amounts due from banks for these transactions classified as cash and cash equivalents totaled $
2.3
billion and $
2.1
billion as of January 31, 2025 and 2024, respectively.
The Company's cash balances are held in various locations around the world. Of the Company's $
9.0
billion and $
9.9
billion in cash and cash equivalents as of January 31, 2025 and January 31, 2024, approximately
62
% and
60
% were held outside of the U.S., respectively. Cash and cash equivalents held outside of the U.S. are generally utilized to support liquidity needs in the Company's non-U.S. operations.
The Company uses intercompany financing arrangements in an effort to ensure cash can be made available in the country in which it is needed with the minimum cost possible.
As of January 31, 2025 and 2024, cash and cash equivalents of approximately $
3.3
billion and $
3.5
billion, respectively, may not be freely transferable to the U.S. due to local laws, other restrictions or are subject to the approval of the noncontrolling interest shareholders.

[WMT | 10-K FY 2025 | Summary of Significant Accounting Policies | Chunk 4/11]

[XBRL Context: This table contains financial data including property plant and equipment gross, accumulated depreciation depletion and amortization property plant and equipment, property plant and equipment net. Land: 19,342 (raw: 19342000000.0, concept: us-gaap:PropertyPlantAndEquipmentGross). Buildings and improvements: 117,973 (raw: 117973000000.0, concept: us-gaap:PropertyPlantAndEquipmentGross). Fixtures and equipment: 76,226 (raw: 76226000000.0, concept: us-gaap:PropertyPlantAndEquipmentGross). Transportation equipment: 2,673 (raw: 2673000000.0, concept: us-gaap:PropertyPlantAndEquipmentGross). Construction in progress: 15,403 (raw: 15403000000.0, concept: us-gaap:PropertyPlantAndEquipmentGross). Property and equipment: 231,617 (raw: 231617000000.0, concept: us-gaap:PropertyPlantAndEquipmentGross). Accumulated depreciation: 111,624 (raw: 111624000000.0, concept: us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment). Property and equipment, net: 119,993 (raw: 119993000000.0, concept: us-gaap:PropertyPlantAndEquipmentNet). ]
Leasehold improvements are depreciated or amortized over the shorter of the estimated useful life of the asset or the remaining expected lease term.
Total depreciation and amortization expense for property and equipment, property under finance leases and intangible assets for fiscal 2025, 2024 and 2023 was $
13.0
billion, $
11.9
billion and $
10.9
billion, respectively.
Leases
For any new or modified lease, the Company, at the inception of the contract, determines whether a contract is or contains a lease. The Company records right-of-use ("ROU") assets and lease obligations for its finance and operating leases, which are initially recognized based on the discounted future lease payments over the term of the lease. If the rate implicit in the Company's leases is not readily determinable, the Company's applicable incremental borrowing rate is used in calculating the present value of the sum of the lease payments.
Lease term is defined as the non-cancelable period of the lease plus any options to extend or terminate the lease when it is reasonably certain that the Company will exercise the option. The Company has elected not to recognize ROU asset and lease obligations for its short-term leases, which are defined as leases with an initial term of 12 months or less.
For a majority of all classes of underlying assets, the Company has elected to not separate lease from non-lease components. For leases in which the lease and non-lease components have been combined, the variable lease expense includes expenses such as common area maintenance, utilities and repairs and maintenance.

[WMT | 10-K FY 2025 | Summary of Significant Accounting Policies | Chunk 7/11]

2023, respectively, primarily due to net changes in the underlying stock prices of those investments. Refer to
Note 8
for details. Equity investments without readily determinable fair values are carried at cost and adjusted for any observable price changes or impairments within other gains and losses in the Consolidated Statements of Income.
Investments in debt securities classified as trading are reported at fair value and included in other long-term assets in the Consolidated Balance Sheets, and adjustments in fair value are recorded within other gains and losses in the Consolidated Statements of Income. The Company had debt securities classified as trading of $
1.2
billion as of both January 31, 2025 and January 31, 2024, the majority of which is mandatorily redeemable in fiscal 2029, related to its retained investment in Asda, the Company's former retail operations in the U.K. The fair value of this investment is primarily estimated (generally using Level 3 inputs in the fair value hierarchy) by discounting the future cash flows over the remaining period until the mandatory redemption date at an appropriate discount rate reflecting Asda’s credit risk.
Indemnification Liabilities
The Company has provided certain indemnifications in connection with previous divestitures and has recorded indemnification liabilities equal to the estimated fair value of the obligations.
As of January 31, 2025 and January 31, 2024, the Company had $
0.6
billion and $
0.7
billion, respectively, of certain legal indemnification liabilities recorded within deferred income taxes and other in the Consolidated Balance Sheets. Maximum potential future payments under these indemnities was $
3.1
billion, based on exchange rates as of January 31, 2025.
Supplier Financing Program Obligations
The Company has supplier financing programs with financial institutions, in which the Company agrees to pay the financial institution the stated amount of confirmed invoices on the invoice due date for participating suppliers. Participation in these programs is optional and solely up to the supplier, who negotiates the terms of the arrangement directly with the financial institution and may allow early payment. Supplier participation in these programs has no bearing on the Company's amounts due. The payment terms that the Company has with participating suppliers under these programs generally range between
30
and
90
days. The Company does not have an economic interest in a supplier's participation in the program or a direct financial relationship with the financial institution funding the program. The Company is responsible for ensuring that participating financial institutions are paid according to the terms negotiated with the supplier, regardless of whether the supplier elects to receive early payment from the financial institution
.
The rollforward of the Company's outstanding payment obligations to financial institutions under these programs is as follows:
| (Amounts in millions) |  | Fiscal 2025 |
| Confirmed obligations outstanding at the beginning of the year |  | $5,271 |
| Invoices confirmed during the year |  | 41,335 |
| Confirmed invoices paid during the year |  | (40,810) |
| Translation and other |  | (71) |
| Confirmed obligations outstanding at the end of the year |  | $5,725 |

[WMT | 10-K FY 2025 | Summary of Significant Accounting Policies | Chunk 9/11]

Derivatives
The Company uses derivatives for hedging purposes to manage its exposure to changes in interest and currency exchange rates, as well as to maintain an appropriate mix of fixed- and variable-rate debt. Use of derivatives in hedging programs subjects the Company to certain risks, such as market and credit risks. The Company may be exposed to credit-related losses in the event of nonperformance by its counterparties to derivatives. Credit risk is monitored through established approval procedures, including setting concentration limits by counterparty, reviewing credit ratings and requiring collateral from the counterparty. The Company enters into derivatives with counterparties rated generally "A-" or better by nationally recognized credit rating agencies. The Company is subject to master netting arrangements which provides set-off and close-out netting of exposures with counterparties, but the Company does not offset derivative assets and liabilities in its Consolidated Balance Sheets. The Company's collateral arrangements require the counterparty in a net liability position in excess of pre-determined thresholds, after considering the effects of netting arrangements, to pledge cash collateral. Cash collateral received from counterparties and cash collateral provided to counterparties under these arrangements was not significant as of January 31, 2025 and 2024.
In order to qualify for hedge accounting, at the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction, as well as its designation of the hedge. If a derivative is recorded using hedge accounting, depending on the nature of the hedge, derivative gains and losses are recorded through the same financial statement line item in earnings or are recognized in accumulated other comprehensive loss until the hedged item is recognized in earnings. Derivatives that do not meet the criteria for hedge accounting, or contracts for which the Company has not elected hedge accounting, are recorded at fair value with unrealized gains or losses reported in earnings. Derivatives with an unrealized gain are recorded in the Company's Consolidated Balance Sheets as either current or non-current assets, based on maturity date, and derivatives with an unrealized loss are recorded as either current or non-current liabilities, based on maturity date. Refer to
Note 8
for the presentation of the Company's derivative assets and liabilities.
Fair Value Hedges
The Company is a party to receive fixed-rate, pay variable-rate interest rate swaps that the Company uses to hedge the fair value of fixed-rate debt. All interest rate swaps designated as fair value hedges of the related long-term debt meet the shortcut method requirements under GAAP. Accordingly, changes in the fair values of these interest rate swaps are considered to exactly offset changes in the fair value of the underlying long-term debt. These derivatives will mature on dates ranging from September 2028 to September 2031.
Cash Flow Hedges
The Company is a party to receive fixed-rate, pay fixed-rate cross currency interest rate swaps used to hedge the currency exposure associated with the forecasted payments of principal and interest of certain non-U.S. denominated debt. The Company records changes in the fair value of these swaps in accumulated other comprehensive loss which is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. These derivatives will mature on dates ranging from April 2026 to January 2039.
Income Taxes
Income taxes are accounted for under the balance sheet method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases ("temporary differences"). Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rate is recognized in income in the period that includes the enactment date.
Deferred tax assets are evaluated for future realization and reduced by a valuation allowance to the extent that a portion is not more likely than not to be realized. Many factors are considered when assessing whether it is more likely than not that the deferred tax assets will be realized, including recent cumulative earnings, expectations of future taxable income, carryforward periods, and other relevant quantitative and qualitative factors. The recoverability of the deferred tax assets is evaluated by assessing the adequacy of future expected taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies. These sources of income rely on estimates.
In determining the provision for income taxes, an annual effective income tax rate is used based on annual income, permanent differences between book and tax income, and statutory income tax rates. Discrete events such as audit settlements or changes in tax laws are recognized in the period in which they occur.
The Company records a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The Company records interest and penalties related to unrecognized tax benefits in interest expense and operating, selling, general and administrative expenses, respectively, in the Company's Consolidated Statements of Income. Refer to
Note 9
for additional income tax disclosures.

---
SEC Filing: sec.gov/…↗⧉
Accession: 0000104169-25-000021
Citation: mdck://WMT/0000104169-25-000021/footnote_accounting_policies#c1

**Other sections in this filing:**
- `accountant_changes` (Changes in and Disagreements with Accountants) — ~13 words
- `business_description` (Business Description) — ~5,918 words
- `controls_procedures` (Controls and Procedures) — ~577 words
- `cybersecurity` (Cybersecurity) — ~1,050 words
- `footnote_business_combinations` (Business Combinations) — ~9,033 words
- `footnote_cash_investments` (Cash and Investments) — ~2,768 words
- `footnote_commitments` (Commitments and Contingencies) — ~2,401 words
- `footnote_debt` (Debt and Credit Facilities) — ~215 words
- `footnote_derivatives` (Derivative Financial Instruments) — ~21 words
- `footnote_eps` (Earnings Per Share) — ~205 words
- `footnote_fair_value` (Fair Value Measurements) — ~837 words
- `footnote_goodwill` (Goodwill and Intangible Assets) — ~244 words
- `footnote_income_tax` (Income Taxes) — ~149 words
- `footnote_inventory` (Inventories) — ~161 words
- `footnote_leases` (Leases) — ~198 words
- `footnote_pension` (Pension and Post-Retirement Benefits) — ~132 words
- `footnote_ppe` (Property, Plant and Equipment) — ~150 words
- `footnote_restructuring` (Restructuring and Related Charges) — ~12,813 words
- `footnote_revenue` (Revenue Recognition) — ~193 words
- `footnote_segment` (Segment Information) — ~94 words
- `footnote_stock_comp` (Stock-Based Compensation) — ~268 words
- `footnote_subsequent_events` (Subsequent Events) — ~109 words
- `footnotes_introduction` (Notes to Financial Statements - Introduction) — ~1,917 words
- `legal_proceedings` (Legal Proceedings) — ~27 words
- `market_equity` (Market for Common Equity) — ~440 words
- `market_risk` (Market Risk Disclosures) — ~902 words
- `mda_full` (Management's Discussion and Analysis) — ~9,248 words
- `mine_safety` (Mine Safety Disclosures) — ~7 words
- `other_information_10k` (Other Information (10-K)) — ~74 words
- `properties` (Properties) — ~387 words
- `risk_factors` (Risk Factors) — ~16 words
- `unresolved_staff_comments` (Unresolved Staff Comments) — ~5 words

_Drill in via `get_filing_section(cik="0000104169", accession_number="0000104169-25-000021", section_id="...")`._
---
## Matching Tables

**The following table reflects goodwill activity, by reportable segment, for fiscal 2025 and 2024:**

# WMT — XBRL Facts
**10-K** (period ending 2025-01-31, filed 2025-03-14)
Search: "operating lease cost short-term variable" — 38 matching facts

*No fact matched ALL search terms — showing best partial matches ranked by term overlap. Terms are AND by default; comma-separate alternatives for OR (e.g. "GLPI, VICI").*

Citation (filing-scoped): mdck://xbrl/0000104169/_/2025-01-31
*Per-fact: replace "_" with the concept name (left column) above.*

## Values

## Dimensional Breakdowns

### Cost of sales (CostOfRevenue)

- Consolidation Items: Operating Segments, Business Segment: Walmart US — $336.451B (2025)
- Consolidation Items: Operating Segments, Business Segment: Sam's Club US — $80.035B (2025)
- Consolidation Items: Operating Segments, Business Segment: Walmart International — $95.267B (2025)
- Consolidation Items: Operating Segments, Business Segment: Walmart US — $323.563B (2024)
- Consolidation Items: Operating Segments, Business Segment: Sam's Club US — $76.748B (2024)
- Consolidation Items: Operating Segments, Business Segment: Walmart International — $89.831B (2024)
- Consolidation Items: Operating Segments, Business Segment: Sam's Club US — $75.584B (2023)
- Consolidation Items: Operating Segments, Business Segment: Walmart International — $79.332B (2023)
- Consolidation Items: Operating Segments, Business Segment: Walmart US — $308.805B (2023)

**Tip:** Search the same terms in peer companies for cross-company comparison. Concept names (left column) are reusable across filers using the same taxonomy.

9.843478260869565

9.718885987815492

0.12459227305407339

DigestPayload · 2,098 chars

All figures verified. Here is the full computation:

---

## TGT — FY2025 (ended Feb 1, 2025) — 10-K filed 2025-03-12

**Source data (all from 10-K accession 0000027419-25-000018):**

| Line | Value |
|---|---|
| Operating Income (EBIT) | $5,566M |
| Depreciation & Amortization (cash flow stmt) | $2,981M |
| Total operating lease cost (table_lease_costs, FY2025) | $641M |
| Less: short-term & variable lease costs (footnote a) | $132M |
| **Fixed operating lease cost (rent addback)** | **$509M** |

**EBITDAR = $5,566 + $2,981 + $509 = $9,056M**

| Fixed Charges | Value |
|---|---|
| Interest expense | $411M |
| Fixed operating lease cost | $509M |
| **Total fixed charges** | **$920M** |

**TGT FCCR = $9,056 / $920 = 9.84x**

---

## WMT — FY2025 (ended Jan 31, 2025) — 10-K filed 2025-03-14

**Source data (all from 10-K accession 0000104169-25-000021; OperatingLeaseCost XBRL concept confirmed $2.347B):**

| Line | Value |
|---|---|
| Operating Income (EBIT) | $29,348M |
| Depreciation & Amortization (cash flow stmt) | $12,973M |
| **Fixed operating lease cost (rent addback)** | **$2,347M** |

**EBITDAR = $29,348 + $12,973 + $2,347 = $44,668M**

| Fixed Charges | Value |
|---|---|
| Interest expense | $2,249M |
| Fixed operating lease cost | $2,347M |
| **Total fixed charges** | **$4,596M** |

**WMT FCCR = $44,668 / $4,596 = 9.72x**

---

FINAL ANSWER:
- **TGT FY2025 FCCR:**
  - Fixed operating lease cost: $641M − $132M short-term/variable = $509M
  - EBITDAR = $5,566M (EBIT) + $2,981M (D&A) + $509M (rent) = $9,056M
  - Total fixed charges = $411M (interest) + $509M (rent) = $920M
  - **FCCR = $9,056M ÷ $920M = 9.84x**

- **WMT FY2025 FCCR:**
  - Fixed operating lease cost (OperatingLeaseCost XBRL, net of variable/short-term): $2,347M
  - EBITDAR = $29,348M (EBIT) + $12,973M (D&A) + $2,347M (rent) = $44,668M
  - Total fixed charges = $2,249M (interest) + $2,347M (rent) = $4,596M
  - **FCCR = $44,668M ÷ $4,596M = 9.72x**

- **TGT demonstrates stronger fixed charge coverage**, with a FCCR of **9.84x vs. WMT's 9.72x**, by a margin of **0.12x (approximately 0.1246x)**.