How much do depreciation assumptions change WALMART INC.'s earnings?
Gross property and equipment, depreciation and capital spending, with an alternative useful-life calculator. Cash spending is kept separate.
Depreciation against the asset base
Gross property and equipment of $256.42B against $14.20B of depreciation and amortization implies an average life of about 18.1 years (gross assets ÷ annual charge). The charge includes amortization where the company reports them together.
| Fiscal year | Gross PP&E | Net PP&E | Depreciation & amortization | Implied life (yrs) | Capital expenditure (cash) |
|---|---|---|---|---|---|
| 2021 | $180.57B | $92.20B | $11.15B | 16.2 | $10.26B |
| 2022 | $189.32B | $94.52B | $10.66B | 17.8 | $13.11B |
| 2023 | $202.37B | $100.76B | $10.95B | 18.5 | $16.86B |
| 2024 | $219.86B | $110.81B | $11.85B | 18.5 | $20.61B |
| 2025 | $231.62B | $119.99B | $12.97B | 17.9 | $23.78B |
| 2026 | $256.42B | $136.08B | $14.20B | 18.1 | $26.64B |
10-K filed 2026-03-13 · DepreciationAmortizationAndAccretionNet
Compare an alternative useful life
A 19-year average life gives an annual charge of $13.50B instead of $14.20B. After tax at 21%, net income would be higher by $558.7M. Cash spending ($26.64B) is unchanged.
Straight-line on gross assets, no salvage value; land and construction in progress are not separated. Treat as an order-of-magnitude comparison.