Non-GAAP Measures

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Return on Investment and Return on Average Assets

In various written and oral releases or presentations to analysts, investors and/or shareholders, management may, from time to time, refer to return on investment (ROI) and return on average assets (ROA).

Management believes return on investment is a meaningful metric to share because it helps investors assess how effectively Walmart is deploying its assets. Trends in ROI can fluctuate over time as management balances long-term potential strategic initiatives with any possible short-term impacts.

View calculations of ROI/ROA

Free Cash Flow

We define free cash flow as net cash provided by operating activities of continuing operations in the period minus payments for property and equipment made in the period.

View calculations of annual free cash flow

View 2013 Annual Report FCF Reconciliation

2013 Annual Report FCF Reconciliation