XLU over past 60 days: cumulative return +3.9%, annualized vol 19.2%. Market regime: sideways.

Question:
Asset: XLU
Historical prices (past 60 trading days): start=37.67, end=39.15, cumulative_return=+3.9%, annualized_volatility=19.2%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 320.62, 'unemployment': 4.3, 'gdp_growth_qoq': 23770.976, 't10y2y_spread': 0.51, 't10y3m_spread': 0.12, 'breakeven_10y': 2.32, 'hy_oas': 3.23, 'ig_oas': 0.9, 'ted_spread': 0.09, 'mortgage_30y': 6.86, 'vix': 19.309999465942383}
Market regime: sideways
Recent filing/news:
[SEC 10-Q NVDA 2025-05-28] nvda-20250427 0001045810 1/25 2026 Q1 FALSE http://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrent 385 134 286 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure nvda:segment 0001045810 2025-01-27 2025-04-27 0001045810 2025-05-23 0001045810 2024-01-29 2024-04-28 0001045810 2025-04-27 0001045810 2025-01-26 0001045810 us-gaap:CommonStockMember 2025-01-26 0001045810 us-gaap:AdditionalPaidInCapitalMember 2025-01-26 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-26 0001045810 us-gaap:RetainedEarningsMember 2025-01-26 0001045810 us-gaap:RetainedEarningsMember 2025-01-27 2025-04-27 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-27 2025-04-27 0001045810 us-gaap:CommonStockMember 2025-01-27 2025-04-27 0001045810 us-gaap:AdditionalPaidInCapitalMember 2025-01-27 2025-04-27 0001045810 us-gaap:CommonStockMember 2025-04-27 0001045810 us-gaap:AdditionalPaidInCapitalMember 2025-04-27 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-04-27 0001045810 us-gaap:RetainedEarningsMember 2025-04-27 0001045810 us-gaap:CommonStockMember 2024-01-28 0001045810 us-gaap:AdditionalPaidInCapitalMember 2024-01-28 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-28 0001045810 us-gaap:RetainedEarningsMember 2024-01-28 0001045810 2024-01-28 0001045810 us-gaap:RetainedEarningsMember 2024-01-29 2024-04-28 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-29 2024-04-28 0001045810 us-gaap:CommonStockMember 2024-01-29 2024-04-28 0001045810 us-gaap:AdditionalPaidInCapitalMember 2024-01-29 2024-04-28 0001045810 us-gaap:CommonStockMember 2024-04-28 0001045810 us-gaap:AdditionalPaidInCapitalMember 2024-04-28 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-04-28 0001045810 us-gaap:RetainedEarningsMember 2024-04-28 0001045810 2024-04-28 0001045810 2024-06-01 2024-06-30 0001045810 us-gaap:CostOfSalesMember 2025-01-27 2025-04-27 0001045810 us-gaap:CostOfSalesMember 2024-01-29 2024-04-28 0001045810 us-gaap:ResearchAndDevelopmentExpenseMember 2025-01-27 2025-04-27 0001045810 us-gaap:ResearchAndDevelopmentExpenseMember 2024-01-29 2024-04-28 0001045810 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2025-01-27 2025-04-27 0001045810 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2024-01-29 2024-04-28 0001045810 nvda:RSUsPSUsandMarketbasedPSUsMember 2025-01-26 0001045810 nvda:RSUsPSUsandMarketbasedPSUsMember 2025-01-27 2025-04-27 0001045810 nvda:RSUsPSUsandMarketbasedPSUsMember 2025-04-27 0001045810 us-gaap:EmployeeStockMember 2025-01-27 2025-04-27 0001045810 us-gaap:USTreasurySecuritiesMember 2025-04-27 0001045810 us-gaap:CorporateDebtSecuritiesMember 2025-04-27 0001045810 us-gaap:MoneyMarketFundsMember 2025-04-27 0001045810 us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2025-04-27 0001045810 us-gaap:CertificatesOfDepositMember 2025-04-27 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nvda:MarketableSecuritiesWithFairValueAdjustmentsRecordedInOtherComprehensiveIncomeMember 2025-01-26 0001045810 us-gaap:FairValueInputsLevel1Member nvda:PubliclyHeldEquitySecuritiesMember 2025-01-26 0001045810 us-gaap:FairValueInputsLevel1Member 2025-01-26 0001045810 nvda:PubliclyHeldEquitySecuritiesMember 2025-01-26 0001045810 us-gaap:FairValueInputsLevel1Member us-gaap:MoneyMarketFundsMember 2025-04-27 0001045810 us-gaap:FairValueInputsLevel1Member us-gaap:MoneyMarketFundsMember 2025-01-26 0001045810 us-gaap:FairValueInputsLevel2Member us-gaap:USTreasurySecuritiesMember 2025-04-27 0001045810 us-gaap:FairValueInputsLevel2Member us-gaap:USTreasurySecuritiesMember 2025-01-26 0001045810 us-gaap:FairValueInputsLevel2Member us-gaap:CorporateDebtSecuritiesMember 2025-04-27 0001045810 us-gaap:FairValueInputsLevel2Member us-gaap:CorporateDebtSecuritiesMember 2025-01-26 0001045810 us-gaap:FairValueInputsLevel2Member us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2025-04-27 0001045810 us-gaap:FairValueInputsLevel2Member us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2025-01-26 0001045810 us-gaap:FairValueInputsLevel2Member us-gaap:CertificatesOfDepositMember 2025-04-27 0001045810 us-gaap:FairValueInputsLevel2Member us-gaap:CertificatesOfDepositMember 2025-01-26 0001045810 us-gaap:FairValueInputsLevel2Member us-gaap:ForeignGovernmentDebtMember 2025-01-26 0001045810 nvda:IntangibleAssetsArisingFromBusinessCombinationMember 2025-04-27 0001045810 nvda:IntangibleAssetsArisingFromBusinessCombinationMember 2025-01-26 0001045810 nvda:PatentsAndLicensedTechnologyMember 2025-04-27 0001045810 nvda:PatentsAndLicensedTechnologyMember 2025-01-26 0001045810 nvda:CustomerOneMember us-gaap:CustomerConcentrationRiskMember us-gaap:AccountsReceivableMember 2025-01-27 2025-04-27 0001045810 nvda:CustomerTwoMember us-gaap:CustomerConcentrationRiskMember us-gaap:AccountsReceivableMember 2025-01-27 2025-04-27 0001045810 nvda:CustomerThreeMember us-gaap:CustomerConcentrationRiskMember us-gaap:AccountsReceivableMember 2025-01-27 2025-04-27 0001045810 nvda:CustomerOneMember us [...TRUNCATED...]  6,000,000 December 31, 2025 *    Estimated assuming our closing stock price as of April 25, 2025. The number of shares is based on an estimate because the plan specifies a formulaic dollar amount of shares to be sold. 37 Item 6. Exhibits Incorporated by Reference Exhibit No.  Exhibit Description Schedule/Form Exhibit Filing Date 10.1+ Variable Compensation Plan - Fiscal Year 2026 8-K 10.1 3/7/2025 31.1* Certification of Chief Executive Officer as required by Rule 13a-14(a) of the Securities Exchange Act of 1934 31.2* Certification of Chief Financial Officer as required by Rule 13a-14(a) of the Securities Exchange Act of 1934 32.1#* Certification of Chief Executive Officer as required by Rule 13a-14(b) of the Securities Exchange Act of 1934 32.2#* Certification of Chief Financial Officer as required by Rule 13a-14(b) of the Securities Exchange Act of 1934 101.INS* Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. 101.SCH* Inline XBRL Taxonomy Extension Schema Document 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document 101.LAB* Inline XBRL Taxonomy Extension Labels Linkbase Document 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document 104 Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. + Management contract or compensatory plan or arrangement. * Filed herewith. # In accordance with Item 601(b)(32)(ii) of Regulation S-K and SEC Release Nos. 33-8238 and 34-47986, Final Rule: Management's Reports on Internal Control Over Financial Reporting and Certification of Disclosure in Exchange Act Periodic Reports, the certifications furnished in Exhibits 32.1 and 32.2 hereto are deemed to accompany this Quarterly Report on Form 10-Q and will not be deemed “filed” for purpose of Section 18 of the Exchange Act. Such certifications will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Copies of above exhibits not contained herein are available to any shareholder upon written request to: Investor Relations: NVIDIA Corporation, 2788 San Tomas Expressway, Santa Clara, CA 95051. 38 Signature Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: May 28, 2025   NVIDIA Corporation  By:    /s/ Colette M. Kress   Colette M. Kress   Executive Vice President and Chief Financial Officer (Duly Authorized Officer and Principal Financial Officer) 39

Predict whether the return of XLU over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: flat

Explanation: The actual 21-day forward return for XLU starting 2025-05-29 was +0.99%, which classifies as 'flat'.


XLY over past 60 days: cumulative return +0.5%, annualized vol 19.3%. Market regime: sideways.

Question:
Asset: XLY
Historical prices (past 60 trading days): start=118.02, end=118.60, cumulative_return=+0.5%, annualized_volatility=19.3%
Macro context: {'fed_funds_rate': 3.89, 'cpi_yoy': 326.031, 'unemployment': 4.4, 'gdp_growth_qoq': 24055.749, 't10y2y_spread': 0.59, 't10y3m_spread': 0.4, 'breakeven_10y': 2.26, 'hy_oas': 2.88, 'ig_oas': 0.8, 'ted_spread': 0.09, 'mortgage_30y': 6.19, 'vix': 15.779999732971191}
Market regime: sideways
Recent filing/news:
[SEC 10-Q WMT 2025-12-03] wmt-20251031 0000104169 1/31 2026 Q3 false 178 340 294 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure wmt:state wmt:territory wmt:case wmt:classAction wmt:securitiesClassAction wmt:pharmacist wmt:employee wmt:phase wmt:supplierContribution iso4217:MXN wmt:segment 0000104169 2025-02-01 2025-10-31 0000104169 wmt:CommonStockparvalue0.10pershareMember 2025-02-01 2025-10-31 0000104169 wmt:A2.550NotesDue2026Member 2025-02-01 2025-10-31 0000104169 wmt:A1050NotesDue2026Member 2025-02-01 2025-10-31 0000104169 wmt:A1500NotesDue2028Member 2025-02-01 2025-10-31 0000104169 wmt:A4875NotesDue2029Member 2025-02-01 2025-10-31 0000104169 wmt:A5750NotesDue2030Member 2025-02-01 2025-10-31 0000104169 wmt:A1800NotesDue2031Member 2025-02-01 2025-10-31 0000104169 wmt:A5625NotesDue2034Member 2025-02-01 2025-10-31 0000104169 wmt:A5250NotesDue2035Member 2025-02-01 2025-10-31 0000104169 wmt:A4875NotesDue2039Member 2025-02-01 2025-10-31 0000104169 2025-12-02 0000104169 2025-08-01 2025-10-31 0000104169 2024-08-01 2024-10-31 0000104169 2024-02-01 2024-10-31 0000104169 2025-10-31 0000104169 2025-01-31 0000104169 2024-10-31 0000104169 us-gaap:CommonStockMember 2025-01-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-01-31 0000104169 us-gaap:RetainedEarningsMember 2025-01-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-31 0000104169 us-gaap:ParentMember 2025-01-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-01-31 0000104169 us-gaap:RetainedEarningsMember 2025-02-01 2025-04-30 0000104169 us-gaap:ParentMember 2025-02-01 2025-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2025-02-01 2025-04-30 0000104169 2025-02-01 2025-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-02-01 2025-04-30 0000104169 us-gaap:CommonStockMember 2025-02-01 2025-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-02-01 2025-04-30 0000104169 us-gaap:CommonStockMember 2025-04-30 0000104169 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2025-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-07-31 0000104169 2025-07-31 0000104169 us-gaap:RetainedEarningsMember 2025-08-01 2025-10-31 0000104169 us-gaap:ParentMember 2025-08-01 2025-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-08-01 2025-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-08-01 2025-10-31 0000104169 us-gaap:CommonStockMember 2025-08-01 2025-10-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-08-01 2025-10-31 0000104169 us-gaap:CommonStockMember 2025-10-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-10-31 0000104169 us-gaap:RetainedEarningsMember 2025-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-10-31 0000104169 us-gaap:ParentMember 2025-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-10-31 0000104169 us-gaap:CommonStockMember 2024-01-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-01-31 0000104169 us-gaap:RetainedEarningsMember 2024-01-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-31 0000104169 us-gaap:ParentMember 2024-01-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-01-31 0000104169 2024-01-31 0000104169 us-gaap:RetainedEarningsMember 2024-02-01 2024-04-30 0000104169 us-gaap:ParentMember 2024-02-01 2024-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2024-02-01 2024-04-30 0000104169 2024-02-01 2024-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-02-01 2024-04-30 0000104169 us-gaap:CommonStockMember 2024-02-01 2024-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-02-01 2024-04-30 0000104169 us-gaap:CommonStockMember 2024-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-04-30 0000104169 us-gaap:RetainedEarningsMember 2024-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-04-30 0000104169 us-gaap:ParentMember 2024-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2024-04-30 0000104169 2024-04-30 0000104169 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us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-08-01 2024-10-31 0000104169 us- [...TRUNCATED...] port, and Walmart undertakes no obligation to update any such statements to reflect subsequent events or circumstances. 35 Table of Contents Item 6. Exhibits The following documents are filed as an exhibit to this Quarterly Report on Form 10-Q: Exhibit 3.1(a) Restated Certificate of Incorporation of the Company dated February 1, 2018 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 1, 2018 Exhibit 3.1(b) Certificate of Amendment to the Restated Certificate of Incorporation of the Company, effective February 23, 2024 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 23, 2024 Exhibit 3.2 Amended and Restated Bylaws of the Company dated November 10, 2022 are incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on November 16, 2022 Exhibit 10.1* Retirement Agreement between the Company and Doug McMillon dated November 13, 2025 Exhibit 10.2* Form of Walmart Inc. Stock Incentive Plan of 2025 Global Restricted Stock Notification of Award and Terms and Conditions of Award Exhibit 10.3* Form of Walmart Inc. Stock Incentive Plan of 2025 Global Share-Settled Performance-Based Restricted Stock Unit Notification of Award and Terms and Condition s of Award Exhibit 31.1* Chief Executive Officer Section 302 Certification Exhibit 31.2* Chief Financial Officer Section 302 Certification Exhibit 32.1** Chief Executive Officer Section 906 Certification Exhibit 32.2** Chief Financial Officer Section 906 Certification Exhibit 99.1* Non-MDL Opioid-Related Litigation Case Citations Exhibit 101.INS* Inline XBRL Instance Document Exhibit 101.SCH* Inline XBRL Taxonomy Extension Schema Document Exhibit 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document Exhibit 101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document Exhibit 101.LAB* Inline XBRL Taxonomy Extension Label Linkbase Document Exhibit 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document Exhibit 104 The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended October 31, 2025, formatted in Inline XBRL (included in Exhibit 101) * Filed herewith as an Exhibit. ** Furnished herewith as an Exhibit. 36 Table of Contents SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.   WALMART INC. Date: December 3, 2025 By: /s/ C. Douglas McMillon C. Douglas McMillon President and Chief Executive Officer (Principal Executive Officer) Date: December 3, 2025 By: /s/ John David Rainey John David Rainey Executive Vice President and Chief Financial Officer (Principal Financial Officer) Date: December 3, 2025 By: /s/ David M. Chojnowski David M. Chojnowski Senior Vice President and Controller (Principal Accounting Officer) 37

Predict whether the return of XLY over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: flat

Explanation: The actual 21-day forward return for XLY starting 2025-12-05 was -0.07%, which classifies as 'flat'.


ADA-USD over past 60 days: cumulative return -24.9%, annualized vol 64.3%. Market regime: bull.

Question:
Asset: ADA-USD
Historical prices (past 60 trading days): start=0.80, end=0.60, cumulative_return=-24.9%, annualized_volatility=64.3%
Macro context: {'fed_funds_rate': 3.87, 'cpi_yoy': 324.245, 'unemployment': 4.4, 'gdp_growth_qoq': 24055.749, 't10y2y_spread': 0.5, 't10y3m_spread': 0.19, 'breakeven_10y': 2.29, 'hy_oas': 2.85, 'ig_oas': 0.77, 'ted_spread': 0.09, 'mortgage_30y': 6.17, 'vix': 16.90999984741211}
Market regime: bull
Recent filing/news:
[Kaggle 2023-12-19]

Predict whether the return of ADA-USD over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: negative

Explanation: The actual 21-day forward return for ADA-USD starting 2025-10-31 was -32.83%, which classifies as 'negative'.


EWJ over past 60 days: cumulative return +6.9%, annualized vol 21.0%. Market regime: sideways.

Question:
Asset: EWJ
Historical prices (past 60 trading days): start=67.10, end=71.75, cumulative_return=+6.9%, annualized_volatility=21.0%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 321.435, 'unemployment': 4.1, 'gdp_growth_qoq': 23770.976, 't10y2y_spread': 0.52, 't10y3m_spread': 0.02, 'breakeven_10y': 2.33, 'hy_oas': 3.27, 'ig_oas': 0.91, 'ted_spread': 0.09, 'mortgage_30y': 6.89, 'vix': 18.36000061035156}
Market regime: sideways
Recent filing/news:
[Kaggle 2025-06-02] ["2 Profitable Stocks to Target This Week and 1 to Ignore A company with profits isn\u2019t always a great investment. Some struggle to maintain growth, face looming threats, or fail to reinvest wisely, limiting their future potential. Not all profitable companies are created equal, and that\u2019s why we built StockStory - to help you find the ones that truly shine bright. That said, here are two profitable companies that balance growth and profitability and one best left off your watchlist. Trailing 12-Month GAAP Operating Margin: 5.2% Founded in 1983 in California, Mission Produce (NASDAQ:AVO) grows, packages, and distributes avocados. Why Is AVO Risky? At $11.19 per share, Mission Produce trades at 9.9x forward EV-to-EBITDA. Check out our free in-depth research report to learn more about why AVO doesn\u2019t pass our bar. Trailing 12-Month GAAP Operating Margin: 9.6% Founded in 1969 by a group of former Fairchild semiconductor executives led by Jerry Sanders, Advanced Micro Devices (NASDAQ:AMD) is one of the leading designers of computer processors and graphics chips used in PCs and data centers. Why Are We Positive On AMD? AMD\u2019s stock price of $110.51 implies a valuation ratio of 24.1x forward P/E. Is now the time to initiate a position? Find out in our full research report, it\u2019s free. Trailing 12-Month GAAP Operating Margin: 25.2% Sporting a global footprint of facilities, Photronics (NASDAQ:PLAB) is a manufacturer of photomasks, templates used to transfer patterns onto semiconductor wafers. Why Do We Like PLAB? Photronics is trading at $16.75 per share, or 8.1x forward P/E. Is now the right time to buy? See for yourself in our in-depth research report, it\u2019s free. Donald Trump\u2019s victory in the 2024 U.S. Presidential Election sent major indices to all-time highs, but stocks have retraced as investors debate the health of the economy and the potential impact of tariffs. While this leaves much uncertainty around 2025, a few companies are poised for long-term gains regardless of the political or macroeconomic climate, like our Top 5 Strong Momentum Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025). Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+354% five-year return). Find your next big winner with StockStory today for free.", "Nvidia rival Groq makes a bold prediction on what's next for AI Listen and subscribe to Opening Bid on Apple Podcasts, Spotify, Amazon Music, YouTube or wherever you find your favorite podcasts. The next big breakthrough in AI could be one that channels the spirit of famed scientist Albert Einstein. \"The problem is that large language models [LLMs] make mistakes. And they're always going to make mistakes, but they're going to

Predict whether the return of EWJ over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: positive

Explanation: The actual 21-day forward return for EWJ starting 2025-06-03 was +1.45%, which classifies as 'positive'.


CSHI over past 60 days: cumulative return +0.5%, annualized vol 5.1%. Market regime: bear.

Question:
Asset: CSHI
Historical prices (past 60 trading days): start=46.94, end=47.19, cumulative_return=+0.5%, annualized_volatility=5.1%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 320.302, 'unemployment': 4.2, 'gdp_growth_qoq': 23770.976, 't10y2y_spread': 0.54, 't10y3m_spread': -0.12, 'breakeven_10y': 2.23, 'hy_oas': 3.74, 'ig_oas': 1.06, 'ted_spread': 0.09, 'mortgage_30y': 6.81, 'vix': 24.170000076293945}
Market regime: bear

Predict whether the return of CSHI over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: flat

Explanation: The actual 21-day forward return for CSHI starting 2025-04-30 was +0.51%, which classifies as 'flat'.


DOT-USD over past 60 days: cumulative return +0.0%, annualized vol 78.6%. Market regime: sideways.

Question:
Asset: DOT-USD
Historical prices (past 60 trading days): start=3.54, end=3.54, cumulative_return=+0.0%, annualized_volatility=78.6%
Macro context: {'fed_funds_rate': 3.64, 'cpi_yoy': 326.031, 'unemployment': 4.4, 'gdp_growth_qoq': 24055.749, 't10y2y_spread': 0.67, 't10y3m_spread': 0.52, 'breakeven_10y': 2.24, 'hy_oas': 2.99, 'ig_oas': 0.81, 'ted_spread': 0.09, 'mortgage_30y': 6.22, 'vix': 17.6200008392334}
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Predict whether the return of DOT-USD over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: flat

Explanation: The actual 21-day forward return for DOT-USD starting 2025-12-18 was +0.00%, which classifies as 'flat'.


IYR over past 60 days: cumulative return -1.7%, annualized vol 16.7%. Market regime: sideways.

Question:
Asset: IYR
Historical prices (past 60 trading days): start=97.43, end=95.77, cumulative_return=-1.7%, annualized_volatility=16.7%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 319.785, 'unemployment': 4.2, 'gdp_growth_qoq': 23548.21, 't10y2y_spread': 0.25, 't10y3m_spread': -0.08, 'breakeven_10y': 2.38, 'hy_oas': 2.87, 'ig_oas': 0.88, 'ted_spread': 0.09, 'mortgage_30y': 6.76, 'vix': 19.6299991607666}
Market regime: sideways

Predict whether the return of IYR over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: negative

Explanation: The actual 21-day forward return for IYR starting 2025-03-03 was -2.76%, which classifies as 'negative'.


EEM over past 60 days: cumulative return +9.1%, annualized vol 14.5%. Market regime: bull.

Question:
Asset: EEM
Historical prices (past 60 trading days): start=48.96, end=53.43, cumulative_return=+9.1%, annualized_volatility=14.5%
Macro context: {'fed_funds_rate': 4.11, 'cpi_yoy': 324.245, 'unemployment': 4.4, 'gdp_growth_qoq': 24055.749, 't10y2y_spread': 0.58, 't10y3m_spread': -0.03, 'breakeven_10y': 2.28, 'hy_oas': 3.04, 'ig_oas': 0.8, 'ted_spread': 0.09, 'mortgage_30y': 6.27, 'vix': 25.309999465942383}
Market regime: bull
Recent filing/news:
[Kaggle 2025-09-05] ["Trump Warns of \u2018Fairly Substantial\u2019 Tariff on Semiconductors. What It Means for Chip Stocks. President Donald Trump said a tariff on imports of chips is coming \u201cvery shortly\u201d for companies that aren\u2019t shifting production to the U.S.", "Inside eBay\u2019s Quest to Become an AI Leader How the 30-year-old e-commerce giant is going all-in on artificial intelligence, hoping the technology can help it update its image and beat mounting competition.", "Trump Basks in Tech Leaders\u2019 Spending Vows at White House Dinner (Bloomberg) \u2014 Meta Platforms Inc.\u2019s (META) Mark Zuckerberg and Apple Inc.\u2019s (AAPL) Tim Cook joined tech industry leaders in touting their pledges to boost spending in the US on artificial intelligence during a dinner hosted by President Donald Trump that highlighted his deepening relationship with Silicon Valley. Most Read from Bloomberg One of World\u2019s Most Liveable Cities Ends Euro-a-Day Travel Pass Chicago\u2019s Citadel Center for Sale 3 Years After Miami Move Philadelphia Transit Cuts Portend \u2018Mayhem\u2019 for Commutes and Regional Economy One-Way Streets Are the Wrong Way to Tame Downtown Traffic Self-Driving Cars Take a Turn Toward the Villainous, in Movies and Real Life In his opening remarks, Trump addressed a key concern of tech companies: ensuring there\u2019s enough energy to meet surging power demands from the data centers behind the AI boom. \u201cWe\u2019re making it very easy for you in terms of electric capacity and getting it for you, getting your permits,\u201d Trump said in the White House State Dining Room. \u201cWe\u2019re leading China by a lot, by a really, by a great amount.\u201d Thursday\u2019s dinner marked a rare gathering in Washington of top executives and founders from some of the world\u2019s most valuable tech companies \u2014 all vying for an edge in the emerging field of AI. Attendees also included OpenAI Inc.\u2019s (OPAI.PVT) Sam Altman, Alphabet Inc.\u2019s (GOOG, GOOGL) Sundar Pichai and co-founder Sergey Brin, and Microsoft Corp.\u2019s (MSFT) Satya Nadella and Bill Gates. The president went around the table asking executives to talk about their plans. Corporate leaders took turns highlighting their efforts to expand in the US, with each expressing gratitude for administration policies they see as bolstering efforts to advance AI. Trump asked Zuckerberg to speak first. \u201cAll of the companies here are building, just making huge investments in the country in order to build out data centers and infrastructure to power the next wave of innovation,\u201d the Meta CEO told Trump. Pressed by the president on how much his company was investing, Zuckerberg said \u201cat least $600 billion\u201d through 2028. \u201cThat\u2019s a lot,\u201d Trump said. In recent days, the president has touted a massive data center Meta is building in Louisiana that will cost $50 billion. Trump has drawn tech executives into his orbit with an agenda aimed at lowering tax

Predict whether the return of EEM over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: flat

Explanation: The actual 21-day forward return for EEM starting 2025-10-17 was +0.24%, which classifies as 'flat'.


TLH over past 60 days: cumulative return +5.1%, annualized vol 8.0%. Market regime: bull.

Question:
Asset: TLH
Historical prices (past 60 trading days): start=95.78, end=100.70, cumulative_return=+5.1%, annualized_volatility=8.0%
Macro context: {'fed_funds_rate': 4.1, 'cpi_yoy': 324.245, 'unemployment': 4.4, 'gdp_growth_qoq': 24055.749, 't10y2y_spread': 0.55, 't10y3m_spread': 0.12, 'breakeven_10y': 2.35, 'hy_oas': 2.84, 'ig_oas': 0.77, 'ted_spread': 0.09, 'mortgage_30y': 6.34, 'vix': 16.299999237060547}
Market regime: bull

Predict whether the return of TLH over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: flat

Explanation: The actual 21-day forward return for TLH starting 2025-10-09 was +0.74%, which classifies as 'flat'.


SOL-USD over past 60 days: cumulative return +34.8%, annualized vol 66.0%. Market regime: sideways.

Question:
Asset: SOL-USD
Historical prices (past 60 trading days): start=117.06, end=157.78, cumulative_return=+34.8%, annualized_volatility=66.0%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 321.435, 'unemployment': 4.1, 'gdp_growth_qoq': 23770.976, 't10y2y_spread': 0.52, 't10y3m_spread': 0.05, 'breakeven_10y': 2.34, 'hy_oas': 3.32, 'ig_oas': 0.92, 'ted_spread': 0.09, 'mortgage_30y': 6.89, 'vix': 18.56999969482422}
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Predict whether the return of SOL-USD over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: negative

Explanation: The actual 21-day forward return for SOL-USD starting 2025-06-02 was -7.74%, which classifies as 'negative'.


PALL over past 60 days: cumulative return +9.0%, annualized vol 23.8%. Market regime: sideways.

Question:
Asset: PALL
Historical prices (past 60 trading days): start=84.50, end=92.08, cumulative_return=+9.0%, annualized_volatility=23.8%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 320.62, 'unemployment': 4.3, 'gdp_growth_qoq': 23770.976, 't10y2y_spread': 0.54, 't10y3m_spread': 0.17, 'breakeven_10y': 2.34, 'hy_oas': 3.32, 'ig_oas': 0.92, 'ted_spread': 0.09, 'mortgage_30y': 6.86, 'vix': 20.280000686645508}
Market regime: sideways

Predict whether the return of PALL over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: positive

Explanation: The actual 21-day forward return for PALL starting 2025-05-23 was +5.15%, which classifies as 'positive'.


QQQ over past 60 days: cumulative return +1.4%, annualized vol 17.7%. Market regime: sideways.

Question:
Asset: QQQ
Historical prices (past 60 trading days): start=600.67, end=608.99, cumulative_return=+1.4%, annualized_volatility=17.7%
Macro context: {'fed_funds_rate': 3.64, 'cpi_yoy': 326.031, 'unemployment': 4.4, 'gdp_growth_qoq': 24055.749, 't10y2y_spread': 0.67, 't10y3m_spread': 0.53, 'breakeven_10y': 2.25, 'hy_oas': 2.91, 'ig_oas': 0.8, 'ted_spread': 0.09, 'mortgage_30y': 6.22, 'vix': 16.5}
Market regime: sideways
Recent filing/news:
[SEC 10-Q WMT 2025-12-03] wmt-20251031 0000104169 1/31 2026 Q3 false 178 340 294 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure wmt:state wmt:territory wmt:case wmt:classAction wmt:securitiesClassAction wmt:pharmacist wmt:employee wmt:phase wmt:supplierContribution iso4217:MXN wmt:segment 0000104169 2025-02-01 2025-10-31 0000104169 wmt:CommonStockparvalue0.10pershareMember 2025-02-01 2025-10-31 0000104169 wmt:A2.550NotesDue2026Member 2025-02-01 2025-10-31 0000104169 wmt:A1050NotesDue2026Member 2025-02-01 2025-10-31 0000104169 wmt:A1500NotesDue2028Member 2025-02-01 2025-10-31 0000104169 wmt:A4875NotesDue2029Member 2025-02-01 2025-10-31 0000104169 wmt:A5750NotesDue2030Member 2025-02-01 2025-10-31 0000104169 wmt:A1800NotesDue2031Member 2025-02-01 2025-10-31 0000104169 wmt:A5625NotesDue2034Member 2025-02-01 2025-10-31 0000104169 wmt:A5250NotesDue2035Member 2025-02-01 2025-10-31 0000104169 wmt:A4875NotesDue2039Member 2025-02-01 2025-10-31 0000104169 2025-12-02 0000104169 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us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-08-01 2024-10-31 0000104169 us- [...TRUNCATED...] port, and Walmart undertakes no obligation to update any such statements to reflect subsequent events or circumstances. 35 Table of Contents Item 6. Exhibits The following documents are filed as an exhibit to this Quarterly Report on Form 10-Q: Exhibit 3.1(a) Restated Certificate of Incorporation of the Company dated February 1, 2018 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 1, 2018 Exhibit 3.1(b) Certificate of Amendment to the Restated Certificate of Incorporation of the Company, effective February 23, 2024 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 23, 2024 Exhibit 3.2 Amended and Restated Bylaws of the Company dated November 10, 2022 are incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on November 16, 2022 Exhibit 10.1* Retirement Agreement between the Company and Doug McMillon dated November 13, 2025 Exhibit 10.2* Form of Walmart Inc. Stock Incentive Plan of 2025 Global Restricted Stock Notification of Award and Terms and Conditions of Award Exhibit 10.3* Form of Walmart Inc. Stock Incentive Plan of 2025 Global Share-Settled Performance-Based Restricted Stock Unit Notification of Award and Terms and Condition s of Award Exhibit 31.1* Chief Executive Officer Section 302 Certification Exhibit 31.2* Chief Financial Officer Section 302 Certification Exhibit 32.1** Chief Executive Officer Section 906 Certification Exhibit 32.2** Chief Financial Officer Section 906 Certification Exhibit 99.1* Non-MDL Opioid-Related Litigation Case Citations Exhibit 101.INS* Inline XBRL Instance Document Exhibit 101.SCH* Inline XBRL Taxonomy Extension Schema Document Exhibit 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document Exhibit 101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document Exhibit 101.LAB* Inline XBRL Taxonomy Extension Label Linkbase Document Exhibit 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document Exhibit 104 The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended October 31, 2025, formatted in Inline XBRL (included in Exhibit 101) * Filed herewith as an Exhibit. ** Furnished herewith as an Exhibit. 36 Table of Contents SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.   WALMART INC. Date: December 3, 2025 By: /s/ C. Douglas McMillon C. Douglas McMillon President and Chief Executive Officer (Principal Executive Officer) Date: December 3, 2025 By: /s/ John David Rainey John David Rainey Executive Vice President and Chief Financial Officer (Principal Financial Officer) Date: December 3, 2025 By: /s/ David M. Chojnowski David M. Chojnowski Senior Vice President and Controller (Principal Accounting Officer) 37

Predict whether the return of QQQ over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: flat

Explanation: The actual 21-day forward return for QQQ starting 2025-12-16 was +0.55%, which classifies as 'flat'.


XLK over past 60 days: cumulative return +0.2%, annualized vol 19.4%. Market regime: sideways.

Question:
Asset: XLK
Historical prices (past 60 trading days): start=115.85, end=116.07, cumulative_return=+0.2%, annualized_volatility=19.4%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 318.961, 'unemployment': 4.0, 'gdp_growth_qoq': 23548.21, 't10y2y_spread': 0.39, 't10y3m_spread': 0.32, 'breakeven_10y': 2.4, 'hy_oas': 2.84, 'ig_oas': 0.83, 'ted_spread': 0.09, 'mortgage_30y': 6.91, 'vix': 17.700000762939453}
Market regime: sideways
Recent filing/news:
[SEC 10-Q WMT 2024-12-06] wmt-20241031 0000104169 1/31 2025 Q3 false 451 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure iso4217:JPY wmt:state wmt:county wmt:defendant wmt:case wmt:classAction wmt:securitiesClassAction wmt:shareholder wmt:derivativeAction wmt:pharmacist wmt:segment 0000104169 2024-02-01 2024-10-31 0000104169 wmt:CommonStockparvalue0.10pershareMember 2024-02-01 2024-10-31 0000104169 wmt:A2.550NotesDue2026Member 2024-02-01 2024-10-31 0000104169 wmt:A1050NotesDue2026Member 2024-02-01 2024-10-31 0000104169 wmt:A1500NotesDue2028Member 2024-02-01 2024-10-31 0000104169 wmt:A4875NotesDue2029Member 2024-02-01 2024-10-31 0000104169 wmt:A5750NotesDue2030Member 2024-02-01 2024-10-31 0000104169 wmt:A1800NotesDue2031Member 2024-02-01 2024-10-31 0000104169 wmt:A5625NotesDue2034Member 2024-02-01 2024-10-31 0000104169 wmt:A5250NotesDue2035Member 2024-02-01 2024-10-31 0000104169 wmt:A4875NotesDue2039Member 2024-02-01 2024-10-31 0000104169 2024-12-04 0000104169 2024-08-01 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us-gaap:RetainedEarningsMember 2023-05-01 2023-07-31 0000104169 us-gaap:ParentMember 2023-05-01 2023-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2023-05-01 2023-07-31 0000104169 2023-05-01 2023-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-05-01 2023-07-31 0000104169 us-gaap:CommonStockMember 2023-05-01 2023-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2023-05-01 2023-07-31 0000104169 us-gaap:CommonStockMember 2023-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2023-07-31 0000104169 us-gaap:RetainedEarningsMember 2023-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-07-31 0000104169 us-gaap:ParentMember 2023-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2023-07-31 0000104169 2023-07-31 0000104169 us-gaap:RetainedEarningsMember 2023-08-01 2023-10-31 0000104169 us-gaap:ParentMember 2023-08-01 2023-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2023-08-01 2023-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-08-01 2023-10-31 0000104169 us-gaap:Com [...TRUNCATED...] assumptions not being realized or other factors, the actual results relating to the subject matter of any forward-looking statement in this Quarterly Report on Form 10-Q may differ materially from the anticipated results expressed or implied in that forward-looking statement. The forward-looking statements included in this Quarterly Report on Form 10-Q are made only as of the date of this report, and Walmart undertakes no obligation to update any such statements to reflect subsequent events or circumstances. 35 Table of Contents Item 6. Exhibits The following documents are filed as an exhibit to this Quarterly Report on Form 10-Q: Exhibit 3.1(a) Restated Certificate of Incorporation of the Company dated February 1, 2018 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 1, 2018 Exhibit 3.1(b) Certificate of Amendment to the Restated Certificate of Incorporation of the Company, effective February 23, 2024 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 23, 2024 Exhibit 3.2 Amended and Restated Bylaws of the Company dated November 10, 2022 are incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on November 16, 2022 Exhibit 31.1* Chief Executive Officer Section 302 Certification Exhibit 31.2* Chief Financial Officer Section 302 Certification Exhibit 32.1** Chief Executive Officer Section 906 Certification Exhibit 32.2** Chief Financial Officer Section 906 Certification Exhibit 99.1* Opioids-Related Litigation Case Citations and Currently Scheduled Trial Dates Exhibit 101.INS* Inline XBRL Instance Document Exhibit 101.SCH* Inline XBRL Taxonomy Extension Schema Document Exhibit 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document Exhibit 101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document Exhibit 101.LAB* Inline XBRL Taxonomy Extension Label Linkbase Document Exhibit 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document Exhibit 104 The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended October 31, 2024, formatted in Inline XBRL (included in Exhibit 101) * Filed herewith as an Exhibit. ** Furnished herewith as an Exhibit. 36 Table of Contents SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.   WALMART INC. Date: December 6, 2024 By: /s/ C. Douglas McMillon C. Douglas McMillon President and Chief Executive Officer (Principal Executive Officer) Date: December 6, 2024 By: /s/ John David Rainey John David Rainey Executive Vice President and Chief Financial Officer (Principal Financial Officer) Date: December 6, 2024 By: /s/ David M. Chojnowski David M. Chojnowski Senior Vice President and Controller (Principal Accounting Officer) 37

Predict whether the return of XLK over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: positive

Explanation: The actual 21-day forward return for XLK starting 2025-01-09 was +1.77%, which classifies as 'positive'.


XLP over past 60 days: cumulative return +0.5%, annualized vol 11.5%. Market regime: sideways.

Question:
Asset: XLP
Historical prices (past 60 trading days): start=77.05, end=77.44, cumulative_return=+0.5%, annualized_volatility=11.5%
Macro context: {'fed_funds_rate': 3.64, 'cpi_yoy': 326.031, 'unemployment': 4.4, 'gdp_growth_qoq': 24055.749, 't10y2y_spread': 0.73, 't10y3m_spread': 0.53, 'breakeven_10y': 2.23, 'hy_oas': 2.88, 'ig_oas': 0.8, 'ted_spread': 0.09, 'mortgage_30y': 6.21, 'vix': 14.079999923706056}
Market regime: sideways
Recent filing/news:
[SEC 10-Q WMT 2025-12-03] wmt-20251031 0000104169 1/31 2026 Q3 false 178 340 294 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure wmt:state wmt:territory wmt:case wmt:classAction wmt:securitiesClassAction wmt:pharmacist wmt:employee wmt:phase wmt:supplierContribution iso4217:MXN wmt:segment 0000104169 2025-02-01 2025-10-31 0000104169 wmt:CommonStockparvalue0.10pershareMember 2025-02-01 2025-10-31 0000104169 wmt:A2.550NotesDue2026Member 2025-02-01 2025-10-31 0000104169 wmt:A1050NotesDue2026Member 2025-02-01 2025-10-31 0000104169 wmt:A1500NotesDue2028Member 2025-02-01 2025-10-31 0000104169 wmt:A4875NotesDue2029Member 2025-02-01 2025-10-31 0000104169 wmt:A5750NotesDue2030Member 2025-02-01 2025-10-31 0000104169 wmt:A1800NotesDue2031Member 2025-02-01 2025-10-31 0000104169 wmt:A5625NotesDue2034Member 2025-02-01 2025-10-31 0000104169 wmt:A5250NotesDue2035Member 2025-02-01 2025-10-31 0000104169 wmt:A4875NotesDue2039Member 2025-02-01 2025-10-31 0000104169 2025-12-02 0000104169 2025-08-01 2025-10-31 0000104169 2024-08-01 2024-10-31 0000104169 2024-02-01 2024-10-31 0000104169 2025-10-31 0000104169 2025-01-31 0000104169 2024-10-31 0000104169 us-gaap:CommonStockMember 2025-01-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-01-31 0000104169 us-gaap:RetainedEarningsMember 2025-01-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-31 0000104169 us-gaap:ParentMember 2025-01-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-01-31 0000104169 us-gaap:RetainedEarningsMember 2025-02-01 2025-04-30 0000104169 us-gaap:ParentMember 2025-02-01 2025-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2025-02-01 2025-04-30 0000104169 2025-02-01 2025-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-02-01 2025-04-30 0000104169 us-gaap:CommonStockMember 2025-02-01 2025-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-02-01 2025-04-30 0000104169 us-gaap:CommonStockMember 2025-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-04-30 0000104169 us-gaap:RetainedEarningsMember 2025-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-04-30 0000104169 us-gaap:ParentMember 2025-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2025-04-30 0000104169 2025-04-30 0000104169 us-gaap:RetainedEarningsMember 2025-05-01 2025-07-31 0000104169 us-gaap:ParentMember 2025-05-01 2025-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-05-01 2025-07-31 0000104169 2025-05-01 2025-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-05-01 2025-07-31 0000104169 us-gaap:CommonStockMember 2025-05-01 2025-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-05-01 2025-07-31 0000104169 us-gaap:CommonStockMember 2025-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-07-31 0000104169 us-gaap:RetainedEarningsMember 2025-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-07-31 0000104169 us-gaap:ParentMember 2025-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-07-31 0000104169 2025-07-31 0000104169 us-gaap:RetainedEarningsMember 2025-08-01 2025-10-31 0000104169 us-gaap:ParentMember 2025-08-01 2025-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-08-01 2025-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-08-01 2025-10-31 0000104169 us-gaap:CommonStockMember 2025-08-01 2025-10-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-08-01 2025-10-31 0000104169 us-gaap:CommonStockMember 2025-10-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-10-31 0000104169 us-gaap:RetainedEarningsMember 2025-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-10-31 0000104169 us-gaap:ParentMember 2025-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-10-31 0000104169 us-gaap:CommonStockMember 2024-01-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-01-31 0000104169 us-gaap:RetainedEarningsMember 2024-01-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-31 0000104169 us-gaap:ParentMember 2024-01-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-01-31 0000104169 2024-01-31 0000104169 us-gaap:RetainedEarningsMember 2024-02-01 2024-04-30 0000104169 us-gaap:ParentMember 2024-02-01 2024-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2024-02-01 2024-04-30 0000104169 2024-02-01 2024-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-02-01 2024-04-30 0000104169 us-gaap:CommonStockMember 2024-02-01 2024-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-02-01 2024-04-30 0000104169 us-gaap:CommonStockMember 2024-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-04-30 0000104169 us-gaap:RetainedEarningsMember 2024-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-04-30 0000104169 us-gaap:ParentMember 2024-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2024-04-30 0000104169 2024-04-30 0000104169 us-gaap:RetainedEarningsMember 2024-05-01 2024-07-31 0000104169 us-gaap:ParentMember 2024-05-01 2024-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-05-01 2024-07-31 0000104169 2024-05-01 2024-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-05-01 2024-07-31 0000104169 us-gaap:CommonStockMember 2024-05-01 2024-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-05-01 2024-07-31 0000104169 us-gaap:CommonStockMember 2024-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-07-31 0000104169 us-gaap:RetainedEarningsMember 2024-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-31 0000104169 us-gaap:ParentMember 2024-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-07-31 0000104169 2024-07-31 0000104169 us-gaap:RetainedEarningsMember 2024-08-01 2024-10-31 0000104169 us-gaap:ParentMember 2024-08-01 2024-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-08-01 2024-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-08-01 2024-10-31 0000104169 us- [...TRUNCATED...] port, and Walmart undertakes no obligation to update any such statements to reflect subsequent events or circumstances. 35 Table of Contents Item 6. Exhibits The following documents are filed as an exhibit to this Quarterly Report on Form 10-Q: Exhibit 3.1(a) Restated Certificate of Incorporation of the Company dated February 1, 2018 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 1, 2018 Exhibit 3.1(b) Certificate of Amendment to the Restated Certificate of Incorporation of the Company, effective February 23, 2024 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 23, 2024 Exhibit 3.2 Amended and Restated Bylaws of the Company dated November 10, 2022 are incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on November 16, 2022 Exhibit 10.1* Retirement Agreement between the Company and Doug McMillon dated November 13, 2025 Exhibit 10.2* Form of Walmart Inc. Stock Incentive Plan of 2025 Global Restricted Stock Notification of Award and Terms and Conditions of Award Exhibit 10.3* Form of Walmart Inc. Stock Incentive Plan of 2025 Global Share-Settled Performance-Based Restricted Stock Unit Notification of Award and Terms and Condition s of Award Exhibit 31.1* Chief Executive Officer Section 302 Certification Exhibit 31.2* Chief Financial Officer Section 302 Certification Exhibit 32.1** Chief Executive Officer Section 906 Certification Exhibit 32.2** Chief Financial Officer Section 906 Certification Exhibit 99.1* Non-MDL Opioid-Related Litigation Case Citations Exhibit 101.INS* Inline XBRL Instance Document Exhibit 101.SCH* Inline XBRL Taxonomy Extension Schema Document Exhibit 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document Exhibit 101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document Exhibit 101.LAB* Inline XBRL Taxonomy Extension Label Linkbase Document Exhibit 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document Exhibit 104 The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended October 31, 2025, formatted in Inline XBRL (included in Exhibit 101) * Filed herewith as an Exhibit. ** Furnished herewith as an Exhibit. 36 Table of Contents SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.   WALMART INC. Date: December 3, 2025 By: /s/ C. Douglas McMillon C. Douglas McMillon President and Chief Executive Officer (Principal Executive Officer) Date: December 3, 2025 By: /s/ John David Rainey John David Rainey Executive Vice President and Chief Financial Officer (Principal Financial Officer) Date: December 3, 2025 By: /s/ David M. Chojnowski David M. Chojnowski Senior Vice President and Controller (Principal Accounting Officer) 37

Predict whether the return of XLP over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: flat

Explanation: The actual 21-day forward return for XLP starting 2025-12-23 was +0.22%, which classifies as 'flat'.


ETH-USD over past 60 days: cumulative return +9.0%, annualized vol 60.3%. Market regime: bull.

Question:
Asset: ETH-USD
Historical prices (past 60 trading days): start=3741.40, end=4079.06, cumulative_return=+9.0%, annualized_volatility=60.3%
Macro context: {'fed_funds_rate': 4.09, 'cpi_yoy': 324.245, 'unemployment': 4.4, 'gdp_growth_qoq': 24026.834, 't10y2y_spread': 0.59, 't10y3m_spread': 0.12, 'breakeven_10y': 2.37, 'hy_oas': 2.71, 'ig_oas': 0.77, 'ted_spread': 0.09, 'mortgage_30y': 6.26, 'vix': 16.639999389648438}
Market regime: bull
Recent filing/news:
[Kaggle 2023-12-19]

Predict whether the return of ETH-USD over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: negative

Explanation: The actual 21-day forward return for ETH-USD starting 2025-09-24 was -2.25%, which classifies as 'negative'.


XLY over past 60 days: cumulative return +17.0%, annualized vol 18.3%. Market regime: bull.

Question:
Asset: XLY
Historical prices (past 60 trading days): start=94.41, end=110.45, cumulative_return=+17.0%, annualized_volatility=18.3%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 322.169, 'unemployment': 4.3, 'gdp_growth_qoq': 24026.834, 't10y2y_spread': 0.56, 't10y3m_spread': 0.04, 'breakeven_10y': 2.41, 'hy_oas': 2.93, 'ig_oas': 0.8, 'ted_spread': 0.09, 'mortgage_30y': 6.75, 'vix': 16.40999984741211}
Market regime: bull
Recent filing/news:
[Kaggle 2025-07-18] ["MP Materials (MP) Completes US$650 Million Equity Offering MP Materials has made significant announcements recently, including the completion of a follow-on equity offering of nearly $650 million and new high-profile partnerships with Apple and the Department of Defense. These developments coincide with a remarkable share price increase of 122% over the last quarter. The equity offering indicates strong market confidence, while the strategic partnerships bolster MP's long-term prospects in the rare earth sector. The broader market, with major indexes reaching record highs, provides a favorable backdrop, further enhancing MP's upward momentum. Such positive corporate maneuvers align well with the ongoing bullish trends in stock markets. Every company has risks, and we've spotted 1 warning sign for MP Materials you should know about. AI is about to change healthcare. These 27 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. The recent announcements of MP Materials' successful equity offering and strategic partnerships with Apple and the Department of Defense could significantly impact its long-term narrative as it positions itself strongly within the rare earths sector. These developments are expected to enhance production capabilities and revenue opportunities, aligning with the company's strategy to expand into ex-China markets. Potential advancements in efficiency and sales volumes could positively influence future earnings and revenue forecasts, which analysts anticipate to grow robustly over the next three years. Over a five-year period, MP Materials has achieved a total return of 293.48%, which underscores its substantial growth trajectory. Notably, over the past year, its performance surpassed the US Metals and Mining industry, which returned 6.1%. However, despite recent impressive share price gains, the current price of US$58.55 contrasts with the consensus price target of US$38. This discrepancy highlights a potential overvaluation according to analysts, suggesting investors might benefit from tempering expectations in light of market factors and the company's execution of future growth plans. The strategic moves could help mitigate risks associated with heavy reliance on NdPr pricing and variable Chinese policies. However, executing its growth strategy without significant revenue or margin interruptions remains crucial. Although the company's long-term viability appears promising, as evidenced by planned expansions in the Upstream and Midstream segments, immediate financial forecasts also depend on external factors and successful integration of new processes. Thus, MP Materials' future prospects will largely depend on its ability to navigate these challenges effectively while aligning with analyst earnings forecasts and market expectations. Explore historical data to track MP Materials' performance over time in our past

Predict whether the return of XLY over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: positive

Explanation: The actual 21-day forward return for XLY starting 2025-07-21 was +2.97%, which classifies as 'positive'.


BNB-USD over past 60 days: cumulative return -11.5%, annualized vol 51.1%. Market regime: bear.

Question:
Asset: BNB-USD
Historical prices (past 60 trading days): start=709.42, end=628.13, cumulative_return=-11.5%, annualized_volatility=51.1%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 319.785, 'unemployment': 4.2, 'gdp_growth_qoq': 23548.21, 't10y2y_spread': 0.25, 't10y3m_spread': -0.05, 'breakeven_10y': 2.3, 'hy_oas': 3.23, 'ig_oas': 0.93, 'ted_spread': 0.09, 'mortgage_30y': 6.65, 'vix': 21.700000762939453}
Market regime: bear
Recent filing/news:
[Kaggle 2023-12-19]

Predict whether the return of BNB-USD over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: negative

Explanation: The actual 21-day forward return for BNB-USD starting 2025-03-19 was -5.96%, which classifies as 'negative'.


PDBC over past 60 days: cumulative return +1.2%, annualized vol 15.9%. Market regime: bull.

Question:
Asset: PDBC
Historical prices (past 60 trading days): start=12.52, end=12.67, cumulative_return=+1.2%, annualized_volatility=15.9%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 323.291, 'unemployment': 4.3, 'gdp_growth_qoq': 24026.834, 't10y2y_spread': 0.54, 't10y3m_spread': -0.12, 'breakeven_10y': 2.33, 'hy_oas': 3.13, 'ig_oas': 0.82, 'ted_spread': 0.09, 'mortgage_30y': 6.72, 'vix': 20.3799991607666}
Market regime: bull

Predict whether the return of PDBC over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: positive

Explanation: The actual 21-day forward return for PDBC starting 2025-08-04 was +2.59%, which classifies as 'positive'.


XLB over past 60 days: cumulative return +6.7%, annualized vol 15.6%. Market regime: bull.

Question:
Asset: XLB
Historical prices (past 60 trading days): start=42.34, end=45.18, cumulative_return=+6.7%, annualized_volatility=15.6%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 323.291, 'unemployment': 4.3, 'gdp_growth_qoq': 24026.834, 't10y2y_spread': 0.55, 't10y3m_spread': -0.01, 'breakeven_10y': 2.41, 'hy_oas': 2.8, 'ig_oas': 0.77, 'ted_spread': 0.09, 'mortgage_30y': 6.58, 'vix': 14.789999961853027}
Market regime: bull
Recent filing/news:
[Kaggle 2025-08-25] Who’s the Next Apple? 3 Breakout Stocks That Point the Way Editor’s Note: Every investing era has its defining moment. In the 1980s, Apple squared off against IBM. In the 1990s, Amazon reshaped retail. And now, it’s AI transforming industries at a breakneck pace. It’s a force that’s fundamentally changing how fast companies can grow, scale, and generate profits. It is therefore producing an unusual class of stock breakouts. InvestorPlace Senior Analyst Luke Lango calls these “AI Income Events” – moments when hype flips into adoption-driven growth. InvestorPlace - Stock Market News, Stock Advice & Trading Tips A few recent AI Income Events include… Super Micro Computer (SMCI) – 233% in just 2 months SoundHound AI Inc. (SOUN) – 300% in a few months BigBear.ai Holdings, Inc. (BBAI) – 100% in weeks Palantir Technologies Inc. (PLTR) – 290% in 5 months AppLovin Corporation (APP) – 500% in 5 months But what history shows us is clear… The biggest breakthroughs – and the biggest stock market winners – almost never come from the incumbents. They come from the upstarts. So, Luke is joining us today to share how three little-known companies triggered “AI Income Events”… and how you can turn a $5,000 stake into $30,000 within six months by capturing a series of these events. Take it away, Luke… One August morning in 1981, Steve Jobs sat at Apple Inc.’s (AAPL) headquarters with a Wall Street Journal folded under his arm. The headline: IBM Corp. (IBM) was entering the personal computer market. Apple, barely 5 years old, suddenly found itself up against Big Blue. With trademark audacity, Jobs turned the moment into theater. Apple ran a cheeky full-page WSJ ad: “Welcome, IBM. Seriously.” Later, in a 1983 speech, Jobs cast Apple as the rebel, warning “IBM wants it all.” That spirit paid off. The Macintosh, launched in 1984 with its iconic Super Bowl ad, made Apple the symbol of insurgent tech. Since then, Apple stock has soared nearly 175,000%, while IBM is up just about 2,500%. Apple isn’t alone in this story. History shows transformational breakthroughs usually come from upstarts, not incumbents. Each innovation cycle produces Davids that topple Goliaths. Now that we’re in the AI innovation cycle, let’s look at three Davids whose “AI Income Events” rewarded investors with huge gains. Their biggest moves are likely largely past — so I’ll also show you how my team is spotting the next round… AI has become the great equalizer. Any small firm can now harness it to leap ahead of giants. The challenge is spotting when hype (Phase 1) flips to adoption-driven growth (Phase 2). That’s where my Nexus system comes in. I’ll tell you more about Nexus in a minute, but first let’s take a look at three AI Income Events it uncovered… Case Study #1: Back in October 2023, most investors had never heard of our first case study. It was a Microsoft partner in cloud software — a solid business, sure, but hardly front-page material. Then on October 10, this company unveiled an AI-power

Predict whether the return of XLB over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: negative

Explanation: The actual 21-day forward return for XLB starting 2025-08-26 was -4.01%, which classifies as 'negative'.


AVAX-USD over past 60 days: cumulative return -16.0%, annualized vol 75.7%. Market regime: bull.

Question:
Asset: AVAX-USD
Historical prices (past 60 trading days): start=23.41, end=19.66, cumulative_return=-16.0%, annualized_volatility=75.7%
Macro context: {'fed_funds_rate': 4.12, 'cpi_yoy': 324.245, 'unemployment': 4.4, 'gdp_growth_qoq': 24055.749, 't10y2y_spread': 0.49, 't10y3m_spread': 0.15, 'breakeven_10y': 2.3, 'hy_oas': 2.76, 'ig_oas': 0.77, 'ted_spread': 0.09, 'mortgage_30y': 6.19, 'vix': 16.920000076293945}
Market regime: bull
Recent filing/news:
[Kaggle 2023-12-19]

Predict whether the return of AVAX-USD over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: negative

Explanation: The actual 21-day forward return for AVAX-USD starting 2025-10-30 was -23.85%, which classifies as 'negative'.


USMV over past 60 days: cumulative return +5.9%, annualized vol 12.6%. Market regime: sideways.

Question:
Asset: USMV
Historical prices (past 60 trading days): start=87.25, end=92.42, cumulative_return=+5.9%, annualized_volatility=12.6%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 322.169, 'unemployment': 4.3, 'gdp_growth_qoq': 24026.834, 't10y2y_spread': 0.52, 't10y3m_spread': 0.0, 'breakeven_10y': 2.35, 'hy_oas': 2.92, 'ig_oas': 0.82, 'ted_spread': 0.09, 'mortgage_30y': 6.67, 'vix': 16.809999465942383}
Market regime: sideways
Recent filing/news:
[Kaggle 2025-07-08] ["Analysis: 'Trump Effect' website takes credit for US investment made under Biden By Jarrett Renshaw (Reuters) -Within hours of taking office in January, President Donald Trump boasted about attracting $3 trillion in new corporate investments to the United States. Since then, Trump has said the investments have swelled to $14 trillion, or roughly half of the nation's annual gross domestic product. The White House calls it \"The Trump Effect\" and features a rolling list on its website of more than 70 projects it says Trump's economic policies spurred, from a new bakery plant in Texas to a LEGO facility in Virginia and a microchip plant in Arizona. As of July 2, the website listed more than $2.6 trillion in U.S. investments, well short of the $14 trillion Trump boasts about. But a Reuters review found that just under half of the claimed spending on the website - totaling more than $1.3 trillion - originated under former President Joe Biden or represented routine spending repackaged to promote domestic investments. At least eight of the projects touted by the White House had sought or secured critical local incentive packages before Trump took office while at least a half dozen other projects had already been announced by local officials or the companies themselves, Reuters found. Two of the Trump Effect projects were aided by Biden's legislative efforts to boost domestic manufacturing, the review found. One company on the list, Swiss-based Roche, warned that Trump's plans to equalize U.S. and international drug prices now threatens its promised $50 billion in U.S. investments. Asked about taking credit for projects already underway before Trump came into office, the White House said the final investment decisions were announced under his watch and prove his economic policies are triggering U.S. investment. \u201cPresident Trump is the greatest closer in modern history, and his leadership and policies are a critical catalyst converting hypothetical discussions into firm investment commitments and ground being broken for new plants and offices,\" White House spokesman Kush Desai said. The Reuters review included interviewing local officials and reviewing public records and corporate statements. It was not clear in many cases what role, if any, Trump or his policies played in getting the deals across the line. Mark Zandi, the chief economist at Moody's Analytics, said his economic forecast - along with the consensus estimates - for investment in the economy has remained relatively unchanged despite the White House's claims of new historic investments. \"I think despite all the announcements it hasn't translated into any change in expectations,\" Zandi said. \"The fundamentals that ultimately drive investment spending, broadly, if anything, appear to have weakened since the start of the year.\" Trump's push to impose sweeping tariffs on dozens of trading partners has injected uncertainty into global markets, lowering economic projections and freezing

Predict whether the return of USMV over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: negative

Explanation: The actual 21-day forward return for USMV starting 2025-07-09 was -1.22%, which classifies as 'negative'.


EWJ over past 60 days: cumulative return -1.2%, annualized vol 15.4%. Market regime: sideways.

Question:
Asset: EWJ
Historical prices (past 60 trading days): start=64.08, end=63.28, cumulative_return=-1.2%, annualized_volatility=15.4%
Macro context: {'fed_funds_rate': 4.33, 'cpi_yoy': 318.961, 'unemployment': 4.0, 'gdp_growth_qoq': 23548.21, 't10y2y_spread': 0.34, 't10y3m_spread': 0.27, 'breakeven_10y': 2.41, 'hy_oas': 2.66, 'ig_oas': 0.82, 'ted_spread': 0.09, 'mortgage_30y': 7.04, 'vix': 15.970000267028809}
Market regime: sideways
Recent filing/news:
[SEC 10-Q WMT 2024-12-06] wmt-20241031 0000104169 1/31 2025 Q3 false 451 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure iso4217:JPY wmt:state wmt:county wmt:defendant wmt:case wmt:classAction wmt:securitiesClassAction wmt:shareholder wmt:derivativeAction wmt:pharmacist wmt:segment 0000104169 2024-02-01 2024-10-31 0000104169 wmt:CommonStockparvalue0.10pershareMember 2024-02-01 2024-10-31 0000104169 wmt:A2.550NotesDue2026Member 2024-02-01 2024-10-31 0000104169 wmt:A1050NotesDue2026Member 2024-02-01 2024-10-31 0000104169 wmt:A1500NotesDue2028Member 2024-02-01 2024-10-31 0000104169 wmt:A4875NotesDue2029Member 2024-02-01 2024-10-31 0000104169 wmt:A5750NotesDue2030Member 2024-02-01 2024-10-31 0000104169 wmt:A1800NotesDue2031Member 2024-02-01 2024-10-31 0000104169 wmt:A5625NotesDue2034Member 2024-02-01 2024-10-31 0000104169 wmt:A5250NotesDue2035Member 2024-02-01 2024-10-31 0000104169 wmt:A4875NotesDue2039Member 2024-02-01 2024-10-31 0000104169 2024-12-04 0000104169 2024-08-01 2024-10-31 0000104169 2023-08-01 2023-10-31 0000104169 2023-02-01 2023-10-31 0000104169 2024-10-31 0000104169 2024-01-31 0000104169 2023-10-31 0000104169 us-gaap:CommonStockMember 2024-01-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-01-31 0000104169 us-gaap:RetainedEarningsMember 2024-01-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-31 0000104169 us-gaap:ParentMember 2024-01-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-01-31 0000104169 us-gaap:RetainedEarningsMember 2024-02-01 2024-04-30 0000104169 us-gaap:ParentMember 2024-02-01 2024-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2024-02-01 2024-04-30 0000104169 2024-02-01 2024-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-02-01 2024-04-30 0000104169 us-gaap:CommonStockMember 2024-02-01 2024-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-02-01 2024-04-30 0000104169 us-gaap:CommonStockMember 2024-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-04-30 0000104169 us-gaap:RetainedEarningsMember 2024-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-04-30 0000104169 us-gaap:ParentMember 2024-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2024-04-30 0000104169 2024-04-30 0000104169 us-gaap:RetainedEarningsMember 2024-05-01 2024-07-31 0000104169 us-gaap:ParentMember 2024-05-01 2024-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-05-01 2024-07-31 0000104169 2024-05-01 2024-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-05-01 2024-07-31 0000104169 us-gaap:CommonStockMember 2024-05-01 2024-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-05-01 2024-07-31 0000104169 us-gaap:CommonStockMember 2024-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-07-31 0000104169 us-gaap:RetainedEarningsMember 2024-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-31 0000104169 us-gaap:ParentMember 2024-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-07-31 0000104169 2024-07-31 0000104169 us-gaap:RetainedEarningsMember 2024-08-01 2024-10-31 0000104169 us-gaap:ParentMember 2024-08-01 2024-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-08-01 2024-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-08-01 2024-10-31 0000104169 us-gaap:CommonStockMember 2024-08-01 2024-10-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-08-01 2024-10-31 0000104169 us-gaap:CommonStockMember 2024-10-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-10-31 0000104169 us-gaap:RetainedEarningsMember 2024-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-10-31 0000104169 us-gaap:ParentMember 2024-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-10-31 0000104169 us-gaap:CommonStockMember 2023-01-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2023-01-31 0000104169 us-gaap:RetainedEarningsMember 2023-01-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-01-31 0000104169 us-gaap:ParentMember 2023-01-31 0000104169 us-gaap:NoncontrollingInterestMember 2023-01-31 0000104169 2023-01-31 0000104169 us-gaap:RetainedEarningsMember 2023-02-01 2023-04-30 0000104169 us-gaap:ParentMember 2023-02-01 2023-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2023-02-01 2023-04-30 0000104169 2023-02-01 2023-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-02-01 2023-04-30 0000104169 us-gaap:CommonStockMember 2023-02-01 2023-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2023-02-01 2023-04-30 0000104169 us-gaap:CommonStockMember 2023-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2023-04-30 0000104169 us-gaap:RetainedEarningsMember 2023-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-04-30 0000104169 us-gaap:ParentMember 2023-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2023-04-30 0000104169 2023-04-30 0000104169 us-gaap:RetainedEarningsMember 2023-05-01 2023-07-31 0000104169 us-gaap:ParentMember 2023-05-01 2023-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2023-05-01 2023-07-31 0000104169 2023-05-01 2023-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-05-01 2023-07-31 0000104169 us-gaap:CommonStockMember 2023-05-01 2023-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2023-05-01 2023-07-31 0000104169 us-gaap:CommonStockMember 2023-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2023-07-31 0000104169 us-gaap:RetainedEarningsMember 2023-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-07-31 0000104169 us-gaap:ParentMember 2023-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2023-07-31 0000104169 2023-07-31 0000104169 us-gaap:RetainedEarningsMember 2023-08-01 2023-10-31 0000104169 us-gaap:ParentMember 2023-08-01 2023-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2023-08-01 2023-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-08-01 2023-10-31 0000104169 us-gaap:Com [...TRUNCATED...] assumptions not being realized or other factors, the actual results relating to the subject matter of any forward-looking statement in this Quarterly Report on Form 10-Q may differ materially from the anticipated results expressed or implied in that forward-looking statement. The forward-looking statements included in this Quarterly Report on Form 10-Q are made only as of the date of this report, and Walmart undertakes no obligation to update any such statements to reflect subsequent events or circumstances. 35 Table of Contents Item 6. Exhibits The following documents are filed as an exhibit to this Quarterly Report on Form 10-Q: Exhibit 3.1(a) Restated Certificate of Incorporation of the Company dated February 1, 2018 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 1, 2018 Exhibit 3.1(b) Certificate of Amendment to the Restated Certificate of Incorporation of the Company, effective February 23, 2024 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 23, 2024 Exhibit 3.2 Amended and Restated Bylaws of the Company dated November 10, 2022 are incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on November 16, 2022 Exhibit 31.1* Chief Executive Officer Section 302 Certification Exhibit 31.2* Chief Financial Officer Section 302 Certification Exhibit 32.1** Chief Executive Officer Section 906 Certification Exhibit 32.2** Chief Financial Officer Section 906 Certification Exhibit 99.1* Opioids-Related Litigation Case Citations and Currently Scheduled Trial Dates Exhibit 101.INS* Inline XBRL Instance Document Exhibit 101.SCH* Inline XBRL Taxonomy Extension Schema Document Exhibit 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document Exhibit 101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document Exhibit 101.LAB* Inline XBRL Taxonomy Extension Label Linkbase Document Exhibit 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document Exhibit 104 The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended October 31, 2024, formatted in Inline XBRL (included in Exhibit 101) * Filed herewith as an Exhibit. ** Furnished herewith as an Exhibit. 36 Table of Contents SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.   WALMART INC. Date: December 6, 2024 By: /s/ C. Douglas McMillon C. Douglas McMillon President and Chief Executive Officer (Principal Executive Officer) Date: December 6, 2024 By: /s/ John David Rainey John David Rainey Executive Vice President and Chief Financial Officer (Principal Financial Officer) Date: December 6, 2024 By: /s/ David M. Chojnowski David M. Chojnowski Senior Vice President and Controller (Principal Accounting Officer) 37

Predict whether the return of EWJ over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: positive

Explanation: The actual 21-day forward return for EWJ starting 2025-01-20 was +3.53%, which classifies as 'positive'.


XLP over past 60 days: cumulative return +1.2%, annualized vol 11.7%. Market regime: sideways.

Question:
Asset: XLP
Historical prices (past 60 trading days): start=76.89, end=77.79, cumulative_return=+1.2%, annualized_volatility=11.7%
Macro context: {'fed_funds_rate': 3.64, 'cpi_yoy': 326.031, 'unemployment': 4.4, 'gdp_growth_qoq': 24055.749, 't10y2y_spread': 0.68, 't10y3m_spread': 0.5, 'breakeven_10y': 2.23, 'hy_oas': 2.86, 'ig_oas': 0.79, 'ted_spread': 0.09, 'mortgage_30y': 6.18, 'vix': 13.600000381469728}
Market regime: sideways
Recent filing/news:
[SEC 10-Q WMT 2025-12-03] wmt-20251031 0000104169 1/31 2026 Q3 false 178 340 294 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure wmt:state wmt:territory wmt:case wmt:classAction wmt:securitiesClassAction wmt:pharmacist wmt:employee wmt:phase wmt:supplierContribution iso4217:MXN wmt:segment 0000104169 2025-02-01 2025-10-31 0000104169 wmt:CommonStockparvalue0.10pershareMember 2025-02-01 2025-10-31 0000104169 wmt:A2.550NotesDue2026Member 2025-02-01 2025-10-31 0000104169 wmt:A1050NotesDue2026Member 2025-02-01 2025-10-31 0000104169 wmt:A1500NotesDue2028Member 2025-02-01 2025-10-31 0000104169 wmt:A4875NotesDue2029Member 2025-02-01 2025-10-31 0000104169 wmt:A5750NotesDue2030Member 2025-02-01 2025-10-31 0000104169 wmt:A1800NotesDue2031Member 2025-02-01 2025-10-31 0000104169 wmt:A5625NotesDue2034Member 2025-02-01 2025-10-31 0000104169 wmt:A5250NotesDue2035Member 2025-02-01 2025-10-31 0000104169 wmt:A4875NotesDue2039Member 2025-02-01 2025-10-31 0000104169 2025-12-02 0000104169 2025-08-01 2025-10-31 0000104169 2024-08-01 2024-10-31 0000104169 2024-02-01 2024-10-31 0000104169 2025-10-31 0000104169 2025-01-31 0000104169 2024-10-31 0000104169 us-gaap:CommonStockMember 2025-01-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-01-31 0000104169 us-gaap:RetainedEarningsMember 2025-01-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-31 0000104169 us-gaap:ParentMember 2025-01-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-01-31 0000104169 us-gaap:RetainedEarningsMember 2025-02-01 2025-04-30 0000104169 us-gaap:ParentMember 2025-02-01 2025-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2025-02-01 2025-04-30 0000104169 2025-02-01 2025-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-02-01 2025-04-30 0000104169 us-gaap:CommonStockMember 2025-02-01 2025-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-02-01 2025-04-30 0000104169 us-gaap:CommonStockMember 2025-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-04-30 0000104169 us-gaap:RetainedEarningsMember 2025-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-04-30 0000104169 us-gaap:ParentMember 2025-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2025-04-30 0000104169 2025-04-30 0000104169 us-gaap:RetainedEarningsMember 2025-05-01 2025-07-31 0000104169 us-gaap:ParentMember 2025-05-01 2025-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-05-01 2025-07-31 0000104169 2025-05-01 2025-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-05-01 2025-07-31 0000104169 us-gaap:CommonStockMember 2025-05-01 2025-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-05-01 2025-07-31 0000104169 us-gaap:CommonStockMember 2025-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-07-31 0000104169 us-gaap:RetainedEarningsMember 2025-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-07-31 0000104169 us-gaap:ParentMember 2025-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-07-31 0000104169 2025-07-31 0000104169 us-gaap:RetainedEarningsMember 2025-08-01 2025-10-31 0000104169 us-gaap:ParentMember 2025-08-01 2025-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-08-01 2025-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-08-01 2025-10-31 0000104169 us-gaap:CommonStockMember 2025-08-01 2025-10-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-08-01 2025-10-31 0000104169 us-gaap:CommonStockMember 2025-10-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2025-10-31 0000104169 us-gaap:RetainedEarningsMember 2025-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-10-31 0000104169 us-gaap:ParentMember 2025-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2025-10-31 0000104169 us-gaap:CommonStockMember 2024-01-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-01-31 0000104169 us-gaap:RetainedEarningsMember 2024-01-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-31 0000104169 us-gaap:ParentMember 2024-01-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-01-31 0000104169 2024-01-31 0000104169 us-gaap:RetainedEarningsMember 2024-02-01 2024-04-30 0000104169 us-gaap:ParentMember 2024-02-01 2024-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2024-02-01 2024-04-30 0000104169 2024-02-01 2024-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-02-01 2024-04-30 0000104169 us-gaap:CommonStockMember 2024-02-01 2024-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-02-01 2024-04-30 0000104169 us-gaap:CommonStockMember 2024-04-30 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-04-30 0000104169 us-gaap:RetainedEarningsMember 2024-04-30 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-04-30 0000104169 us-gaap:ParentMember 2024-04-30 0000104169 us-gaap:NoncontrollingInterestMember 2024-04-30 0000104169 2024-04-30 0000104169 us-gaap:RetainedEarningsMember 2024-05-01 2024-07-31 0000104169 us-gaap:ParentMember 2024-05-01 2024-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-05-01 2024-07-31 0000104169 2024-05-01 2024-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-05-01 2024-07-31 0000104169 us-gaap:CommonStockMember 2024-05-01 2024-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-05-01 2024-07-31 0000104169 us-gaap:CommonStockMember 2024-07-31 0000104169 us-gaap:AdditionalPaidInCapitalMember 2024-07-31 0000104169 us-gaap:RetainedEarningsMember 2024-07-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-31 0000104169 us-gaap:ParentMember 2024-07-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-07-31 0000104169 2024-07-31 0000104169 us-gaap:RetainedEarningsMember 2024-08-01 2024-10-31 0000104169 us-gaap:ParentMember 2024-08-01 2024-10-31 0000104169 us-gaap:NoncontrollingInterestMember 2024-08-01 2024-10-31 0000104169 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-08-01 2024-10-31 0000104169 us- [...TRUNCATED...] port, and Walmart undertakes no obligation to update any such statements to reflect subsequent events or circumstances. 35 Table of Contents Item 6. Exhibits The following documents are filed as an exhibit to this Quarterly Report on Form 10-Q: Exhibit 3.1(a) Restated Certificate of Incorporation of the Company dated February 1, 2018 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 1, 2018 Exhibit 3.1(b) Certificate of Amendment to the Restated Certificate of Incorporation of the Company, effective February 23, 2024 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 23, 2024 Exhibit 3.2 Amended and Restated Bylaws of the Company dated November 10, 2022 are incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on November 16, 2022 Exhibit 10.1* Retirement Agreement between the Company and Doug McMillon dated November 13, 2025 Exhibit 10.2* Form of Walmart Inc. Stock Incentive Plan of 2025 Global Restricted Stock Notification of Award and Terms and Conditions of Award Exhibit 10.3* Form of Walmart Inc. Stock Incentive Plan of 2025 Global Share-Settled Performance-Based Restricted Stock Unit Notification of Award and Terms and Condition s of Award Exhibit 31.1* Chief Executive Officer Section 302 Certification Exhibit 31.2* Chief Financial Officer Section 302 Certification Exhibit 32.1** Chief Executive Officer Section 906 Certification Exhibit 32.2** Chief Financial Officer Section 906 Certification Exhibit 99.1* Non-MDL Opioid-Related Litigation Case Citations Exhibit 101.INS* Inline XBRL Instance Document Exhibit 101.SCH* Inline XBRL Taxonomy Extension Schema Document Exhibit 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document Exhibit 101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document Exhibit 101.LAB* Inline XBRL Taxonomy Extension Label Linkbase Document Exhibit 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document Exhibit 104 The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended October 31, 2025, formatted in Inline XBRL (included in Exhibit 101) * Filed herewith as an Exhibit. ** Furnished herewith as an Exhibit. 36 Table of Contents SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.   WALMART INC. Date: December 3, 2025 By: /s/ C. Douglas McMillon C. Douglas McMillon President and Chief Executive Officer (Principal Executive Officer) Date: December 3, 2025 By: /s/ John David Rainey John David Rainey Executive Vice President and Chief Financial Officer (Principal Financial Officer) Date: December 3, 2025 By: /s/ David M. Chojnowski David M. Chojnowski Senior Vice President and Controller (Principal Accounting Officer) 37

Predict whether the return of XLP over the next 21 trading days will be: positive (>+1%), negative (<-1%), or flat (within ±1%).

Answer: flat

Explanation: The actual 21-day forward return for XLP starting 2025-12-29 was -0.77%, which classifies as 'flat'.