UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549
___________________________________________

FORM 10-K
___________________________________________

ý Annual report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934

for the fiscal year ended January 31, 2017 , or

¨ Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934

Commission file number 001-6991.

___________________________________________

WAL-MART STORES, INC.

(Exact name of registrant as specified in its charter)
___________________________________________

Delaware 71-0415188
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)

702 S.W. 8th Street

Bentonville, Arkansas 72716
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (479) 273-4000

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Name of each exchange on which registered
Common Stock, par value $0.10 per share New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

___________________________________________

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes ý
No ¨

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.
Yes ¨
No ý
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for at least
the past 90 days.
Yes ý
No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit and post such files).
Yes ý
No ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of
registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-
K. ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the
definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ý Accelerated Filer o

Non-Accelerated Filer o Smaller Reporting Company o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ¨
No ý

As o f July 31, 2016, th e aggregate market value of the voting common stock of the registrant held by non-affiliates of the registrant, based on the closing sale
price of those shares on the New York Stock Exchange reported on July 29, 2016, was $108,531,045,541. For the purposes of this disclosure only, the registrant
has assumed that its directors, executive officers (as defined in Rule 3b-7 under the Exchange Act) and the beneficial owners of 5% or more of the registrant's
outstanding common stock are the affiliates of the registrant.

The registrant had 3,033,009,079 shares of common stock outstanding as of March 29, 2017 .

DOCUMENTS INCORPORATED BY REFERENCE

Document Parts Into Which Incorporated
Portions of the registrant's Annual Report to Shareholders for the Fiscal Year Parts I and II
Ended January 31, 2017 (the "Annual Report to Shareholders") included as
Exhibit 13 to this Form 10-K

Portions of the registrant's Proxy Statement for the Annual Meeting of Part III
Shareholders to be held June 2, 2017 (the "Proxy Statement")

2
Table of Contents

Wal-Mart Stores, Inc.

Consolidated Balance Sheets

As of January 31,
(Amounts in millions) 2017 2016
ASSETS
Current assets:
Cash and cash equivalents $ 6,867 $ 8,705
Receivables, net 5,835 5,624
Inventories 43,046 44,469
Prepaid expenses and other 1,941 1,441
Total current assets 57,689 60,239
Property and equipment:
Property and equipment 179,492 176,958
Less accumulated depreciation (71,782) (66,787)
Property and equipment, net 107,710 110,171
Property under capital lease and financing obligations:
Property under capital lease and financing obligations 11,637 11,096
Less accumulated amortization (5,169) (4,751)
Property under capital lease and financing obligations, net 6,468 6,345

Goodwill 17,037 16,695

Other assets and deferred charges 9,921 6,131
Total assets $ 198,825 $ 199,581

LIABILITIES AND EQUITY

Current liabilities:
Short-term borrowings $ 1,099 $ 2,708
Accounts payable 41,433 38,487
Accrued liabilities 20,654 19,607
Accrued income taxes 921 521
Long-term debt due within one year 2,256 2,745
Capital lease and financing obligations due within one year 565 551
Total current liabilities 66,928 64,619

Long-term debt 36,015 38,214

Long-term capital lease and financing obligations 6,003 5,816
Deferred income taxes and other 9,344 7,321

Commitments and contingencies

Equity:
Common stock 305 317
Capital in excess of par value 2,371 1,805
Retained earnings 89,354 90,021
Accumulated other comprehensive loss (14,232) (11,597)
Total Walmart shareholders' equity 77,798 80,546
Nonredeemable noncontrolling interest 2,737 3,065
Total equity 80,535 83,611
Total liabilities and equity $ 198,825 $ 199,581

See accompanying notes.

29
Table of Contents

Wal-Mart Stores, Inc.

Consolidated Statements of Income

Fiscal Years Ended January 31,

(Amounts in millions, except per share data) 2017 2016 2015
Revenues:
Net sales $ 481,317 $ 478,614 $ 482,229
Membership and other income 4,556 3,516 3,422
Total revenues 485,873 482,130 485,651
Costs and expenses:
Cost of sales 361,256 360,984 365,086
Operating, selling, general and administrative expenses 101,853 97,041 93,418
Operating income 22,764 24,105 27,147
Interest:
Debt 2,044 2,027 2,161
Capital lease and financing obligations 323 521 300
Interest income (100) (81) (113)
Interest, net 2,267 2,467 2,348
Income from continuing operations before income taxes 20,497 21,638 24,799
Provision for income taxes 6,204 6,558 7,985
Income from continuing operations 14,293 15,080 16,814
Income from discontinued operations, net of income taxes — — 285
Consolidated net income 14,293 15,080 17,099
Consolidated net income attributable to noncontrolling interest (650) (386) (736)
Consolidated net income attributable to Walmart $ 13,643 $ 14,694 $ 16,363

Basic net income per common share:

Basic income per common share from continuing operations attributable to Walmart $ 4.40 $ 4.58 $ 5.01
Basic income per common share from discontinued operations attributable to Walmart — — 0.06
Basic net income per common share attributable to Walmart $ 4.40 $ 4.58 $ 5.07

Diluted net income per common share:

Diluted income per common share from continuing operations attributable to Walmart $ 4.38 $ 4.57 $ 4.99
Diluted income per common share from discontinued operations attributable to Walmart — — 0.06
Diluted net income per common share attributable to Walmart $ 4.38 $ 4.57 $ 5.05

Weighted-average common shares outstanding:

Basic 3,101 3,207 3,230
Diluted 3,112 3,217 3,243

Dividends declared per common share $ 2.00 $ 1.96 $ 1.92

See accompanying notes.

27
Table of Contents

Wal-Mart Stores, Inc.

Consolidated Statements of Cash Flows

Fiscal Years Ended January 31,

(Amounts in millions) 2017 2016 2015
Cash flows from operating activities:
Consolidated net income $ 14,293 $ 15,080 $ 17,099
Income from discontinued operations, net of income taxes — — (285)
Income from continuing operations 14,293 15,080 16,814
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:
Depreciation and amortization 10,080 9,454 9,173
Deferred income taxes 761 (672) (503)
Other operating activities 206 1,410 785
Changes in certain assets and liabilities, net of effects of acquisitions:
Receivables, net (402) (19) (569)
Inventories 1,021 (703) (1,229)
Accounts payable 3,942 2,008 2,678
Accrued liabilities 1,137 1,303 1,249
Accrued income taxes 492 (472) 166
Net cash provided by operating activities 31,530 27,389 28,564

Cash flows from investing activities:

Payments for property and equipment (10,619) (11,477) (12,174)
Proceeds from the disposal of property and equipment 456 635 570
Proceeds from the disposal of certain operations 662 246 671
Purchase of available for sale securities (1,901) — —
Investment and business acquisitions, net of cash acquired (2,463) — —
Other investing activities (122) (79) (192)
Net cash used in investing activities (13,987) (10,675) (11,125)

Cash flows from financing activities:

Net change in short-term borrowings (1,673) 1,235 (6,288)
Proceeds from issuance of long-term debt 137 39 5,174
Payments of long-term debt (2,055) (4,432) (3,904)
Dividends paid (6,216) (6,294) (6,185)
Purchase of Company stock (8,298) (4,112) (1,015)
Dividends paid to noncontrolling interest (479) (719) (600)
Purchase of noncontrolling interest (90) (1,326) (1,844)
Other financing activities (255) (513) (409)
Net cash used in financing activities (18,929) (16,122) (15,071)

Effect of exchange rates on cash and cash equivalents (452) (1,022) (514)

Net increase (decrease) in cash and cash equivalents (1,838) (430) 1,854
Cash and cash equivalents at beginning of year 8,705 9,135 7,281
Cash and cash equivalents at end of year $ 6,867 $ 8,705 $ 9,135

Supplemental disclosure of cash flow information:

Income taxes paid 4,507 8,111 8,169
Interest paid 2,351 2,540 2,433

See accompanying notes.

31