Exhibit 12.1

Walmart Inc.
Ratio of Earnings to Fixed Charges

 
January 31,
(Amounts in millions)
2018
 
2017
 
2016
 
2015
 
2014
Income from continuing operations before income taxes
$
15,123

 
$
20,497

 
$
21,638

 
$
24,799

 
$
24,656

Capitalized interest
(17
)
 
(36
)
 
(39
)
 
(59
)
 
(78
)
Consolidated net income attributable to the noncontrolling interest
(661
)
 
(650
)
 
(386
)
 
(736
)
 
(673
)
Adjusted income before income taxes
14,445


19,811

 
21,213

 
24,004

 
23,905

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest (1)
2,347

 
2,403

 
2,587

 
2,520

 
2,413

Interest component of rent
890

 
862

 
836

 
916

 
933

            Total fixed charges
3,237


3,265

 
3,423

 
3,436

 
3,346

Income before income taxes and fixed charges
$
17,682


$
23,076

 
$
24,636

 
$
27,440

 
$
27,251

Ratio of earnings to fixed charges
5.5


7.1

 
7.2

 
8.0


8.1

(1) Includes interest on debt, capital leases and financing obligations, amortization of debt issuance costs and capitalized interest; excludes loss on extinguishment of debt.