Compare companies, side by side

(4) Amounts include contractual interest payments using the interest rate as of January 31, 2026 and stated fixed and swapped interest rates, if applicable, for all other debt instruments.

Item 7, MD&A, 10-K Mar 31, 2026open_in_new

… Changes in our credit ratings, or in the interest rate environment, could have an adverse effect on our financing costs and structure.

Item 1A, Risk Factors, 10-K Mar 31, 2026open_in_new

Our aggregate commercial paper issuances and short-term bank borrowings had weighted average interest rates of 4.39% for fiscal 2026 and 4.57% for fiscal 2025.

Item 7, MD&A, 10-K Aug 21, 2026open_in_new

Additionally, Sysco has executed cash-settled deal contingent rate lock transactions to mitigate interest rate risk on $6.3 billion of future permanent debt that could potentially be issued to finance the Transactions. As these interest rate lock transactions are …

Item 7, MD&A, 10-K Aug 21, 2026open_in_new

Volatility in the global capital markets, interest rates, inflation rates, our participation in multiemployer pension plans and other factors could increase our costs relating to our employees’ pensions.

Item 1A, Risk Factors, 10-K Feb 4, 2026open_in_new

… We also hedge a number of risks including exposures to foreign exchange rate movements and volatility of interest rates that could impact our future borrowing costs. Hedging of these risks could potentially subject us to counter-party credit risk. In …

Item 1A, Risk Factors, 10-K Feb 4, 2026open_in_new

The increases during the year of the impact of foreign currency rates and the decreases of the impact of interest rates on the value at risk computation above were primarily due to higher foreign currency volatility and lower interest rate volatility in 2025 compared to 2024.

Item 7, MD&A, 10-K Feb 6, 2026open_in_new

Fair Value Impact (in millions) At December 31, 2025 Average High Low Instruments sensitive to: Foreign currency rates $97 $152 $197 $97 Interest rates $135 $191 $239 $135 Fair Value Impact (in millions) At December 31, 2024 Average High Low Instruments sensitive to: Foreign currency rates $130 $92 $130 $69 Interest rates $221 $233 $272 $200

Item 7, MD&A, 10-K Feb 6, 2026open_in_new

In addition, we enter into interest rate derivatives to manage the effects of interest rate movements on our funded indebtedness, including future debt issuances. Based on a hypothetical 100 basis point increase in interest rates, the estimated fair value of our interest rate derivatives would decrease by approximately $72 million and $43 million as of June 30, 2026 and 2025, respectively.

Item 7, MD&A, 10-K Aug 19, 2026open_in_new

Interest expense decreased in fiscal 2026, primarily reflecting a lower average debt balance and lower average interest rates compared to the prior year. Interest income and investment income, net decreased in fiscal 2026, primarily driven by lower average interest rates earned compared to the prior year, as well as the unfavorable year-over-year impact of impairments of cost method minority investments.

Item 7, MD&A, 10-K Aug 19, 2026open_in_new

… We are exposed to risks associated with interest rate fluctuations, including for our variable interest rate debt, and disruption or volatility in the credit markets. The current interest rate environment is elevated relative to the interest rates on certain of …

Item 1A, Risk Factors, 10-K Apr 22, 2026open_in_new

Indebtedness, credit ratings, interest rate fluctuations, and credit market disruptions or volatility

Item 1A, Risk Factors, 10-K Apr 22, 2026open_in_new

• Rising levels of inflation and interest rates related to domestic and global economic conditions or supply chain issues;

Item 1A, Risk Factors, 10-K Feb 17, 2026open_in_new

• Rising levels of inflation and interest rates related to domestic and global economic conditions or supply chain issues;

Item 1A, Risk Factors, 10-K Feb 17, 2026open_in_new

Volatility in the capital markets or interest rates could adversely impact our pension costs and the funded status of our pension plans.

Item 1A, Risk Factors, 10-K Nov 10, 2025open_in_new

(2) Interest payments include interest on all outstanding debt. Payments are estimated for variable rate and variable term debt based on effective interest rates at September 27, 2025, and expected payment dates.

Item 7, MD&A, 10-K Nov 10, 2025open_in_new

• the economic environments, laws, regulations, and policies in the markets that we serve, including interest rates, monetary policy, inflation, financial markets, recession, commodity prices and currency controls, or other limitations on the ability to import or export raw materials or finished product, or to repatriate earnings from overseas;

Item 1A, Risk Factors, 10-K Feb 20, 2026open_in_new

As part of our qualitative assessment, we consider several factors including macroeconomics conditions (including changes in interest rates and discount rates), the recent and projected financial performance of our tested brands, significant changes in the specific market or regulatory environment in which we operate that would change the position of our products in the marketplace, pending litigation, and other factors, including the results of our last quantitative assessment.

Item 7, MD&A, 10-K Feb 20, 2026open_in_new

Interest Rate Exposure. We are exposed to interest rate movements due to our long and short-term borrowing program. Interest rate swaps are used to manage exposures to interest rates on underlying debt obligations. Certain interest rate swaps denominated in foreign currencies are designated to hedge exposures to currency exchange rate movements on our investments in foreign operations. These currency interest rate swaps are designated as hedges of the Company's foreign net investments.

Item 7, MD&A, 10-K Aug 4, 2026open_in_new

Based on our interest rate exposure as of and during the fiscal year ended June 30, 2026, including derivative and other instruments sensitive to interest rates, we believe a near-term change in interest rates, at a 95% confidence level based on historical interest rate movements, would not materially affect our financial statements.

Item 7, MD&A, 10-K Aug 4, 2026open_in_new

Refer to Note 7 of the Notes to our Consolidated Financial Statements and Item 7A, Quantitative and Qualitative Disclosures About Market Risk for management's discussion of how we manage our exposure to foreign exchange risk, interest rate risk, and commodity risk.

Item 7, MD&A, 10-K Feb 24, 2026open_in_new

We do not currently have operations in Russia, Ukraine, or the Middle East, but due to the impact of the ongoing conflicts in those regions on the global economy, we have experienced and may continue to experience supply chain constraints; inflation in input costs, logistics, manufacturing, and labor costs; volatility in fuel and commodity prices and fluctuations in foreign exchange rates and interest rates, any of which could adversely impact our results of operations.

Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

• Exposing us to interest rate risk at the time of refinancing outstanding debt or on the portion of our debt obligations that are issued at variable rates.

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

(a) Amounts represent the expected cash payments of our long-term debt, including interest on variable and fixed rate long-term debt. Interest on variable rate long-term debt is calculated based on interest rates at December 27, 2025.

Item 7, MD&A, 10-K Feb 12, 2026open_in_new

The Company manages its mix of fixed and floating rate debt against its target with debt issuances and by entering into interest rate swaps in order to mitigate fluctuations in earnings and cash flows that may result from interest rate …

Item 7, MD&A, 10-K Feb 23, 2026open_in_new

Managing Foreign Currency, Interest Rate, Commodity Price and Credit Risk Exposure

Item 7, MD&A, 10-K Feb 23, 2026open_in_new

Borrowings under the Revolving Facility bear interest at a rate equal to an applicable interest rate margin plus, at our option, either (a) Adjusted Term SOFR (which is Term SOFR (as published by CME Group Benchmark Administration Limited) plus a …

Item 7, MD&A, 10-K Mar 20, 2026open_in_new

We believe ongoing inflationary pressures could continue to affect our vendors and customers and our operating results. Both inflation and higher interest rates have significantly increased new store opening costs and occupancy costs in recent years and, while new store returns remain strong, these increased costs have negatively impacted our projected new store returns and influenced our new store growth plans.

Item 7, MD&A, 10-K Mar 20, 2026open_in_new

Estimated contractual interest payments associated with our long-term debt amount to $17.3 billion, with approximately $1.7 billion expected to be paid in fiscal 2027. Estimated interest payments are based on our principal amounts and expected maturities of all debt outstanding as of January 31, 2026, and assumes interest rates remain at current levels for our variable rate instruments.

Item 7, MD&A, 10-K Mar 13, 2026open_in_new

Short-term borrowings as of January 31, 2026 and 2025 were $6.6 billion and $3.1 billion, respectively, with weighted-average interest rates of 4.0% and 5.3%, respectively. We also have $15.0 billion of various undrawn committed lines of credit in the U.S. as of January 31, 2026 that provide additional liquidity, if needed. Additionally, we maintain access to various credit facilities outside of the U.S. to further support our Walmart International segment operations, as needed.

Item 7, MD&A, 10-K Mar 13, 2026open_in_new

Interest expense decreased $94 million to $612 million primarily due to improved cash management, driven by decreased expense within Corporate driven by lower use of the Company’s commercial paper borrowing programs, lower interest rates, and favorable settlements of international tax audits, as well as lower interest rates at ADM Investor Services.

Item 7, MD&A, 10-K Feb 17, 2026open_in_new

(1) Interest expense - net decreased $74 million, driven by reduced short-term borrowings, lower interest rates on the Company’s commercial paper borrowing programs, and favorable settlements of international tax audits.

Item 7, MD&A, 10-K Feb 17, 2026open_in_new

We have a $900 million commercial paper program that we use, together with our cash flow from operations, to fund our short-term operational needs. See Note 8 to the Consolidated Financial Statements for outstanding commercial paper balances, interest rates, and days to maturity at April 30, 2025 and April 30, 2026. The average balances, interest rates, and original maturities during the last two fiscal years are presented below.

Item 7, MD&A, 10-K Jun 12, 2026open_in_new

Interest expense (net) decreased $16 million, or 15%, in fiscal 2026 compared to fiscal 2025, due to a lower average debt balance and lower average interest rates on short-term borrowings.

Item 7, MD&A, 10-K Jun 12, 2026open_in_new

The discount rate used to determine benefit obligations is adjusted annually based on the interest rate for long-term high-quality corporate bonds, using yields for maturities that are in line with the duration of our pension liabilities. Our benefit …

Item 7, MD&A, 10-K Mar 11, 2026open_in_new

Our financing strategy is to ensure liquidity and access to capital markets, to maintain a balanced spectrum of debt maturities, and to manage our net exposure to floating interest rate volatility. Within these parameters, we seek to minimize our borrowing …

Item 7, MD&A, 10-K Mar 11, 2026open_in_new

In addition, we have exposure to future interest rates based on variable rates under our revolving credit facility and issuances under our commercial paper program and to the extent we raise additional debt in the capital markets to meet maturing debt obligations or otherwise. Significant and sustained increases in market interest rates could materially increase our financing costs and negatively impact our reported results.

Item 1A, Risk Factors, 10-K Mar 16, 2026open_in_new

Our inability to access credit or capital markets, a downgrade of our credit ratings and/or increases in interest rates could negatively affect our financing costs, results of operations and financial condition.

Item 1A, Risk Factors, 10-K Mar 16, 2026open_in_new

• Increasing the exposure of the combined company to a rise in interest rates, which would generate greater interest expense to the extent the combined company does not have applicable interest rate fluctuation hedges; and

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

… Our financial performance, our short- and long-term debt credit ratings, interest rates, the stability of financial institutions with which we partner, geopolitical or national political developments, the stability and liquidity of the overall global capital markets and the state …

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

Proceeds from long-term debt in 2026 included three series of Guaranteed Senior Notes totaling approximately $500, at fixed interest rates ranging from 2.620% to 3.680%, issued by our Japan subsidiary, as compared to no proceeds in 2025. Repayments of long-term debt in 2026 totaled $69, as compared to $103 in 2025.

Item 7, MD&A, 10-K Oct 7, 2026open_in_new

The increase in interest income in 2026 was due to higher cash balances, partially offset by lower interest rates. Foreign-currency transaction gains, net, include revaluation or settlement of monetary assets and liabilities by our Canadian and Other International operations and mark-to-market adjustments for forward foreign-exchange contracts. See Derivatives and Foreign-Currency sections in Note 1 to the consolidated financial statements included in Item 8 of this Report.

Item 7, MD&A, 10-K Oct 7, 2026open_in_new

We had outstanding total debt at December 31, 2025, of $2,205.1, net of debt issuance costs, all of which has a fixed weighted average interest rate of 4.1%. From time to time the Company will enter into interest rate lock agreements to hedge the risk of changes in the interest payments attributable to changes in the interest rate associated with anticipated issuances of debt.

Item 7, MD&A, 10-K Feb 12, 2026open_in_new

• Changing macroeconomic conditions in our markets, including as a result of inflation, interest rates, volatile commodity prices and increases in the cost of raw and packaging materials, labor, energy and logistics, which could impact our manufacturing operations and that of our third-party partners;

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

The Company’s level of indebtedness may increase to fund acquisitions, joint ventures, or equity investments in the future. Higher levels of debt may, among other things, impact the Company’s liquidity or credit rating and increase the Company’s exposure to fluctuations in interest rates.

Item 1A, Risk Factors, 10-K Dec 5, 2025open_in_new

… The Company’s business may be adversely affected by changes in national or global economic conditions, including inflation, interest rates, tax rates, availability of capital, energy availability and costs (including fuel surcharges), political developments, civil unrest, terrorist attacks, armed conflicts …

Item 1A, Risk Factors, 10-K Dec 5, 2025open_in_new

Long-Term Debt and Interest on Borrowings - In addition to maturities of long-term debt, we make interest payments based on stated coupon interest rates. For information on annual debt maturities and interest payments, see Note 9.

Item 7, MD&A, 10-K Feb 25, 2026open_in_new

All of our long-term debt outstanding at December 31, 2025 and 2024 was fixed-rate debt. At December 31, 2025 and 2024, the weighted-average coupon interest rate on our total long-term debt was approximately 4.5% and 4.3%, respectively.

Item 7, MD&A, 10-K Feb 25, 2026open_in_new

We do not use derivative financial instruments to protect ourselves from fluctuations in interest rates and, except for aluminum, generally do not hedge against fluctuations in commodity prices.

Item 7, MD&A, 10-K Feb 27, 2026open_in_new

… Certain of these investments are subject to general credit, liquidity, market and interest rate risks. These risks associated with our investment portfolio may have an adverse effect on our future results of operations, liquidity and financial condition.

Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

General economic and political conditions, including social and political causes and movements, higher interest rates, higher fuel and other energy costs, inflation, tariffs, increases or fluctuations in commodity prices such as cheese, proteins and coffee, higher levels of unemployment, higher …

Item 1A, Risk Factors, 10-K Jun 22, 2026open_in_new

The Company’s exposure to market risk for changes in interest rates relates primarily to our investment portfolio and floating rate long-term debt obligations. We place our investments with high-quality credit issuers and, by policy, limit the amount …

10-K, 10-K Jun 22, 2026open_in_new

… These factors include, but are not limited to, inflation, interest rates, supply chain and logistics disruptions, labor market conditions, trade restrictions and tariffs, changes in trade policies and trade agreements, including the ongoing joint review of the United States-Mexico …

10-K, 10-K Aug 7, 2026open_in_new

… products, market share projections, product pricing and sales, volume and product mix, foreign exchange rates and volatility, tax rates, interest rates, commodity prices, distribution, cost savings, accruals for estimated liabilities, macroeconomic factors, including tariff impacts, and the Company’s ability …

10-K, 10-K Aug 7, 2026open_in_new

Not mentioned in the latest 10-K.

Not mentioned in the latest 10-K.

Not mentioned in the latest 10-K.