Walmart (WMT) 10-Q 2017 Q2 Quarterly report

Exhibit 12.1

Wal-Mart Stores, Inc.

Ratio of Earnings to Fixed Charges

	Six Months Ended						Fiscal Years Ended
	July 31,						January 31,
(Amounts in millions)	2016			2015			2016			2015			2014			2013			2012
Income from continuing operations before income taxes	$	10,313		$	10,382		$	21,638		$	24,799		$	24,656		$	25,662		$	24,332
Capitalized interest	(19		)	(18		)	(39		)	(59		)	(78		)	(74		)	(60		)
Consolidated net income attributable to the noncontrolling interest	(253		)	(102		)	(386		)	(736		)	(673		)	(757		)	(688		)
Adjusted income before income taxes	10,041			10,262			21,213			24,004			23,905			24,831			23,584
Fixed charges:
Interest (1)	1,192			1,428			2,587			2,520			2,413			2,325			2,382
Interest component of rent	418			444			836			916			933			859			790
Total fixed charges	1,610			1,872			3,423			3,436			3,346			3,184			3,172
Income before income taxes and fixed charges	$	11,651		$	12,134		$	24,636		$	27,440		$	27,251		$	28,015		$	26,756
Ratio of earnings to fixed charges	7.2			6.5			7.2			8.0			8.1			8.8			8.4

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