Walmart (WMT) 10-K 2007 FY Annual report

EXHIBIT 12

RATIO OF EARNINGS TO FIXED CHARGES

(amounts in millions, except ratios)

	Fiscal Year
	2007			2006			2005			2004			2003
Income from continuing operations before income tax	$	18,968		$	17,535		$	16,320		$	14,429		$	12,490
Capitalized interest		(182	)		(157	)		(120	)		(144	)		(124	)
Minority interest		(425	)		(324	)		(249	)		(214	)		(193	)
Adjusted income from continuing operations before income taxes		18,361			17,054			15,951			14,071			12,173
Fixed charges:
Interest*		2,009			1,603			1,326			1,150			1,185
Interest component of rent		368			328			319			306			318
Total fixed charges		2,377			1,931			1,645			1,456			1,503
Income from continuing operations before income taxes and fixed charges	$	20,738		$	18,985		$	17,596		$	15,527		$	13,676
Ratio of Earnings to Fixed Charges		8.7	x		9.8	x		10.7	x		10.7	x		9.1	x

* Includes interest on debt and capital leases, amortization of debt issuance costs and capitalized interest.

Certain reclassifications have been made to prior periods to conform to the current period presentation. In addition, the impact of McLane Company, Inc., a wholly owned subsidiary sold in fiscal 2004, and the impact of our South Korean and German operations, disposed of in fiscal 2007, have been removed for all periods presented.