| EBP, Investment, Fair Value and NAV |
The three levels of the fair value hierarchy are described as follows: | | | | | | Level 1 | Unadjusted quoted prices for identical, unrestricted assets or liabilities in active markets that a plan has the ability to access. | Level 2 | Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means for substantially the full term of the assets or liabilities. | Level 3 | Significant unobservable inputs. |
Investments measured at fair value on a recurring basis consisted of the following types of instruments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements as of January 31, 2026: | | | Total | | Level 1 | | Level 2 | | Assets at NAV | | Walmart Inc. equity securities | | $ | 6,304,802,781 | | | $ | 6,304,802,781 | | | $ | — | | | $ | — | | | Common stocks | | 2,665,582,571 | | | 2,665,582,571 | | | — | | — | | Cash equivalent | | 20,632,102 | | | 20,632,102 | | | — | | — | | Mutual funds | | 162,243,758 | | | 162,243,758 | | | — | | — | | Government securities | | 1,318,113,207 | | | — | | 1,318,113,207 | | | — | | Corporate bonds | | 491,277,628 | | | — | | 491,277,628 | | | — | | Asset-backed securities | | 176,681,801 | | | — | | 176,681,801 | | | — | | Mortgage-backed securities | | 73,105,740 | | | — | | 73,105,740 | | | — | Investments measured at NAV* Collective investment trusts/collective trust funds | | 46,357,422,689 | | — | | — | | 46,357,422,689 | | Total investments at fair value | | $ | 57,569,862,277 | | | $ | 9,153,261,212 | | | $ | 2,059,178,376 | | | $ | 46,357,422,689 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements as of January 31, 2025: | | | Total | | Level 1 | | Level 2 | | Assets at NAV | | Walmart Inc. equity securities | | $ | 5,738,048,126 | | | $ | 5,738,048,126 | | | $ | — | | | $ | — | | | Common stocks | | 1,790,065,839 | | | 1,790,065,839 | | | — | | — | | Cash equivalent | | 19,368,827 | | | 19,368,827 | | | — | | — | Mutual fund | | 1,032,322,277 | | | 1,032,322,277 | | | — | | — | | Government securities | | 913,843,362 | | | — | | 913,843,362 | | | — | | Corporate bonds | | 390,618,298 | | | — | | 390,618,298 | | | — | | Asset-backed securities | | 139,248,391 | | | — | | 139,248,391 | | | — | | Mortgage-backed securities | | 44,064,257 | | | — | | 44,064,257 | | | — | Investments measured at NAV* Collective investment trusts/collective trust funds | | 39,337,699,722 | | | — | | — | | 39,337,699,722 | | | Total investments at fair value | | 49,405,279,099 | | $ | 8,579,805,069 | | | $ | 1,487,774,308 | | | $ | 39,337,699,722 | |
*In accordance with ASC Subtopic 820-10, certain investments that were measured at NAV per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented on the Statements of Net Assets Available for Benefits. The following table summarizes investments for which fair value is measured using NAV per share as a practical expedient as of January 31, 2026 and 2025. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Unfunded commitments | | Redemption frequency (if currently eligible) | | Redemption notice | | January 31, 2026 | | Fair Value | | | Collective investment trusts/collective trust funds | | $ | 46,357,422,689 | | | N/A | | Daily | | N/A | | January 31, 2025 | | | | | | | | | | Collective investment trusts/collective trust funds | | $ | 39,337,699,722 | | | N/A | | Daily | | N/A |
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