| Schedule of Business Segment Results and Total Assets by Segment |
| | | | | | | | | | | | | Business Segment Results | | | | (millions) | 2025 | 2024 | 2023 | | | | | | | | | Net sales | $ | 104,780 | | $ | 106,566 | | $ | 107,412 | | | Cost of sales | | | | Merchandising cost of sales (a) | 67,980 | | 68,884 | | 70,652 | | Supply chain and digital fulfillment costs (a) | 7,531 | | 7,618 | | 7,176 | | | | | | | Total cost of sales | 75,511 | | 76,502 | | 77,828 | | | | | | | | | | | | | | | | | | SG&A expenses (b) | 21,535 | | 21,969 | | 21,462 | | Depreciation and amortization (exclusive of depreciation included in cost of sales) | 2,617 | | 2,529 | | 2,415 | | Operating income | 5,117 | | 5,566 | | 5,707 | | | Net interest expense | 445 | | 411 | | 502 | | | Net other income | (95) | | (106) | | (92) | | | Earnings before income taxes | 4,767 | | 5,261 | | 5,297 | | | Provision for income taxes | 1,062 | | 1,170 | | 1,159 | | | Net earnings | $ | 3,705 | | $ | 4,091 | | $ | 4,138 | |
(a)Note 3 provides a description of Merchandising Cost of Sales and Supply Chain and Digital Fulfillment Costs. (b)For 2025, includes $250 million related to business transformation costs described in Note 7 and $593 million of pretax net gains related to settlements of credit card interchange fee litigation matters described in Note 6.
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