What it does
Walmart describes itself as a people-led, technology-powered omnichannel retailer. It says customers can shop through retail stores, eCommerce websites and mobile applications, while also accessing service offerings. Its operations include retail, wholesale and other units, as well as eCommerce, across three reportable segments: Walmart U.S., Walmart International and Sam’s Club U.S. The company states that its model combines physical locations with digital channels, pickup and delivery, and offerings including membership, advertising, marketplace and fulfillment services, financial services, and health and wellness services.
Source: Walmart Inc. Form 10-K for fiscal 2026, Item 1 — sec.gov
How it makes money
The company states that fiscal 2026 total revenues were $713.2 billion, primarily comprising net sales of $706.4 billion. Its three reportable segments contribute differently to operating results. Walmart U.S., its largest segment, recorded $483.0 billion of fiscal 2026 revenue. Walmart International recorded $130.4 billion, and Sam’s Club U.S. recorded $93.0 billion. The filing describes sales of grocery, general merchandise, and health and wellness products across the business, alongside services and digital offerings. For Sam’s Club U.S., membership income is a significant component of segment operating income.
| Segment | Revenue, FY2026 | Share | Change on the year |
|---|---|---|---|
| Walmart U.S. | $483.0 billion | 68.4% | 4.45% |
| Walmart International | $130.4 billion | 18.5% | 7.00% |
| Sam’s Club U.S. | $93.0 billion | 13.2% | 3.08% |
Source: Walmart Inc. Form 10-K for fiscal 2026, Item 1 — sec.gov
Customers and geography
Walmart states that it serves approximately 280 million customers each week through more than 10,900 stores in 19 countries and through eCommerce websites and mobile applications. U.S. revenue was $581.2 billion in fiscal 2026, representing 81.5% of revenue, while non-U.S. operations generated $132.0 billion, representing 18.5%. Walmart International operates 5,743 stores across 18 countries outside the U.S. The filing lists operations in the U.S., Africa, Canada, Central America, Chile, China, India and Mexico.
| Region | Revenue, FY2026 | Share | Change on the year |
|---|---|---|---|
| U.S. | $581.2 billion | 81.5% | 4.22% |
| Non-U.S. operations | $132.0 billion | 18.5% | 6.99% |
Source: Walmart Inc. Form 10-K for fiscal 2026, Item 1 — sec.gov
Competition
The filing characterizes its markets as highly competitive and rapidly evolving. It says Walmart competes with brick-and-mortar, eCommerce and omnichannel retailers; discount, department, grocery, drug, dollar, variety and specialty stores; supermarkets; warehouse clubs; gasoline stations; social commerce platforms; and providers of advertising, fulfillment, delivery, health and wellness, and financial services. The filing does not name individual competitors. It states that the company competes on factors including merchandise prices, selection and availability, services, locations, convenience, digital platforms, and delivery cost, speed and options.
Source: Walmart Inc. Form 10-K for fiscal 2026, Item 1 — sec.gov
Key risks
- Failure to successfully execute its omnichannel strategy and the cost of investments in eCommerce and technology may affect market position, net sales and financial performance.
- Failure to identify or respond effectively to consumer trends or preferences could affect reputation, customer relationships, demand, market share and business growth.
- Strong competition from retailers, wholesale club operators, omnichannel retailers and other businesses could affect financial performance.
- General or macro-economic factors, domestically and internationally, may affect financial performance.
- Risks associated with suppliers could affect financial performance, including access to products, supplier compliance, transportation, trade restrictions and inflation.
- Disruptions in information and financial systems could impair the company’s ability to conduct operations.
Source: Walmart Inc. Form 10-K for fiscal 2026, Item 1A — sec.gov
People and operations
Walmart had 2,100,000 associates as of January 31, 2026. The company states that approximately 1.6 million were in the U.S. and approximately 0.5 million were international; in the U.S., approximately 92% were hourly and approximately 68% were full-time. Its U.S. supply chain used 192 distribution facilities, while operations outside the U.S. used 179 distribution facilities. The filing says fiscal sales are seasonal to a degree, varying by country, holidays, festivals, customs and weather patterns; historically, each segment’s highest sales volume has occurred in the fiscal fourth quarter.
Source: Walmart Inc. Form 10-K for fiscal 2026, Item 1 — sec.gov