Walmart Inc.WMT
Walmart Inc. Segments Disclosure
Segments and Disaggregated Revenue
Of Sam's Club U.S.'s total net sales, approximately $15.0 billion, $12.1 billion and $9.9 billion related to eCommerce for fiscal 2026, 2025 and 2024, respectively.
Segments
The Company is engaged in the operation of retail and wholesale stores and clubs, as well as eCommerce websites and mobile applications, located throughout the U.S., Africa, Canada, Central America, Chile, China, India and Mexico. The Company's operations are conducted in three reportable segments: Walmart U.S., Walmart International and Sam's Club U.S. The Company defines its segments as those operations whose results the chief operating decision maker ("CODM"), the Company's Chief Executive Officer, regularly reviews to analyze performance and allocate resources. The Company sells similar individual products and services in each of its segments. It is impractical to segregate and identify revenues for each of these individual products and services.
The Walmart U.S. segment includes the Company's mass merchandising concept in the U.S., as well as eCommerce, which includes omnichannel initiatives and certain other business offerings such as advertising services. The Walmart International segment consists of the Company's operations outside of the U.S., as well as eCommerce and omnichannel initiatives. The Sam's Club U.S. segment includes the warehouse membership clubs in the U.S., as well as samsclub.com and omnichannel initiatives. Corporate and support consists of corporate overhead and other items not allocated to any of the Company's segments. The operating results of each reportable segment, including the mix of cost of sales and operating, selling, general and administrative expenses, are not directly comparable due to differences in business model, format and channel mix. Additionally, the operating results of each reportable segment may not be comparable to those of other retailers, as discussed in Note 1.
The Company measures the profit or loss of its segments using operating income. The CODM uses operating income to allocate resources across the reportable segments as part of the Company's long-range and annual planning processes, and to evaluate planned versus actual results when assessing segment operating performance. From time to time, the Company may revise the measurement of each segment's operating income, including any corporate overhead allocations, and presentation of significant segment expenses, as determined by the information regularly reviewed by its CODM. Information for the Company's segments, as well as for Corporate and support, including the reconciliation to income before income taxes, is provided as follows:
| Fiscal Years Ended January 31, | ||||||||||||||||||||
(Amounts in millions) | 2026 | 2025 | 2024 | |||||||||||||||||
| Walmart U.S. | ||||||||||||||||||||
| Net sales | $ | 482,975 | $ | 462,415 | $ | 441,817 | ||||||||||||||
Membership and other income | 2,624 | 2,594 | 1,985 | |||||||||||||||||
Total revenues | 485,599 | 465,009 | 443,802 | |||||||||||||||||
| Cost of sales | 350,360 | 336,451 | 323,563 | |||||||||||||||||
| Operating, selling, general and administrative expenses | 110,081 | 104,676 | 98,085 | |||||||||||||||||
| Operating income | $ | 25,158 | $ | 23,882 | $ | 22,154 | ||||||||||||||
| Walmart International | ||||||||||||||||||||
| Net sales | $ | 130,423 | $ | 121,885 | $ | 114,641 | ||||||||||||||
Membership and other income | 1,565 | 1,478 | 1,408 | |||||||||||||||||
Total revenues | 131,988 | 123,363 | 116,049 | |||||||||||||||||
| Cost of sales | 102,576 | 95,267 | 89,831 | |||||||||||||||||
| Operating, selling, general and administrative expenses | 24,309 | 22,595 | 21,309 | |||||||||||||||||
| Operating income | $ | 5,103 | $ | 5,501 | $ | 4,909 | ||||||||||||||
Sam's Club U.S.(1) | ||||||||||||||||||||
| Net sales | $ | 93,015 | $ | 90,238 | $ | 86,179 | ||||||||||||||
Membership and other income | 2,525 | 2,323 | 2,051 | |||||||||||||||||
Total revenues | 95,540 | 92,561 | 88,230 | |||||||||||||||||
| Cost of sales | 82,459 | 80,035 | 76,748 | |||||||||||||||||
| Operating, selling, general and administrative expenses | 10,639 | 10,122 | 9,290 | |||||||||||||||||
| Operating income | $ | 2,442 | $ | 2,404 | $ | 2,192 | ||||||||||||||
Corporate and support | ||||||||||||||||||||
Membership and other income(2) | $ | 36 | $ | 52 | $ | 44 | ||||||||||||||
| Operating, selling, general and administrative expenses | 2,914 | 2,491 | 2,287 | |||||||||||||||||
| Operating loss | $ | (2,878) | $ | (2,439) | $ | (2,243) | ||||||||||||||
| Consolidated | ||||||||||||||||||||
| Net sales | $ | 706,413 | $ | 674,538 | $ | 642,637 | ||||||||||||||
Membership and other income | 6,750 | 6,447 | 5,488 | |||||||||||||||||
Total revenues | 713,163 | 680,985 | 648,125 | |||||||||||||||||
| Cost of sales | 535,395 | 511,753 | 490,142 | |||||||||||||||||
| Operating, selling, general and administrative expenses | 147,943 | 139,884 | 130,971 | |||||||||||||||||
| Operating income | 29,825 | 29,348 | 27,012 | |||||||||||||||||
| Interest, net | 2,431 | 2,245 | 2,137 | |||||||||||||||||
Other (gains) and losses | (2,075) | 794 | 3,027 | |||||||||||||||||
| Income before income taxes | $ | 29,469 | $ | 26,309 | $ | 21,848 | ||||||||||||||
(1)Total fuel-related expenses for Sam's Club U.S. were $8.7 billion, $9.9 billion, and $10.6 billion in fiscal 2026, fiscal 2025, and fiscal 2024, respectively.
(2)Includes other income from corporate campus facilities.
Total assets, depreciation and amortization, and capital expenditures for the Company's segments, as well as for Corporate and support, are as follows:
| Fiscal Years Ended January 31, | ||||||||||||||||||||
(Amounts in millions) | 2026 | 2025 | 2024 | |||||||||||||||||
| Walmart U.S. | ||||||||||||||||||||
| Total assets | $ | 165,627 | $ | 150,006 | $ | 137,782 | ||||||||||||||
| Depreciation and amortization | 9,390 | 8,549 | 7,671 | |||||||||||||||||
| Capital expenditures | 20,157 | 16,466 | 13,877 | |||||||||||||||||
| Walmart International | ||||||||||||||||||||
| Total assets | $ | 86,093 | $ | 80,016 | $ | 86,136 | ||||||||||||||
| Depreciation and amortization | 2,304 | 2,260 | 2,159 | |||||||||||||||||
| Capital expenditures | 3,197 | 3,178 | 2,911 | |||||||||||||||||
Sam's Club U.S. | ||||||||||||||||||||
| Total assets | $ | 17,186 | $ | 16,862 | $ | 15,682 | ||||||||||||||
| Depreciation and amortization | 782 | 706 | 642 | |||||||||||||||||
| Capital expenditures | 914 | 1,212 | 1,041 | |||||||||||||||||
| Corporate and support | ||||||||||||||||||||
| Total assets | $ | 15,762 | $ | 13,939 | $ | 12,799 | ||||||||||||||
| Depreciation and amortization | 1,727 | 1,458 | 1,381 | |||||||||||||||||
| Capital expenditures | 2,374 | 2,927 | 2,777 | |||||||||||||||||
| Consolidated | ||||||||||||||||||||
| Total assets | $ | 284,668 | $ | 260,823 | $ | 252,399 | ||||||||||||||
| Depreciation and amortization | 14,203 | 12,973 | 11,853 | |||||||||||||||||
| Capital expenditures | 26,642 | 23,783 | 20,606 | |||||||||||||||||
Total revenues and long-lived assets, consisting primarily of net property and equipment and lease right-of-use assets, aggregated by the Company's U.S. and non-U.S. operations, are as follows:
| Fiscal Years Ended January 31, | ||||||||||||||||||||
| (Amounts in millions) | 2026 | 2025 | 2024 | |||||||||||||||||
| Revenues | ||||||||||||||||||||
| U.S. operations | $ | 581,175 | $ | 557,622 | $ | 532,076 | ||||||||||||||
| Non-U.S. operations | 131,988 | 123,363 | 116,049 | |||||||||||||||||
| Total revenues | $ | 713,163 | $ | 680,985 | $ | 648,125 | ||||||||||||||
| Long-lived assets | ||||||||||||||||||||
| U.S. operations | $ | 128,366 | $ | 115,250 | $ | 104,480 | ||||||||||||||
| Non-U.S. operations | 28,590 | 24,455 | 25,858 | |||||||||||||||||
| Total long-lived assets | $ | 156,956 | $ | 139,705 | $ | 130,338 | ||||||||||||||
No individual country outside of the U.S. had total revenues or long-lived assets that were material to the consolidated totals. Additionally, the Company did not generate material revenues from any single customer.
Disaggregated Revenues
In the following tables, segment net sales are disaggregated by either merchandise category or market. In addition, net sales related to eCommerce are provided for each segment. Net sales related to eCommerce include omnichannel sales where a customer initiates an order digitally and the order is fulfilled through a store or club, as well as net sales from other business offerings that are part of the Company's ecosystem such as certain advertising arrangements, fulfillment services, and data insights. From time to time, the Company revises the assignment of net sales of a particular item to a merchandise category. When the assignment changes, previous period amounts are reclassified to be comparable to the current period's presentation.
| (Amounts in millions) | Fiscal Years Ended January 31, | |||||||||||||||||||
| Walmart U.S. net sales by merchandise category | 2026 | 2025 | 2024 | |||||||||||||||||
| Grocery | $ | 285,482 | $ | 276,003 | $ | 264,210 | ||||||||||||||
| General merchandise | 115,060 | 113,921 | 113,985 | |||||||||||||||||
| Health and wellness | 69,547 | 62,092 | 54,898 | |||||||||||||||||
Other | 12,886 | 10,399 | 8,724 | |||||||||||||||||
| Total | $ | 482,975 | $ | 462,415 | $ | 441,817 | ||||||||||||||
Of Walmart U.S.'s total net sales, approximately $99.6 billion, $79.3 billion and $65.4 billion related to eCommerce for fiscal 2026, 2025 and 2024, respectively.
| (Amounts in millions) | Fiscal Years Ended January 31, | |||||||||||||||||||
| Walmart International net sales by market | 2026 | 2025 | 2024 | |||||||||||||||||
| Mexico and Central America | $ | 52,492 | $ | 51,970 | $ | 49,726 | ||||||||||||||
| China | 24,623 | 19,975 | 17,011 | |||||||||||||||||
| Canada | 23,724 | 23,035 | 22,639 | |||||||||||||||||
| Other | 29,584 | 26,905 | 25,265 | |||||||||||||||||
| Total | $ | 130,423 | $ | 121,885 | $ | 114,641 | ||||||||||||||
Of Walmart International's total net sales, approximately $35.8 billion, $29.5 billion and $24.8 billion related to eCommerce for fiscal 2026, 2025 and 2024, respectively.
| (Amounts in millions) | Fiscal Years Ended January 31, | |||||||||||||||||||
Sam's Club U.S. net sales by merchandise category | 2026 | 2025 | 2024 | |||||||||||||||||
| Grocery | $ | 64,706 | $ | 61,253 | $ | 57,565 | ||||||||||||||
| Fuel and other | 11,570 | 12,960 | 13,707 | |||||||||||||||||
| General merchandise | 11,549 | 11,215 | 10,947 | |||||||||||||||||
| Health and wellness | 5,190 | 4,810 | 3,960 | |||||||||||||||||
| Total | $ | 93,015 | $ | 90,238 | $ | 86,179 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | Mar 13, 2026 | Showing above |
| 2025 | Mar 14, 2025 | |
| 2024 | Mar 15, 2024 | |
| 2023 | Mar 17, 2023 | |
| 2022 | Mar 18, 2022 | |
| 2021 | Mar 19, 2021 | |
| 2020 | Mar 20, 2020 | |
| 2019 | Mar 28, 2019 | |
| 2018 | Mar 30, 2018 | |
| 2017 | Mar 31, 2017 | |
| 2016 | Mar 30, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.