Analysis of Revenues

Revenues as Reported

Revenues as Reported

Walmart Inc., income statement, revenues

US$ in millions

12 months ended:	Jan 31, 2026	Jan 31, 2025	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021
Grocery	285,482)	276,003)	264,210)	247,299)	218,944)	208,413)
General merchandise	115,060)	113,921)	113,985)	118,597)	125,876)	119,406)
Health and wellness	69,547)	62,092)	54,898)	46,591)	42,839)	38,522)
Other	12,886)	10,399)	8,724)	8,066)	5,588)	3,622)
Walmart U.S.	482,975)	462,415)	441,817)	420,553)	393,247)	369,963)
Mexico and Central America	52,492)	51,970)	49,726)	40,496)	35,964)	32,642)
China	24,623)	19,975)	17,011)	14,711)	13,852)	11,430)
Canada	23,724)	23,035)	22,639)	22,300)	21,773)	19,991)
United Kingdom	—)	—)	—)	—)	3,811)	29,234)
Other	29,584)	26,905)	25,265)	23,476)	25,559)	28,063)
Walmart International	130,423)	121,885)	114,641)	100,983)	100,959)	121,360)
Grocery	64,706)	59,976)	56,455)	53,055)	46,822)	42,148)
Fuel and other	11,570)	12,924)	13,678)	15,385)	11,048)	7,838)
General merchandise	11,549)	11,249)	11,041)	11,669)	11,730)	10,132)
Health and wellness	5,190)	6,089)	5,005)	4,236)	3,956)	3,792)
Sam’s Club	93,015)	90,238)	86,179)	84,345)	73,556)	63,910)
Net sales	706,413)	674,538)	642,637)	605,881)	567,762)	555,233)

Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31).

Overall, the organization demonstrates a consistent pattern of revenue growth between 2021 and 2026. While growth rates fluctuate across different segments and geographies, the aggregate net sales exhibit a positive trajectory. A significant portion of revenue is generated by Walmart U.S., which consistently contributes the largest share, followed by Sam’s Club and Walmart International.

Walmart U.S. Revenue Trends: Revenue from Walmart U.S. increased steadily from US$369,963 million in 2021 to US$482,975 million in 2026. Grocery consistently represents the largest component of Walmart U.S. revenue, growing from US$208,413 million to US$285,482 million over the same period. Health and wellness also shows substantial growth within the U.S. segment, increasing from US$38,522 million to US$69,547 million. General merchandise, however, experienced a peak in 2022 before declining and stabilizing around US$114 million in 2025 and 2026.
Walmart International Performance: Walmart International experienced more volatility. Revenue decreased from US$121,360 million in 2021 to US$100,959 million in 2022, then recovered to US$130,423 million in 2026. Mexico and Central America demonstrate consistent growth, rising from US$32,642 million to US$52,492 million. China also shows growth, increasing from US$11,430 million to US$24,623 million. The United Kingdom shows a significant revenue drop from 2021 to 2022, with no further reported values for subsequent years. Other international markets show a steady increase in revenue.
Sam’s Club Revenue Growth: Sam’s Club exhibits strong and consistent revenue growth, increasing from US$63,910 million in 2021 to US$93,015 million in 2026. Grocery revenue within Sam’s Club also shows a strong upward trend, growing from US$42,148 million to US$64,706 million. Fuel and other revenue increased significantly between 2021 and 2023, but then decreased slightly in 2025 and 2026. Health and wellness revenue within Sam’s Club also shows consistent growth, albeit from a smaller base.
Overall Revenue Composition: Net sales increased from US$555,233 million in 2021 to US$706,413 million in 2026. Grocery consistently represents the largest portion of overall revenue, followed by Walmart U.S. grocery and Sam’s Club grocery. The contribution of general merchandise to overall revenue appears relatively stable, while health and wellness shows increasing importance. Fuel and other revenue represents a smaller, but notable, portion of overall sales, particularly within Sam’s Club.

In summary, the organization demonstrates a positive revenue trend overall, driven primarily by growth in the Walmart U.S. and Sam’s Club segments. While Walmart International experienced some volatility, it ultimately recovered and showed growth. Grocery remains the dominant revenue driver, but health and wellness is emerging as an increasingly significant contributor.

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Walmart Inc. (NASDAQ:WMT)

Analysis of Revenues

Revenues as Reported