v3.25.3
Segments and Disaggregated Revenue
 9 Months Ended
Oct. 31, 2025
Segment Reporting Information, Profit (Loss) [Abstract]  
Segments and Disaggregated Revenue Segments and Disaggregated Revenue
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, which includes omnichannel initiatives. The Sam's Club U.S. segment includes the warehouse membership clubs in the U.S., as well as eCommerce, which includes omnichannel initiatives. Corporate and support consists of corporate overhead and other items not allocated to any of the Company's segments.
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. 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. 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:
Three Months Ended October 31,Nine Months Ended October 31,
(Amounts in millions)
2025202420252024
Walmart U.S.
Net sales$120,678 $114,875 $353,752 $338,892 
Membership and other income6656181,9501,835
Total revenues
121,343115,493355,702340,727
Cost of sales87,36683,384255,955245,999
Operating, selling, general and administrative expenses28,19726,67481,54277,370
Operating income$5,780 $5,435 $18,205 $17,358 
Walmart International
Net sales$33,541 $30,277 $94,496 $89,677 
Membership and other income3913671,1511,122
Total revenues
33,93230,64495,64790,799
Cost of sales26,53923,74874,47570,028
Operating, selling, general and administrative expenses6,6915,69217,97916,674
Operating income$702 $1,204 $3,193 $4,097 
Sam's Club U.S.(1)
Net sales$23,550 $22,851 $69,252 $67,139 
Membership and other income6655881,8891,728
Total revenues
24,21523,43971,14168,867
Cost of sales20,80120,20861,35059,554
Operating, selling, general and administrative expenses2,7432,5977,9457,483
Operating income$671 $634 $1,846 $1,830 
Corporate and support
Membership and other income(2)
$6 $12 $17 $38 
Operating, selling, general and administrative expenses4635772,1441,834
Operating loss$(457)$(565)$(2,127)$(1,796)
Consolidated
Net sales$177,769 $168,003 $517,500 $495,708 
Membership and other income1,7271,5855,0074,723
Total revenues
179,496169,588522,507500,431
Cost of sales134,706127,340391,780375,581
Operating, selling, general and administrative expenses38,09435,540109,610103,361
Operating income6,6966,70821,11721,489
Interest, net591 478 1,810 1,643 
Other (gains) and losses
(2,081)132 (4,192)500 
Income before income taxes$8,186 $6,098 $23,499 $19,346 
(1)    Total fuel-related cost of sales and operating, selling, general and administrative expenses for Sam's Club U.S. were $2.2 billion and $2.4 billion for the three months ended October 31, 2025 and 2024, respectively, and $6.7 billion and $7.7 billion for the nine months ended October 31, 2025 and 2024, respectively.
(2)    Includes other income from corporate campus facilities.
Depreciation and amortization and capital expenditures for the Company's segments, as well as for Corporate and support, are as follows:
Three Months Ended October 31,Nine Months Ended October 31,
(Amounts in millions)
2025202420252024
Walmart U.S.
Depreciation and amortization$2,378 $2,156 $6,917 $6,308 
Capital expenditures5,4844,22214,03111,795
Walmart International
Depreciation and amortization$584 $556 $1,705 $1,687 
Capital expenditures8019522,0282,167
Sam's Club U.S.
Depreciation and amortization$197 $179 $581 $517 
Capital expenditures287373625819
Corporate and support
Depreciation and amortization$447 $369 $1,259 $1,087 
Capital expenditures6466421,9431,915
Consolidated
Depreciation and amortization$3,606 $3,260 $10,462 $9,599 
Capital expenditures7,2186,18918,62716,696
Total assets for the Company's segments, as well as for Corporate and support, are as follows:
October 31,January 31,
(Amounts in millions)20252025
Assets by segment
Walmart U.S.
$168,285 $150,006 
Walmart International
88,221 80,016 
Sam's Club U.S.
17,372 16,862 
Corporate and support
14,777 13,939 
Total assets
$288,655 $260,823 
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)Three Months Ended October 31,Nine Months Ended October 31,
Walmart U.S. net sales by merchandise category2025202420252024
Grocery$71,713 $69,344 $210,636 $204,455 
General merchandise27,366 26,621 82,100 81,312 
Health and wellness18,379 16,360 51,871 45,639 
Other categories3,220 2,550 9,145 7,486 
Total$120,678 $114,875 $353,752 $338,892 
Of Walmart U.S.'s total net sales, approximately $24.8 billion and $19.5 billion related to eCommerce for the three months ended October 31, 2025 and 2024, respectively, and approximately $70.0 billion and $56.0 billion related to eCommerce for the nine months ended October 31, 2025 and 2024, respectively.
(Amounts in millions)Three Months Ended October 31,Nine Months Ended October 31,
Walmart International net sales by market2025202420252024
Mexico and Central America$12,869 $12,064 $37,129 $38,395 
China6,110 5,012 18,475 14,895 
Canada6,004 5,803 17,263 17,022 
Other8,558 7,398 21,629 19,365 
Total$33,541 $30,277 $94,496 $89,677 
Of Walmart International's total net sales, approximately $10.2 billion and $8.1 billion related to eCommerce for the three months ended October 31, 2025 and 2024, respectively, and approximately $26.1 billion and $21.3 billion related to eCommerce for the nine months ended October 31, 2025 and 2024, respectively.
(Amounts in millions)Three Months Ended October 31,Nine Months Ended October 31,
Sam's Club U.S. net sales by merchandise category2025202420252024
Grocery$16,673 $15,902 $48,533 $45,791 
Fuel and other2,976 3,187 8,891 10,043 
General merchandise2,551 2,469 7,964 7,796 
Health and wellness1,350 1,293 3,864 3,509 
Total$23,550 $22,851 $69,252 $67,139 
Of Sam's Club U.S.'s total net sales, approximately $3.8 billion and $3.1 billion related to eCommerce for the three months ended October 31, 2025 and 2024, respectively, and approximately $10.8 billion and $8.7 billion related to eCommerce for the nine months ended October 31, 2025 and 2024, respectively.