v3.25.4
Segments and Disaggregated Revenue
 12 Months Ended
Jan. 31, 2026
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 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)
202620252024
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 sales350,360 336,451 323,563 
Operating, selling, general and administrative expenses110,081 104,676 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 sales102,576 95,267 89,831 
Operating, selling, general and administrative expenses24,309 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 sales82,459 80,035 76,748 
Operating, selling, general and administrative expenses10,639 10,122 9,290 
Operating income$2,442 $2,404 $2,192 
Corporate and support
Membership and other income(2)
$36 $52 $44 
Operating, selling, general and administrative expenses2,914 2,491 2,287 
Operating loss$(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 sales535,395 511,753 490,142 
Operating, selling, general and administrative expenses147,943 139,884 130,971 
Operating income29,825 29,348 27,012 
Interest, net2,431 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)
202620252024
Walmart U.S.
Total assets$165,627 $150,006 $137,782 
Depreciation and amortization9,390 8,549 7,671 
Capital expenditures20,157 16,466 13,877 
Walmart International
Total assets$86,093 $80,016 $86,136 
Depreciation and amortization2,304 2,260 2,159 
Capital expenditures3,197 3,178 2,911 
Sam's Club U.S.
Total assets$17,186 $16,862 $15,682 
Depreciation and amortization782 706 642 
Capital expenditures914 1,212 1,041 
Corporate and support
Total assets$15,762 $13,939 $12,799 
Depreciation and amortization1,727 1,458 1,381 
Capital expenditures2,374 2,927 2,777 
Consolidated
Total assets$284,668 $260,823 $252,399 
Depreciation and amortization14,203 12,973 11,853 
Capital expenditures26,642 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)202620252024
Revenues
U.S. operations$581,175 $557,622 $532,076 
Non-U.S. operations131,988 123,363 116,049 
Total revenues$713,163 $680,985 $648,125 
Long-lived assets
U.S. operations$128,366 $115,250 $104,480 
Non-U.S. operations28,590 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 category202620252024
Grocery$285,482 $276,003 $264,210 
General merchandise115,060 113,921 113,985 
Health and wellness69,547 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 market202620252024
Mexico and Central America$52,492 $51,970 $49,726 
China24,623 19,975 17,011 
Canada23,724 23,035 22,639 
Other29,584 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
202620252024
Grocery$64,706 $61,253 $57,565 
Fuel and other11,570 12,960 13,707 
General merchandise11,549 11,215 10,947 
Health and wellness5,190 4,810 3,960 
Total$93,015 $90,238 $86,179 
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.