# Walmart

**Walmart Inc.** is an American multinational retail corporation that operates discount department stores, supercenters, and warehouse clubs, and is the largest private employer in the United States.<sup>[1](https://www.sec.gov/Archives/edgar/data/104169/000010416926000055/R19.htm)</sup><sup> • </sup><sup>[2](https://www.aeaweb.org/articles?id=10.1257%2Fjep.21.3.177)</sup> In fiscal 2026 it recorded total revenues of $713.2 billion, served approximately 280 million customers each week through more than 10,000 stores in 18 countries and its eCommerce sites, and employed roughly 2.1 million associates as of fiscal 2024.<sup>[1](https://www.sec.gov/Archives/edgar/data/104169/000010416926000055/R19.htm)</sup><sup> • </sup><sup>[3](https://stock.walmart.com/sec-filings/all-sec-filings/content/0000104169-26-000055/wmt-20260131.htm)</sup><sup> • </sup><sup>[4](https://corporate.walmart.com/content/dam/corporate/documents/newsroom/2024/02/20/walmart-releases-q4-and-fy24-earnings/walmart-earnings-release-fy24-q4.pdf)</sup>

| Key fact | Detail |
|---|---|
| Revenue | $713.2 billion in fiscal 2026, up from $681.0 billion (FY2025) and $648.1 billion (FY2024)<sup>[1](https://www.sec.gov/Archives/edgar/data/104169/000010416926000055/R19.htm)</sup> |
| Footprint | 4,611 US stores plus 5,743 international stores in 18 countries; ~280 million weekly customers<sup>[3](https://stock.walmart.com/sec-filings/all-sec-filings/content/0000104169-26-000055/wmt-20260131.htm)</sup> |
| Workforce | ~2.1 million associates worldwide; average US hourly wage near $18<sup>[4](https://corporate.walmart.com/content/dam/corporate/documents/newsroom/2024/02/20/walmart-releases-q4-and-fy24-earnings/walmart-earnings-release-fy24-q4.pdf)</sup><sup> • </sup><sup>[5](https://stock.walmart.com/_assets/_08ee5483ec4c057568cc8774f3fd6aad/walmart/db/951/9952/file/FY25+CEO+Letter+to+Shareholders.pdf)</sup> |
| Grocery | Grocery is about 60% of Walmart U.S. sales; roughly 20% of all US grocery sales flow through Walmart<sup>[6](https://www.sec.gov/Archives/edgar/data/104169/000010416924000178/R14.htm)</sup><sup> • </sup><sup>[7](https://www.gobankingrates.com/saving-money/shopping/walmart-has-the-cheapest-groceries-how-its-prices-compare-to-target-amazon-more/)</sup> |
| E-commerce | $150.4 billion in the latest fiscal year, 21.3% of net sales, up from 17.9% a year earlier<sup>[8](https://www.reuters.com/business/retail-consumer/scale-online-push-loyalty-fees-how-walmart-won-year-tariffs-2026-05-19/)</sup> |
| Segment margins (FY24) | Walmart U.S. $22 billion operating profit (5% margin), International $5 billion (4%), Sam's Club $2 billion (3%)<sup>[9](https://www.forrester.com/blogs/amazon-vs-walmart-revenue-and-profit-comparison-2010-2024/)</sup> |
| Price position | Prices often 10–25% below competitors in economic studies; lowest grocery prices among five retailers in a UBS survey<sup>[10](https://www.analysisgroup.com/globalassets/insights/publishing/2024_understanding_walmarts_impact_on_the_us_economy_and_communities.pdf)</sup><sup> • </sup><sup>[7](https://www.gobankingrates.com/saving-money/shopping/walmart-has-the-cheapest-groceries-how-its-prices-compare-to-target-amazon-more/)</sup> |

## How the everyday-low-price model works

Walmart's pricing philosophy is **everyday low prices (EDLP)**: items are priced low every day so customers trust that prices will not change under frequent promotional activity. It is paired with **everyday low cost (EDLC)**, the commitment to control expenses so that cost savings pass to customers.<sup>[3](https://stock.walmart.com/sec-filings/all-sec-filings/content/0000104169-26-000055/wmt-20260131.htm)</sup> The model rests on scale and logistics rather than promotions. Walmart operates more than 200 distribution centers, each over 1 million square feet, each supporting 90 to 100 stores and turning over inventory every 24 hours, backed by a fleet of over 80,000 trailers and 11,000 drivers.<sup>[10](https://www.analysisgroup.com/globalassets/insights/publishing/2024_understanding_walmarts_impact_on_the_us_economy_and_communities.pdf)</sup> It was among the first retailers to connect all stores and distribution centers to a computer network, implement bar codes, and build data-sharing systems with suppliers.<sup>[10](https://www.analysisgroup.com/globalassets/insights/publishing/2024_understanding_walmarts_impact_on_the_us_economy_and_communities.pdf)</sup>

Low advertising intensity is part of the cost structure. Wal-Mart's advertising costs historically ran about one-third those of other discount chains; while competitors ran 50 to 100 advertising circulars per year, Wal-Mart ran only 12 promotions a year.<sup>[11](https://encyclopedia.com/topic/Wal-Mart_Stores_Inc.aspx)</sup> The measured price effect is real but modest per store: an analysis of 10 consumer goods in 165 US cities from 1982 to 2002 found Wal-Mart entry lowered prices by roughly 1.5 to 3% in the short run and about four times as much in the long run.<sup>[12](https://ideas.repec.org/a/eee/juecon/v58y2005i2p203-229.html)</sup> Broader syntheses put Walmart's prices at 10 to 25% below competitors on average, and Hausman and Leibtag (2007) found food prices at Walmart Supercenters 15 to 25% lower than competitors.<sup>[10](https://www.analysisgroup.com/globalassets/insights/publishing/2024_understanding_walmarts_impact_on_the_us_economy_and_communities.pdf)</sup><sup> • </sup><sup>[13](https://www.annualreviews.org/content/journals/10.1146/annurev-resource-111820-032827)</sup>

## History: from Ben Franklin to global giant

Wal-Mart grew from rural discount stores into the country's dominant retailer, and in due course became the first retailer in history to report after-tax profits of $1 billion, with 1,402 stores and 272,000 employees in 26 states, surpassing Kmart as the most profitable retailer in America.<sup>[14](https://www.pbs.org/wgbh/pages/frontline/shows/walmart/transform/cron.html)</sup> In the early 2000s it reached grocery sales of $56 billion, a 16 percent market share, making it the largest food retailer in the United States.<sup>[14](https://www.pbs.org/wgbh/pages/frontline/shows/walmart/transform/cron.html)</sup> Annual revenue passed $600 billion in fiscal 2023 and rose to $648 billion in fiscal 2024.<sup>[15](https://www.britannica.com/money/Walmart)</sup>

## By the numbers

Walmart reports three segments. In fiscal 2026, Walmart U.S. had net sales of $483.0 billion, 68% of consolidated net sales, up from $462.4 billion in fiscal 2025 and $441.8 billion in fiscal 2024; Walmart International had $130.4 billion (19%), up from $121.9 billion.<sup>[3](https://stock.walmart.com/sec-filings/all-sec-filings/content/0000104169-26-000055/wmt-20260131.htm)</sup><sup> • </sup><sup>[9](https://www.forrester.com/blogs/amazon-vs-walmart-revenue-and-profit-comparison-2010-2024/)</sup> Within Walmart U.S., fiscal 2024 net sales included grocery $204.5 billion, general merchandise $81.3 billion, health and wellness $45.6 billion, and other categories $7.5 billion.<sup>[6](https://www.sec.gov/Archives/edgar/data/104169/000010416924000178/R14.htm)</sup>

**Margins are thin by design.** In fiscal 2024 Walmart U.S. generated $22 billion in operating profit on a 5% margin, Walmart International $5 billion at 4%, and [Sam's Club](https://www.edgepedia.org/sams-club) $2 billion at 3%.<sup>[9](https://www.forrester.com/blogs/amazon-vs-walmart-revenue-and-profit-comparison-2010-2024/)</sup> The low-margin, high-turnover model is what makes EDLP sustainable: profit comes from volume and inventory velocity rather than markup.

## How it compares with Target, Costco, Amazon, and dollar stores

On **grocery prices**, a UBS study comparing 36 products across five retailers found Walmart had the lowest prices on 22 of the items; Target's groceries were 10% more expensive than Walmart's, Kroger's 11%, Amazon's 20%, and Safeway/[Albertsons](https://www.edgepedia.org/albertsons)' 23%.<sup>[7](https://www.gobankingrates.com/saving-money/shopping/walmart-has-the-cheapest-groceries-how-its-prices-compare-to-target-amazon-more/)</sup> On **overall prices**, however, the annual Price Wars survey found Amazon the lowest-priced retailer for the eighth consecutive year in 2024, with a 14% average price advantage over competitors, down from 16% the prior year; Target's prices were 13% higher than Amazon's.<sup>[16](https://9094310.fs1.hubspotusercontent-na1.net/hubfs/9094310/_2024/Research%20%2B%20Reports/11.24%20Price%20Wars%20Reports/Price%20Wars%202024%20US%20Edition.pdf)</sup>

On **e-commerce scale**, Walmart's online business generated $100.1 billion in 2024, just 22% of Amazon's $447.5 billion in net revenue that year.<sup>[15](https://www.britannica.com/money/Walmart)</sup> On **assortment**, the grocery gap with Target is wide: a 2020 industry ranking put Target's food sales at $33.7 billion, about 8% of Walmart's.<sup>[13](https://www.annualreviews.org/content/journals/10.1146/annurev-resource-111820-032827)</sup>

## Grocery: how Walmart became America's largest grocer

Grocery is about 60% of Walmart U.S. sales, and roughly 20% of all US grocery sales flow through Walmart, giving it, in the words of UBS analyst Michael Lasser, unmatched scale in the category.<sup>[6](https://www.sec.gov/Archives/edgar/data/104169/000010416924000178/R14.htm)</sup><sup> • </sup><sup>[7](https://www.gobankingrates.com/saving-money/shopping/walmart-has-the-cheapest-groceries-how-its-prices-compare-to-target-amazon-more/)</sup> That position reflects a structural shift in where Americans buy food. USDA estimates that between 1997 and 2020 the dollar share of grocery stores fell from 71% to 60%, while warehouse clubs and supercenters rose from 6% to 21%; the traditional-grocery dollar share fell from 90% in 1988 to 44% in 2018.<sup>[13](https://www.annualreviews.org/content/journals/10.1146/annurev-resource-111820-032827)</sup> Walmart's own grocery share has grown with that shift, from 16% when it first became the largest US food retailer in the early 2000s to about 20% today.<sup>[14](https://www.pbs.org/wgbh/pages/frontline/shows/walmart/transform/cron.html)</sup><sup> • </sup><sup>[7](https://www.gobankingrates.com/saving-money/shopping/walmart-has-the-cheapest-groceries-how-its-prices-compare-to-target-amazon-more/)</sup>

## Labor, suppliers, and the Walmart effect

**Wages.** Entry wages for Walmart retail workers range between $14 and $19 per hour, against a national median for retail sales workers just above $16 per hour as of May 2023; the company reports its average US hourly wage has grown to nearly $18, and its FY25 letter reported that its highest-performing store managers earned more than $500,000.<sup>[10](https://www.analysisgroup.com/globalassets/insights/publishing/2024_understanding_walmarts_impact_on_the_us_economy_and_communities.pdf)</sup><sup> • </sup><sup>[5](https://stock.walmart.com/_assets/_08ee5483ec4c057568cc8774f3fd6aad/walmart/db/951/9952/file/FY25+CEO+Letter+to+Shareholders.pdf)</sup>

**Local employment effects are contested.** Neumark and colleagues, using an instrumental-variables approach based on store openings spreading from Arkansas, found a Wal-Mart store opening reduces county-level retail employment by about 150 workers, implying each Wal-Mart worker replaces approximately 1.4 retail workers, and reduces county retail earnings by about $1.2 million, or 1.3%.<sup>[17](https://www.nber.org/system/files/working_papers/w11782/revisions/w11782.rev1.pdf)</sup> Basker, in a peer-reviewed study, found the opposite sign: Wal-Mart entry increases retail employment by 100 jobs in the year of entry, half the gain disappears over five years, and a long-run net gain of 50 jobs remains, with wholesale employment down about 20 jobs as Wal-Mart vertically integrates.<sup>[18](https://ideas.repec.org/a/tpr/restat/v87y2005i1p174-183.html)</sup> A separate county-level study found a new Wal-Mart reduces average retail earnings by 0.5 to 0.9 percent, with changes in skill composition explaining only a small part of the reduction.<sup>[19](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=841684)</sup> A 2024 synthesis concludes that most academic research finds modest increases in retail employment after entry.<sup>[10](https://www.analysisgroup.com/globalassets/insights/publishing/2024_understanding_walmarts_impact_on_the_us_economy_and_communities.pdf)</sup> A peer-reviewed review reaches a middle position: evidence for Walmart's deleterious impacts on small businesses is limited, and there is no consensus on local employment effects, though most studies point to a modest increase in retail employment.<sup>[13](https://www.annualreviews.org/content/journals/10.1146/annurev-resource-111820-032827)</sup>

**Labor conflict and supply chain.** In 2004 about 70,000 unionized [Southern California](https://www.edgepedia.org/southern-california) supermarket workers struck for four months over benefits reductions that stores said were needed to compete with Wal-Mart's plan to open 40 Supercenters there; the same era saw a federal judge allow a gender discrimination class action on behalf of 1.6 million current and former female employees, the largest discrimination case in US history at the time.<sup>[14](https://www.pbs.org/wgbh/pages/frontline/shows/walmart/transform/cron.html)</sup> Sociological scholarship has examined Walmart across four themes: its business model and organizational structure, labor relations in its own stores and its global supply chain, community mobilizations against it, and its role in buyer-driven commodity chains.<sup>[20](https://www.annualreviews.org/content/journals/10.1146/annurev-soc-070308-115947)</sup> In China, factories supplying Walmart were reported to have tough working conditions, including long hours and aggressive anti-union efforts, staffed largely by migrant workers from rural villages.<sup>[21](https://www.npr.org/transcripts/nx-s1-5888726)</sup>

## Recent developments

**E-commerce has become the growth engine.** Walmart's e-commerce sales grew 24% in the latest fiscal year, from about $121 billion to $150.4 billion, reaching 21.3% of total net sales, up from 17.9% a year earlier.<sup>[8](https://www.reuters.com/business/retail-consumer/scale-online-push-loyalty-fees-how-walmart-won-year-tariffs-2026-05-19/)</sup> In the second quarter of fiscal 2027, Walmart U.S. eCommerce grew 24%, marketplace grew 52%, and advertising was up 38%; the marketplace expanded into Mexico and Canada, Walmart+ launched in Canada, and the company acquired Vibe to bolster advertising alongside Walmart Connect and VIZIO.<sup>[22](https://corporate.walmart.com/content/dam/corporate/documents/newsroom/2026/08/20/walmart-releases-q2-fy27-earnings/q2-fy27-earnings-call-transcript.pdf)</sup>

**Delivery speed and automation.** Fast delivery in the US grew 48% in that quarter, with baskets often delivered in under 30 minutes, and fee-based fast deliveries reached an all-time high of 37% of store-fulfilled deliveries.<sup>[22](https://corporate.walmart.com/content/dam/corporate/documents/newsroom/2026/08/20/walmart-releases-q2-fy27-earnings/q2-fy27-earnings-call-transcript.pdf)</sup> The company said it planned to deliver to 95 percent of the US population in under three hours, using supply-chain automation including AI and automated storage and retrieval systems.<sup>[5](https://stock.walmart.com/_assets/_08ee5483ec4c057568cc8774f3fd6aad/walmart/db/951/9952/file/FY25+CEO+Letter+to+Shareholders.pdf)</sup> 3,100 US stores are now served with some level of automated freight, and over 50% of eCommerce fulfillment volume is processed through automated facilities.<sup>[22](https://corporate.walmart.com/content/dam/corporate/documents/newsroom/2026/08/20/walmart-releases-q2-fy27-earnings/q2-fy27-earnings-call-transcript.pdf)</sup> Walmart+ membership includes unlimited free shipping with no order minimum, fuel discounts, and mobile Scan & Go, and substantially all Walmart U.S. stores provide same-day pickup and delivery.<sup>[3](https://stock.walmart.com/sec-filings/all-sec-filings/content/0000104169-26-000055/wmt-20260131.htm)</sup>

**International mix.** Walmart International's eCommerce mix reached 30%, with growth of 19% led by China, India, and Canada, and Sam's Club U.S. launched one-hour delivery in April 2026.<sup>[22](https://corporate.walmart.com/content/dam/corporate/documents/newsroom/2026/08/20/walmart-releases-q2-fy27-earnings/q2-fy27-earnings-call-transcript.pdf)</sup> International operations are wholly owned in Canada, Chile, China, and Africa and majority owned in India and Mexico, with eCommerce properties including walmart.com.mx, walmart.ca, flipkart.com, PhonePe, and samclub.cn.<sup>[3](https://stock.walmart.com/sec-filings/all-sec-filings/content/0000104169-26-000055/wmt-20260131.htm)</sup> In China, Walmart stores unionized in 2006, though the union has significant management involvement; the company has a $1.2 billion supply-chain infrastructure investment in China through 2029 and nearly 280 stores there.<sup>[21](https://www.npr.org/transcripts/nx-s1-5888726)</sup>

**Prices and tariffs.** In August 2026 Walmart announced price rollbacks on 11,000 products, fueled in part by $2.9 billion in tariff refunds, a one-time boon also deployed by rivals including Target; the announcement came alongside a rare comparable-sales miss and a 9% share slide.<sup>[23](https://www.reuters.com/business/walmart-reports-rare-comparable-sales-miss-consumers-pare-back-spending-2026-08-20/)</sup>

## References

1. [Walmart Inc. Form 10-K for fiscal year ended January 31, 2026 (revenue table)](https://www.sec.gov/Archives/edgar/data/104169/000010416926000055/R19.htm)
2. [Basker, E. The Causes and Consequences of Wal-Mart's Growth, Journal of Economic Perspectives](https://www.aeaweb.org/articles?id=10.1257%2Fjep.21.3.177)
3. [Walmart Inc. Form 10-K FY2026 (business description)](https://stock.walmart.com/sec-filings/all-sec-filings/content/0000104169-26-000055/wmt-20260131.htm)
4. [Walmart Earnings Release, FY24 Q4](https://corporate.walmart.com/content/dam/corporate/documents/newsroom/2024/02/20/walmart-releases-q4-and-fy24-earnings/walmart-earnings-release-fy24-q4.pdf)
5. [Doug McMillon FY25 Letter to Shareholders](https://stock.walmart.com/_assets/_08ee5483ec4c057568cc8774f3fd6aad/walmart/db/951/9952/file/FY25+CEO+Letter+to+Shareholders.pdf)
6. [Walmart 10-K FY2024 segment/disaggregation table](https://www.sec.gov/Archives/edgar/data/104169/000010416924000178/R14.htm)
7. [Walmart Has the Cheapest Groceries (UBS survey, via GoBankingRates)](https://www.gobankingrates.com/saving-money/shopping/walmart-has-the-cheapest-groceries-how-its-prices-compare-to-target-amazon-more/)
8. [Scale, online push and loyalty fees: how Walmart won the year of the tariffs, Reuters](https://www.reuters.com/business/retail-consumer/scale-online-push-loyalty-fees-how-walmart-won-year-tariffs-2026-05-19/)
9. [Amazon Vs. Walmart: Revenue And Profit Comparison, 2010–2024, Forrester](https://www.forrester.com/blogs/amazon-vs-walmart-revenue-and-profit-comparison-2010-2024/)
10. [Understanding Walmart's Impact on the US Economy and Communities, Analysis Group (2024)](https://www.analysisgroup.com/globalassets/insights/publishing/2024_understanding_walmarts_impact_on_the_us_economy_and_communities.pdf)
11. [Wal-Mart Stores Inc., Encyclopedia.com](https://encyclopedia.com/topic/Wal-Mart_Stores_Inc.aspx)
12. [Basker, E. Selling a cheaper mousetrap: Wal-Mart's effect on retail prices, Journal of Urban Economics](https://ideas.repec.org/a/eee/juecon/v58y2005i2p203-229.html)
13. [The Economic Impacts of Walmart Supercenters, Annual Review of Resource Economics](https://www.annualreviews.org/content/journals/10.1146/annurev-resource-111820-032827)
14. [Transforming: The Rise of Wal-Mart, PBS FRONTLINE](https://www.pbs.org/wgbh/pages/frontline/shows/walmart/transform/cron.html)
15. [Walmart: History & Facts, Britannica Money](https://www.britannica.com/money/Walmart)
16. [Price Wars 2024, US Edition](https://9094310.fs1.hubspotusercontent-na1.net/hubfs/9094310/_2024/Research%20%2B%20Reports/11.24%20Price%20Wars%20Reports/Price%20Wars%202024%20US%20Edition.pdf)
17. [Neumark, Zhang, Ciccarella. The Effects of Wal-Mart on Local Labor Markets, NBER](https://www.nber.org/system/files/working_papers/w11782/revisions/w11782.rev1.pdf)
18. [Basker, E. Job Creation or Destruction? Labor Market Effects of Wal-Mart Expansion, Review of Economics and Statistics](https://ideas.repec.org/a/tpr/restat/v87y2005i1p174-183.html)
19. [Firm Entry and Wages: Impact of Wal-Mart Growth on Earnings Throughout the Retail Sector, SSRN](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=841684)
20. [The Impacts of Wal-Mart: The Rise and Consequences of the World's Dominant Retailer, Annual Review of Sociology](https://www.annualreviews.org/content/journals/10.1146/annurev-soc-070308-115947)
21. [NPR transcript on Walmart in China](https://www.npr.org/transcripts/nx-s1-5888726)
22. [Walmart Q2 FY27 Earnings Call Transcript](https://corporate.walmart.com/content/dam/corporate/documents/newsroom/2026/08/20/walmart-releases-q2-fy27-earnings/q2-fy27-earnings-call-transcript.pdf)
23. [Walmart sales growth slowdown tests consumer resilience, Reuters](https://www.reuters.com/business/walmart-reports-rare-comparable-sales-miss-consumers-pare-back-spending-2026-08-20/)

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*Topic: Encyclopedia › Society and history › Economics and business › Business and work › Retail trade and general-merchandise stores › Department and discount stores*

*Initially written Sep 17, 2026 · Reviewed: Sep 30, 2026; Oct 10, 2026 · Edited: Sep 30, 2026; Oct 10, 2026; Oct 11, 2026; Oct 15, 2026; Oct 21, 2026; Oct 25, 2026 · Last review: Oct 10, 2026*

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License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license