v3.25.1
Segments and Disaggregated Revenue
 3 Months Ended
Apr. 30, 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 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 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 April 30,
(Amounts in millions)
20252024
Walmart U.S.
Net sales$112,163 $108,670 
Membership and other income636613
Total revenues
112,799109,283
Cost of sales81,35279,095
Operating, selling, general and administrative expenses25,74224,856
Operating income$5,705 $5,332 
Walmart International
Net sales$29,754 $29,833 
Membership and other income379384
Total revenues
30,13330,217
Cost of sales23,46423,328
Operating, selling, general and administrative expenses5,4055,356
Operating income$1,264 $1,533 
Sam's Club U.S.(1)
Net sales$22,064 $21,435 
Membership and other income607561
Total revenues
22,67121,996
Cost of sales19,48719,008
Operating, selling, general and administrative expenses2,4982,373
Operating income$686 $615 
Corporate and support
Membership and other income(2)
$6 $12 
Operating, selling, general and administrative expenses526651
Operating loss$(520)$(639)
Consolidated
Net sales$163,981 $159,938 
Membership and other income1,6281,570
Total revenues
165,609161,508
Cost of sales124,303121,431
Operating, selling, general and administrative expenses34,17133,236
Operating income7,1356,841
Interest, net544 600 
Other (gains) and losses
597 (794)
Income before income taxes$5,994 $7,035 
(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 $2.6 billion for the three months ended April 30, 2025 and 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:
Three Months Ended April 30,
(Amounts in millions)
20252024
Walmart U.S.
Total assets$150,796 $139,567 
Depreciation and amortization2,2402,042
Capital expenditures3,7723,547
Walmart International
Total assets$80,688 $86,347 
Depreciation and amortization549569
Capital expenditures481461
Sam's Club U.S.
Total assets$16,752 $15,755 
Depreciation and amortization189167
Capital expenditures144152
Corporate and support
Total assets$14,136 $12,385 
Depreciation and amortization391350
Capital expenditures589516
Consolidated
Total assets$262,372 $254,054 
Depreciation and amortization3,3693,128
Capital expenditures4,9864,676
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:
Three Months Ended April 30,
(Amounts in millions)20252024
Revenues
U.S. operations$135,476 $131,291 
Non-U.S. operations30,133 30,217 
Total revenues$165,609 $161,508 
Long-lived assets
U.S. operations$116,186 $105,780 
Non-U.S. operations24,698 25,565 
Total long-lived assets$140,884 $131,345 
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)Three Months Ended April 30,
Walmart U.S. net sales by merchandise category20252024
Grocery$67,831 $66,431 
General merchandise25,276 25,711 
Health and wellness16,244 14,249 
Other categories2,812 2,279 
Total$112,163 $108,670 
Of Walmart U.S.'s total net sales, approximately $21.4 billion and $17.6 billion related to eCommerce for the three months ended April 30, 2025 and 2024, respectively.
(Amounts in millions)Three Months Ended April 30,
Walmart International net sales by market20252024
Mexico and Central America$11,714 $13,232 
China6,579 5,443 
Canada5,145 5,328 
Other6,316 5,830 
Total$29,754 $29,833 
Of Walmart International's total net sales, approximately $7.7 billion and $6.4 billion related to eCommerce for the three months ended April 30, 2025 and 2024, respectively.
(Amounts in millions)Three Months Ended April 30,
Sam's Club U.S. net sales by merchandise category20252024
Grocery$15,443 $14,574 
Fuel and other2,851 3,334 
General merchandise2,536 2,477 
Health and wellness1,234 1,050 
Total$22,064 $21,435 
Of Sam's Club U.S.'s total net sales, approximately $3.3 billion and $2.6 billion related to eCommerce for the three months ended April 30, 2025 and 2024, respectively.