v3.26.1
Segments and Disaggregated Revenue
 3 Months Ended
Apr. 30, 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, 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 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.
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. Beginning in February 2026, the Company updated its segment allocation methodology for certain corporate overhead allocations and, accordingly, revised the prior period amounts for comparability. 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)
20262025
Walmart U.S.
Net sales$117,169 $112,163 
Membership and other income926636
Total revenues
118,095112,799
Cost of sales84,64081,352
Operating, selling, general and administrative expenses27,55825,751
Operating income$5,897 $5,696 
Walmart International
Net sales$35,110 $29,754 
Membership and other income425379
Total revenues
35,53530,133
Cost of sales27,68723,464
Operating, selling, general and administrative expenses6,2465,376
Operating income$1,602 $1,293 
Sam's Club U.S.(1)
Net sales$23,405 $22,064 
Membership and other income674607
Total revenues
24,07922,671
Cost of sales20,73119,487
Operating, selling, general and administrative expenses2,6742,518
Operating income$674 $666 
Corporate and support
Membership and other income(2)
$42 $6 
Operating, selling, general and administrative expenses722526
Operating loss$(680)$(520)
Consolidated
Net sales$175,684 $163,981 
Membership and other income2,0671,628
Total revenues
177,751165,609
Cost of sales133,058124,303
Operating, selling, general and administrative expenses37,20034,171
Operating income7,4937,135
Interest, net620 544 
Other (gains) and losses
(275)597 
Income before income taxes$7,148 $5,994 
(1)    Total fuel-related cost of sales and operating, selling, general and administrative expenses for Sam's Club U.S. were $2.7 billion and $2.2 billion for the three months ended April 30, 2026 and 2025, respectively.
(2)    Includes other income from corporate campus facilities and miscellaneous items.
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)
20262025
Walmart U.S.
Depreciation and amortization$2,509 $2,240 
Capital expenditures5,0113,772
Walmart International
Depreciation and amortization$631 $549 
Capital expenditures821481
Sam's Club U.S.
Depreciation and amortization$203 $189 
Capital expenditures274144
Corporate and support
Depreciation and amortization$478 $391 
Capital expenditures578589
Consolidated
Depreciation and amortization$3,821 $3,369 
Capital expenditures6,6844,986
Total assets for the Company's segments, as well as for Corporate and support, are as follows:
April 30,January 31,
(Amounts in millions)20262026
Assets by segment
Walmart U.S.
$170,738 $165,627 
Walmart International
86,016 86,093 
Sam's Club U.S.
18,111 17,186 
Corporate and support
14,742 15,762 
Total assets
$289,607 $284,668 
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 category20262025
Grocery$70,696 $67,831 
General merchandise26,420 25,276 
Health and wellness16,355 16,244 
Other categories3,698 2,812 
Total$117,169 $112,163 
Of Walmart U.S.'s total net sales, approximately $27.1 billion and $21.4 billion related to eCommerce for the three months ended April 30, 2026 and 2025, respectively.
(Amounts in millions)Three Months Ended April 30,
Walmart International net sales by market20262025
Mexico and Central America$13,847 $11,714 
China8,454 6,579 
Canada5,727 5,145 
Other7,082 6,316 
Total$35,110 $29,754 
Of Walmart International's total net sales, approximately $9.7 billion and $7.7 billion related to eCommerce for the three months ended April 30, 2026 and 2025, respectively.
(Amounts in millions)Three Months Ended April 30,
Sam's Club U.S. net sales by merchandise category20262025
Grocery$16,102 $15,443 
Fuel and other3,443 2,851 
General merchandise2,649 2,536 
Health and wellness1,211 1,234 
Total$23,405 $22,064 
Of Sam's Club U.S.'s total net sales, approximately $4.1 billion and $3.3 billion related to eCommerce for the three months ended April 30, 2026 and 2025, respectively.