v3.26.1
Segments and Disaggregated Revenue
 6 Months Ended
Jul. 31, 2026
Segment Reporting, 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 July 31,Six Months Ended July 31,
(Amounts in millions)
2026202520262025
Walmart U.S.
Net sales$125,189 $120,911 $242,358 $233,074 
Membership and other income7506491,6761,285
Total revenues
125,939121,560244,034234,359
Cost of sales88,35187,237172,991168,589
Operating, selling, general and administrative expenses29,46827,59157,02653,342
Operating income$8,120 $6,732 $14,017 $12,428 
Walmart International
Net sales$35,198 $31,201 $70,308 $60,955 
Membership and other income426381851760
Total revenues
35,62431,58271,15961,715
Cost of sales27,65924,47255,34647,936
Operating, selling, general and administrative expenses6,5265,87612,77211,252
Operating income$1,439 $1,234 $3,041 $2,527 
Sam's Club U.S.(1)
Net sales$25,713 $23,638 $49,118 $45,702 
Membership and other income6546171,3281,224
Total revenues
26,36724,25550,44646,926
Cost of sales22,79421,06243,52540,549
Operating, selling, general and administrative expenses2,8952,7235,5695,241
Operating income$678 $470 $1,352 $1,136 
Corporate and support
Membership and other income(2)
$7 $5 $49 $11 
Operating, selling, general and administrative expenses8611,1551,5831,681
Operating loss$(854)$(1,150)$(1,534)$(1,670)
Consolidated
Net sales$186,100 $175,750 $361,784 $339,731 
Membership and other income1,8371,6523,9043,280
Total revenues
187,937177,402365,688343,011
Cost of sales138,804132,771271,862257,074
Operating, selling, general and administrative expenses39,75037,34576,95071,516
Operating income9,3837,28616,87614,421
Interest, net171 675 791 1,219 
Other (gains) and losses
1,200 (2,708)925 (2,111)
Income before income taxes$8,012 $9,319 $15,160 $15,313 
(1)    Total fuel-related cost of sales and operating, selling, general and administrative expenses for Sam's Club U.S. were $3.4 billion and $2.3 billion for the three months ended July 31, 2026 and 2025, respectively, and $6.1 billion and $4.5 billion for the six months ended July 31, 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 July 31,Six Months Ended July 31,
(Amounts in millions)
2026202520262025
Walmart U.S.
Depreciation and amortization$2,602 $2,299 $5,111 $4,539 
Capital expenditures5,4424,77510,4538,547
Walmart International
Depreciation and amortization$632 $572 $1,263 $1,121 
Capital expenditures9917461,8121,227
Sam's Club U.S.
Depreciation and amortization$205 $195 $408 $384 
Capital expenditures390194664338
Corporate and support
Depreciation and amortization$486 $421 $964 $812 
Capital expenditures6747081,2521,297
Consolidated
Depreciation and amortization$3,925 $3,487 $7,746 $6,856 
Capital expenditures7,4976,42314,18111,409
Total assets for the Company's segments, as well as for Corporate and support, are as follows:
July 31,January 31,
(Amounts in millions)20262026
Assets by segment
Walmart U.S.
$172,301 $165,627 
Walmart International
87,968 86,093 
Sam's Club U.S.
18,203 17,186 
Corporate and support
15,442 15,762 
Total assets
$293,914 $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 July 31,Six Months Ended July 31,
Walmart U.S. net sales by merchandise category2026202520262025
Grocery$74,130 $71,092 $144,826 $138,923 
General merchandise29,728 29,458 56,148 54,734 
Health and wellness16,942 17,248 33,297 33,492 
Other categories4,389 3,113 8,087 5,925 
Total$125,189 $120,911 $242,358 $233,074 
Of Walmart U.S.'s total net sales, approximately $29.4 billion and $23.7 billion related to eCommerce for the three months ended July 31, 2026 and 2025, respectively, and approximately $56.4 billion and $45.1 billion related to eCommerce for the six months ended July 31, 2026 and 2025, respectively.
(Amounts in millions)Three Months Ended July 31,Six Months Ended July 31,
Walmart International net sales by market2026202520262025
Mexico and Central America$14,331 $12,546 $28,178 $24,260 
China7,416 5,786 15,870 12,365 
Canada6,379 6,114 12,106 11,259 
Other7,072 6,755 14,153 13,071 
Total$35,198 $31,201 $70,307 $60,955 
Of Walmart International's total net sales, approximately $9.9 billion and $8.3 billion related to eCommerce for the three months ended July 31, 2026 and 2025, respectively, and approximately $19.6 billion and $16.0 billion related to eCommerce for the six months ended July 31, 2026 and 2025, respectively.
(Amounts in millions)Three Months Ended July 31,Six Months Ended July 31,
Sam's Club U.S. net sales by merchandise category2026202520262025
Grocery$17,223 $16,417 $33,325 $31,860 
Fuel and other4,192 3,064 7,635 5,915 
General merchandise3,042 2,877 5,691 5,413 
Health and wellness1,256 1,280 2,467 2,514 
Total$25,713 $23,638 $49,118 $45,702 
Of Sam's Club U.S.'s total net sales, approximately $4.7 billion and $3.7 billion related to eCommerce for the three months ended July 31, 2026 and 2025, respectively, and approximately $8.8 billion and $7.1 billion related to eCommerce for the six months ended July 31, 2026 and 2025, respectively.