Walmart Inc. engages in the operation of retail, wholesale, and other units worldwide. The company operates through three segments: Walmart U.S., Walmart International, and Sam's Club. It operates supercenters, supermarkets, hypermarkets, warehouse clubs, cash and carry stores, and discount stores; membership-only warehouse clubs; ecommerce websites, such as walmart.com, walmart.com.mx, walmart.ca, flipkart.com, and samsclub.com; and mobile commerce applications. The company offers grocery and consumables, which includes dairy, meat, bakery, deli, produce, dry, chilled or frozen packaged foods, alcoholic and nonalcoholic beverages, floral, snack foods, candy, other grocery items, health and beauty aids, paper goods, laundry and home care, baby care, pet supplies, and other consumable items; and health and wellness products covering pharmacy, over-the-counter drugs and other medical products, and optical and hearing services. It also provides gasoline stations and tobacco; home improvement, outdoor living, gardening, furniture, apparel, jewelry, tools and power equipment, housewares, toys, seasonal items, mattresses, and tire and battery centers; and consumer electronics and accessories, software, video games, office supplies, appliances, and third-party gift cards. In addition, the company offers fuel and financial services and related products, including money orders, prepaid cards, money transfers, and check cashing and bill payment, as well as various types of installment lending. It operates approximately 10,500 stores and various e-commerce websites under 46 banners in 24 countries. The company was formerly known as Wal-Mart Stores, Inc. and changed its name to Walmart Inc. in February 2018. The company was founded in 1945 and is based in Bentonville, Arkansas.
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Here are 1-2 brief analogies for Walmart:
- The physical-store equivalent of Amazon, with a massive grocery business.
- Like Target combined with a major supermarket chain, focused on everyday low prices.
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- Groceries: A comprehensive range of fresh produce, meats, dairy, baked goods, and pantry staples available for in-store or online purchase.
- General Merchandise: An extensive selection of non-food items including electronics, apparel, home goods, toys, health & beauty products, and automotive supplies.
- Pharmacy Services: Dispenses prescription medications, offers over-the-counter drugs, and provides immunizations and basic health screenings.
- Financial Services: Provides convenient services such as money transfers, check cashing, bill payment, and branded credit/debit card programs.
- Walmart+ Membership: A subscription service offering benefits like free shipping, fuel discounts, and mobile scan & go features for an enhanced shopping experience.
- Walmart Connect: A retail media business enabling brands to advertise and connect with Walmart's vast customer base across its digital and physical properties.
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Walmart (symbol: WMT) primarily sells to **individual consumers**, not other companies. As such, it does not have "major customer companies" in the traditional sense.
Walmart serves a broad base of individual customers, which can be categorized as follows:
- Value-Conscious Shoppers: This is a core demographic for Walmart, comprising individuals and families who prioritize low prices, affordability, and stretching their household budgets. They are often looking for everyday low prices on groceries, household essentials, and general merchandise.
- Convenience-Driven Shoppers: Customers who value the convenience of a "one-stop shop" where they can purchase groceries, apparel, electronics, home goods, and other services (e.g., pharmacy, optometry) all in one location. This segment often includes busy families and individuals seeking efficiency in their shopping trips.
- Omnichannel Shoppers: This category encompasses consumers who utilize Walmart's various shopping channels, including in-store purchases, online ordering via Walmart.com or the Walmart app, curbside pickup, and home delivery. They seek a seamless and integrated shopping experience that combines the benefits of both digital and physical retail.
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- Coca-Cola Company (KO)
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Doug McMillon, President and CEO
Doug McMillon began his career at Walmart in 1984 as an hourly associate, picking orders and unloading trailers in a warehouse. He has served in various senior leadership roles across all business segments of the company, including President and CEO of Walmart International from 2009 to 2014, and President and CEO of Sam's Club from 2005 to 2009. McMillon became President and CEO of Walmart Inc. in February 2014.
John David Rainey, Executive Vice President and Chief Financial Officer
John David Rainey joined Walmart as Executive Vice President and Chief Financial Officer in May 2022. Prior to Walmart, he served as the Chief Financial Officer and Executive Vice President of Global Customer Operations at PayPal from January 2015 to May 2022. He also previously held the position of Executive Vice President and CFO at United Airlines, having spent a combined 18 years with United and Continental Airlines. Rainey began his professional career at Ernst & Young LLP. He currently serves on the board of directors for PhonePe.
Donna Morris, Executive Vice President and Chief People Officer
Donna Morris joined Walmart in 2020 as Executive Vice President and Chief People Officer. Before coming to Walmart, Morris spent more than 17 years at Adobe, where her most recent role was Chief Human Resources Officer and Executive Vice President of Employee Experience. Her focus at Walmart is on creating a positive work environment, expanding opportunities for associates to grow, promoting well-being, and implementing digital tools to enhance the employee experience.
Latriece Watkins, Executive Vice President and Chief Merchandising Officer, Walmart U.S.
Latriece Watkins is the Executive Vice President and Chief Merchandising Officer for Walmart U.S., a position she was promoted to in May 2023. She is the first woman and person of color to hold this role at Walmart. Watkins began her career with Walmart as an intern in real estate and has since held various leadership roles across Sam's Club, Walmart U.S. merchandising, human resources, and U.S. store operations over two decades. Most recently, she served as Executive Vice President of Consumables for Walmart U.S.
Kieran Shanahan, Executive Vice President and Chief Operating Officer, Walmart U.S.
Kieran Shanahan serves as Executive Vice President and Chief Operating Officer for Walmart U.S., a role he assumed in September 2023. He joined Walmart more than 25 years ago as a store associate at Asda. Shanahan has held various operations leadership positions, including store manager and regional operations manager, and led Asda's Grocery eCommerce business. He also served as Vice President for online grocery for Walmart U.S. and was instrumental in developing the online grocery pickup and delivery service. Prior to his current role, he served as Executive Vice President, International Operations, and regional CEO for Walmart International, and as Executive Vice President and Chief Growth Officer for Sam's Club.
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Walmart, a global retail giant, faces several key risks that could impact its business performance. These challenges stem from the dynamic retail landscape, significant strategic investments, and broader macroeconomic factors.
- Intense Competition and Pricing Pressure: Walmart operates in a highly competitive retail environment, contending with major players such as Amazon, Target, and Costco. This intense competition exerts continuous downward pressure on pricing, which can erode profit margins and necessitates ongoing innovation and investment to differentiate products and services.
- Margin Compression from Strategic Investments: The company is making substantial investments in its technology-powered future, including supply chain automation and AI-powered inventory management. While these investments are crucial for long-term growth, they create short-term margin pressures, as highlighted in recent earnings reports. Balancing its low-price value proposition with the significant capital expenditure required for these initiatives is a core challenge for Walmart.
- Economic Challenges: Fluctuations in consumer spending, inflationary pressures, and broader economic downturns pose significant risks to Walmart's business. These factors can negatively impact consumer purchasing power and demand for goods, directly affecting the company's sales and profitability.
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The rapid emergence and growth of ultra-low-cost e-commerce platforms such as Temu and Shein represent a clear emerging threat. These platforms leverage a direct-from-manufacturer sourcing model, often from China, to offer extremely competitive pricing on general merchandise, apparel, and home goods. Their aggressive marketing, gamified shopping experiences, and focus on value directly challenge Walmart's core proposition of "Every Day Low Prices" in significant non-grocery categories. The explosive market share gains of these new entrants, particularly Temu since its 2022 U.S. launch, demonstrate a disruptive shift in consumer purchasing habits for budget-conscious general merchandise, analogous to how Netflix's subscription model disrupted Blockbuster's rental business.
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Walmart's main products and services address several large markets globally and within the U.S.:
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Food & Grocery Retail:
- Global: The global food & grocery retail market was valued at approximately USD 11.9 trillion in 2024 and is projected to reach USD 15.0 trillion by 2031. Other estimates place the global market at USD 12,299.74 billion in 2024, growing to USD 12,679.54 billion in 2025.
- U.S.: The U.S. grocery retail market was valued at over USD 900 billion in 2025. In 2022, food and beverage store sales in the U.S. amounted to $947.57 billion, with grocery stores specifically reaching $848.52 billion. The Supermarkets & Grocery Stores industry in the United States reached an estimated $883.1 billion in 2025.
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General Merchandise:
- Global: The global general merchandise market was valued at approximately USD 2.63 trillion in 2024 and is anticipated to reach around USD 4.28 trillion by 2033. Another report estimates the global market at USD 5.8 trillion in 2024, climbing to USD 6.04 trillion in 2025, and projected to reach USD 8.3 trillion by 2033. The general merchandise stores market grew from USD 5.41 trillion in 2024 to USD 5.77 trillion in 2025, with a projection to reach USD 9.40 trillion by 2032.
- U.S.: The United States is recognized as the largest market for general merchandise. Monthly U.S. general merchandise store sales were $76.78 billion.
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E-commerce:
- Global: The global retail e-commerce market was estimated at USD 5.8 trillion in 2024 and is projected to reach USD 16.4 trillion by 2032. Other estimates indicate the market was valued at USD 6.59 trillion in 2024 and is projected to reach USD 15.42 trillion by 2033.
- U.S.: U.S. e-commerce sales reached $1.19 trillion in 2024 and are estimated to reach $1.29 trillion by the end of 2025. The U.S. e-commerce market stands at USD 1.25 trillion in 2025 and is forecast to reach USD 2.08 trillion by 2030.
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Pharmacy & Healthcare Services:
- Global Pharmacy Market: The global pharmacy market was estimated at USD 1.35 trillion in 2024 and is anticipated to reach USD 2.06 trillion by 2030. Another estimate places the market at USD 1,315.2 billion in 2023, expected to reach USD 1,914.6 billion by 2032.
- U.S. Pharmacy Market: The U.S. pharmacy market reached USD 643.4 billion in 2024 and is expected to reach USD 905.8 billion by 2033. The U.S. pharmaceutical market size is valued at USD 520.38 billion in 2025 and is expected to reach nearly USD 907.86 billion by 2034.
- U.S. Retail Clinics Market: The U.S. retail clinics market was valued at USD 3.55 billion in 2023 and is anticipated to grow to USD 7.38 billion by 2032. It was estimated at USD 3.86 billion in 2024 and is predicted to increase from USD 4.18 billion in 2025 to approximately USD 8.45 billion by 2034.
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Expected Drivers of Walmart's Future Revenue Growth (Next 2-3 Years)
- E-commerce and Omnichannel Growth: Walmart is expected to continue driving revenue growth through its robust e-commerce platform and integrated omnichannel strategy. This includes investments in faster delivery options, curbside pickup, and an expanded online assortment, catering to evolving consumer preferences for convenient shopping experiences. The company is focused on increasing online penetration and leveraging its physical store network to fulfill digital orders efficiently.
- Expansion of High-Margin Businesses (Advertising and Marketplace): Growth in Walmart's newer, higher-margin businesses, such as its advertising arm (Walmart Connect) and its third-party marketplace, is anticipated to be a significant revenue driver. Walmart Connect leverages the company's vast customer data to offer targeted advertising solutions, while the marketplace expands product offerings without increasing inventory risk, attracting more sellers and customers.
- Walmart+ Membership Program: The continued growth and increased penetration of the Walmart+ membership program are expected to contribute to revenue. This subscription service offers benefits like free shipping, fuel discounts, and early access to deals, fostering customer loyalty and increasing customer lifetime value, which in turn drives higher sales frequency and basket size.
- International Market Expansion and Optimization: While strategic, Walmart is focused on optimizing its international portfolio, including growth in key markets like Mexico and Canada, and leveraging its global sourcing capabilities. Investments in these markets, tailored to local consumer needs and preferences, are expected to contribute to overall revenue growth.
- Supply Chain Modernization and Automation: Investments in supply chain modernization and automation, while primarily cost-saving, can indirectly drive revenue growth by improving in-stock positions, reducing out-of-stocks, and enabling more efficient inventory management, thereby ensuring products are available to meet customer demand and reducing lost sales opportunities. This also supports the growth of their omnichannel capabilities.
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Share Repurchases
- In November 2022, Walmart approved a new $20 billion share repurchase program, replacing an existing authorization. As of January 31, 2024, $16.5 billion of this authorization remained.
- Actual share repurchases totaled approximately $9.787 billion in fiscal year 2022, $9.934 billion in fiscal year 2023, and $2.779 billion in fiscal year 2024.
- Walmart repurchased $4.6 billion in stock during the first quarter of fiscal year 2026 (ending April 30, 2025).
Share Issuance
- Walmart executed a 3-for-1 forward stock split, effective February 20, 2024. This action proportionally increased the number of outstanding shares from approximately 2.7 billion to 8.1 billion, and adjusted stock awards and incentive plans accordingly.
Outbound Investments
- In February 2024, Walmart agreed to acquire Vizio for approximately $2.3 billion to enhance its Walmart Connect advertising business through Vizio's SmartCast Operating System.
- Walmart made strategic acquisitions in 2022, including Memomi (AR optical tech) in June and Volt Systems (vendor management and product tracking software) in August.
- In October 2022, Walmart acquired Alert Innovation to advance automation and robotics in grocery order fulfillment.
Capital Expenditures
- Walmart's capital expenditures increased from $13.106 billion in fiscal year 2022 to $16.857 billion in fiscal year 2023, $20.606 billion in fiscal year 2024, and $23.783 billion in fiscal year 2025.
- For fiscal year 2026, projected capital expenditures are between $21 billion and $25 billion, or 3% to 3.5% of sales.
- The primary focus of these investments includes technology, supply chain automation, and store and club remodels, with a goal to automate approximately 65% of store services and handle 55% of fulfillment center volumes in automated facilities by 2026.
