--- title: "Walmart: Business Model & Revenue Engine" description: "Walmart revenue by business segment and geography from its fiscal 2026 Form 10-K, with each part's share, growth and profitability explained." canonical: https://www.getswoopr.com/stocks/companies/walmart/business-model/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Walmart Business Model & Revenue Engine ## Direct Answer Walmart reports revenue across 3 business segments in its fiscal 2026 Form 10-K. Walmart US is the largest, with $486 billion of revenue (68% of the total), followed by Walmart International at $132 billion (19%). 81% of revenue came from the United States. ## How Does Walmart Make Money? Walmart US supplies 68% of revenue, so Walmart's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2025 and 2026, Walmart International grew fastest (+7.0%) and Sams Club US slowest (+3.2%), so the revenue mix tilts toward Walmart International while that gap lasts. | Segment | FY2026 revenue | FY2025 revenue | Share of revenue | Change | | --- | --- | --- | --- | --- | | Walmart US | $486 billion | $465 billion | 68.1% | 4.4% | | Walmart International | $132 billion | $123 billion | 18.5% | 7.0% | | Sams Club US | $95.5 billion | $92.6 billion | 13.4% | 3.2% | ![Bar chart of Walmart revenue by segment for fiscal 2026: Walmart US 68.1%, Walmart International 18.5%, Sams Club US 13.4%.](https://www.getswoopr.com/images/charts/walmart-business-model-segment-mix.webp) *Walmart revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.* ## Which Walmart Segments Earn the Most? | Segment | FY2026 segment operating income | Segment margin | | --- | --- | --- | | Walmart US | $25.2 billion | 5.2% | | Walmart International | $5.1 billion | 3.9% | | Sams Club US | $2.4 billion | 2.6% | Segment operating income is the profit measure Walmart reports to its chief operating decision maker for each segment. It usually leaves out corporate costs that are not allocated to a segment, so the segments usually add up to more than consolidated operating income, and margins are comparable within Walmart more safely than against another company. ## Where Does Walmart's Revenue Come From? Regions follow the definitions in the filing; most companies assign revenue by customer location. | Region | FY2026 revenue | FY2025 revenue | Share of revenue | Change | | --- | --- | --- | --- | --- | | United States | $581 billion | $558 billion | 81.5% | 4.2% | | Outside the United States | $132 billion | $123 billion | 18.5% | 7.0% | ## What the Segment Figures Do Not Show The rows above add up to 100% of Walmart's reported revenue for fiscal 2026; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin. ## Where These Numbers Come From Every figure on this page is a value Walmart reported in the segment note and revenue disclosures of its Form 10-K filed March 13, 2026 (accession 0000104169-26-000055), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading. Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2026; it is not a forecast or a recommendation. ## Frequently Asked Questions ### What are Walmart's business segments? In its fiscal 2026 Form 10-K, Walmart reports revenue for Walmart US, Walmart International and Sams Club US. ### Which part of Walmart brings in the most revenue? Walmart US, with $486 billion of revenue in fiscal 2026, or 68% of the total. ### How much of Walmart's revenue comes from outside the United States? 19% in fiscal 2026, by the geographic breakdown Walmart reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies. ## References - [SEC EDGAR: Walmart Inc. Form 10-K filed March 13, 2026](https://www.sec.gov/Archives/edgar/data/104169/000010416926000055/wmt-20260131.htm) - [SEC EDGAR: Walmart Inc. annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=104169&type=10-K) - [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces) - [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets) ## Related Pages - [Walmart company dossier](https://www.getswoopr.com/stocks/companies/walmart/) - [Walmart financial metrics](https://www.getswoopr.com/stocks/companies/walmart/metrics/) - [Walmart financial risk indicators](https://www.getswoopr.com/stocks/companies/walmart/risks/) - [Walmart peer comparison](https://www.getswoopr.com/stocks/companies/walmart/competitors/) - [Walmart business model and revenue mix](https://www.getswoopr.com/stocks/companies/walmart/business-model/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. 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