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Segments and Disaggregated Revenue | 6 Months Ended
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Jul. 31, 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, 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 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 July 31, |  | Six Months Ended July 31, |  |  |
(Amounts in millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |
Walmart U.S. |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 120,911 |  |  | $ | 115,347 |  |  | $ | 233,074 |  |  | $ | 224,017 |  |  |  |
Membership and other income |  | 649 |  | 604 |  | 1,285 |  | 1,217 |  |  |
Total revenues |  | 121,560 |  | 115,951 |  | 234,359 |  | 225,234 |  |  |
Cost of sales |  | 87,237 |  | 83,520 |  | 168,589 |  | 162,615 |  |  |
Operating, selling, general and administrative expenses |  | 27,603 |  | 25,840 |  | 53,345 |  | 50,696 |  |  |
Operating income |  | $ | 6,720 |  |  | $ | 6,591 |  |  | $ | 12,425 |  |  | $ | 11,923 |  |  |  |
Walmart International |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 31,201 |  |  | $ | 29,567 |  |  | $ | 60,955 |  |  | $ | 59,400 |  |  |  |
Membership and other income |  | 381 |  | 371 |  | 760 |  | 755 |  |  |
Total revenues |  | 31,582 |  | 29,938 |  | 61,715 |  | 60,155 |  |  |
Cost of sales |  | 24,472 |  | 22,952 |  | 47,936 |  | 46,280 |  |  |
Operating, selling, general and administrative expenses |  | 5,883 |  | 5,626 |  | 11,288 |  | 10,982 |  |  |
Operating income |  | $ | 1,227 |  |  | $ | 1,360 |  |  | $ | 2,491 |  |  | $ | 2,893 |  |  |  |
Sam's Club U.S.(1) |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 23,638 |  |  | $ | 22,853 |  |  | $ | 45,702 |  |  | $ | 44,288 |  |  |  |
Membership and other income |  | 617 |  | 579 |  | 1,224 |  | 1,140 |  |  |
Total revenues |  | 24,255 |  | 23,432 |  | 46,926 |  | 45,428 |  |  |
Cost of sales |  | 21,062 |  | 20,338 |  | 40,549 |  | 39,346 |  |  |
Operating, selling, general and administrative expenses |  | 2,704 |  | 2,513 |  | 5,202 |  | 4,886 |  |  |
Operating income |  | $ | 489 |  |  | $ | 581 |  |  | $ | 1,175 |  |  | $ | 1,196 |  |  |  |
Corporate and support |  |  |  |  |  |  |  |  |  |  |
Membership and other income(2) |  | $ | 5 |  |  | $ | 14 |  |  | $ | 11 |  |  | $ | 26 |  |  |  |
Operating, selling, general and administrative expenses |  | 1,155 |  | 606 |  | 1,681 |  | 1,257 |  |  |
Operating loss |  | $ | (1,150) |  |  | $ | (592) |  |  | $ | (1,670) |  |  | $ | (1,231) |  |  |  |
Consolidated |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 175,750 |  |  | $ | 167,767 |  |  | $ | 339,731 |  |  | $ | 327,705 |  |  |  |
Membership and other income |  | 1,652 |  | 1,568 |  | 3,280 |  | 3,138 |  |  |
Total revenues |  | 177,402 |  | 169,335 |  | 343,011 |  | 330,843 |  |  |
Cost of sales |  | 132,771 |  | 126,810 |  | 257,074 |  | 248,241 |  |  |
Operating, selling, general and administrative expenses |  | 37,345 |  | 34,585 |  | 71,516 |  | 67,821 |  |  |
Operating income |  | 7,286 |  | 7,940 |  | 14,421 |  | 14,781 |  |  |
Interest, net |  | 675 |  |  | 565 |  |  | 1,219 |  |  | 1,165 |  |  |  |
Other (gains) and losses |  | (2,708) |  |  | 1,162 |  |  | (2,111) |  |  | 368 |  |  |  |
Income before income taxes |  | $ | 9,319 |  |  | $ | 6,213 |  |  | $ | 15,313 |  |  | $ | 13,248 |  |  |  |
(1) Total fuel-related cost of sales and operating, selling, general and administrative expenses for Sam's Club U.S. were $2.3 billion and $2.7 billion for the three months ended July 31, 2025 and 2024, respectively, and $4.5 billion and $5.3 billion for the six months ended July 31, 2025 and 2024, respectively. (2) Includes other income from corporate campus facilities. 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) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Walmart U.S. |  |  |  |  |  |  |  |
Depreciation and amortization |  | $ | 2,299 |  |  | $ | 2,110 |  |  | $ | 4,539 |  |  | $ | 4,152 |
Capital expenditures |  | 4,775 |  | 4,026 |  | 8,547 |  | 7,573
Walmart International |  |  |  |  |  |  |  |
Depreciation and amortization |  | $ | 572 |  |  | $ | 562 |  |  | $ | 1,121 |  |  | $ | 1,131 |
Capital expenditures |  | 746 |  | 754 |  | 1,227 |  | 1,215
Sam's Club U.S. |  |  |  |  |  |  |  |
Depreciation and amortization |  | $ | 195 |  |  | $ | 171 |  |  | $ | 384 |  |  | $ | 338 |
Capital expenditures |  | 194 |  | 294 |  | 338 |  | 446
Corporate and support |  |  |  |  |  |  |  |
Depreciation and amortization |  | $ | 421 |  |  | $ | 368 |  |  | $ | 812 |  |  | $ | 718 |
Capital expenditures |  | 708 |  | 757 |  | 1,297 |  | 1,273
Consolidated |  |  |  |  |  |  |  |
Depreciation and amortization |  | $ | 3,487 |  |  | $ | 3,211 |  |  | $ | 6,856 |  |  | $ | 6,339 |
Capital expenditures |  | 6,423 |  | 5,831 |  | 11,409 |  | 10,507
Total assets for the Company's segments, as well as for Corporate and support, are as follows:
|  | July 31, |  | January 31, |  |  |  |  |  |
(Amounts in millions) |  | 2025 |  | 2025 |  |  |  |  |  |
Assets by segment |  |  |  |  |  |  |  |  |  |
Walmart U.S. |  | $ | 156,366 |  |  | $ | 150,006 |  |  |  |  |  |  |
Walmart International |  | 82,830 |  |  | 80,016 |  |  |  |  |  |  |
Sam's Club U.S. |  | 16,831 |  |  | 16,862 |  |  |  |  |  |  |
Corporate and support |  | 14,810 |  |  | 13,939 |  |  |  |  |  |  |
Total assets |  | $ | 270,837 |  |  | $ | 260,823 |  |  |  |  |  |  |
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 category |  | 2025 |  | 2024 |  | 2025 |  | 2024
Grocery |  | $ | 71,092 |  |  | $ | 68,680 |  |  | $ | 138,923 |  |  | $ | 135,111 |
General merchandise |  | 29,458 |  |  | 28,980 |  |  | 54,734 |  |  | 54,691 |
Health and wellness |  | 17,248 |  |  | 15,030 |  |  | 33,492 |  |  | 29,279 |
Other categories |  | 3,113 |  |  | 2,657 |  |  | 5,925 |  |  | 4,936 |
Total |  | $ | 120,911 |  |  | $ | 115,347 |  |  | $ | 233,074 |  |  | $ | 224,017 |
Of Walmart U.S.'s total net sales, approximately $23.7 billion and $18.9 billion related to eCommerce for the three months ended July 31, 2025 and 2024, respectively, and approximately $45.1 billion and $36.5 billion related to eCommerce for the six months ended July 31, 2025 and 2024, respectively.
(Amounts in millions) |  | Three Months Ended July 31, |  | Six Months Ended July 31,
Walmart International net sales by market |  | 2025 |  | 2024 |  | 2025 |  | 2024
Mexico and Central America |  | $ | 12,546 |  |  | $ | 13,099 |  |  | $ | 24,260 |  |  | $ | 26,331 |
China |  | 5,786 |  |  | 4,440 |  |  | 12,365 |  |  | 9,883 |
Canada |  | 6,114 |  |  | 5,891 |  |  | 11,259 |  |  | 11,219 |
Other |  | 6,755 |  |  | 6,137 |  |  | 13,071 |  |  | 11,967 |
Total |  | $ | 31,201 |  |  | $ | 29,567 |  |  | $ | 60,955 |  |  | $ | 59,400 |
Of Walmart International's total net sales, approximately $8.3 billion and $6.8 billion related to eCommerce for the three months ended July 31, 2025 and 2024, respectively, and approximately $16.0 billion and $13.2 billion related to eCommerce for the six months ended July 31, 2025 and 2024, respectively.
(Amounts in millions) |  | Three Months Ended July 31, |  | Six Months Ended July 31,
Sam's Club U.S. net sales by merchandise category |  | 2025 |  | 2024 |  | 2025 |  | 2024
Grocery |  | $ | 16,417 |  |  | $ | 15,315 |  |  | $ | 31,860 |  |  | $ | 29,889 |
Fuel and other |  | 3,064 |  |  | 3,522 |  |  | 5,915 |  |  | 6,856 |
General merchandise |  | 2,877 |  |  | 2,850 |  |  | 5,413 |  |  | 5,327 |
Health and wellness |  | 1,280 |  |  | 1,166 |  |  | 2,514 |  |  | 2,216 |
Total |  | $ | 23,638 |  |  | $ | 22,853 |  |  | $ | 45,702 |  |  | $ | 44,288 |
Of Sam's Club U.S.'s total net sales, approximately $3.7 billion and $3.0 billion related to eCommerce for the three months ended July 31, 2025 and 2024, respectively, and approximately $7.1 billion and $5.6 billion related to eCommerce for the six months ended July 31, 2025 and 2024, respectively.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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