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Segments and Disaggregated Revenue
 6 Months Ended
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)
2025202420252024
Walmart U.S.
Net sales$120,911 $115,347 $233,074 $224,017 
Membership and other income6496041,2851,217
Total revenues
121,560115,951234,359225,234
Cost of sales87,23783,520168,589162,615
Operating, selling, general and administrative expenses27,60325,84053,34550,696
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 income381371760755
Total revenues
31,58229,93861,71560,155
Cost of sales24,47222,95247,93646,280
Operating, selling, general and administrative expenses5,8835,62611,28810,982
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 income6175791,2241,140
Total revenues
24,25523,43246,92645,428
Cost of sales21,06220,33840,54939,346
Operating, selling, general and administrative expenses2,7042,5135,2024,886
Operating income$489 $581 $1,175 $1,196 
Corporate and support
Membership and other income(2)
$5 $14 $11 $26 
Operating, selling, general and administrative expenses1,1556061,6811,257
Operating loss$(1,150)$(592)$(1,670)$(1,231)
Consolidated
Net sales$175,750 $167,767 $339,731 $327,705 
Membership and other income1,6521,5683,2803,138
Total revenues
177,402169,335343,011330,843
Cost of sales132,771126,810257,074248,241
Operating, selling, general and administrative expenses37,34534,58571,51667,821
Operating income7,2867,94014,42114,781
Interest, net675 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)
2025202420252024
Walmart U.S.
Depreciation and amortization$2,299 $2,110 $4,539 $4,152 
Capital expenditures4,7754,0268,5477,573
Walmart International
Depreciation and amortization$572 $562 $1,121 $1,131 
Capital expenditures7467541,2271,215
Sam's Club U.S.
Depreciation and amortization$195 $171 $384 $338 
Capital expenditures194294338446
Corporate and support
Depreciation and amortization$421 $368 $812 $718 
Capital expenditures7087571,2971,273
Consolidated
Depreciation and amortization$3,487 $3,211 $6,856 $6,339 
Capital expenditures6,4235,83111,40910,507
Total assets for the Company's segments, as well as for Corporate and support, are as follows:
July 31,January 31,
(Amounts in millions)20252025
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 category2025202420252024
Grocery$71,092 $68,680 $138,923 $135,111 
General merchandise29,458 28,980 54,734 54,691 
Health and wellness17,248 15,030 33,492 29,279 
Other categories3,113 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 market2025202420252024
Mexico and Central America$12,546 $13,099 $24,260 $26,331 
China5,786 4,440 12,365 9,883 
Canada6,114 5,891 11,259 11,219 
Other6,755 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 category2025202420252024
Grocery$16,417 $15,315 $31,860 $29,889 
Fuel and other3,064 3,522 5,915 6,856 
General merchandise2,877 2,850 5,413 5,327 
Health and wellness1,280 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.