Walmart
Walmart Inc. is an American multinational corporation that operates a chain of hypermarkets, discount department stores, and grocery stores under the Walmart brand, along with membership-only warehouse clubs through its Sam's Club division.[1] Founded in 1962 by Sam Walton with the opening of its first store in Rogers, Arkansas, the company is headquartered in Bentonville, Arkansas, and pursues a business model centered on everyday low prices delivered via high-volume sales, centralized distribution, and supply chain efficiencies.[2] By fiscal year 2025, Walmart generated $681 billion in revenue, employed about 2.1 million associates globally, and managed over 10,750 stores and clubs across 19 countries, serving an estimated 255 million customers weekly.[3][4][5] The company's rapid expansion from a single discount store to the world's largest retailer by revenue transformed consumer access to affordable goods, pioneering big-box formats and logistics innovations that reduced costs and enabled scale advantages over competitors.[2] Walmart's emphasis on operational efficiency— including automated fulfillment centers and data-driven inventory management—has sustained its market dominance, with U.S. operations alone accounting for the majority of sales and positioning it as the largest private employer in the United States.[6][5] However, Walmart has encountered persistent scrutiny over labor practices, including government charges of unfair labor violations such as retaliatory firings of workers and discriminatory attendance policies, as well as broader critiques from unions and advocacy groups regarding below-market wages and resistance to collective bargaining, which empirical analyses link to localized wage pressures in retail markets despite the company's claims of providing entry-level opportunities and recent wage increases.[7][8][9] These issues, often amplified by institutional sources with incentives to highlight corporate flaws, underscore tensions between Walmart's cost-leadership strategy and demands for higher worker protections, while its market power has also drawn antitrust concerns over supplier relations and competitive displacement of smaller retailers.[10]History
Founding and Early Growth (1940s–1980s)
Samuel Moore Walton began his independent retail career in 1945 by acquiring a Ben Franklin variety store franchise in Newport, Arkansas, shortly after his discharge from the U.S. Army Intelligence Corps following World War II service.[11] Under his management, the store tripled its sales within three years through aggressive merchandising, extended hours, and customer engagement tactics like self-service displays.[11] A lease dispute with the landlord in 1950 prompted Walton to relocate to Bentonville, Arkansas, where he opened a second Ben Franklin store; he expanded this model to 16 outlets across Arkansas, Missouri, and Kansas by the early 1960s, becoming the largest Ben Franklin operator in the region despite ongoing tensions with the franchisor over Walton's push for deeper discounts to compete with emerging discounters.[12] Inspired by visits to discount chains like Ann & Hope and E.J. Korvette, Walton resolved to launch his own operation targeting underserved rural areas with everyday low pricing, high turnover, and minimal frills.[13] On July 2, 1962, he opened the first Walmart Discount City store at 719 West Walnut Street in Rogers, Arkansas, stocking a wide range of merchandise at 20 percent below typical variety store prices while leveraging bulk purchasing and efficient layout to drive volume.[2] The initial stores focused on small towns overlooked by competitors, emphasizing associate incentives and vendor partnerships to maintain cost advantages. By 1967, the Walton family owned 24 Walmart stores generating $12.7 million in annual sales.[2] The company incorporated as Wal-Mart Stores, Inc. in October 1969 under Delaware law.[2] Walmart went public in October 1970 via an over-the-counter offering of 300,000 shares at $16.50 each, raising funds to fuel southward and midwestern expansion while adhering to Walton's principles of frugality and data-driven site selection.[2] Listing on the New York Stock Exchange in 1972 coincided with 51 stores and $78 million in sales, reflecting accelerated growth through regional distribution centers that reduced logistics costs.[2] The 1970s marked Walmart's transition to national scale, with stores proliferating in 11 states by decade's end via strategies like cross-docking for faster inventory turnover and profit-sharing to retain talent.[2] This period's emphasis on operational efficiency—rooted in Walton's firsthand vendor negotiations and aversion to bureaucracy—enabled resilience amid inflation and competition. By fiscal year 1980, Walmart operated 276 stores, employed 21,000 associates, and surpassed $1 billion in annual sales, achieving the milestone more rapidly than any prior U.S. retailer through sustained focus on low-margin, high-volume rural dominance.[2]National Expansion and IPO (1980s–1990s)
During the 1980s, Walmart expanded its footprint from regional dominance in the South and Midwest to a broader national presence, entering new markets such as Alabama in 1981 and gradually reaching the West Coast and Northeast by the decade's end.[2] This growth was supported by the capital raised from its 1970 initial public offering, which had enabled earlier store openings, but the 1980s marked accelerated scaling with the opening of 276 stores by 1980 and annual sales surpassing $1 billion for the first time that year.[2] [14] The company's "hub-and-spoke" distribution model—establishing regional distribution centers to serve clusters of stores—facilitated efficient logistics for this expansion, allowing Walmart to build stores contiguously around new facilities rather than in isolated locations.[15] Key innovations complemented this territorial push, including the launch of the first Sam's Club warehouse club in April 1983 in Midwest City, Oklahoma, targeting small businesses and bulk buyers to diversify revenue streams.[2] In 1988, Walmart introduced its Supercenter format in Phoenix, Arizona, merging traditional discount retailing with full-service grocery sections to capture one-stop shopping demand, a move that later became central to its growth strategy.[16] By fiscal 1990, these efforts propelled Walmart to become the largest U.S. retailer by revenue, with sales reaching $25.8 billion—a 25% increase from $20.6 billion the prior year—and net income exceeding $1 billion for the first time at $1.08 billion.[17] [18] The 1990s sustained this momentum, with Walmart surpassing $100 billion in annual sales by 1997 amid continued store proliferation and format rollouts.[19] Prior to mid-1990, the company had limited West Coast presence, but aggressive entry into California and other states solidified its national stature, outpacing competitors like Kmart through low prices, everyday low pricing, and supply chain efficiencies. By decade's end, Walmart operated thousands of units across formats, employing over 1 million associates and generating sales of $166 billion in fiscal 1999, reflecting the transformative scale achieved from post-IPO investments in infrastructure and market penetration.[2]Internationalization and Maturation (2000s–2010s)
During the 2000s, Walmart intensified its international operations, leveraging acquisitions and organic growth in markets where its low-price model aligned with local consumer preferences. In Mexico, where Walmart had established a joint venture in 1991, the company expanded rapidly through its subsidiary Wal-Mart de México (Walmex), becoming the country's leading retailer by capitalizing on urban migration and demand for affordable groceries and merchandise; by 2010, Mexico hosted over 1,300 stores and represented Walmart's largest international market. Similarly, in Canada, Walmart grew its footprint to approximately 300 stores by the mid-2000s, adapting supercenter formats to compete with incumbents like Loblaws through efficient supply chains and everyday low pricing. In the United Kingdom, the 1999 acquisition of Asda enabled steady expansion, reaching 368 stores by 2010, supported by localized merchandising and integration of Walmart's logistics expertise. China's operations, initiated in 1996, saw accelerated store openings in the 2000s, with Walmart establishing over 100 hypermarkets by 2009, focusing on tier-2 cities and joint ventures to navigate regulatory hurdles while appealing to emerging middle-class shoppers.[20][21][22] However, Walmart encountered significant challenges in markets resistant to its American-centric operational culture, leading to costly retreats. In Germany, after acquiring chains like Wertkauf and Interspar in 1997, Walmart operated 85 hypermarkets but struggled with entrenched competitors such as Aldi and Lidl, cultural mismatches—including resistance to practices like mandatory employee chanting and greeters—and failure to achieve price leadership due to high labor costs and union opposition; the company exited in July 2006 by selling to Metro AG for approximately €1 billion, incurring a $1 billion loss. South Korea presented analogous issues, where Walmart's 16 stores, acquired via a 1999 joint venture, underperformed against discount chains like E-Mart owing to inadequate adaptation of product assortments and store layouts to local preferences for fresh foods and smaller basket sizes; Walmart sold its stake in May 2006 to Shinsegae Group, marking another withdrawal after minimal market penetration. In Japan, Walmart's 2002 acquisition of a 6% stake in Seiyu (later increased to majority control by 2008) yielded mixed results, hampered by deflationary pressures, keiretsu supplier relationships, and consumer loyalty to incumbents like Aeon, though the retailer persisted with incremental reforms rather than full exit during this period. These failures highlighted the limits of transplanting Walmart's U.S. model without sufficient localization, prompting a strategic pivot toward joint ventures and selective expansion.[23][24][25] The 2000s–2010s marked Walmart's maturation as a global operator, with lessons from setbacks informing a more disciplined approach emphasizing adaptable entry modes and core market focus. International net sales rose from $52.5 billion in fiscal year 2005 to $109.2 billion by fiscal year 2011, reflecting compounded growth in high-performing regions like Latin America and Asia despite the exits. By fiscal 2019, the segment generated $120.8 billion, comprising about 24% of total revenue, underscoring diversification beyond the U.S. Walmart refined its strategy through mergers, such as combining Mexican and Central American operations in 2010 to streamline management, and invested in supply chain enhancements tailored to regional logistics challenges. Early digital efforts complemented physical expansion; while primarily U.S.-focused, international e-commerce pilots in the late 2000s laid groundwork for omnichannel integration in markets like the UK and China. This era also saw Walmart address operational risks, including a 2005–2012 U.S. Foreign Corrupt Practices Act investigation into Mexican bribery allegations (resolved with a $282 million settlement in 2019), which spurred enhanced compliance and ethical maturation across borders. Overall, these developments shifted Walmart from aggressive experimentation to sustainable scaling, prioritizing empirical adaptation over uniform replication.[26][21][25]Digital Transformation and Recent Developments (2020s)
Walmart accelerated its digital transformation in the early 2020s, driven by the COVID-19 pandemic's boost to online shopping and strategic investments exceeding billions in e-commerce infrastructure. Global e-commerce sales grew at a compound annual rate of approximately 17% from 2020 to 2025, with U.S. online sales surging 26% year-over-year in the second quarter of fiscal 2025, fueled by grocery demand and store-fulfilled delivery options that increased 50%.[27][28] By September 2025, Walmart's overall e-commerce business surpassed $100 billion in annual sales, representing about 18% digital penetration of total revenue in fiscal 2025, up from 14.3% in fiscal 2023.[29][30] This shift integrated omnichannel strategies, including same-day delivery reaching 93% of U.S. households and express delivery (under three hours) available for 30% of orders.[30] Key to this evolution were heavy investments in artificial intelligence (AI) and automation, particularly in supply chain operations. Walmart deployed AI-driven tools for demand forecasting, inventory unification across stores and fulfillment centers, and predictive analytics to anticipate disruptions, enabling up to two weeks' advance detection of issues via digital twin technology powered by spatial AI.[31][32] In 2025, the company rolled out agentic AI systems—capable of autonomous actions—which transformed retail processes by optimizing logistics, staffing, and customer support, as detailed in its Retail Rewired Report.[33] These initiatives extended to associate tools, such as AI-powered task management for shift planning and real-time translation to reduce language barriers, empowering over 1.5 million frontline workers.[34] Automation in distribution centers further enhanced efficiency, with robotics and AI minimizing food waste in perishable goods handling and improving stock accuracy to cut costly errors.[35] By October 2025, Walmart invested in Internet of Things (IoT) technologies through partnerships like with Wiliot, deploying ambient sensors for real-time supply chain visibility and faster fulfillment in its top 60 distribution centers.[36][37] The 2025 Annual Report highlighted ongoing commitments to generative AI for enhancing shopping experiences and associate productivity, alongside global expansion of U.S.-style supply chain playbook using real-time AI across international operations.[38][39] These developments positioned Walmart to compete more effectively against pure-play digital rivals, emphasizing data-driven resilience over traditional retail constraints.Business Model and Operations
Retail Formats and Omnichannel Strategy
Walmart operates a variety of retail formats tailored to different customer needs, primarily in the United States, with Supercenters forming the core of its physical presence. Supercenters, which combine full-line grocery and general merchandise departments in facilities averaging 180,000 square feet, numbered 3,560 as of July 31, 2024.[4] These stores operate 24 hours a day in many locations and account for the majority of Walmart's U.S. square footage, enabling one-stop shopping for essentials and discretionary items. Discount stores, focused on general merchandise without extensive grocery sections, totaled 354 units as of the same date, serving smaller markets or areas with limited space for larger formats.[4] Neighborhood Markets emphasize grocery and pharmacy services in compact stores averaging 40,000 square feet, with 672 locations as of July 31, 2024, targeting urban and suburban consumers seeking convenience for fresh foods and household staples.[4] Sam's Club, Walmart's membership-based warehouse format, operates 600 clubs offering bulk goods, electronics, and business supplies, requiring an annual fee for access and generating revenue through both sales and memberships.[4] Smaller formats, including experimental concepts like Walmart Express or convenience-oriented sites, comprise about 20 units, often testing urban or high-density adaptations.[4] In 2025, Walmart planned to build or convert over 150 stores, prioritizing Supercenter remodels to incorporate advanced layout efficiencies and technology integrations.[40] Walmart's omnichannel strategy integrates its extensive physical footprint with digital channels to facilitate seamless customer experiences, leveraging stores as fulfillment hubs for online orders. This approach includes buy-online-pickup-in-store (BOPIS), curbside pickup, and store-fulfilled delivery, which drove a 22% global e-commerce sales increase in the first quarter of fiscal 2026.[41] By mid-2025, Walmart aimed to provide same-day delivery via Walmart+ membership to 95% of the U.S. population, covering groceries, health products, and merchandise through optimized zoning and partner networks.[42] The strategy utilizes geospatial analytics to expand delivery radii, adding access for 12 million additional households by refining hexagonal grid-based coverage.[43] Key enablers include Walmart+ subscriptions offering free shipping, fuel discounts, and expedited services, alongside app-based tools for order tracking and in-store scanning. Returns are handled omnichannel-style, permitting in-store drop-offs or prepaid mail labels without fees for members, reducing friction and boosting retention. This model capitalizes on Walmart's 4,600+ U.S. stores for rapid last-mile fulfillment, outperforming pure-play e-commerce rivals by minimizing shipping costs and times through hybrid operations.[44][45]Supply Chain Efficiency and Logistics
Walmart maintains an extensive network of over 150 distribution centers in the United States, complemented by more than 40 e-commerce fulfillment facilities, enabling rapid regional distribution to its stores.[46] These centers employ cross-docking techniques, where incoming shipments from suppliers are immediately transferred to outbound trucks with minimal storage—often within 24-48 hours—reducing handling costs and inventory holding times.[47] This practice, refined by Walmart since the 1980s, accounts for a significant portion of its inbound and outbound logistics, contributing to overall supply chain cost reductions estimated at up to 6% through minimized warehousing.[48] The company's private truck fleet, comprising approximately 12,663 power units as of 2024, further enhances control over transportation, with dedicated drivers ensuring timely deliveries across its network.[49] Key to operational efficiency is Walmart's early adoption of radio-frequency identification (RFID) technology, mandated for its top 100 suppliers starting in January 2005 following an announcement in November 2003, which improved real-time inventory tracking and reduced stock discrepancies.[50] This integration with just-in-time inventory principles supports a high turnover ratio of 9.07 times annually for the fiscal year ending January 31, 2025, indicating goods move from receipt to sale in roughly 40 days on average.[51] Such metrics reflect disciplined demand forecasting and supplier coordination, minimizing excess stock while maintaining availability, as evidenced by on-time fulfillment rates exceeding 95% in core categories reported in early 2025.[52] In the 2020s, Walmart has accelerated automation and AI integration to address rising complexities in perishable goods and e-commerce fulfillment. By July 2025, AI-driven systems for real-time inventory visibility and predictive analytics were deployed across U.S. distribution centers, with plans to extend this "playbook" globally for enhanced resilience against disruptions.[39] Innovations include automated defect detection in high-tech facilities and expansions of perishable distribution centers—five new builds and four upgrades announced in 2024 to support 1,500 stores by fiscal 2025—incorporating robotics for faster processing of fresh and frozen items.[53][54] Agentic AI tools, scaled in October 2025, unify data across stores, centers, and suppliers, enabling proactive adjustments to demand fluctuations and reducing stockouts.[55] These advancements, built on foundational logistics efficiencies, sustain Walmart's competitive edge in cost control and speed.Technology Adoption and Innovations
Walmart pioneered the widespread adoption of radio-frequency identification (RFID) technology in retail supply chains, mandating its use for top suppliers in apparel and other categories starting in the early 2000s, with expanded implementation across toys, home goods, electronics, and sporting goods by September 2, 2022.[56] This initiative improved inventory accuracy to over 99% in participating stores and reduced out-of-stocks by enabling real-time tracking without manual scanning.[57] In October 2025, Walmart partnered with Avery Dennison to extend RFID to fresh foods, embedding tags in packaging to monitor freshness, cut waste, and enhance operational efficiency through automated item-level identification.[58] The company has integrated artificial intelligence (AI) and machine learning (ML) extensively into its supply chain and logistics, deploying AI-driven systems in high-tech distribution centers for automated defect detection, case scanning at scale, and predictive demand forecasting as early as 2023.[59] By 2025, Walmart's Element platform facilitated scalable ML adoption, enabling faster model deployment for inventory optimization and disruption anticipation.[60] Ambient Internet of Things (IoT) sensors, numbering in the millions and powered by partnerships like Wiliot since October 2025, provide real-time data on temperature, humidity, and location across 4,600 stores, fueling AI analytics to minimize dwell time and improve throughput.[61][36] In e-commerce and customer-facing innovations, Walmart launched AI-powered tools in June 2025 to assist 1.5 million associates with task management, shift planning, and language translation, reducing administrative burdens.[34] A October 2025 partnership with OpenAI integrated generative AI into shopping experiences via ChatGPT, enabling conversational search and personalized recommendations.[62] Earlier efforts included spatial AI for digital twins in stores, detecting issues up to two weeks ahead, and augmented reality platforms for immersive commerce scaling since October 2024.[32][63] These technologies have driven Walmart Connect ad revenue growth of 46% globally in Q2 2025 through AI personalization.[64]Corporate Structure and Leadership
Key Executives and Succession
Doug McMillon has served as president and chief executive officer of Walmart Inc. since February 1, 2014, succeeding Mike Duke after rising through roles including president of Walmart International.[65] Under his leadership, the company has emphasized e-commerce growth, supply chain investments, and international expansion, with McMillon reporting directly to the board chaired by Gregory B. Penner, a Walton family member and general partner at Madrone Capital Partners.[66] Key executives in Walmart's leadership team, known as the Executive Council, include John Furner as president and chief executive officer of Walmart U.S., overseeing domestic retail operations; Kathryn McLay as president and chief executive officer of Sam's Club; John David Rainey as executive vice president and chief financial officer, managing financial strategy and investor relations; Suresh Kumar as executive vice president and global chief technology officer, driving technology and AI initiatives; and Donna Morris as executive vice president and chief people officer, responsible for human resources across 2.1 million associates globally.[65][67] Recent adjustments effective February 1, 2025, included promotions such as Venessa Yates to senior vice president roles in merchandising, aimed at aligning leadership with fiscal 2026 priorities.[68] Walmart's succession planning is overseen by the board of directors, particularly through the Compensation, Nominating and Governance Committee, which evaluates internal candidates and develops CEO successors in collaboration with the full board.[69] McMillon, an internal promotee with over three decades at the company, stated in 2023 his intention to remain in the role for at least three more years, extending beyond 2026, as the board continues identifying and grooming potential successors amid the Walton family's controlling stake of approximately 45% of shares, which influences long-term stability. No specific successor has been publicly named as of October 2025, reflecting a deliberate, top-down process prioritizing operational continuity and family-aligned governance.[71] The board, comprising 11 members including independent directors like former Chipotle CEO Brian Niccol and Walmart executives such as McMillon, maintains a majority-independent structure to balance family oversight with external expertise.Ownership, Governance, and Shareholder Returns
Walmart Inc. is a publicly traded company listed on the New York Stock Exchange under the ticker symbol WMT, with its shares widely held by institutional and retail investors.[73] The Walton family, descendants of founder Sam Walton, maintains significant influence through ownership of approximately 45% of the company's outstanding shares, primarily via Walton Enterprises LLC and family trusts.[74][75] This stake, equivalent to about 44.6% to 46% including direct and indirect holdings by Sam Walton's children, provides the family with substantial voting power despite the public float.[76][77] Institutional investors such as Vanguard and BlackRock hold notable portions of the remaining shares, while retail investors collectively own around 56%.[78] Corporate governance is overseen by a board of directors comprising 12 members as of June 2025, chaired by Gregory B. Penner, a Walton family member and managing member of Walton Enterprises.[66][79] The board includes Walmart's President and CEO Doug McMillon, along with independent directors such as Cesar Conde, Timothy P. Flynn, Sarah Friar, Carla A. Harris, Tom Horton (lead independent director until June 2025), Marissa A. Mayer, and others with expertise in finance, technology, and operations.[66][80] Key committees include the Audit Committee for financial oversight, Compensation and Management Development Committee for executive pay, Nominating and Corporate Governance Committee for director selection and governance policies, and others focused on strategy, technology, and executive matters.[81] Walmart's corporate governance guidelines emphasize director independence, annual evaluations, and alignment with shareholder interests, with proxy statements filed annually with the SEC detailing practices such as majority voting for directors and clawback policies for executive compensation.[82] Walmart has delivered consistent shareholder returns primarily through dividends and share repurchases, reflecting its emphasis on capital allocation to support long-term value.[45] In fiscal year 2025, the company returned $11.2 billion to shareholders via these mechanisms, including $1.645 billion in share buybacks during the quarter ended July 31, 2025, with $5.9 billion in remaining authorization under its repurchase program.[83] Dividend payments have been a hallmark since 1974, with the most recent quarterly dividend declared ahead of an ex-dividend date of December 12, 2025.[84] Over the past decade, Walmart distributed approximately $130 billion in cash returns, contributing to a five-year total shareholder return of 130.58% as of August 2025, driven by revenue growth and operational efficiency amid competitive retail pressures.[85][86]Financial Performance
Revenue Growth and Profitability
Walmart's annual revenue reached $681 billion in fiscal year 2025 (ended January 31, 2025), marking consistent growth driven primarily by increases in comparable store sales, e-commerce penetration, and expansion in higher-margin segments such as advertising and membership services.[87] This represented an approximate 5.1% year-over-year increase from fiscal year 2024's $648.1 billion, with trailing twelve-month revenue climbing to $693.15 billion as of October 2025 amid sustained transaction volume growth of around 4-5% in recent quarters.[88] Historically, revenue has expanded from $523.96 billion in fiscal year 2020 to the current scale, reflecting resilience through economic cycles via operational efficiencies and market share gains in essential goods categories.[89] Profitability has strengthened in parallel, with net income rising to $19.44 billion in fiscal year 2025, a 25.3% increase from $15.51 billion in fiscal year 2024, yielding a net profit margin of 2.85%.[90] [91] Operating income margins hovered around 4-5%, bolstered by gross margins near 24.9% and contributions from scalable digital revenue streams that outpace traditional retail margins.[92] Key drivers include e-commerce sales growth exceeding 20% annually in recent years, advertising revenue expansion, and membership programs like Walmart+, which enhance customer retention and per-transaction value without proportionally increasing costs.[45] These factors have offset inflationary pressures on supply chain costs, enabling return on assets above 6.99% trailing twelve months.[93]| Fiscal Year | Revenue ($B) | YoY Growth (%) | Net Income ($B) | Net Margin (%) |
|---|---|---|---|---|
| 2021 | 559.15 | 6.7 | 13.67 | 2.45 |
| 2022 | 611.29 | 9.3 | 13.67 | 2.24 |
| 2023 | 611.29 | 0.0 | 11.68 | 1.91 |
| 2024 | 648.13 | 6.0 | 15.51 | 2.39 |
| 2025 | 681.00 | 5.1 | 19.44 | 2.85 |
Market Position and Competitive Metrics
Walmart commands the largest market position among global retailers, generating net sales of $648.1 billion in fiscal year 2024 (ended January 31, 2024), which represented approximately 2.1% of the worldwide retail market totaling $30.2 trillion.[96] In the United States, its domestic operations accounted for $442 billion in revenue, capturing about 6% of the overall retail sector while leading in categories like groceries with a 21.2% share as of the first quarter of 2025.[97][5][98] This dominance stems from its scale, with over 4,600 U.S. stores enabling broad geographic coverage—90% of the population lives within 10 miles of a location—and a hybrid model blending physical and digital sales.[5][99] Competitively, Walmart outperforms traditional discounters and grocers in revenue and footprint but faces pressure from e-commerce pure-plays. Its U.S. sales of $568.7 billion in 2024 dwarfed Target's $105.8 billion, supported by 4,610 stores versus Target's 1,966.[100][99] Against Costco, Walmart's total revenue exceeded Costco's $242 billion (2023 figures, with 6.7% growth), though Costco maintains higher per-store sales in membership-based wholesale.[101] Amazon poses the closest rival in overall scale, with Walmart's fiscal 2025 revenue reaching $681 billion compared to Amazon's $638 billion calendar 2024 total (including non-retail segments like AWS), but Walmart leads in physical grocery and trails in pure e-commerce at 6.3% U.S. market share versus Amazon's dominance.[102][103] Key financial metrics underscore Walmart's stability and valuation premium. As of October 2024, its market capitalization stood at $810.8 billion, with a trailing price-to-earnings (P/E) ratio of approximately 42, reflecting investor confidence in its defensive moat amid economic volatility.[93][104] In online grocery, Walmart captured a record 37% of U.S. e-grocery sales in Q2 2024, eroding Amazon's share below 20% through integrated fulfillment and same-day delivery.[105][106]| Competitor | 2024 Revenue ($B) | U.S. Store Count | U.S. Grocery Share (%) |
|---|---|---|---|
| Walmart | 648 | 4,610 | 21.2 |
| Amazon | 638 (total) | N/A (online-focused) | <20 (e-grocery) |
| Target | 106 | 1,966 | ~5 |
| Costco | 242 (2023) | ~600 | ~7 |