Company profile
SEC EDGAR ↗- Industry
- Retail-Variety Stores
- Listed
- Nasdaq: WMT
- Incorporated
- DE
- Headquarters
- Bentonville, AR
- Fiscal year end
- Jan 31
Financials
FY2026- Revenue
- $706.4B
- Net income
- $22.3B
- Total assets
- $284.7B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2026 | $706.4B | $22.3B | $284.7B |
| FY2025 | $674.5B | $20.2B | $260.8B |
| FY2024 | $642.6B | $16.3B | $252.4B |
| FY2023 | $605.9B | $11.3B | $243.2B |
| FY2022 | $567.8B | $13.9B | $244.9B |
| FY2021 | $555.2B | $13.5B | $252.5B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
The analyses
The Money Machine · Business Model
On $674.5 Billion in Sales, Walmart's Whole Game Is Shaving 2-3% Off Cost of Goods
Everyone thinks Walmart wins on prices. The price is the output, not the engine - it's what falls out of cross-docking, a private data network, and vendor-managed inventory. On $674.5 billion in net sales, shaving 2-3% off cost of goods is the whole game.
7 min
The Money Machine · Business Model
Where Does Walmart's Profit Growth Come From? A Business at 0.65% of Revenue Drove Over Half
Walmart sells $674 billion of merchandise a year at margins thin enough to make you wince. So where is the profit growth coming from? In one quarter, advertising and membership drove over half of Walmart's operating-income growth - on a business that's 0.65% of revenue.
7 min
The Cannibalization Choice · Decision Forks
Why Walmart, a $500B Store Business, Let E-Commerce Lose Money for 25 Years
Walmart called the internet a possible 'pet rock' in 1996 and didn't open an online store until 2000. The channel stayed unprofitable for 25 years - until Q1 FY2025. The delay wasn't stupidity. It was the smartest fear a $500B store business could have.
7 min
The Counterfactual · Decision Forks
Walmart Didn't Fail in Germany Because Germans Hate Smiling Greeters
The tidy lesson is that Walmart was too American for Germany and South Korea. But in 2006 it lost roughly $1 billion exiting one and sold 16 stores in the other for $882 million — and the real killers were structural, not cultural.
8 min
The Distribution Rebellion · Moat & Competition
Walmart Spent 25 Years Losing at E-Commerce. Then It Stopped Trying to Beat Amazon at Amazon's Game.
Walmart's U.S. online business bled about $1 billion a year at its worst and only turned its first profit in the quarter ending April 30, 2025. The fix wasn't a better website - it was turning 4,600 stores into the thing Amazon never had.
8 min
The Distribution Rebellion · Decision Forks
Walmart Turned 4,700 Nearby Stores Into the Grid That Won 37% of U.S. Online Grocery
Everyone framed Walmart+ as the Amazon Prime killer. Walmart's own executive denied it. The real weapon was never a membership - it was the 4,700 stores sitting within minutes of almost everyone, a fulfillment grid that gave Walmart 37% of U.S. online grocery and its first profitable eCommerce quarters.
7 min
The Market-Entry Gambit · Growth & Portfolio
Walmart Only Cracked One Hard Market. It Did So by Refusing to Be Walmart.
The retailer that conquered America bled out in Germany, stalled in China, and bought its way out of India for $16 billion. Mexico is the lone clean win — because there, for once, it handed the wheel to a local partner before the playbook could do its damage.
8 min
The Market-Entry Gambit · Growth & Portfolio
Walmart Spent $16B to Enter India. Only $2B Ever Got There.
The headline says Walmart paid $16 billion for Flipkart. Its own SEC filing says only about $2 billion was new money for the company; the other $14 billion bought out early investors. And Flipkart wasn't even Indian — it was incorporated in Singapore.
8 min
The Market Entry Gambit · Growth & Portfolio
Walmart's Global Pattern: Ride a Local Partner and Win, Buy Mismatched Stores and Lose
Walmart took a $1 billion pre-tax loss leaving Germany, yet thrived in Mexico and bet $16 billion on India. The pattern isn't cultural fit - it's entry mode: ride a local partner, or buy mismatched stores and lose.
8 min
The Moat Anatomy · Moat & Competition
10,900 Walmart Stores Sit Within Delivery Range of Most of America — That Wall Took Decades
Everyone says Walmart's moat is low prices. It isn't - a price can be matched on any SKU on any day. The real moat is 10,900 stores already sitting within delivery range of most of America, a network that took decades and hundreds of billions to build.
7 min
The Reversal · Decision Forks
Walmart Built Its Marketplace in 2009. It Spent a Decade Pretending It Hadn't.
Walmart opened to third-party sellers in 2009 - then barely touched it, adding only a trickle of net new sellers through 2018. The reversal that mattered came later, when it stopped copying Amazon and finally turned its 4,600 stores into the weapon.
8 min