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.
Decisions on record
6 verified Decision Cases on Walmart, and the casebook each one belongs to.
| Fork date | Decision type | What Walmart chose | Where it stood | The story | Casebook |
|---|---|---|---|---|---|
| 1992 | Market-Entry Gambit | 50-50 local joint venture | paid roughly $1.2 billion for a 51% stake, converting a partnership into a subsidiary (1997-09) | Read the story → | Market-Entry Gambit Casebook → |
| 2006 | The Counterfactual | Exit both markets | sold all 16 stores to Shinsegae for about $882 million (2006-05) | Read the story → | The Counterfactual Casebook → |
| 2013 | Vertical-Integration Bet | Pledge American-made purchasing | Walmart added a $350 billion pledge over the next decade (2021) | Read the story → | Vertical-Integration Bet Casebook → |
| 2018 | Market-Entry Gambit | Buy Flipkart at a premium | dropped roughly $8 billion on the day of the announcement (2018-05) | Read the story → | Market-Entry Gambit Casebook → |
| 2022 | The Reversal | Open the seller floodgates | CNBC found vetting made more lax, uncovering impersonating sellers and counterfeit products (2025-09) | Read the story → | The Reversal Casebook → |
| 2024 | The Money Machine | Acquire Vizio | represented fully a third of profit in the most recent quarter (2026) | Read the story → | The Money Machine Casebook → |
Videos on Walmart
Run one of these yourself
The decisions Walmart faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Business ModelThe Money MachineWhere does the money actually come from, and who sets the rate it comes in at?See the pack →Decision ForksThe Road Not TakenWhat did the decision you did not take actually cost?See the pack →Growth & PortfolioThe Distribution RebellionHow much of the channel's margin do you actually keep?See the pack →
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 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 · Boundaries of the Firm
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 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 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
Vertical-Integration Bet · Boundaries of the Firm
Two-thirds of Walmart's $250 billion 'American-made' pledge was groceries, not manufacturing
In 2013 Walmart pledged $250 billion in American-made purchases; in 2021 it added $350 billion more. Watchdogs found the first figure equaled about 6% of prior-decade sales - roughly what Walmart would have bought anyway - with two-thirds of it groceries, not factory output.
7 min
Tools to try
- Ansoff move finderFramework: Ansoff Matrix
- Business model canvas builderFramework: Business Model Canvas
- Change readiness checkFramework: Kotter's 8-Step Change Model
- Five Forces scorerFramework: Porter's Five Forces
- SMART goal builderFramework: SMART Goals
- SWOT builderFramework: SWOT Analysis
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