Walmart Inc. (WMT): Business Model Canvas [Dec-2025 Updated]

You're looking to dissect the engine behind the world's largest retailer, and honestly, after two decades analyzing these giants, I can tell you Walmart Inc.'s Business Model Canvas is a masterclass in massive scale meeting necessary evolution. Forget just the 'Everyday Low Price' mantra for a second; this model is powered by a $680.99 billion revenue stream in fiscal year 2025, supported by over 10,700 physical locations and a defintely huge 2.1 million-person workforce. But the real story isn't the past, it's the pivot: look closely at the $23.78 billion they poured into capital expenditures in FY2025, funding everything from drone delivery pilots to the rapidly growing Walmart Connect advertising business. This isn't just a store operator anymore; it's a logistics and data powerhouse fighting for the omnichannel dollar, and you need to see exactly how all nine building blocks fit together to understand where the next dollar comes from.

Walmart Inc. (WMT) - Canvas Business Model: Key Partnerships

Wiliot for Ambient IoT supply chain digitization:

• The collaboration is the retail industry's first large-scale implementation of ambient IoT.
• The deployment is currently across 500 Walmart locations.
• The goal is to reach 90 million Wiliot IoT Pixels by the end of 2026.
• The national expansion plans cover 4,600 Walmart Supercenters and Neighborhood Markets.
• The rollout also includes over 40 distribution centers nationwide.
• Walmart Inc. reported fiscal year 2025 revenue of $681 billion.

Wing and Zipline for drone last-mile delivery expansion:

• Partnerships established for last-mile delivery expansion.

Thousands of global and local product suppliers:

Walmart sources products directly from a vast global network of manufacturers.

Supplier Metric	Data Point	Fiscal Period/Context
U.S. Small Business Suppliers	More than 60%	FY2025
U.S. Sourcing Commitment (10-Year Goal)	$350 billion	Announced 2021
Cumulative U.S. Spend Toward Goal	$176 billion	As of end of last year (2024)

Financial technology partners for Walmart's Fintech ventures:

Walmart's majority-owned fintech, One, works with partners like Ribbit Capital. The company offers services leveraging its customer base of approximately 255 million customers and members in the US.

Fintech Venture Detail	Amount/Value	Context
Fintech Venture Valuation	$2.5 billion	Late 2024/Early 2025
Capital Sought by One	Exceeding $300 million	Seeking capital infusion
Savings Account Interest Rate Offered	5%	Strategy to attract users

GreenPod Labs for fresh produce shelf-life extension:

• Pilot program involves applying sachets to mangoes in Peru shipped to the U.S.
• Walmart aims to source $10 billion in goods from India each year by 2027.

Walmart Inc. (WMT) - Canvas Business Model: Key Activities

You're looking at the core engine driving Walmart Inc.'s massive scale and its pivot toward higher-margin digital revenue streams. The key activities here are about sheer operational dominance married to aggressive technological modernization. Honestly, it's a dual strategy: keep the physical moat wide while building a profitable digital moat inside it.

Operating over 10,700 physical stores globally remains a foundational activity. As of late 2025, Walmart Inc. operates 10,797 stores and clubs across 19 countries. This physical footprint is not static; in the U.S. alone, the company has 4,606 traditional Walmart stores and 600 Sam's Club locations, for a total of 5,206 units. The international segment maintains 5,591 stores. This network serves approximately 255 million customer visits each week globally.

The second critical activity is managing a massive, automated omnichannel supply chain. Every one of the 4,600 U.S. superstores acts as a forward-deployed fulfillment node, which is key to their speed advantage. This is being supercharged by automation; the goal is to have 55% of fulfillment center volumes handled in automated facilities by Fiscal Year 2026. This logistical density allows for impressive service levels, with same-day reach extending to 93% of U.S. households. Furthermore, 30% of orders now qualify for Express delivery, which is less than three hours.

To fuel this modernization, Walmart Inc. is making heavy capital commitments. The company invested $23.78 billion in capital expenditures for FY2025, focusing heavily on technology and stores. This substantial investment phase saw the return on capital investment increase to 15.5%, the highest level since 2016. For context, the trailing twelve months (TTM) capital expenditures through October 31, 2025, totaled $25.714B.

A major focus within that Capex is expanding high-margin digital businesses like Walmart Connect. This retail media advertising platform is a profit engine. In Q4 FY25, Walmart Connect in the U.S. grew 24%, and the global advertising business grew 29%. The company projects its retail media revenue to exceed $4.4 billion annually for FY2025, with an earlier projection targeting $6.18 billion by 2025. These higher-margin businesses are crucial, as advertising and membership together accounted for over 50% of operating income growth in one recent quarter.

Finally, developing and promoting private label brands like 'Bettergoods' is a key lever for margin improvement. Walmart U.S. currently fields 21 private brands that each generate over $1 billion in annual sales. Of those, five brands surpass $5 billion in annual sales. The newer food private brand, Bettergoods, achieved $500 million in sales in under a year. Private labels typically offer 30-50% higher margins compared to national brands, so scaling these is direct margin expansion work.

Here's a quick look at the scale of these key operational and financial metrics as of late 2025:

Key Activity Metric	Value/Amount	Context/Period
Total Global Physical Stores	10,797	Late 2025
U.S. Walmart Stores & Sam's Clubs	5,206	As of late 2025
FY2025 Capital Expenditures	$23.78 billion	FY2025
Return on Capital Investment	15.5%	FY2025
Walmart Connect U.S. Revenue Growth	30%	Fiscal Q2 2025
Annual Retail-Media Revenue	Exceeding $4.4 billion	FY2025
Global eCommerce Penetration	18%	Of FY25 Net Sales
Private Brands with >$1B Sales	21	Walmart U.S.
Private Brands with >$5B Sales	5	Walmart U.S.

The automation goal for fulfillment centers is to reach 55% automated volume by FY26. Also, the company serves approximately 255 million customers weekly across its global network.

Walmart Inc. (WMT) - Canvas Business Model: Key Resources

You're looking at the core assets that make Walmart Inc. the powerhouse it is, right as of late 2025. These aren't just line items; they are the physical and intellectual foundations supporting that 'Everyday Low Price' (EDLP) promise.

The sheer scale of the physical footprint remains a massive barrier to entry for competitors. As of the fiscal year ended January 31, 2025, the company's structure was anchored by its physical presence.

Geographic Segment	Store Count (as of FYE Jan 31, 2025)	Notes
U.S. Stores (Total)	4,605	Includes Walmart and Walmart Neighborhood Market brands
Sam's Clubs (U.S.)	600	Wholesale club format
International Stores	5,591	Operations across 19 countries
Total Global Stores	10,797	Total physical units worldwide

That physical network is powered by a workforce that is truly immense. You're looking at a global associate count of approximately 2.1 million people as of January 31, 2025. Honestly, managing that many people globally is a key resource in itself, especially when you consider that about 76.2% of them work in the United States.

The intangible asset of brand equity is translating directly into financial value. For fiscal 2025, Walmart's brand value reached $137.2 billion. This figure places Walmart as the second most valuable retail brand globally, reflecting a significant 42% surge in value among the top 10 retail brands in 2025. That reputation for EDLP is what keeps the customer visits coming-around 255 million per week across the global network in 2025.

The proprietary technology platform, driven by Walmart Data Ventures, is where the future efficiency is being built. This division's insights ecosystem, known as Scintilla, is making first-party data actionable for suppliers.

• The data range in the Shopper Behavior report expanded from 117 weeks to 3+ years in Q1 2025.
• The UPC limit on the Switching report was increased to cover 1.5x more products, allowing analysis of up to 60,000 different products in one report.
• The client base for Walmart Data Ventures in the U.S. grew by 173% compared to the prior year.
• The company operates 29 dedicated e-commerce fulfillment facilities as of its March 2025 filing.
• Automation investments have successfully lowered delivery costs by 50% over the last 2 years, contributing to the e-commerce business becoming profitable.

This combination of physical scale and technological optimization is what underpins the entire operation. The logistics infrastructure is constantly being refined; for instance, the massive scale allows for the delivery cost reduction mentioned, which is a direct result of leveraging their network density and automation investments.

Walmart Inc. (WMT) - Canvas Business Model: Value Propositions

You're looking at the core reasons why millions of customers choose Walmart Inc. every week, even as the retail landscape shifts. It boils down to a relentless focus on cost, convenience, and selection, all powered by their massive physical footprint. Honestly, their scale is what makes the value proposition so hard for competitors to match.

Lowest possible prices, helping customers save money

Walmart Inc. anchors its entire strategy on its Every-Day-Low-Price (EDLP) commitment. This isn't just marketing; it's enabled by their sheer size. For fiscal year 2025, the company reported total revenue of $681 billion. This massive revenue base, supported by serving approximately 270 million customers weekly across the globe, gives them unparalleled purchasing power with suppliers. This leverage is what translates into the lowest shelf prices for the shopper. The company's U.S. segment alone accounted for net sales of $462.415 billion in FY2025.

Omnichannel convenience: shop in-store, online, pickup, or delivery

The value proposition here is the seamless blending of physical stores and digital services. You aren't just shopping online or in a store; you're using both together. For example, the company's omnichannel shoppers buy three times more often and add 13 percent more items per order than single-channel customers. The Walmart+ membership specifically enhances this by bundling benefits like unlimited free shipping on eligible items and unlimited delivery from the store.

Vast, one-stop-shop assortment including grocery and general merchandise

The physical store network is the engine for this vast assortment. As of January 31, 2025, a typical Walmart Supercenter, which carries both general merchandise and grocery, averaged 178,000 square feet. Grocery remains the largest single category, representing about 58% of net sales in FY2023, which gives you a sense of their dominance in that area. The general merchandise categories are broken down into Fashion, Hardlines (like automotive and sporting goods), and Entertainment (electronics, toys, etc.). The marketplace feature further expands selection, with Walmart Connect advertising revenue growing significantly, indicating a broader third-party offering.

Fast delivery, reaching 95% of U.S. households in under three hours

Speed is now a core differentiator, leveraging those 4,600+ U.S. stores as fulfillment hubs. The goal to reach 95% of U.S. households with sub-three-hour service by year-end 2025 is aggressive, but they were already at 93% coverage as of late 2025. You can see the breakdown of their fulfillment speed performance here:

Metric	Value/Percentage	Source/Context
U.S. Same-Day Delivery Reach (as of Q4 FY25)	93% of U.S. households
Goal for U.S. Same-Day Delivery Reach (Year-End 2025)	95% of U.S. households
Store Deliveries Completed in 3 Hours or Less (Recent Weeks)	Around one-third
Orders Paying for Expedited Fee (Under 1 or 3 Hours)	More than 30%
U.S. E-commerce Growth (FY2025)	+20%
Store-Fulfilled Delivery Volume Growth (YoY)	Jumped nearly 50%

The math is simple: delivering to more houses on one route spreads the cost.

Trust and sustainability focus in sourcing and operations

Walmart Inc. is working to build trust through transparency and environmental goals, though some targets are proving difficult. For instance, they anticipated missing their 2025 emissions reduction target, but their absolute scope 1 and 2 emissions were still 18.1% lower than the 2015 baseline. On the packaging front, they designed 82% of their private brand packaging for recycling. Furthermore, they reported spending $65.0 billion with certified and verified U.S. small businesses in CY2024, supporting local economic vitality.

You should track the renewable energy progress, as the goal was to power 50% of global operations by 2025, but they procured 48.5% of global electricity needs from renewable sources last year.

Here are some key sustainability and operational data points:

• Goal: Zero waste to landfill in U.S., Canada, Japan, U.K. by 2025.
• Goal: Use renewable energy for 50% of global operations by 2025.
• Actual: Procured 48.5% of global electricity from renewable sources last year.
• Goal: Use 100% recyclable packaging for all private-label brands by 2025.
• Actual: Designed 82% of private brand packaging for recycling.
• Investment: Spent $65.0 billion with U.S. small businesses (CY2024).

Finance: draft 13-week cash view by Friday.

Walmart Inc. (WMT) - Canvas Business Model: Customer Relationships

Dedicated membership programs (Walmart+ and Sam's Club)

Walmart+ has grown its US member base to an estimated 25 million as of the July 2025 quarter. Walmart+ subscriber penetration stands at 45% in that same quarter. Membership fee income for Walmart rose 14.8% in the first quarter, supported by double-digit growth in Walmart+ subscriptions. Walmart Inc. reported total membership revenue of $3.8 billion for fiscal year 2025, which is a 20% increase year-over-year. This revenue stream contributed only 0.6% of Walmart's total revenue in fiscal 2025.

The warehouse club division, Sam's Club, reported net sales of $90.2 billion in fiscal 2025. Sam's Club U.S. achieved a record-high member count, with membership income growing over 13% in the first quarter. International growth, particularly in Sam's Club China, saw membership income surge more than 40% in the first quarter. Sam's Club operates 600 locations across the U.S. and Puerto Rico.

Here's a look at the membership scale:

Metric	Walmart+ (US Members)	Sam's Club (US Locations)
Latest Count/Figure	25 million (as of July 2025 quarter)	600
FY2025 Membership Revenue Contribution	Part of total membership revenue of $3.8 billion	Contributes to membership income growth of over 13% (Q1)
Recent Growth Driver	Double-digit subscription growth	Plans to double membership over the next 8-10 years

Automated self-service and digital order management

Walmart's U.S. e-commerce penetration reached 18% of total company revenue in fiscal 2025. The retailer's same-day delivery reach now covers 93% of US households, with a goal to extend this to 95% by December 2025. The speed of fulfillment is a key relationship driver; 30% of digital orders now qualify for Express delivery, meaning less than a 3-hour turnaround. Store-fulfilled delivery itself surged nearly 70% in the third quarter of fiscal 2026, showing customers are using the physical store network as a fulfillment asset. Furthermore, four new next-gen fulfillment centers have doubled throughput and cut handling cost by approximately 20%.

Personalized marketing and offers via Walmart Connect

Walmart Connect, the retail media network, is a high-margin business that diversifies profits. The U.S. advertising unit grew revenue 30% year-over-year in fiscal Q2 2025. In the first quarter, Walmart Connect advertising revenue grew 31%. More recently, in Q2 FY26, high-margin services like Walmart Connect saw a 46% year-over-year increase. The company has been targeting $6 billion in ad revenue by 2025. Brands increased their average spend on the platform by 18.47% year-over-year in Q4, with the click-through rate jumping 55% year-over-year.

In-store associate support and customer service desks

Walmart maintains an enormous physical footprint to support in-person customer relationships. The company operates 4,606 Walmart stores in the U.S., alongside 600 Sam's Club locations. Globally, Walmart attracts approximately 255 million customer visits each week across its store and e-commerce platforms. The average shopper makes 67 trips annually, including to Sam's Club.

The relationship is supported by a massive workforce:

• Walmart employs around 2.1 million people worldwide.
• Nearly 19 out of 20 Americans visit Walmart at least twice a year.
• About 34.0% of shoppers visited Walmart at least four times a month between May and July 2025.

Walmart Inc. (WMT) - Canvas Business Model: Channels

You're looking at how Walmart Inc. gets its massive assortment of goods into the hands of its customers across its global footprint as of late 2025. The channel strategy is a complex blend of physical dominance and aggressive digital integration, making sure they meet you wherever you prefer to shop.

Physical Retail Stores (Supercenters, Neighborhood Markets, Sam's Club)

The brick-and-mortar presence remains the backbone, serving as fulfillment hubs and primary shopping destinations. As of fiscal year 2025, Walmart Inc. operated a total of 10,797 stores globally, attracting approximately 255 million customer visits each week across all formats. The U.S. segment, which generated net sales of $462.415 billion in fiscal year 2025, is anchored by the Supercenters.

Here's a look at the U.S. physical footprint based on the most detailed unit count available around the mid-point of fiscal year 2025:

Format	Ending U.S. Unit Count (Approx. as of July 2024)	Approximate Average Square Footage
Walmart Supercenters	3,558	Approximately 182,000 square feet
Walmart Neighborhood Markets	673	Approximately 38,000 square feet
Sam's Club (U.S. Locations)	599	Ranging from 25,000 to 158,000 square feet
Walmart Discount Stores (U.S.)	355	Approximately 106,000 square feet

The sheer scale means 90% of the U.S. population lives within 10 miles of a Walmart store. This density is key for driving down last-mile costs for digital orders.

E-commerce Websites (Walmart.com, SamsClub.com, Flipkart)

The digital channel is growing rapidly, contributing significantly to the overall revenue base. For fiscal year 2025, Walmart Inc.'s global e-commerce operations accounted for approximately 18% of total company revenue, estimated at $122.6 billion. The U.S. digital business crossed the 20% online penetration mark in its segment sales in Q1 FY2026, which is a major milestone achieved through profitable growth.

Key e-commerce channel metrics as of late 2025 include:

• Walmart.com receives 438 million shopper visits in an average month.
• U.S. e-commerce sales grew 20% in Q4 fiscal 2025.
• Global e-commerce sales grew 16% in Q4 fiscal 2025.
• The online marketplace, featuring roughly 160,000 sellers, saw sales grow 34% in Q4 2025.
• Walmart International is projected to generate $31.4 billion in e-commerce net sales by 2025.

Mobile Applications for Shopping and In-Store Services

The mobile app is the primary interface for omnichannel engagement, blending in-store and online experiences. The Walmart shopping app has more than 50 million downloads on Google Play alone. This platform supports features that drive convenience and basket size.

For instance, the adoption of express delivery windows, which are often managed via the app, has seen 30% of shoppers using them, which lifts baskets by 25% after their fourth order. Furthermore, Sam's Club utilizes its app for Scan & Go technology, with member satisfaction scores near 90% for the related 'Just Go' exit technology across almost all 600 clubs.

Curbside Pickup and Last-Mile Home Delivery Services

These fulfillment options leverage the massive physical store network to compete on speed. In January 2025, the delivery channel accounted for 41% of online grocery sales, while the pickup channel held 42% of that market. U.S. curbside pickup retail sales are projected to reach $54.3 billion in 2025.

The focus on speed is evident in the commitment to last-mile infrastructure. By promising to reach 95% of U.S. households within 24-hour delivery by December 2025, Walmart is using its 4,600 U.S. superstores as same-day fulfillment nodes. Executives noted that sales volumes from both curbside pickup and delivery grew faster than in-store sales volumes in Q3 2025.

Drone Delivery Pilots in Select Metropolitan Areas

Walmart is actively scaling drone delivery, positioning itself as a leader in ultra-fast last-mile automation. As of June 2025, the company announced the expansion of this service to 100 stores across five states: Arkansas, Florida, Georgia, North Carolina, and Texas. This expansion builds upon existing operations in Northwest Arkansas and Dallas-Fort Worth.

The scale and performance metrics for this channel are concrete:

• Total successful drone deliveries since 2021 exceed 150,000 airborne drop-offs.
• Eligible packages are limited to two and a half pounds or less.
• The delivery radius is within a six-mile flight path of the store.
• The target flight time for these ultra-fast deliveries is five minutes or less.

This technology helps close the same-day delivery gap, supporting the broader goal of reaching 93% of U.S. households with same-day delivery by late 2025.

Walmart Inc. (WMT) - Canvas Business Model: Customer Segments

You're looking at the core of Walmart Inc.'s massive scale, which is built on serving a diverse set of shoppers, from those strictly focused on the lowest price to those demanding digital convenience. Honestly, the numbers show Walmart is successfully broadening its appeal across the income spectrum.

The foundation of Walmart Inc.'s business remains the mass-market, price-sensitive consumers seeking value. This segment is defined by the company's core promise of Everyday Low Prices (EDLP). In fiscal year 2025, Walmart U.S. segment net sales hit $462.415 billion, representing about 67.9% of the total consolidated net sales of $681.0 billion. This base is incredibly loyal; the data suggests 92% of Walmart customers are loyal. You can see the sheer reach of this segment: 90% of the U.S. population lives within 10 miles of a Walmart store. The average shopper makes about 67 trips annually to a Walmart location, including Sam's Club, spending an average of $54 on 13 items per trip. Affordability is still king for this group, with 61% of surveyed customers saying it's the most important factor when shopping.

The next major segment is Sam's Club members (small businesses and bulk-buying households). This division is a significant revenue driver, posting net sales of $90.238 billion, including fuel, in fiscal year 2025. The club model is heavily reliant on membership fees, which account for between 80% and 90% of Sam's Club's profits. The growth in this segment is being fueled by younger demographics; over a two-year stack, Gen Z membership grew 63% and millennials grew 14%. The club is actively investing to capture more of this market, planning to remodel all of its approximately 600 existing U.S. locations and open 15 new ones annually over the next decade, aiming to double membership. Technology adoption is high here, with one in three members using the Scan & Go technology regularly.

A key strategic evolution involves the growing segment of upper-income/affluent shoppers. This group, once less associated with the discount giant, is now a major contributor to growth. Recent company earnings indicate that approximately 30% of Walmart's shoppers come from households earning more than $100,000 annually. This shift is so pronounced that executives credit this population with driving much of the recent U.S. market share gains. The move toward premium offerings and enhanced in-store experiences is directly targeting this segment's preference for quality and convenience.

Finally, the company is intensely focused on omnichannel customers who blend digital and physical shopping. This hybrid approach is where the highest value often resides. As of 2025, 45% of Walmart customers shop both in-store and online. Seamless integration is a top motivator for 66% of these shoppers. Walmart's digital penetration rose to 18% of net sales by FY2025. The company's massive physical footprint is now leveraged for digital fulfillment, with same-day reach extending to 93% of U.S. households, aiming for 95% by December 2025. These omnichannel shoppers are the most valuable cohort, spending an average of $1,044 a month at a 25.6% margin. The Walmart+ membership program, which reached 31.8 million subscribers as of 2024, is a key tool for driving this frequency.

Here's a quick look at the financial scale tied to these segments in the latest reported fiscal year:

Segment/Metric	Financial/Statistical Number (FY2025 or Latest)	Context/Unit
Total Global Revenue	$681.0 billion	Fiscal Year 2025 Total Revenue
Walmart U.S. Net Sales	$462.415 billion	FY2025 Net Sales
Sam's Club Net Sales (Incl. Fuel)	$90.238 billion	FY2025 Net Sales
Global Weekly Customer Visits	255 million	Average Weekly Visits
Affluent Shoppers (>$100k HH Income)	30%	Percentage of Total Shoppers
Omnichannel Shopper Monthly Spend	$1,044	Average Spend for Omni-Shoppers
Walmart+ Subscribers	31.8 million	As of 2024
Sam's Club Locations (U.S. & PR)	600	Approximate Number of Clubs

The composition of the core U.S. shopper base, while still heavily value-driven, shows a clear expansion at the top end:

• Millennials (1982-1995) account for 25% of shoppers.
• Gen X (1965-1981) accounts for 30% of shoppers.
• Boomers+ (<1965) account for 38% of shoppers.
• Middle Income ($40k - $125k) represents 47% of the income level distribution.
• High Income ($125k+) represents 28% of the income level distribution.

The digital adoption metrics further define the omnichannel customer base:

• Global e-commerce sales grew 22% in Q1 of fiscal 2026.
• U.S. e-commerce sales rose 21% in Q1 of fiscal 2026.
• Express (<3-hr) delivery accounts for 30% of customer-paid deliveries.
• The company's current same-day delivery reach is 93% of households.

If onboarding takes 14+ days, churn risk rises, but Walmart's Express delivery aims to make that a non-issue for many.

Walmart Inc. (WMT) - Canvas Business Model: Cost Structure

You're looking at the engine room of Walmart Inc. (WMT), where the sheer scale of operations dictates the cost profile. For a retailer of this size, the cost structure is dominated by the flow of goods and the massive workforce required to move them.

Cost of Goods Sold (COGS) is the largest component, which makes perfect sense for a business built on moving physical product. For the fiscal year 2025, which ended January 31, 2025, the Cost of Goods Sold reached $511.753 billion. This figure dwarfs all other expense categories, underscoring that procurement and inventory management are the primary cost drivers. To put that in perspective against the top line, total revenue for fiscal year 2025 was $680.99 billion.

Beyond the cost of the merchandise itself, the day-to-day running of the global enterprise requires significant outlay. The financial data you requested shows that for fiscal year 2025, the reported Operating Expenses were $139.88 billion. This figure, when compared to the Total Gross Profit of $169.23 billion for the same period, results in an Operating Income of $29.35 billion.

The human element is a massive, non-negotiable cost. Walmart Inc. supports a global workforce of approximately 2.1 million associates as of fiscal year 2025. This headcount necessitates substantial recurring costs for wages, salaries, and benefits, which are a constant focus for efficiency improvements, especially given recent restructuring efforts aimed at streamlining roles.

Capital investment is also a major, though less frequent, cost. Walmart Inc. is pouring money into the future of retail, with Capital Expenditures (Capex) reaching $23.783 billion in FY2025. This heavy investment is explicitly targeted at technology and automation, which are intended to drive down future operational costs, particularly in the supply chain.

The focus on efficiency is most visible in the logistics and supply chain area. The company is actively working to reduce these costs, which are inherently high due to the vast physical footprint and the need to maintain low prices. This is evident in the Capex allocation, which prioritizes supply chain optimization.

Here's a quick look at how the major cost components stack up for FY2025:

Cost Component	Amount (FY2025)
Cost of Goods Sold (COGS)	$511.753 billion
Operating Expenses (as specified)	$139.88 billion
Capital Expenditures (Capex)	$23.783 billion
Workforce Size	2.1 million employees

The cost structure is characterized by:

• Dominance of COGS, reflecting the core retail business.
• High fixed labor costs associated with 2.1 million associates.
• Aggressive Capex, with $23.783 billion directed toward technology and automation to offset future operating expenses.
• Ongoing efforts to realize savings through logistics and supply chain efficiencies.

Walmart Inc. (WMT) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers that drive the top line for Walmart Inc. as of late 2025. It's a mix of massive scale in traditional retail and high-growth, high-margin digital plays. Here's the quick math on where the money is coming from.

The foundation remains the sheer volume of physical transactions. The total revenue for Walmart Inc. in Fiscal Year 2025 hit $680.99 billion. This massive figure is primarily driven by the core business of selling goods.

The shift to digital is clear in the contribution from online channels. E-commerce sales are no longer a small add-on; they are a major component of the overall business mix.

• E-commerce Sales contributed approximately 18% of total revenue in FY2025.
• Global eCommerce penetration reached 18% of FY25 net sales.
• Walmart U.S. eCommerce comp sales growth was reported at 20% in Q4 FY25.

The subscription and recurring revenue model is proving its worth, showing strong growth ahead of the core retail segments. Membership income, which covers both Walmart+ and Sam's Club, is a key focus area for margin diversification.

The table below breaks down the key quantifiable revenue streams for Walmart Inc. based on the latest available FY2025 figures:

Revenue Stream	FY2025 Financial/Statistical Metric	Detail/Growth Rate
Retail Sales of Goods (Total)	$680.99 billion	Total FY2025 Revenue
E-commerce Sales	18%	Contribution to Total Revenue in FY2025
Membership Fees (Walmart+ & Sam's Club)	$3.8 billion	Global Membership Income (by Q4 FY2025)
Membership Fees Growth	+21%	Year-over-year growth in Global Membership Income
Advertising Revenue (Walmart Connect)	$4.4 billion	Global Advertising Business Size
Advertising Revenue Growth	+27%	Global Advertising Business Growth Rate
Walmart International Net Sales	$121.9 billion	Segment housing significant Financial/Health Services growth

Advertising revenue, channeled through Walmart Connect, is a critical high-margin addition. This stream is growing aggressively, leveraging the retailer's massive shopper data and digital footprint.

• Global advertising business reached $4.4 billion.
• The global advertising business grew by 27% year-over-year.
• Walmart Connect in the U.S. grew by 24% in Q4 FY25.

Financial and Health Services are integrated revenue drivers, particularly within the Walmart International segment, which itself posted net sales of $121.9 billion for fiscal 2025, growing at +6.32% year-over-year. These services include offerings like prepaid cards, money transfers, and digital payment solutions through entities like PhonePe in India.

Finance: draft 13-week cash view by Friday.