Two Hundred and Eighty Million a Week, and Nothing to DiscloseWide moat
Walmart (WMT) — moat facet
Diversified by name and perfectly correlated by circumstance, with no contracted revenue at all.
Walmart's Form 10-K contains no customer-concentration disclosure. There is nothing to disclose: approximately 280 million customers a week across more than 10,900 stores in 19 countries1, and the largest of them spends a few thousand dollars a year.
It is worth being precise about what that buys and what it does not. It buys the elimination of an entire category of risk that dominates most of the companies in this collection — the risk that one buyer renegotiates, insources or leaves. Nvidia disclosed a single direct customer at 22% of revenue in fiscal 20262; CoreWeave's largest has run near two thirds3; Kioxia named Apple at 20.4% of its revenue4. Walmart has no equivalent exposure anywhere in its business.
What it does not buy is independence from anything. A hundred and eighty million American shoppers are diversified by name and perfectly correlated by circumstance: they respond to the same employment data, the same food prices, the same fuel costs, the same tax refunds. Walmart's revenue is a levered bet on the financial condition of the American household, and no amount of customer count changes that.
It also means Walmart has no contracted revenue at all. Every dollar has to be won again next week from a person who owes the company nothing. That is the mirror image of the backlog-heavy businesses elsewhere in this app, and it is why the membership programmes matter so much more than their size suggests.
Follow comparable transactions rather than the customer count, which Walmart cannot verify precisely and does not audit. Walmart U.S. transactions excluding fuel rose 1.5% in the June 2026 quarter5. It is the honest reading of whether more people are coming.
There is no concentration to erode and none to build. The structural fact — no customer above any threshold worth disclosing, and no contracted revenue at all — is the same as it was ten years ago and will be the same in ten more.
Nothing is contracted, and paid membership is the nearest thing to a commitment. Members visiting more often is the evidence the fee holds them; fewer visits would come first.
Source: Walmart Q2 FY2027 earnings release ↗- ReportedThere is nothing to disclose: approximately 280 million customers a week across more than 10,900 stores in 19 countries, and the largest of them spends a few thousand dollars a year.Walmart Form 10-K, fiscal year ended January 31, 2026 - Item 1 Business and Item 2 Properties (approximately 280 million customers a week across more than 10,900 stores in 19 countries; 2.1 million associates, 1.6 million in the U.S.; 4,611 Walmart U.S. retail units of which 3,728 owned, 601 Sam's Clubs of which 464 owned, 5,743 international stores of which 1,486 owned; 3,566 supercenters at 633,724 thousand square feet, 351 discount stores at 36,609, 694 neighborhood markets and small formats at 36,609/28,375 with a 42,000 average; 192 U.S. and 179 international distribution facilities, 149 owned; pickup and delivery at over 8,400 locations globally; EDLP and EDLC; private brands; competition; Flipkart and PhonePe majority stakes in 2018) — FY2026 (ended January 31, 2026) · publ. March 13, 2026 · source ↗
- ReportedNvidia disclosed a single direct customer at 22% of revenue in fiscal 2026; CoreWeave's largest has run near two thirds; Kioxia named Apple at 20.4% of its revenue.NVIDIA Form 10-K, FY2026 — "For fiscal year 2026, sales to one direct customer represented 22% of total revenue and sales to another direct customer represented 14% of total revenue"; FY2025: one at 12% and two at 11% each; FY2024: one at 13%. Direct customers include OEMs, ODMs, distributors and system integrators; indirect customers (CSPs, Neocloud builders, AI model makers, enterprises, public sector) buy through them, and NVIDIA "estimate[s] some individually representing 10% or more of our revenue". "Our revenue is concentrated among a limited number of direct and indirect customers and this trend may continue." — FY2026 (ended Jan 25, 2026) · publ. February 2026 · source ↗
- ReportedNvidia disclosed a single direct customer at 22% of revenue in fiscal 2026; CoreWeave's largest has run near two thirds; Kioxia named Apple at 20.4% of its revenue.CoreWeave Form 10-K, fiscal 2025 — revenue $5.13B (+168%), net loss ~−$1.2B; customer concentration disclosed (largest customer ~2/3 of revenue) — FY2025 · publ. early 2026 · source ↗
- ReportedNvidia disclosed a single direct customer at 22% of revenue in fiscal 2026; CoreWeave's largest has run near two thirds; Kioxia named Apple at 20.4% of its revenue.Kioxia Holdings Corporation, Annual Securities Report for the year from 1 April 2025 to 31 March 2026 (8th Period) — revenue ¥2,337,628M against ¥1,706,460M, gross profit ¥1,012,904M, operating profit ¥869,013M, profit for the year ¥554,490M; research and development cost ¥141,052M against ¥132,798M; purchases of property, plant and equipment ¥281,062M against ¥223,847M; operating cash flow ¥616,540M; proceeds from government grants ¥56,396M against ¥43,748M, from an approved ceiling of ¥150.0bn for flash production at the Yokkaichi and Kitakami plants with about ¥31.8bn not yet received. Revenue by application: SSD & Storage ¥1,362,638M, Smart Devices ¥759,978M, Other ¥215,012M — 'Other' including retail products and sales to the Sandisk group recorded through the three manufacturing joint ventures. Revenue by geography: Japan ¥263,252M, North America and Europe ¥1,217,643M, Asia ¥856,733M, with the United States ¥1,098,832M, China ¥381,857M and Taiwan ¥300,932M. Non-current assets: Japan ¥1,658,950M, North America and Europe ¥1,986M, Asia ¥6,298M. Major customers: Apple group ¥476,014M (20.4%), with the Sandisk and Dell groups omitted for the year as each fell below 10% of sales. Flash Partners Ltd., Flash Alliance Ltd. and Flash Forward LLC are accounted for as joint operations with 50.1% of the voting rights and equal decision-making rights shared with Sandisk. Net interest-bearing debt ¥552,085M against equity of ¥1,398,929M — a net debt-to-equity ratio of 0.39 times, from ¥931,035M against ¥737,565M and 1.26 times a year earlier; USD-denominated senior notes at 6.25% (2030) and 6.625% (2033); goodwill of ¥395,585M from the 1 June 2018 acquisition of the former Toshiba Memory Corporation. Bain Capital funds indirectly hold 21.87% and Toshiba Corporation 17.59% of outstanding common shares, both having sold substantial holdings during the year. Risk factors state that the Yokkaichi Plant is located in an area with a high risk of earthquakes and floods and the Kitakami Plant in an area severely damaged by the 2011 Tohoku Earthquake, and name US-China trade frictions and US tariff policy among factors that may materially affect the business. The company does not provide plans or progress reports for the overall fiscal year. — year to 31 March 2026 · publ. 2026-06 · source ↗
- ReportedWalmart U.S. transactions excluding fuel rose 1.5% in the June 2026 quarter.Walmart second-quarter fiscal 2027 earnings presentation (Form 8-K exhibit 99.2) - Walmart U.S. comp sales +2.6% with transactions excluding fuel +1.5% and average ticket excluding fuel +1.1% against total like-for-like inflation of 1.4%, and an approximately 125 basis point pharmacy headwind from maximum fair price regulation; eCommerce +24% including approximately 43% growth in store-fulfilled delivery, total advertising +38% including Walmart Connect +43%, and Marketplace sales +52%; expedited deliveries under three hours approximately 37% of store-fulfilled orders; share gains across categories and income tiers led by upper-income households — Q2 FY2027 · publ. August 20, 2026 · source ↗