The Revenue LinesWide moat

Walmart (WMT) — moat facet

Three segments, and one of them earned three quarters of ten years' profit; the other two are a decade-long round trip abroad and a club that loses money on its goods.

Walmart reports three businesses, and they are not three versions of the same thing. In fiscal 2026 total revenues were $713,163 million: Walmart U.S. $485,599 million, Walmart International $131,988 million and Sam's Club U.S. $95,540 million1. By revenue that is 68%, 19% and 13%. By operating income it is a different company: $25,158 million, $5,103 million and $2,442 million, so Walmart U.S. earned 77% of the three segments' combined profit2.

Operating income by segment, fiscal 2016-2026 combined ($B)Walmart U.S.$222.0BWalmart International$50.6BSam's Club U.S.$20.8BSum of each year as reported; Walmart Forms 10-K FY2018-FY2026
Over eleven fiscal years Walmart U.S. earned about three quarters of the three segments' operating income; International and Sam's Club together earned about a quarter.

Over ten years the gap is wider. Across fiscal 2016 to 2026 the three segments earned about $222 billion, $51 billion and $21 billion of operating income as each year was reported, which puts Walmart U.S. at roughly 76% of the decade's segment profit3. Everything the market says about Walmart is mostly a statement about one American segment.

Growth tells a second story. Walmart U.S. net sales rose from $298,378 million in fiscal 2016 to $482,975 million45, about 4.9% a year, on almost the same number of stores: 4,574 then and 4,611 now. Sam's Club grew at about the same rate, 5.1% a year, partly because fuel prices and food inflation swelled the till in fiscal 2022 and 2023. Walmart International grew at 0.6% a year6. Its net sales were $123,408 million in fiscal 2016 and $130,423 million in fiscal 2026, after a $16 billion purchase in India and the sale of its British, Japanese and Argentine businesses and a majority of its Brazilian one in between.

Profit per dollar of sales has fallen in all three. Walmart U.S. earned 6.4% of net sales in fiscal 2016 and 5.2% in fiscal 2026; International 4.3% and 3.9%; Sam's Club 3.2% and 2.6%78. Sales grew and margins fell in all three, so the decade's growth has come back as volume rather than as profit.

How each is paid differs more than the labels suggest. Walmart U.S. is paid at the till, online and in store, and increasingly by suppliers buying advertising. International is the same model run through majority-owned subsidiaries in Mexico and India and wholly owned ones in Canada, Chile, China and southern Africa. Sam's Club is paid twice: at the till, where in fiscal 2026 gross profit of $10,556 million did not cover operating expenses of $10,639 million, and in advance, through membership income of $2,525 million9. The warehouse club makes all of its money from the fee.

One caution about the latest figures. In the quarter ended July 31, 2026, Walmart received about $2.9 billion of tariff refunds, primarily in the Walmart U.S. segment, and booked them against cost of sales10. Walmart U.S. operating income rose 20.6% that quarter and Sam's Club's 44%11; neither number is a trend. Each leaf below separates the refund quarter from the one before it.

The segment chart on the charts page carries a fourth band, Corporate and support, which recorded $36 million of revenue in fiscal 202612. It is an accounting residual with no business behind it, so it has no page here; its cost, $2,878 million of net expense in fiscal 2026, is what separates the segments' $32,703 million of operating income from the consolidated $29,825 million13.

The three pages follow the chart's order: Walmart U.S., Walmart International and Sam's Club U.S. Details of India and China are on The Nineteen Per Cent That Grows Fastest, the comparison with Costco on Costco: The Rival That Charges Admission, and the flat general-merchandise business on The Profitable Half Stopped Growing.

The number that would change the picture is Walmart U.S. operating margin. It was 6.4% ten years ago and 5.2% last year; if the advertising and membership businesses are as profitable as Walmart says, it should move back toward 6% without a refund to help it.

Moat trajectory: Holding steady

All three segments grew sales over the decade and all three earned a lower margin at the end of it than at the start: Walmart U.S. 6.4% to 5.2%, International 4.3% to 3.9%, Sam's Club 3.2% to 2.6%.

The number that tests this moat
Moat Explorer calc
Walmart U.S. share of segment operating income
77% in FY2026 ($25,158M of $32,703M)

One segment has earned about three quarters of the profit for a decade. A falling share would be good news only if International and Sam's Club were growing into it, not if Walmart U.S. were shrinking.

How it's calculated: Moat Explorer calculation from Walmart's Form 10-K segment tables and the Form 10-Q for the quarter ended July 31, 2026.
Source: Walmart Form 10-K FY2026, segment note (Moat Explorer calc) ↗
Dig deeper
DIG DEEPER 01
Walmart U.S.
Ten years, the same 4,600 stores and 62% more sales, and in fiscal 2026 every point of comparable growth came from orders placed online.
DIG DEEPER 02
Walmart International
A $16 billion purchase, four exits and $8.8 billion of losses later, the segment sells 6% more than in fiscal 2016 and earns less.
DIG DEEPER 03
Sam's Club U.S.
The goods lost $83 million and the club made $2.4 billion anyway: the membership fee is the entire profit.
References
  1. ReportedIn fiscal 2026 total revenues were $713,163 million: Walmart U.S. $485,599 million, Walmart International $131,988 million and Sam's Club U.S. $95,540 million.
    Walmart Form 10-K, fiscal year ended January 31, 2026 - segment results and disaggregated revenue, fiscal 2024-2026 (Walmart U.S. net sales $441,817M / $462,415M / $482,975M, membership and other income $2,624M in fiscal 2026, operating income $22,154M / $23,882M / $25,158M, gross profit rate 26.8% to 27.5%, operating expenses 22.2% to 22.8%, calendar comparable sales +4.3% in fiscal 2026 with eCommerce contributing approximately 4.3%; Walmart International net sales $114,641M / $121,885M / $130,423M, operating income $4,909M / $5,501M / $5,103M, net sales by market in fiscal 2026 Mexico and Central America $52,492M, China $24,623M, Canada $23,724M, other $29,584M; Sam's Club U.S. net sales $86,179M / $90,238M / $93,015M, gross profit $10,556M and operating expenses $10,639M in fiscal 2026, membership and other income $2,525M, operating income $2,442M, $1,822M excluding fuel; merchandise categories and eCommerce sales by segment) — FY2024-FY2026 · publ. March 2026 · source ↗
  2. Moat Explorer calcBy operating income it is a different company: $25,158 million, $5,103 million and $2,442 million, so Walmart U.S. earned 77% of the three segments' combined profit.
    Moat Explorer calculation from Walmart's Forms 10-K FY2018-FY2026 segment tables and the Form 10-Q for the quarter ended July 31, 2026: segment shares (Walmart U.S. $25,158M of $32,703M segment operating income = 77%; fiscal 2016-2026 cumulative segment operating income as reported, Walmart U.S. about $222.0B, International $50.6B, Sam's Club $20.8B); compound growth fiscal 2016-2026 (Walmart U.S. 4.9%, International 0.6%, Sam's Club 5.1% a year); Corporate and support revenue $713,163M less segment revenues = $36M and net expense $32,703M - $29,825M = $2,878M; sales per store $298,378M / 4,574 and $482,975M / 4,611; eCommerce share of segment net sales; category growth fiscal 2024-2026; quarter to April 2026 = six months less quarter to July (Walmart U.S. net sales $117,169M against $112,163M, operating income $5,897M against $5,696M; International $35,110M against $29,754M and $1,602M against $1,293M; Sam's Club $23,405M against $22,064M and $674M against $666M); divestiture losses $5.5B + $0.2B + $1.9B + $0.2B + $1.0B = $8.8B; Sam's Club fuel sales $93,015M - $83,744M = $9,271M and fuel operating income $2,442M - $1,822M = $620M; membership income / operating income $2,525M / $2,442M = 103% — FY2016-Q2 FY2027 · publ. 2026 · source ↗
    Method: Moat Explorer calculation from the segment tables in Walmart's Forms 10-K and the Form 10-Q for the quarter ended July 31, 2026; see the source line for each operand.
  3. Moat Explorer calcAcross fiscal 2016 to 2026 the three segments earned about $222 billion, $51 billion and $21 billion of operating income as each year was reported, which puts Walmart U.S. at roughly 76% of the decade's segment profit.
    Moat Explorer calculation from Walmart's Forms 10-K FY2018-FY2026 segment tables and the Form 10-Q for the quarter ended July 31, 2026: segment shares (Walmart U.S. $25,158M of $32,703M segment operating income = 77%; fiscal 2016-2026 cumulative segment operating income as reported, Walmart U.S. about $222.0B, International $50.6B, Sam's Club $20.8B); compound growth fiscal 2016-2026 (Walmart U.S. 4.9%, International 0.6%, Sam's Club 5.1% a year); Corporate and support revenue $713,163M less segment revenues = $36M and net expense $32,703M - $29,825M = $2,878M; sales per store $298,378M / 4,574 and $482,975M / 4,611; eCommerce share of segment net sales; category growth fiscal 2024-2026; quarter to April 2026 = six months less quarter to July (Walmart U.S. net sales $117,169M against $112,163M, operating income $5,897M against $5,696M; International $35,110M against $29,754M and $1,602M against $1,293M; Sam's Club $23,405M against $22,064M and $674M against $666M); divestiture losses $5.5B + $0.2B + $1.9B + $0.2B + $1.0B = $8.8B; Sam's Club fuel sales $93,015M - $83,744M = $9,271M and fuel operating income $2,442M - $1,822M = $620M; membership income / operating income $2,525M / $2,442M = 103% — FY2016-Q2 FY2027 · publ. 2026 · source ↗
    Method: Moat Explorer calculation from the segment tables in Walmart's Forms 10-K and the Form 10-Q for the quarter ended July 31, 2026; see the source line for each operand.
  4. ReportedWalmart U.S. net sales rose from $298,378 million in fiscal 2016 to $482,975 million, about 4.9% a year, on almost the same number of stores: 4,574 then and 4,611 now.
    Walmart Form 10-K, fiscal year ended January 31, 2018 - segment results fiscal 2016-2018 (Walmart U.S. net sales $298,378M and operating income $19,087M in fiscal 2016, operating income $17,745M in fiscal 2017, 4,574 stores in fiscal 2016; Walmart International net sales $123,408M and operating income $5,346M in fiscal 2016; Sam's Club net sales $56,828M and operating income 3.2% in fiscal 2016, clubs 660 to 597 and operating income $1,671M to $982M in fiscal 2018 with markdowns to liquidate inventory related to the club closures) — FY2016-FY2018 · publ. March 2018 · source ↗
  5. ReportedWalmart U.S. net sales rose from $298,378 million in fiscal 2016 to $482,975 million, about 4.9% a year, on almost the same number of stores: 4,574 then and 4,611 now.
    Walmart Form 10-K, fiscal year ended January 31, 2026 - segment results and disaggregated revenue, fiscal 2024-2026 (Walmart U.S. net sales $441,817M / $462,415M / $482,975M, membership and other income $2,624M in fiscal 2026, operating income $22,154M / $23,882M / $25,158M, gross profit rate 26.8% to 27.5%, operating expenses 22.2% to 22.8%, calendar comparable sales +4.3% in fiscal 2026 with eCommerce contributing approximately 4.3%; Walmart International net sales $114,641M / $121,885M / $130,423M, operating income $4,909M / $5,501M / $5,103M, net sales by market in fiscal 2026 Mexico and Central America $52,492M, China $24,623M, Canada $23,724M, other $29,584M; Sam's Club U.S. net sales $86,179M / $90,238M / $93,015M, gross profit $10,556M and operating expenses $10,639M in fiscal 2026, membership and other income $2,525M, operating income $2,442M, $1,822M excluding fuel; merchandise categories and eCommerce sales by segment) — FY2024-FY2026 · publ. March 2026 · source ↗
  6. Moat Explorer calcWalmart International grew at 0.6% a year.
    Moat Explorer calculation from Walmart's Forms 10-K FY2018-FY2026 segment tables and the Form 10-Q for the quarter ended July 31, 2026: segment shares (Walmart U.S. $25,158M of $32,703M segment operating income = 77%; fiscal 2016-2026 cumulative segment operating income as reported, Walmart U.S. about $222.0B, International $50.6B, Sam's Club $20.8B); compound growth fiscal 2016-2026 (Walmart U.S. 4.9%, International 0.6%, Sam's Club 5.1% a year); Corporate and support revenue $713,163M less segment revenues = $36M and net expense $32,703M - $29,825M = $2,878M; sales per store $298,378M / 4,574 and $482,975M / 4,611; eCommerce share of segment net sales; category growth fiscal 2024-2026; quarter to April 2026 = six months less quarter to July (Walmart U.S. net sales $117,169M against $112,163M, operating income $5,897M against $5,696M; International $35,110M against $29,754M and $1,602M against $1,293M; Sam's Club $23,405M against $22,064M and $674M against $666M); divestiture losses $5.5B + $0.2B + $1.9B + $0.2B + $1.0B = $8.8B; Sam's Club fuel sales $93,015M - $83,744M = $9,271M and fuel operating income $2,442M - $1,822M = $620M; membership income / operating income $2,525M / $2,442M = 103% — FY2016-Q2 FY2027 · publ. 2026 · source ↗
    Method: Moat Explorer calculation from the segment tables in Walmart's Forms 10-K and the Form 10-Q for the quarter ended July 31, 2026; see the source line for each operand.
  7. ReportedWalmart U.S. earned 6.4% of net sales in fiscal 2016 and 5.2% in fiscal 2026; International 4.3% and 3.9%; Sam's Club 3.2% and 2.6%.
    Walmart Form 10-K, fiscal year ended January 31, 2018 - segment results fiscal 2016-2018 (Walmart U.S. net sales $298,378M and operating income $19,087M in fiscal 2016, operating income $17,745M in fiscal 2017, 4,574 stores in fiscal 2016; Walmart International net sales $123,408M and operating income $5,346M in fiscal 2016; Sam's Club net sales $56,828M and operating income 3.2% in fiscal 2016, clubs 660 to 597 and operating income $1,671M to $982M in fiscal 2018 with markdowns to liquidate inventory related to the club closures) — FY2016-FY2018 · publ. March 2018 · source ↗
  8. ReportedWalmart U.S. earned 6.4% of net sales in fiscal 2016 and 5.2% in fiscal 2026; International 4.3% and 3.9%; Sam's Club 3.2% and 2.6%.
    Walmart Form 10-K, fiscal year ended January 31, 2026 - segment results and disaggregated revenue, fiscal 2024-2026 (Walmart U.S. net sales $441,817M / $462,415M / $482,975M, membership and other income $2,624M in fiscal 2026, operating income $22,154M / $23,882M / $25,158M, gross profit rate 26.8% to 27.5%, operating expenses 22.2% to 22.8%, calendar comparable sales +4.3% in fiscal 2026 with eCommerce contributing approximately 4.3%; Walmart International net sales $114,641M / $121,885M / $130,423M, operating income $4,909M / $5,501M / $5,103M, net sales by market in fiscal 2026 Mexico and Central America $52,492M, China $24,623M, Canada $23,724M, other $29,584M; Sam's Club U.S. net sales $86,179M / $90,238M / $93,015M, gross profit $10,556M and operating expenses $10,639M in fiscal 2026, membership and other income $2,525M, operating income $2,442M, $1,822M excluding fuel; merchandise categories and eCommerce sales by segment) — FY2024-FY2026 · publ. March 2026 · source ↗
  9. ReportedSam's Club is paid twice: at the till, where in fiscal 2026 gross profit of $10,556 million did not cover operating expenses of $10,639 million, and in advance, through membership income of $2,525 million.
    Walmart Form 10-K, fiscal year ended January 31, 2026 - segment results and disaggregated revenue, fiscal 2024-2026 (Walmart U.S. net sales $441,817M / $462,415M / $482,975M, membership and other income $2,624M in fiscal 2026, operating income $22,154M / $23,882M / $25,158M, gross profit rate 26.8% to 27.5%, operating expenses 22.2% to 22.8%, calendar comparable sales +4.3% in fiscal 2026 with eCommerce contributing approximately 4.3%; Walmart International net sales $114,641M / $121,885M / $130,423M, operating income $4,909M / $5,501M / $5,103M, net sales by market in fiscal 2026 Mexico and Central America $52,492M, China $24,623M, Canada $23,724M, other $29,584M; Sam's Club U.S. net sales $86,179M / $90,238M / $93,015M, gross profit $10,556M and operating expenses $10,639M in fiscal 2026, membership and other income $2,525M, operating income $2,442M, $1,822M excluding fuel; merchandise categories and eCommerce sales by segment) — FY2024-FY2026 · publ. March 2026 · source ↗
  10. ReportedIn the quarter ended July 31, 2026, Walmart received about $2.9 billion of tariff refunds, primarily in the Walmart U.S. segment, and booked them against cost of sales.
    Walmart Form 10-Q, quarterly period ended July 31, 2026 - condensed consolidated financial statements and notes (total revenues $187,937M, operating income $9,383M, other losses of $1,200M against gains of $2,708M, net income attributable to Walmart $6,366M and diluted EPS $0.80; segment note; the gain-contingency note recording approximately $2.9 billion of IEEPA tariff refunds received from U.S. Customs and Border Protection as a reduction of cost of sales; the statement that less than one third of what Walmart sells in the U.S. is imported) — Q2 FY2027 (quarter ended July 31, 2026) · publ. August 28, 2026 · source ↗
  11. Moat Explorer calcWalmart U.S. operating income rose 20.6% that quarter and Sam's Club's 44%; neither number is a trend.
    Moat Explorer calculation from Walmart's Forms 10-K FY2018-FY2026 segment tables and the Form 10-Q for the quarter ended July 31, 2026: segment shares (Walmart U.S. $25,158M of $32,703M segment operating income = 77%; fiscal 2016-2026 cumulative segment operating income as reported, Walmart U.S. about $222.0B, International $50.6B, Sam's Club $20.8B); compound growth fiscal 2016-2026 (Walmart U.S. 4.9%, International 0.6%, Sam's Club 5.1% a year); Corporate and support revenue $713,163M less segment revenues = $36M and net expense $32,703M - $29,825M = $2,878M; sales per store $298,378M / 4,574 and $482,975M / 4,611; eCommerce share of segment net sales; category growth fiscal 2024-2026; quarter to April 2026 = six months less quarter to July (Walmart U.S. net sales $117,169M against $112,163M, operating income $5,897M against $5,696M; International $35,110M against $29,754M and $1,602M against $1,293M; Sam's Club $23,405M against $22,064M and $674M against $666M); divestiture losses $5.5B + $0.2B + $1.9B + $0.2B + $1.0B = $8.8B; Sam's Club fuel sales $93,015M - $83,744M = $9,271M and fuel operating income $2,442M - $1,822M = $620M; membership income / operating income $2,525M / $2,442M = 103% — FY2016-Q2 FY2027 · publ. 2026 · source ↗
    Method: Moat Explorer calculation from the segment tables in Walmart's Forms 10-K and the Form 10-Q for the quarter ended July 31, 2026; see the source line for each operand.
  12. Moat Explorer calcThe segment chart on the charts page carries a fourth band, Corporate and support, which recorded $36 million of revenue in fiscal 2026.
    Moat Explorer calculation from Walmart's Forms 10-K FY2018-FY2026 segment tables and the Form 10-Q for the quarter ended July 31, 2026: segment shares (Walmart U.S. $25,158M of $32,703M segment operating income = 77%; fiscal 2016-2026 cumulative segment operating income as reported, Walmart U.S. about $222.0B, International $50.6B, Sam's Club $20.8B); compound growth fiscal 2016-2026 (Walmart U.S. 4.9%, International 0.6%, Sam's Club 5.1% a year); Corporate and support revenue $713,163M less segment revenues = $36M and net expense $32,703M - $29,825M = $2,878M; sales per store $298,378M / 4,574 and $482,975M / 4,611; eCommerce share of segment net sales; category growth fiscal 2024-2026; quarter to April 2026 = six months less quarter to July (Walmart U.S. net sales $117,169M against $112,163M, operating income $5,897M against $5,696M; International $35,110M against $29,754M and $1,602M against $1,293M; Sam's Club $23,405M against $22,064M and $674M against $666M); divestiture losses $5.5B + $0.2B + $1.9B + $0.2B + $1.0B = $8.8B; Sam's Club fuel sales $93,015M - $83,744M = $9,271M and fuel operating income $2,442M - $1,822M = $620M; membership income / operating income $2,525M / $2,442M = 103% — FY2016-Q2 FY2027 · publ. 2026 · source ↗
    Method: Moat Explorer calculation from the segment tables in Walmart's Forms 10-K and the Form 10-Q for the quarter ended July 31, 2026; see the source line for each operand.
  13. Moat Explorer calcIt is an accounting residual with no business behind it, so it has no page here; its cost, $2,878 million of net expense in fiscal 2026, is what separates the segments' $32,703 million of operating income from the consolidated $29,825 million.
    Moat Explorer calculation from Walmart's Forms 10-K FY2018-FY2026 segment tables and the Form 10-Q for the quarter ended July 31, 2026: segment shares (Walmart U.S. $25,158M of $32,703M segment operating income = 77%; fiscal 2016-2026 cumulative segment operating income as reported, Walmart U.S. about $222.0B, International $50.6B, Sam's Club $20.8B); compound growth fiscal 2016-2026 (Walmart U.S. 4.9%, International 0.6%, Sam's Club 5.1% a year); Corporate and support revenue $713,163M less segment revenues = $36M and net expense $32,703M - $29,825M = $2,878M; sales per store $298,378M / 4,574 and $482,975M / 4,611; eCommerce share of segment net sales; category growth fiscal 2024-2026; quarter to April 2026 = six months less quarter to July (Walmart U.S. net sales $117,169M against $112,163M, operating income $5,897M against $5,696M; International $35,110M against $29,754M and $1,602M against $1,293M; Sam's Club $23,405M against $22,064M and $674M against $666M); divestiture losses $5.5B + $0.2B + $1.9B + $0.2B + $1.0B = $8.8B; Sam's Club fuel sales $93,015M - $83,744M = $9,271M and fuel operating income $2,442M - $1,822M = $620M; membership income / operating income $2,525M / $2,442M = 103% — FY2016-Q2 FY2027 · publ. 2026 · source ↗
    Method: Moat Explorer calculation from the segment tables in Walmart's Forms 10-K and the Form 10-Q for the quarter ended July 31, 2026; see the source line for each operand.
Sources
Generated September 22, 2026