Walmart Capital Expenditures Breakdown Analysis

Capital market. Pexels Images.

This article presents Walmart’s capital expenditures breakdown by segment.

Walmart allocates its capital expenditures into two primary units: U.S. segment (include both Walmart U.S. and Sam’s Club U.S.) and International.

Let’s take a look!

For other key statistics of Walmart, you may find more resources in these pages:

Revenue

• Revenue by category: net sales and membership income,
• Membership and other income by segment: U.S., International, and Sam’s Club,
• Merchandise sales by segment: U.S., International, and Sam’s Club,
• Revenue by region: U.S. and International
• U.S. sales breakdown: grocery, merchandise, and healthcare

Other Revenue Streams

• eCommerce revenue: U.S., International, and Sam’s Club
• Fuel sales revenue and gasoline profit margin
• Membership revenue: trend, percentage, and growth

Profit Margin

• Profit margin by segment: U.S., International, and Sam’s Club,

Other Statistics

• Comparable sales by calendar period,
• Total stores worldwide and locations breakdown by region,
• revenue per store

Comparison with Costco

• Walmart vs Costco: profit margin,
• Walmart vs Costco: U.S. and International profit,
• Walmart vs Costco: total stores and average store size,

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Definitions

To help readers understand the content better, the following terms and glossaries have been provided.

Capital Expenditures: Capital expenditures, often abbreviated as CapEx, refer to the funds a company uses to acquire, upgrade, or maintain long-term physical assets.

These assets can include property, buildings, equipment, or technology that are essential for the company’s operations or growth.

Unlike operating expenses, which cover day-to-day costs, capital expenditures are investments aimed at enhancing the company’s future capabilities or efficiency.

For example, purchasing new machinery for a factory or constructing a new office building would be considered capital expenditures.

Walmart U.S.: Walmart U.S. stands as the company’s largest segment, operating 4,605 stores across the United States, spanning all 50 states, Washington D.C., and Puerto Rico.

As a leading mass merchandiser of consumer products, Walmart U.S. serves customers under the “Walmart” and “Walmart Neighborhood Market” brands, as well as through its digital platform, walmart.com.

With a focus on convenience and integration, Walmart U.S. delivers a seamless omni-channel shopping experience by blending its physical retail locations with eCommerce services.

Nearly all stores offer same-day pickup and delivery options, including features like express delivery within 90 minutes, in-home delivery, and digital pharmacy services.

The Walmart+ membership program enhances this omni-channel approach, offering benefits such as unlimited free shipping with no minimum purchase, unlimited delivery from stores, fuel discounts, mobile Scan & Go capabilities, and exclusive perks for members.

Strategically, Walmart U.S. operates within three core merchandise categories: Grocery, General merchandise, and Health and wellness.

Walmart International: Walmart International ranks as the company’s second largest segment, operating 5,566 stores across 18 countries outside of the United States.

The segment functions through wholly-owned subsidiaries in Canada, Chile, China, and Africa (covering nations such as Botswana, Lesotho, Malawi, Mozambique, Namibia, South Africa, Eswatini, and Zambia), alongside majority-owned subsidiaries in India, and in Mexico and Central America (including Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua).

Walmart International spans diverse formats under two main categories: retail and wholesale. These include supercenters, supermarkets, warehouse clubs like the membership-only Sam’s Club, cash-and-carry stores, and robust eCommerce offerings via websites and mobile apps like walmart.com.mx, walmart.ca, flipkart.com, PhonePe, and others.

The division’s strategy revolves around “bringing Walmart to the world and the world to Walmart.” This means leveraging its global network and localized expertise to deliver affordable products and services, helping millions of customers and members save money and live better daily.

A seamless omni-channel shopping experience is a cornerstone of Walmart International’s approach, integrating physical retail stores with eCommerce. This includes pickup and delivery services across most markets, with same-day delivery as a prominent feature.

Marketplace expansions also play a significant role, opening doors to enhanced fulfillment and advertising services. Walmart International’s merchandising strategy mirrors the breadth and depth of Walmart U.S., ensuring customers access a wide variety of products.

Sam’s Club U.S.: Sam’s Club U.S. operates as a membership-only warehouse club with 600 locations across 44 states in the U.S. and Puerto Rico, alongside its online platform, samsclub.com.

Committed to offering a fast and seamless omni-channel experience, Sam’s Club U.S. integrates physical clubs with eCommerce solutions.

Members enjoy convenient services such as curbside pickup for contact-free shopping, the Scan & Go mobile checkout for skipping lines, and the innovative Just Go feature, introduced in fiscal 2025, which enables frictionless exits.

The club provides merchandise across four key categories: Grocery, General merchandise, Health and wellness, and Fuel.

Memberships come with added value, including a spouse/household card at no extra cost. Club members benefit from free curbside pickup for orders of $50 or more, while Plus members enjoy additional perks such as complimentary delivery-from-club, free shipping on $50+ orders, exclusive discounts, convenience features, and early access to shopping before regular hours.

Beginning in fiscal 2023, Sam’s Club U.S. launched a rewards program allowing members to earn Sam’s Cash on purchases, which can be redeemed for cash, used for future purchases, or applied toward membership fees.

Omni-Channel: Omni-channel refers to a strategy in commerce and customer engagement that provides a seamless and integrated experience across all channels, whether they are online, offline, or hybrid. It’s about making every interaction — from browsing products online to visiting a physical store—feel connected and consistent.

For example:

• In retail, omni-channel could mean a customer can browse products online, reserve an item on a mobile app, and pick it up in-store, all while receiving consistent information and support.

• In customer service, omni-channel ensures that whether a customer contacts a company via email, chat, phone, or social media, their inquiries and interactions are unified across these platforms.

The key idea is to break down silos between channels and prioritize the customer’s convenience. Businesses that adopt omni-channel approaches often see improved customer satisfaction and loyalty.

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What drives the significant growth in Walmart’s capital expenditures?

Walmart’s significant growth in capital expenditures is driven by several strategic initiatives:

• Expansion of E-commerce and Technology: Walmart has been heavily investing in its e-commerce platforms and digital infrastructure to compete with online retail giants. This includes enhancing its website, mobile apps, and fulfillment centers to improve customer experience and operational efficiency.

• Store Modernization: The company is upgrading its physical stores to align with modern retail trends. This includes remodeling stores, integrating technology for seamless shopping experiences, and improving energy efficiency.




• Supply Chain Enhancements: Walmart is focusing on strengthening its supply chain by building new distribution centers, automating processes, and adopting advanced technologies to ensure faster and more efficient delivery.

• Sustainability Initiatives: Investments in renewable energy, waste reduction, and sustainable practices are part of Walmart’s commitment to environmental responsibility.

These factors collectively contribute to the growth in Walmart’s capital expenditures, reflecting its efforts to adapt to changing consumer preferences and market dynamics.

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Insight & Summary of Walmart’s Capital Expenditures Breakdown

The following analysis consolidates the trends observed across Walmart’s capital expenditures (CapEx) breakdown for the 2016–2026 period.

• Total capital expenditures have grown significantly from $11.5B in 2016 to $26.6B in 2026, with the most pronounced acceleration occurring from 2022 onward — driven almost entirely by surging U.S. investment.

• Total U.S. capex expanded from $7.8B in 2021 to $23.4B in 2026, a near-tripling in five years, while Walmart International capex has remained relatively stable between $2.4B and $3.2B throughout the period. As a result, the U.S. share of total capex has risen from approximately 74% in 2016 to 88% in 2026, with International’s share compressing from 26% to 12% — a clear signal of where Walmart is placing its strategic and financial conviction.

• The capex-to-revenue ratio has risen commensurately, from 1.8% in 2021 to 3.7% in 2026, reflecting a deliberate and substantial reinvestment cycle that has no precedent in the prior decade of this dataset.

• Within the U.S. allocation, the compositional shift has been equally pronounced. New store and club construction — which consumed 37.4% of U.S. capex in 2016 — was effectively deprioritized through 2022 to 2024, falling to near-zero before re-emerging as a meaningful category at 6.0% in 2026, signaling a renewed appetite for physical expansion after years of consolidation.

• Store and club remodels have grown from 16.3% of U.S. capex in 2016 to a peak of 35.1% in 2023 before moderating to 23.8% in 2026, reflecting a sustained but maturing investment cycle in refreshing the existing physical footprint.

• The dominant and growing allocation, however, is supply chain, customer-facing initiatives, technology, and other — rising from 46.4% in 2016 to approximately 70% by 2026 and reaching $16.5B in absolute terms. This category encapsulates Walmart’s multi-year commitment to automation, fulfillment infrastructure, and technology modernization, and is the clearest expression of the company’s strategic intent to compete with Amazon on logistics and digital capabilities.

• Walmart International’s capex has been notably stable and relatively modest, ranging between $2.4B and $3.2B with low single-digit growth in most years. Its declining share of total capex — from 26% to 12% — is less a reflection of international underinvestment and more a consequence of the dramatic scaling of U.S. commitments.

• The overall capex narrative is one of a business making an unambiguous, long-cycle bet on domestic infrastructure, technology, and supply chain transformation, with the scale and duration of this investment suggesting that the productivity and margin benefits are expected to compound well into the next decade.

The table below combines Walmart’s capital expenditures (CapEx) breakdown into a single view for the latest three fiscal years.

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Total Capital Expenditures, Growth, and Ratio to Revenue

Walmart’s operating segments consist of Walmart U.S., Walmart International and Sam’s Club U.S. The definitions of these segments are available here: Walmart U.S., Walmart International, and Sam’s Club U.S.

For the definition of Walmart’s capital expenditures, you may refer to this section: Capital Expenditures.

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U.S. and International – Capital Expenditures, Mix, and Growth

Walmart’s operating segments consist of Walmart U.S., Walmart International and Sam’s Club U.S. The definitions of these segments are available here: Walmart U.S., Walmart International, and Sam’s Club U.S.

For the definition of Walmart’s capital expenditures, you may refer to this section: Capital Expenditures.

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U.S. Capital Expenditures – Supply Chains, Remodels, Expansions & Relocations

Walmart’s operating segments consist of Walmart U.S., Walmart International and Sam’s Club U.S. The definitions of these segments are available here: Walmart U.S., Walmart International, and Sam’s Club U.S.

For the definition of Walmart’s capital expenditures, you may refer to this section: Capital Expenditures.

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References and Credits

1. All financial figures presented were obtained and referenced from Walmart’s annual reports published on the company’s investor relations page: Walmart Investor Relations.

2. Pexels Images.

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Disclosure

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