Walmart Fuel Sales Revenue and Gasoline Profit Margin

Fuel sales. Pexels Images.

This article presents Walmart’s fuel sales revenue, along with the corresponding profit and margin. Notably, all of Walmart’s fuel revenue is exclusively generated through its Sam’s Club segment.

Let’s look at the details!

For other key statistics of Walmart, you may find more resources in the following 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 breakdown: U.S., International, and Sam’s Club,
• Membership revenue: trend, percentage, and growth

Profit Margin

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

Other Statistics

• Capital expenditures breakdown analysis,
• Total stores worldwide and locations breakdown by region,
• Worldwide stores and locations breakdown by segment

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.

Walmart Fuel Sales: Walmart’s fuel sales refer to the revenue generated from selling gasoline at its retail locations.

Notably, Walmart does not operate standalone fuel stations under its primary brand; instead, all of its fuel revenue comes from Sam’s Club, its membership-based warehouse segment.

Sam’s Club fuel centers often offer discounted gasoline prices to attract customers into its stores. Additionally, Walmart Plus members receive fuel discounts at select Walmart, Murphy, Exxon, and Mobil stations.

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 contributes to the significant growth in Walmart’s fuel revenue?

Walmart’s fuel revenue has seen significant growth due to several key factors:

1. Expansion of Fuel Sites:

   • Walmart has aggressively expanded its fuel station footprint, reaching 400 locations by late 2024 and aiming for 450 by the end of 2025.

   • The company is integrating fuel stations into more Supercenter stores, increasing accessibility for customers.

2. Increased Market Share & Volume Growth:

   • Walmart’s share of the U.S. gasoline market has doubled over the past seven years.

   • The company has focused on higher throughput, meaning its fuel sites are selling more gallons per location.

   • Walmart’s fuel brand efficiency rating has nearly doubled, indicating stronger performance compared to the national average.




3. Competitive Pricing Strategy:

   • Walmart has widened its fuel price discounts over time, offering prices three times lower than they were seven years ago.

   • In 2017, Walmart’s fuel was 6 cents per gallon below market average, but in 2024, the discount increased to 19 cents per gallon.

   • Walmart+ members receive additional fuel savings, further driving customer loyalty.

4. Convenience Store Strategy:

   • Walmart is evolving into a major convenience retailer, leveraging fuel stations to attract customers to its stores.

   • The company has introduced walk-in convenience stores at fuel sites, offering low-cost beverages and snacks.

   • Walmart’s fuel centers reinforce its “Save Money. Live Better” brand positioning.

5. Inflation & Consumer Behavior:

   • Rising fuel prices have made discounted gas more attractive, driving more customers to Walmart’s fuel stations.

   • Walmart’s ability to offer lower fuel prices has positioned it as a preferred choice for budget-conscious consumers.

These factors have collectively driven Walmart’s soaring fuel revenue over the years.

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Insight & Summary of Walmart’s Fuel Sales Revenue

The following analysis consolidates the trends observed across Walmart’s fuel revenue for the 2014–2026 period.

• Sam’s Club fuel revenue has been one of the more volatile line items within Walmart’s financial profile, swinging from a low of $4.1B in 2017 to a peak of $12.7B in 2023 — a three-fold variation driven almost entirely by global crude oil price cycles rather than volume dynamics.

• As a percentage of Sam’s Club net sales, fuel revenue has ranged from 7.1% to 15.0%, with the 2023 peak reflecting the sustained elevation of fuel prices in the post-pandemic inflationary environment. The subsequent decline to $9.3B and 10.0% of net sales by 2026 represents a normalization toward the lower end of the historical range, consistent with moderating fuel prices rather than any structural deterioration in Sam’s Club’s fuel station network or member utilization.

• The growth profile of fuel revenue has been correspondingly erratic — recording a 84.0% surge in 2022 and a 45.8% increase in 2023 at the peak of the price cycle, before contracting sharply by 12.3%, 5.9%, and 11.4% in 2024, 2025, and 2026 respectively. This volatility is an inherent characteristic of fuel retailing and underscores the importance of analyzing Sam’s Club’s underlying merchandise comparable sales on a fuel-excluded basis to avoid misreading the segment’s operational trajectory.

• The fuel-excluded net sales figures reveal a consistently growing core business that is less susceptible to commodity-driven distortions — a distinction that carries significant weight in any assessment of Sam’s Club’s normalized earnings power. Fuel profitability data, available from 2023 onward, reveals a structurally thin but improving margin profile.

• Fuel profit margin expanded from 4.6% in 2023 to 6.2% in 2026, while absolute fuel profit grew modestly from $580M to $571M — with the 2026 figure representing a slight decline in absolute terms despite margin expansion, owing to the lower revenue base. The improving margin trend is encouraging and likely reflects a combination of favorable wholesale-to-retail fuel price spreads and the operational efficiency of Sam’s Club’s high-throughput fuel stations.

• In the context of the broader Sam’s Club business, fuel remains a strategically important member traffic driver and a meaningful revenue contributor, but its thin absolute margins confirm that its primary value lies in member acquisition and retention rather than as a direct profit engine.

The table below combines the Walmart’s fuel revenue, growth, and mix into a single view for the latest three fiscal years.

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Fuel Sales Revenue, % of Net Sales, and YoY Growth

Walmart derives its fuel revenue entirely from Sam’s Club. You may find more information about the segment here: Sam’s Club U.S. For the definition of Walmart’s fuel sales, you may refer to this section: Walmart fuel sales.

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Fuel-Related Expenses, Fuel Profit, and Margin

Walmart derives its fuel revenue entirely from Sam’s Club. You may find more information about the segment here: Sam’s Club U.S. For the definition of Walmart’s fuel sales, you may refer to this section: Walmart fuel sales.

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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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