Walmart International Sales and Profit Margin — Mexico, China, and Canada

Food. Pexels Images.

This article provides an overview of Walmart International’s sales and profit margin, including a detailed sales breakdown by market segment.

The sales figures are based on the segment’s net sales revenue, also referred to as merchandise sales revenue.

Walmart International’s merchandise sales are organized into four core regions: Mexico & Central America, Canada, China, and the United Kindgom.

Do note that the merchandise sales revenue does not include membership fee revenue. Also, sales revenue from Walmart U.S. segment are not included in this discussion.

Let’s look at the results!

For other key statistics of Walmart, you may find more resources on this page: Walmart key stats.

Please use the table of contents to navigate this page.

Definitions

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

Merchandise Sales: Merchandise sales refers to the revenue generated from selling goods across its various product categories.

This includes grocery, general merchandise, health & wellness, etc.

Merchandise sales represent the company’s net sales revenue, which excludes membership fees or other non-merchandise income streams.

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.

Back To Table Of Contents

Insight & Summary of Walmart International’s Sales and Profit Margin

The following analysis consolidates the trends observed across Walmart International’s net sales revenue breakdown by country and profit margin for the 2019–2026 period.

• Walmart International’s net sales declined from $120.8B in 2019 to a trough of $100.9B in 2022 and 2023 before recovering to $130.4B by 2026 — a trajectory shaped almost entirely by the divestiture of the U.K. operations, which contributed $30.5B in net sales in 2019 and effectively disappeared from the portfolio following the 2022 exit.

• Stripping out the U.K., the retained international portfolio has grown consistently and meaningfully, underscoring that the underlying business has been healthier than the headline net sales figures suggested during the transition years. International’s share of consolidated net sales compressed from 23.7% in 2019 to a trough of 16.7% in 2023 before partially recovering to 18.5% in 2026 — a level that, while below the pre-divestiture baseline, reflects a leaner and more strategically coherent portfolio.

• Profitability has improved considerably over the period, with gross margin stable at 21.4–21.8% and operating margin recovering from a low of 2.8% in 2020 to 4.5% in 2025 — though a pullback to 3.9% in 2026 introduces a note of caution about the sustainability of the margin recovery trajectory.

• Mexico and Central America has emerged as the undisputed anchor of Walmart International’s post-divestiture portfolio, growing from $31.8B in 2019 to $52.5B in 2026 and expanding its revenue share from 26.3% to 40.2% — the most dramatic mix shift in the segment. The market delivered double-digit growth in 2022, 2023, and 2024 at 10.2%, 12.6%, and 22.8% respectively before moderating to low single digits in 2025 and 2026, reflecting both a maturing growth phase and a high base effect.

• Mexico’s dominance in the portfolio is now structural rather than transitional — at 40% of international net sales, it is by far the largest single market and a critical determinant of Walmart International’s overall performance. Canada, the second-largest market at 18.2% of international net sales in 2026, has been a slow but steady contributor, growing at low single digits throughout the period and reflecting a mature, well-penetrated retail market with limited incremental white space.

• China is the most compelling growth story within the retained portfolio. Net sales expanded from $10.7B in 2019 to $24.6B in 2026 — a 130% increase in seven years — with growth accelerating to 15.6%, 17.4%, and 23.3% in 2024, 2025, and 2026 respectively. China’s revenue share has risen from 8.9% in 2019 to 18.9% in 2026, making it the second-largest country contributor to Walmart International by 2026 and on a trajectory to approach Canada’s absolute revenue scale within the near term.

• The acceleration in China’s growth rate in recent years, even as Mexico and Canada have moderated, suggests that Walmart’s investments in its Chinese operations — including its Sam’s Club expansion and digital commerce integration — are generating tangible returns. The Other markets, representing approximately 22% of international net sales throughout the period, have maintained a stable aggregate contribution despite individual market fluctuations, growing at 6.5–10.0% in the most recent years and providing a diversified secondary growth layer beneath the three primary markets.

• The overall international portfolio, now concentrated in Mexico, China, Canada, and a collection of emerging markets, is structurally simpler and more growth-oriented than its predecessor — a deliberate outcome of the divestiture strategy that is beginning to manifest in improving revenue momentum and partially recovering profitability.

The table below combines Walmart International’s net sales and profitability metrics into a single view for the latest three fiscal years.

Back To Table Of Contents

Walmart International – Net Sales, % of Total, and YoY Growth

Walmart International derives its net sales revenue primarily from merchandise sales. You may find more information about merchandise sales here: merchandise sales

For the definition of Walmart International segment, you may refer to this section: Walmart International

Back To Table Of Contents

Walmart International – Gross & Operating Profit and Margin

Walmart International derives its net sales revenue primarily from merchandise sales. You may find more information about merchandise sales here: merchandise sales

For the definition of Walmart International segment, you may refer to this section: Walmart International

Back To Table Of Contents

Mexico & Central America, Canada, China, United Kingdom – Net Sales Breakdown

Walmart International derives its net sales revenue primarily from merchandise sales. You may find more information about merchandise sales here: merchandise sales

For the definition of Walmart International segment, you may refer to this section: Walmart International

Back To Table Of Contents

Mexico & Central America, Canada, China, United Kingdom – Net Sales Mix

Walmart International derives its net sales revenue primarily from merchandise sales. You may find more information about merchandise sales here: merchandise sales

For the definition of Walmart International segment, you may refer to this section: Walmart International

Back To Table Of Contents

Mexico & Central America, Canada, China, United Kingdom – Net Sales YoY Growth

Walmart International derives its net sales revenue primarily from merchandise sales. You may find more information about merchandise sales here: merchandise sales

For the definition of Walmart International segment, you may refer to this section: Walmart International

Back To Table Of Contents

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.

Back To Table Of Contents

Disclosure

We may use artificial intelligence (AI) tools to assist us in writing some of the text in this article. However, the data is directly obtained from original sources and meticulously cross-checked by our editors multiple times to ensure its accuracy and reliability.

If you find the information in this article helpful, please consider sharing it on social media. Additionally, providing a link back to this article from any website can help us create more content like this in the future.

Thank you for your support and engagement! Your involvement helps us continue to provide high-quality, reliable content.

Back To Table Of Contents