Walmart Membership Revenue: Trend, Percentage, and Growth

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,
• Gasoline sales revenue and fuel profit margin

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 Membership Fee Revenue: Walmart’s membership fee revenue primarily comes from Sam’s Club, its warehouse club division.

This revenue is generated through membership fees paid by customers to access Sam’s Club stores and benefits. There are two types of memberships: Plus and Club.

This revenue stream is separate from Walmart’s core retail sales and is a significant contributor to its overall profitability.

The club operates on a bulk-buying model, offering discounted prices on a wide range of products, including groceries, electronics, and household goods.

Sam’s Club competes with other warehouse retailers like Costco and BJ’s Wholesale Club, providing exclusive member benefits such as cash rewards, fuel discounts, and free shipping for higher-tier members.

As of fiscal year 2025, Sam’s Club has over 600 locations across the United States, along with additional stores in Mexico and China.

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What drives the significant growth in Walmart’s membership fee revenue?

Walmart’s membership fee revenue has seen notable growth due to several key factors:

• Increased Membership Adoption: More customers are opting for Sam’s Club memberships, particularly the Plus tier, which offers additional perks like free shipping and cashback rewards.

• Price Adjustments: Walmart has strategically adjusted membership fees, ensuring they remain competitive while maximizing revenue.




• Enhanced Member Benefits: The company has expanded exclusive discounts, early shopping hours, and personalized offers, making memberships more attractive.

• eCommerce Integration: Walmart has leveraged its growing online presence, offering members benefits like free delivery and improved digital shopping experiences.

• Store Expansion & Accessibility: More Sam’s Club locations and improved accessibility have contributed to a larger membership base.

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

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Insight & Summary of Walmart’s Membership Fee Revenue

The following analysis consolidates the trends observed across Walmart’s membership fee revenue for the 2016–2026 period.

• Walmart’s membership fee revenue has grown from $1.3B in 2016 to $4.4B in 2026, more than tripling over the decade and accelerating meaningfully in the latter half of the period. Growth was modest and largely flat through 2020, averaging low-to-mid single digits, before stepping up sharply from 2021 onward — driven by the scaling of Walmart+ membership, introduced in 2020, and the compounding momentum of Sam’s Club’s membership fee expansion.

• The growth rate peaked at 29.4% in 2022 and has since moderated to 15.8% in 2026, but the directional trajectory remains firmly positive and structurally differentiated from the low-single-digit growth of total revenue — confirming that membership fees are one of the fastest-growing components within Walmart’s broader revenue architecture.

• The evolution of membership fees as a share of membership and other income is perhaps the most strategically revealing metric in the dataset. From a 37.0% share in 2016, membership fees have risen to 65.2% of total membership and other income by 2026 — a near-doubling of their proportional weight within the category.

• This shift reflects both the organic growth of fee revenue and the relatively slower expansion of the non-fee components of the membership and other income line, and it signals that Walmart’s subscription and membership economics are becoming the dominant driver of this income category. The progression from below 50% share prior to 2023 to above 65% by 2026 represents a structural inflection that underscores the increasing importance of recurring, predictable fee revenue within the overall income mix.

• As a percentage of total revenue, membership fees remain modest at 0.6% in 2026 — up from 0.3% in 2016 — and will not become a revenue-line-defining metric in the near term given the scale of Walmart’s net sales base. However, the strategic significance of this stream lies entirely in its margin profile and compounding growth potential rather than its proportional weight.

• At an estimated near-100% gross margin, membership fee revenue punches substantially above its weight in terms of profit contribution, and its consistent double-digit growth over the past five years positions it as a durable earnings quality enhancer that will become progressively more meaningful as Walmart’s membership ecosystem — spanning Walmart+ and Sam’s Club — continues to scale.

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

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Membership Fee Revenue, Membership & Other Income, Total Revenue

Walmart derives its membership revenue primarily from Sam’s Club. You may find more information about the segment here: Sam’s Club U.S.

For the definition of Walmart’s membership revenue, you may refer to this section: membership fee revenue.

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Membership Fee Revenue – as % of Total Revenue and as % of Membership & Other Income

Walmart derives its membership revenue primarily from Sam’s Club. You may find more information about the segment here: Sam’s Club U.S.

For the definition of Walmart’s membership revenue, you may refer to this section: membership fee revenue.

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Membership Fee Revenue, Total Revenue – YoY Growth

Walmart derives its membership revenue primarily from Sam’s Club. You may find more information about the segment here: Sam’s Club U.S.

For the definition of Walmart’s membership revenue, you may refer to this section: membership fee revenue.

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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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