Walmart Revenue By Segment: U.S., International, and Sam’s Club

Grocery bag. Pexels Images.

This article presents Walmart’s revenue distribution by segment. Walmart’s operating segments consist of three primary units: Walmart U.S., Walmart International, and Sam’s Club U.S.

Let’s take a look!

Investors interested in Walmart’s other key statistics may find more resources on these pages:

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

Revenue

• Walmart revenue by country: U.S. and International, and
• Walmart revenue breakdown: net sales and membership & other income

Profit Margin

• Walmart profit margin breakdown: U.S., International, and Sam’s Club, and
• Walmart vs Costco: profit margin comparison,

Other Statistics

• financial health,
• comparable sales, and
• revenue per store

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Definitions

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

Net Sales: Walmart’s net sales refer to the total revenue generated by the company through its retail and eCommerce operations after deducting returns, discounts, and allowances.

This figure excludes membership income and represents the core income from selling goods and services across its segments, including Walmart U.S., Walmart International, and Sam’s Club.

Net sales are a critical metric used to assess the company’s financial performance and operational effectiveness.

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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Why is Walmart International struggling to grow sales?

Walmart’s International segment has faced stagnation due to a combination of strategic, operational, and market-specific challenges:

• Market Exits: Walmart’s decision to exit markets like the United Kingdom and Japan significantly reduced its international footprint. These exits were driven by challenges in competing with established local players and adapting to consumer preferences.

• Currency Fluctuations: In regions like Latin America and Asia, currency devaluation has impacted revenue when converted to U.S. dollars. This makes growth in local currency less visible in consolidated financial reports.

• Operational Costs: Rising general expenses, such as logistics and labor costs, have strained profitability in key markets. For example, in Mexico, general expenses jumped significantly higher, affecting net profit.

• E-commerce Competition: While Walmart has made strides in digital transformation, it faces stiff competition from local e-commerce platforms in international markets. This limits its ability to dominate online retail globally.

• Geographical Focus: Walmart’s international operations are concentrated in fewer high-growth markets, such as Mexico and China. While these regions show promise, they cannot fully offset stagnation in other areas.

Despite these challenges, Walmart continues to innovate through strategies like leveraging AI for product cataloging and expanding its advertising business.

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Revenue From Walmart U.S.

Walmart-U.S.-net-sales

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Walmart’s revenue by segment consists 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.

Walmart’s revenue by segment is characterized by its net sales. For more information about Walmart’s net sales, you may refer to this section: Walmart’s net sales.

Walmart U.S., the company’s largest and most significant segment, continues to generate the bulk of revenue, achieving an impressive $462.4 billion in fiscal year 2025. This marks substantial growth when compared to the $298.4 billion reported in fiscal year 2016, reflecting a notable increase of 55% over the nine-year period.

In recent years, Walmart U.S. has shown steady performance, with its 2025 net sales increasing by 5% compared to fiscal year 2024, during which it earned $441.8 billion. This upward trend persisted from fiscal year 2023, when Walmart U.S. reported $420.6 billion in net sales, further highlighting consistent year-over-year growth in its operations.

The dominance of Walmart U.S. within the company’s portfolio is evident when compared to other segments such as Walmart International and Sam’s Club U.S. The revenue generated by Walmart U.S. overshadows that of these segments, emphasizing its central role in driving overall company performance.

The scale and contribution of Walmart U.S. make sales from other segments appear relatively modest in comparison. This growth can be attributed to Walmart U.S.’s strategic focus on omni-channel integration, competitive pricing, and enhanced customer offerings like Walmart+.

By leveraging its expansive store network alongside eCommerce platforms, Walmart U.S. has solidified its leadership position in the retail sector, delivering value to millions of customers across the country.

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Revenue From Walmart International and Sam’s Club U.S.

Walmart-International-and-Sams-Club-U.S.-net-sales

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Walmart’s revenue by segment consists 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.

Walmart’s revenue by segment is characterized by its net sales. For more information about Walmart’s net sales, you may refer to this section: Walmart’s net sales.

Over the past decade, Walmart International’s net sales have struggled to gain significant momentum, consistently hovering around the $120 billion mark. This stagnation has been influenced by a combination of factors, such as currency headwinds driven by the strong U.S. dollar, market-specific challenges, and shifts in consumer behavior across global markets.

In fiscal year 2016, Walmart International reported net sales of $123.4 billion. However, by fiscal year 2025, this figure experienced a slight decline, settling at $121.9 billion. The challenges of operating in diverse economic environments, coupled with fluctuating exchange rates, have made it difficult for the segment to achieve substantial growth.

Conversely, Sam’s Club U.S. has demonstrated robust growth over the same period. Between fiscal years 2016 and 2025, the membership-only warehouse club saw its net sales climb from $56.8 billion to an impressive $90.2 billion by the end of fiscal year 2025.

This reflects a compound annual growth rate (CAGR) of over 5%, driven by strategic initiatives such as an enhanced omni-channel experience, innovative membership benefits like Sam’s Cash rewards, and the expansion of digital and physical services.

The contrasting performances of Walmart International and Sam’s Club highlight the varying dynamics of the company’s business segments. While Walmart International grapples with global economic pressures and the complexities of operating across multiple countries, Sam’s Club has successfully capitalized on domestic market opportunities and evolving consumer preferences.

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Percentage Of Revenue From Walmart U.S., Walmart International, and Sam’s Club U.S.

Walmart-net-sales-by-segment-in-percentage

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Walmart’s revenue by segment consists 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.

Walmart’s revenue by segment is characterized by its net sales. For more information about Walmart’s net sales, you may refer to this section: Walmart’s net sales.

Walmart U.S. continues to dominate the company’s financial performance, contributing a remarkable 69% of Walmart’s total net sales by fiscal year 2025. This represents a 7-percentage-point increase from the 62% share reported in 2016, reflecting the segment’s consistent growth and strategic importance within Walmart’s overall portfolio.

The segment’s emphasis on omni-channel capabilities, competitive pricing, and expansive product offerings has driven its steady revenue growth over the years.

In sharp contrast, Walmart International’s sales contribution has dwindled over the same period. By fiscal year 2025, the International segment accounted for only 18% of total net sales, a notable decline of 8 percentage points from the 26% recorded in 2016.

This reduction highlights ongoing challenges in global operations, including currency fluctuations, market exits, and competition from regional retailers. Despite these challenges, Walmart International remains a key player in select high-growth markets, leveraging eCommerce and localized strategies to maintain its relevance.

Meanwhile, Sam’s Club U.S. has exhibited steady growth, with its share of total net sales increasing slightly from 12% in 2016 to 13% in 2025. While modest, this upward trend signifies the success of Sam’s Club’s strategic initiatives, such as enhancing membership benefits through the Sam’s Cash rewards program, expanding curbside pickup, and integrating digital and physical shopping experiences.

The segment’s strong performance reflects its ability to capture value in the competitive membership-based retail sector. These dynamics underscore the growing dominance of Walmart U.S., the challenges faced by Walmart International, and the consistent, albeit gradual, rise of Sam’s Club within Walmart’s revenue mix.

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YoY Growth Rates Of Revenue By Segment

Walmart-net-sales-yoy-growth-rates

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Walmart’s revenue by segment consists 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.

Walmart’s revenue by segment is characterized by its net sales. For more information about Walmart’s net sales, you may refer to this section: Walmart’s net sales.

Walmart has demonstrated remarkable consistency in its consolidated net sales, achieving an average year-over-year (YoY) growth rate of 5% annually from fiscal year 2021 to 2025. This steady performance underscores the resilience and adaptability of the company’s diversified operations, even in the face of global economic challenges.

Among its segments, Sam’s Club U.S. has stood out as the fastest-growing division, with an impressive average annual revenue growth rate of 9% over this period. This growth can be attributed to its enhanced omni-channel capabilities, expanded membership benefits, and a strong focus on customer-centric innovations like the Sam’s Cash rewards program and curbside pickup services.

Walmart U.S. has also performed strongly, registering an average annual growth rate of 6% during the same timeframe. Its growth has been driven by consistent investments in digital integration, competitive pricing strategies, and the expansion of services like same-day delivery and the Walmart+ membership program.

Moreover, Walmart U.S. has maintained exceptional stability in its YoY growth rates, cementing its role as the company’s most reliable revenue generator.

In stark contrast, Walmart International has reported the slowest growth among the segments, averaging just 1% annually from fiscal year 2021 to 2025. Its performance has been highly volatile, marked by a 17% decline in YoY revenue growth in fiscal year 2022, largely due to unfavorable currency exchange rates, market exits, and operational disruptions.

However, the segment rebounded impressively in fiscal year 2024, achieving a growth rate of 13.5%, driven by strong performance in key markets like Mexico and China, alongside eCommerce expansions.

Notably, Walmart has never experienced a decline in its consolidated net sales over the past decade, a testament to the strength of its diversified portfolio and strategic initiatives. The consistent growth in consolidated results reflects the company’s ability to navigate fluctuations in individual segments and maintain a strong overall trajectory.

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Insight

Essentially, Walmart U.S. is the backbone of the company, driving the majority of revenue with consistent and stable growth. Sam’s Club has leveraged innovation and a strong membership model to achieve impressive growth rates.

Walmart International struggles with stagnation and volatility due to external factors like currency fluctuations and market-specific challenges.

Walmart’s omni-channel strategy, consistent customer-focused innovations, and diversified portfolio enable overall resilience and steady growth.

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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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