Sam's Club U.S.Narrow moat

Walmart (WMT) — moat facet

The goods lost $83 million and the club made $2.4 billion anyway: the membership fee is the entire profit.

Sam's Club U.S. had total revenues of $95,540 million in fiscal 2026: net sales of $93,015 million and membership and other income of $2,525 million1. Its operating income was $2,442 million, 2.6% of net sales2. The line that explains the business is the one above it. Gross profit was $10,556 million and operating expenses $10,639 million3, so the merchandise itself lost $83 million, and membership income was about 103% of the segment's operating income4. Sam's Club is a subscription that sells goods at roughly cost to justify it.

Sam's Club operating income, fiscal years ($M)$1,820FY16$1,67117$98218$1,52019$1,64220$1,90621$2,25922$1,96423$2,19224$2,40425$2,44226Walmart Forms 10-K FY2018-FY2026, each year as reported; 63 clubs closed in fiscal 2018
Profit fell by two fifths in the year Sam's Club closed a tenth of its clubs, and took until fiscal 2021 to pass its fiscal 2016 level.

What is inside the line: 601 membership-only warehouse clubs in 44 states and Puerto Rico, plus samsclub.com and the Sam's Club app5. It sells in four categories. In fiscal 2026 grocery was $64,706 million, fuel and other $11,570 million, general merchandise $11,549 million and health and wellness $5,190 million6. Fuel on its own was about a tenth of sales, $9,271 million7, which is why Walmart reports this segment both including and excluding fuel8.

Walmart opened the first Sam's Club in 19839. The format has been rebuilt more than it has been expanded. In fiscal 2018 the unit count fell from 660 to 597, and the segment's operating income fell from $1,671 million to $982 million, with the gross profit rate hit by markdowns to liquidate inventory from the club closures10. Since then the count has not moved: 599 in fiscal 2020 and 601 today1112.

It is paid twice. The member pays an annual fee, which the fiscal 2026 annual report listed as $50 for Club and $110 for Plus, the higher tier adding free delivery from the club and shipping on orders of $50 or more13. Sam's Club raised its fees from May 1, 2026, and because fees are deferred and recognised over the membership year, the increase reaches the income statement gradually14. Then the member pays at the till, at prices set so that the merchandise roughly breaks even.

Profitability is low by design and has fallen. Operating margin was 3.2% in fiscal 2016 and 2.6% in fiscal 2026; excluding fuel it was 2.2% in each of the last three years, on operating income of $1,822 million in fiscal 20261516. The gap between including and excluding fuel is about $620 million of operating income17. The comparison with Costco, which runs the same format with about twice the sales per building, is on Costco: The Rival That Charges Admission; Sam's Club sold about $155 million per club in fiscal 202618.

Growth came in a burst. Net sales were $56,828 million in fiscal 2016 and $58,792 million in fiscal 20201920, almost flat through the closures. They then rose 15.1% in fiscal 2022 and 14.7% in fiscal 2023, but excluding fuel the rises were 9.6% and 10.5%21. In the three years since, growth has been 2.2%, 4.7% and 3.1%22. Over the decade that is 5.1% a year23, though a good share of it is the price of petrol. eCommerce is the steadier driver: about $9.9 billion of net sales in fiscal 2024 and $15.0 billion in fiscal 202624, from 11% of the segment to 16%25.

The last two quarters show fuel moving the headline. In the quarter to April 2026 net sales rose 6.1% and operating income 1.2%, calculated from the six-month and second-quarter figures26. In the quarter to July 2026 net sales rose 8.8% to $25,713 million, but fuel and other rose to $4,192 million from $3,064 million; excluding fuel, sales rose 4.5%27. Operating income was $678 million against $470 million, helped by tariff refunds, and membership and other income was $654 million against $617 million28. eCommerce sales were about $4.7 billion, from $3.7 billion29.

The outlook rests on the fee. With the unit count flat, Sam's Club grows by selling more to each member and by charging more to belong, and the May 2026 increase will pass through membership income over the next four quarters. The risk is the one every club faces after a fee rise: members who do the arithmetic and do not renew. The membership income line is where that would show first.

The number to watch is membership and other income against the year before. It grew 6% in the quarter to July 2026, before most of the fee increase had been recognised; if it is not growing well above that by early 2027, members are leaving faster than the new fee is arriving.

Moat trajectory: Holding steady

Merchandise roughly breaks even and the fee earns the profit; the May 2026 fee rise will show in membership income over four quarters, and no other lever has moved the margin in a decade.

The number that tests this moat
Reported
Sam's Club membership and other income, latest quarter
$654M in Q2 FY2027, up 6% from $617M

Fees rose from May 1, 2026 and are recognised over twelve months. Growth well above 6% by early 2027 means members accepted the increase; anything near it means some left.

Source: Walmart Form 10-Q, quarter ended July 31, 2026 ↗
References
  1. ReportedSam's Club U.S. had total revenues of $95,540 million in fiscal 2026: net sales of $93,015 million and membership and other income of $2,525 million.
    Walmart Form 10-K, fiscal year ended January 31, 2026 - segment results and disaggregated revenue, fiscal 2024-2026 (Walmart U.S. net sales $441,817M / $462,415M / $482,975M, membership and other income $2,624M in fiscal 2026, operating income $22,154M / $23,882M / $25,158M, gross profit rate 26.8% to 27.5%, operating expenses 22.2% to 22.8%, calendar comparable sales +4.3% in fiscal 2026 with eCommerce contributing approximately 4.3%; Walmart International net sales $114,641M / $121,885M / $130,423M, operating income $4,909M / $5,501M / $5,103M, net sales by market in fiscal 2026 Mexico and Central America $52,492M, China $24,623M, Canada $23,724M, other $29,584M; Sam's Club U.S. net sales $86,179M / $90,238M / $93,015M, gross profit $10,556M and operating expenses $10,639M in fiscal 2026, membership and other income $2,525M, operating income $2,442M, $1,822M excluding fuel; merchandise categories and eCommerce sales by segment) — FY2024-FY2026 · publ. March 2026 · source ↗
  2. ReportedIts operating income was $2,442 million, 2.6% of net sales.
    Walmart Form 10-K, fiscal year ended January 31, 2026 - segment results and disaggregated revenue, fiscal 2024-2026 (Walmart U.S. net sales $441,817M / $462,415M / $482,975M, membership and other income $2,624M in fiscal 2026, operating income $22,154M / $23,882M / $25,158M, gross profit rate 26.8% to 27.5%, operating expenses 22.2% to 22.8%, calendar comparable sales +4.3% in fiscal 2026 with eCommerce contributing approximately 4.3%; Walmart International net sales $114,641M / $121,885M / $130,423M, operating income $4,909M / $5,501M / $5,103M, net sales by market in fiscal 2026 Mexico and Central America $52,492M, China $24,623M, Canada $23,724M, other $29,584M; Sam's Club U.S. net sales $86,179M / $90,238M / $93,015M, gross profit $10,556M and operating expenses $10,639M in fiscal 2026, membership and other income $2,525M, operating income $2,442M, $1,822M excluding fuel; merchandise categories and eCommerce sales by segment) — FY2024-FY2026 · publ. March 2026 · source ↗
  3. ReportedGross profit was $10,556 million and operating expenses $10,639 million, so the merchandise itself lost $83 million, and membership income was about 103% of the segment's operating income.
    Walmart Form 10-K, fiscal year ended January 31, 2026 - segment results and disaggregated revenue, fiscal 2024-2026 (Walmart U.S. net sales $441,817M / $462,415M / $482,975M, membership and other income $2,624M in fiscal 2026, operating income $22,154M / $23,882M / $25,158M, gross profit rate 26.8% to 27.5%, operating expenses 22.2% to 22.8%, calendar comparable sales +4.3% in fiscal 2026 with eCommerce contributing approximately 4.3%; Walmart International net sales $114,641M / $121,885M / $130,423M, operating income $4,909M / $5,501M / $5,103M, net sales by market in fiscal 2026 Mexico and Central America $52,492M, China $24,623M, Canada $23,724M, other $29,584M; Sam's Club U.S. net sales $86,179M / $90,238M / $93,015M, gross profit $10,556M and operating expenses $10,639M in fiscal 2026, membership and other income $2,525M, operating income $2,442M, $1,822M excluding fuel; merchandise categories and eCommerce sales by segment) — FY2024-FY2026 · publ. March 2026 · source ↗
  4. Moat Explorer calcGross profit was $10,556 million and operating expenses $10,639 million, so the merchandise itself lost $83 million, and membership income was about 103% of the segment's operating income.
    Moat Explorer calculation from Walmart's Forms 10-K FY2018-FY2026 segment tables and the Form 10-Q for the quarter ended July 31, 2026: segment shares (Walmart U.S. $25,158M of $32,703M segment operating income = 77%; fiscal 2016-2026 cumulative segment operating income as reported, Walmart U.S. about $222.0B, International $50.6B, Sam's Club $20.8B); compound growth fiscal 2016-2026 (Walmart U.S. 4.9%, International 0.6%, Sam's Club 5.1% a year); Corporate and support revenue $713,163M less segment revenues = $36M and net expense $32,703M - $29,825M = $2,878M; sales per store $298,378M / 4,574 and $482,975M / 4,611; eCommerce share of segment net sales; category growth fiscal 2024-2026; quarter to April 2026 = six months less quarter to July (Walmart U.S. net sales $117,169M against $112,163M, operating income $5,897M against $5,696M; International $35,110M against $29,754M and $1,602M against $1,293M; Sam's Club $23,405M against $22,064M and $674M against $666M); divestiture losses $5.5B + $0.2B + $1.9B + $0.2B + $1.0B = $8.8B; Sam's Club fuel sales $93,015M - $83,744M = $9,271M and fuel operating income $2,442M - $1,822M = $620M; membership income / operating income $2,525M / $2,442M = 103% — FY2016-Q2 FY2027 · publ. 2026 · source ↗
    Method: Moat Explorer calculation from the segment tables in Walmart's Forms 10-K and the Form 10-Q for the quarter ended July 31, 2026; see the source line for each operand.
  5. ReportedWhat is inside the line: 601 membership-only warehouse clubs in 44 states and Puerto Rico, plus samsclub.com and the Sam's Club app.
    Walmart Form 10-K, fiscal year ended January 31, 2026 - Item 1 Business: company history (discount stores from 1962, initial public offering 1970, first Sam's Club 1983, first supercenter 1988, first Neighborhood Market 1998, first international joint venture in Mexico 1991, walmart.com and samsclub.com 1996) and segment descriptions (Walmart U.S. 4,611 stores and three merchandise units; Walmart International 5,743 stores in 18 countries, wholly owned and majority-owned subsidiaries, pickup and delivery from approximately 3,300 locations; Sam's Club U.S. 601 clubs in 44 states and Puerto Rico, Club membership $50 and Plus membership $110) — FY2026 · publ. March 2026 · source ↗
  6. ReportedIn fiscal 2026 grocery was $64,706 million, fuel and other $11,570 million, general merchandise $11,549 million and health and wellness $5,190 million.
    Walmart Form 10-K, fiscal year ended January 31, 2026 - segment results and disaggregated revenue, fiscal 2024-2026 (Walmart U.S. net sales $441,817M / $462,415M / $482,975M, membership and other income $2,624M in fiscal 2026, operating income $22,154M / $23,882M / $25,158M, gross profit rate 26.8% to 27.5%, operating expenses 22.2% to 22.8%, calendar comparable sales +4.3% in fiscal 2026 with eCommerce contributing approximately 4.3%; Walmart International net sales $114,641M / $121,885M / $130,423M, operating income $4,909M / $5,501M / $5,103M, net sales by market in fiscal 2026 Mexico and Central America $52,492M, China $24,623M, Canada $23,724M, other $29,584M; Sam's Club U.S. net sales $86,179M / $90,238M / $93,015M, gross profit $10,556M and operating expenses $10,639M in fiscal 2026, membership and other income $2,525M, operating income $2,442M, $1,822M excluding fuel; merchandise categories and eCommerce sales by segment) — FY2024-FY2026 · publ. March 2026 · source ↗
  7. Moat Explorer calcFuel on its own was about a tenth of sales, $9,271 million, which is why Walmart reports this segment both including and excluding fuel.
    Moat Explorer calculation from Walmart's Forms 10-K FY2018-FY2026 segment tables and the Form 10-Q for the quarter ended July 31, 2026: segment shares (Walmart U.S. $25,158M of $32,703M segment operating income = 77%; fiscal 2016-2026 cumulative segment operating income as reported, Walmart U.S. about $222.0B, International $50.6B, Sam's Club $20.8B); compound growth fiscal 2016-2026 (Walmart U.S. 4.9%, International 0.6%, Sam's Club 5.1% a year); Corporate and support revenue $713,163M less segment revenues = $36M and net expense $32,703M - $29,825M = $2,878M; sales per store $298,378M / 4,574 and $482,975M / 4,611; eCommerce share of segment net sales; category growth fiscal 2024-2026; quarter to April 2026 = six months less quarter to July (Walmart U.S. net sales $117,169M against $112,163M, operating income $5,897M against $5,696M; International $35,110M against $29,754M and $1,602M against $1,293M; Sam's Club $23,405M against $22,064M and $674M against $666M); divestiture losses $5.5B + $0.2B + $1.9B + $0.2B + $1.0B = $8.8B; Sam's Club fuel sales $93,015M - $83,744M = $9,271M and fuel operating income $2,442M - $1,822M = $620M; membership income / operating income $2,525M / $2,442M = 103% — FY2016-Q2 FY2027 · publ. 2026 · source ↗
    Method: Moat Explorer calculation from the segment tables in Walmart's Forms 10-K and the Form 10-Q for the quarter ended July 31, 2026; see the source line for each operand.
  8. Moat Explorer calcFuel on its own was about a tenth of sales, $9,271 million, which is why Walmart reports this segment both including and excluding fuel.
    Moat Explorer calculation from Walmart's Forms 10-K FY2018-FY2026 segment tables and the Form 10-Q for the quarter ended July 31, 2026: segment shares (Walmart U.S. $25,158M of $32,703M segment operating income = 77%; fiscal 2016-2026 cumulative segment operating income as reported, Walmart U.S. about $222.0B, International $50.6B, Sam's Club $20.8B); compound growth fiscal 2016-2026 (Walmart U.S. 4.9%, International 0.6%, Sam's Club 5.1% a year); Corporate and support revenue $713,163M less segment revenues = $36M and net expense $32,703M - $29,825M = $2,878M; sales per store $298,378M / 4,574 and $482,975M / 4,611; eCommerce share of segment net sales; category growth fiscal 2024-2026; quarter to April 2026 = six months less quarter to July (Walmart U.S. net sales $117,169M against $112,163M, operating income $5,897M against $5,696M; International $35,110M against $29,754M and $1,602M against $1,293M; Sam's Club $23,405M against $22,064M and $674M against $666M); divestiture losses $5.5B + $0.2B + $1.9B + $0.2B + $1.0B = $8.8B; Sam's Club fuel sales $93,015M - $83,744M = $9,271M and fuel operating income $2,442M - $1,822M = $620M; membership income / operating income $2,525M / $2,442M = 103% — FY2016-Q2 FY2027 · publ. 2026 · source ↗
    Method: Moat Explorer calculation from the segment tables in Walmart's Forms 10-K and the Form 10-Q for the quarter ended July 31, 2026; see the source line for each operand.
  9. ReportedWalmart opened the first Sam's Club in 1983.
    Walmart Form 10-K, fiscal year ended January 31, 2026 - Item 1 Business: company history (discount stores from 1962, initial public offering 1970, first Sam's Club 1983, first supercenter 1988, first Neighborhood Market 1998, first international joint venture in Mexico 1991, walmart.com and samsclub.com 1996) and segment descriptions (Walmart U.S. 4,611 stores and three merchandise units; Walmart International 5,743 stores in 18 countries, wholly owned and majority-owned subsidiaries, pickup and delivery from approximately 3,300 locations; Sam's Club U.S. 601 clubs in 44 states and Puerto Rico, Club membership $50 and Plus membership $110) — FY2026 · publ. March 2026 · source ↗
  10. ReportedIn fiscal 2018 the unit count fell from 660 to 597, and the segment's operating income fell from $1,671 million to $982 million, with the gross profit rate hit by markdowns to liquidate inventory from the club closures.
    Walmart Form 10-K, fiscal year ended January 31, 2018 - segment results fiscal 2016-2018 (Walmart U.S. net sales $298,378M and operating income $19,087M in fiscal 2016, operating income $17,745M in fiscal 2017, 4,574 stores in fiscal 2016; Walmart International net sales $123,408M and operating income $5,346M in fiscal 2016; Sam's Club net sales $56,828M and operating income 3.2% in fiscal 2016, clubs 660 to 597 and operating income $1,671M to $982M in fiscal 2018 with markdowns to liquidate inventory related to the club closures) — FY2016-FY2018 · publ. March 2018 · source ↗
  11. ReportedSince then the count has not moved: 599 in fiscal 2020 and 601 today.
    Walmart Form 10-K, fiscal year ended January 31, 2020 - segment results fiscal 2018-2020 (Walmart International operating income 2.8% of net sales in fiscal 2020; Sam's Club net sales $58,792M in fiscal 2020 and 599 clubs) — FY2018-FY2020 · publ. March 2020 · source ↗
  12. ReportedSince then the count has not moved: 599 in fiscal 2020 and 601 today.
    Walmart Form 10-K, fiscal year ended January 31, 2026 - segment results and disaggregated revenue, fiscal 2024-2026 (Walmart U.S. net sales $441,817M / $462,415M / $482,975M, membership and other income $2,624M in fiscal 2026, operating income $22,154M / $23,882M / $25,158M, gross profit rate 26.8% to 27.5%, operating expenses 22.2% to 22.8%, calendar comparable sales +4.3% in fiscal 2026 with eCommerce contributing approximately 4.3%; Walmart International net sales $114,641M / $121,885M / $130,423M, operating income $4,909M / $5,501M / $5,103M, net sales by market in fiscal 2026 Mexico and Central America $52,492M, China $24,623M, Canada $23,724M, other $29,584M; Sam's Club U.S. net sales $86,179M / $90,238M / $93,015M, gross profit $10,556M and operating expenses $10,639M in fiscal 2026, membership and other income $2,525M, operating income $2,442M, $1,822M excluding fuel; merchandise categories and eCommerce sales by segment) — FY2024-FY2026 · publ. March 2026 · source ↗
  13. ReportedThe member pays an annual fee, which the fiscal 2026 annual report listed as $50 for Club and $110 for Plus, the higher tier adding free delivery from the club and shipping on orders of $50 or more.
    Walmart Form 10-K, fiscal year ended January 31, 2026 - Item 1 Business: company history (discount stores from 1962, initial public offering 1970, first Sam's Club 1983, first supercenter 1988, first Neighborhood Market 1998, first international joint venture in Mexico 1991, walmart.com and samsclub.com 1996) and segment descriptions (Walmart U.S. 4,611 stores and three merchandise units; Walmart International 5,743 stores in 18 countries, wholly owned and majority-owned subsidiaries, pickup and delivery from approximately 3,300 locations; Sam's Club U.S. 601 clubs in 44 states and Puerto Rico, Club membership $50 and Plus membership $110) — FY2026 · publ. March 2026 · source ↗
  14. ReportedSam's Club raised its fees from May 1, 2026, and because fees are deferred and recognised over the membership year, the increase reaches the income statement gradually.
    Walmart Form 10-Q, quarterly period ended July 31, 2026 - condensed consolidated financial statements and notes (total revenues $187,937M, operating income $9,383M, other losses of $1,200M against gains of $2,708M, net income attributable to Walmart $6,366M and diluted EPS $0.80; segment note; the gain-contingency note recording approximately $2.9 billion of IEEPA tariff refunds received from U.S. Customs and Border Protection as a reduction of cost of sales; the statement that less than one third of what Walmart sells in the U.S. is imported) — Q2 FY2027 (quarter ended July 31, 2026) · publ. August 28, 2026 · source ↗
  15. ReportedOperating margin was 3.2% in fiscal 2016 and 2.6% in fiscal 2026; excluding fuel it was 2.2% in each of the last three years, on operating income of $1,822 million in fiscal 2026.
    Walmart Form 10-K, fiscal year ended January 31, 2018 - segment results fiscal 2016-2018 (Walmart U.S. net sales $298,378M and operating income $19,087M in fiscal 2016, operating income $17,745M in fiscal 2017, 4,574 stores in fiscal 2016; Walmart International net sales $123,408M and operating income $5,346M in fiscal 2016; Sam's Club net sales $56,828M and operating income 3.2% in fiscal 2016, clubs 660 to 597 and operating income $1,671M to $982M in fiscal 2018 with markdowns to liquidate inventory related to the club closures) — FY2016-FY2018 · publ. March 2018 · source ↗
  16. ReportedOperating margin was 3.2% in fiscal 2016 and 2.6% in fiscal 2026; excluding fuel it was 2.2% in each of the last three years, on operating income of $1,822 million in fiscal 2026.
    Walmart Form 10-K, fiscal year ended January 31, 2026 - segment results and disaggregated revenue, fiscal 2024-2026 (Walmart U.S. net sales $441,817M / $462,415M / $482,975M, membership and other income $2,624M in fiscal 2026, operating income $22,154M / $23,882M / $25,158M, gross profit rate 26.8% to 27.5%, operating expenses 22.2% to 22.8%, calendar comparable sales +4.3% in fiscal 2026 with eCommerce contributing approximately 4.3%; Walmart International net sales $114,641M / $121,885M / $130,423M, operating income $4,909M / $5,501M / $5,103M, net sales by market in fiscal 2026 Mexico and Central America $52,492M, China $24,623M, Canada $23,724M, other $29,584M; Sam's Club U.S. net sales $86,179M / $90,238M / $93,015M, gross profit $10,556M and operating expenses $10,639M in fiscal 2026, membership and other income $2,525M, operating income $2,442M, $1,822M excluding fuel; merchandise categories and eCommerce sales by segment) — FY2024-FY2026 · publ. March 2026 · source ↗
  17. Moat Explorer calcThe gap between including and excluding fuel is about $620 million of operating income.
    Moat Explorer calculation from Walmart's Forms 10-K FY2018-FY2026 segment tables and the Form 10-Q for the quarter ended July 31, 2026: segment shares (Walmart U.S. $25,158M of $32,703M segment operating income = 77%; fiscal 2016-2026 cumulative segment operating income as reported, Walmart U.S. about $222.0B, International $50.6B, Sam's Club $20.8B); compound growth fiscal 2016-2026 (Walmart U.S. 4.9%, International 0.6%, Sam's Club 5.1% a year); Corporate and support revenue $713,163M less segment revenues = $36M and net expense $32,703M - $29,825M = $2,878M; sales per store $298,378M / 4,574 and $482,975M / 4,611; eCommerce share of segment net sales; category growth fiscal 2024-2026; quarter to April 2026 = six months less quarter to July (Walmart U.S. net sales $117,169M against $112,163M, operating income $5,897M against $5,696M; International $35,110M against $29,754M and $1,602M against $1,293M; Sam's Club $23,405M against $22,064M and $674M against $666M); divestiture losses $5.5B + $0.2B + $1.9B + $0.2B + $1.0B = $8.8B; Sam's Club fuel sales $93,015M - $83,744M = $9,271M and fuel operating income $2,442M - $1,822M = $620M; membership income / operating income $2,525M / $2,442M = 103% — FY2016-Q2 FY2027 · publ. 2026 · source ↗
    Method: Moat Explorer calculation from the segment tables in Walmart's Forms 10-K and the Form 10-Q for the quarter ended July 31, 2026; see the source line for each operand.
  18. Moat Explorer calcThe comparison with Costco, which runs the same format with about twice the sales per building, is on Costco: The Rival That Charges Admission; Sam's Club sold about $155 million per club in fiscal 2026.
    Moat Explorer calculation from Walmart's Forms 10-K FY2018-FY2026 segment tables and the Form 10-Q for the quarter ended July 31, 2026: segment shares (Walmart U.S. $25,158M of $32,703M segment operating income = 77%; fiscal 2016-2026 cumulative segment operating income as reported, Walmart U.S. about $222.0B, International $50.6B, Sam's Club $20.8B); compound growth fiscal 2016-2026 (Walmart U.S. 4.9%, International 0.6%, Sam's Club 5.1% a year); Corporate and support revenue $713,163M less segment revenues = $36M and net expense $32,703M - $29,825M = $2,878M; sales per store $298,378M / 4,574 and $482,975M / 4,611; eCommerce share of segment net sales; category growth fiscal 2024-2026; quarter to April 2026 = six months less quarter to July (Walmart U.S. net sales $117,169M against $112,163M, operating income $5,897M against $5,696M; International $35,110M against $29,754M and $1,602M against $1,293M; Sam's Club $23,405M against $22,064M and $674M against $666M); divestiture losses $5.5B + $0.2B + $1.9B + $0.2B + $1.0B = $8.8B; Sam's Club fuel sales $93,015M - $83,744M = $9,271M and fuel operating income $2,442M - $1,822M = $620M; membership income / operating income $2,525M / $2,442M = 103% — FY2016-Q2 FY2027 · publ. 2026 · source ↗
    Method: Moat Explorer calculation from the segment tables in Walmart's Forms 10-K and the Form 10-Q for the quarter ended July 31, 2026; see the source line for each operand.
  19. ReportedNet sales were $56,828 million in fiscal 2016 and $58,792 million in fiscal 2020, almost flat through the closures.
    Walmart Form 10-K, fiscal year ended January 31, 2018 - segment results fiscal 2016-2018 (Walmart U.S. net sales $298,378M and operating income $19,087M in fiscal 2016, operating income $17,745M in fiscal 2017, 4,574 stores in fiscal 2016; Walmart International net sales $123,408M and operating income $5,346M in fiscal 2016; Sam's Club net sales $56,828M and operating income 3.2% in fiscal 2016, clubs 660 to 597 and operating income $1,671M to $982M in fiscal 2018 with markdowns to liquidate inventory related to the club closures) — FY2016-FY2018 · publ. March 2018 · source ↗
  20. ReportedNet sales were $56,828 million in fiscal 2016 and $58,792 million in fiscal 2020, almost flat through the closures.
    Walmart Form 10-K, fiscal year ended January 31, 2020 - segment results fiscal 2018-2020 (Walmart International operating income 2.8% of net sales in fiscal 2020; Sam's Club net sales $58,792M in fiscal 2020 and 599 clubs) — FY2018-FY2020 · publ. March 2020 · source ↗
  21. ReportedThey then rose 15.1% in fiscal 2022 and 14.7% in fiscal 2023, but excluding fuel the rises were 9.6% and 10.5%.
    Walmart Form 10-K, fiscal year ended January 31, 2023 - segment results fiscal 2021-2023 (Walmart U.S. net sales $369,963M / $393,247M / $420,553M, +8.5% in fiscal 2021 and +6.9% in fiscal 2023, operating income $19,116M / $21,587M / $20,620M; Walmart International net sales $121,360M / $100,959M / $100,983M, down 16.8% in fiscal 2022, operating income 3.0% / 3.7% / 2.9% of net sales; Sam's Club net sales +15.1% and +14.7% in fiscal 2022 and 2023, +9.6% and +10.5% excluding fuel) — FY2021-FY2023 · publ. March 2023 · source ↗
  22. ReportedIn the three years since, growth has been 2.2%, 4.7% and 3.1%.
    Walmart Form 10-K, fiscal year ended January 31, 2026 - segment results and disaggregated revenue, fiscal 2024-2026 (Walmart U.S. net sales $441,817M / $462,415M / $482,975M, membership and other income $2,624M in fiscal 2026, operating income $22,154M / $23,882M / $25,158M, gross profit rate 26.8% to 27.5%, operating expenses 22.2% to 22.8%, calendar comparable sales +4.3% in fiscal 2026 with eCommerce contributing approximately 4.3%; Walmart International net sales $114,641M / $121,885M / $130,423M, operating income $4,909M / $5,501M / $5,103M, net sales by market in fiscal 2026 Mexico and Central America $52,492M, China $24,623M, Canada $23,724M, other $29,584M; Sam's Club U.S. net sales $86,179M / $90,238M / $93,015M, gross profit $10,556M and operating expenses $10,639M in fiscal 2026, membership and other income $2,525M, operating income $2,442M, $1,822M excluding fuel; merchandise categories and eCommerce sales by segment) — FY2024-FY2026 · publ. March 2026 · source ↗
  23. Moat Explorer calcOver the decade that is 5.1% a year, though a good share of it is the price of petrol.
    Moat Explorer calculation from Walmart's Forms 10-K FY2018-FY2026 segment tables and the Form 10-Q for the quarter ended July 31, 2026: segment shares (Walmart U.S. $25,158M of $32,703M segment operating income = 77%; fiscal 2016-2026 cumulative segment operating income as reported, Walmart U.S. about $222.0B, International $50.6B, Sam's Club $20.8B); compound growth fiscal 2016-2026 (Walmart U.S. 4.9%, International 0.6%, Sam's Club 5.1% a year); Corporate and support revenue $713,163M less segment revenues = $36M and net expense $32,703M - $29,825M = $2,878M; sales per store $298,378M / 4,574 and $482,975M / 4,611; eCommerce share of segment net sales; category growth fiscal 2024-2026; quarter to April 2026 = six months less quarter to July (Walmart U.S. net sales $117,169M against $112,163M, operating income $5,897M against $5,696M; International $35,110M against $29,754M and $1,602M against $1,293M; Sam's Club $23,405M against $22,064M and $674M against $666M); divestiture losses $5.5B + $0.2B + $1.9B + $0.2B + $1.0B = $8.8B; Sam's Club fuel sales $93,015M - $83,744M = $9,271M and fuel operating income $2,442M - $1,822M = $620M; membership income / operating income $2,525M / $2,442M = 103% — FY2016-Q2 FY2027 · publ. 2026 · source ↗
    Method: Moat Explorer calculation from the segment tables in Walmart's Forms 10-K and the Form 10-Q for the quarter ended July 31, 2026; see the source line for each operand.
  24. ReportedeCommerce is the steadier driver: about $9.9 billion of net sales in fiscal 2024 and $15.0 billion in fiscal 2026, from 11% of the segment to 16%.
    Walmart Form 10-K, fiscal year ended January 31, 2026 - segment results and disaggregated revenue, fiscal 2024-2026 (Walmart U.S. net sales $441,817M / $462,415M / $482,975M, membership and other income $2,624M in fiscal 2026, operating income $22,154M / $23,882M / $25,158M, gross profit rate 26.8% to 27.5%, operating expenses 22.2% to 22.8%, calendar comparable sales +4.3% in fiscal 2026 with eCommerce contributing approximately 4.3%; Walmart International net sales $114,641M / $121,885M / $130,423M, operating income $4,909M / $5,501M / $5,103M, net sales by market in fiscal 2026 Mexico and Central America $52,492M, China $24,623M, Canada $23,724M, other $29,584M; Sam's Club U.S. net sales $86,179M / $90,238M / $93,015M, gross profit $10,556M and operating expenses $10,639M in fiscal 2026, membership and other income $2,525M, operating income $2,442M, $1,822M excluding fuel; merchandise categories and eCommerce sales by segment) — FY2024-FY2026 · publ. March 2026 · source ↗
  25. Moat Explorer calceCommerce is the steadier driver: about $9.9 billion of net sales in fiscal 2024 and $15.0 billion in fiscal 2026, from 11% of the segment to 16%.
    Moat Explorer calculation from Walmart's Forms 10-K FY2018-FY2026 segment tables and the Form 10-Q for the quarter ended July 31, 2026: segment shares (Walmart U.S. $25,158M of $32,703M segment operating income = 77%; fiscal 2016-2026 cumulative segment operating income as reported, Walmart U.S. about $222.0B, International $50.6B, Sam's Club $20.8B); compound growth fiscal 2016-2026 (Walmart U.S. 4.9%, International 0.6%, Sam's Club 5.1% a year); Corporate and support revenue $713,163M less segment revenues = $36M and net expense $32,703M - $29,825M = $2,878M; sales per store $298,378M / 4,574 and $482,975M / 4,611; eCommerce share of segment net sales; category growth fiscal 2024-2026; quarter to April 2026 = six months less quarter to July (Walmart U.S. net sales $117,169M against $112,163M, operating income $5,897M against $5,696M; International $35,110M against $29,754M and $1,602M against $1,293M; Sam's Club $23,405M against $22,064M and $674M against $666M); divestiture losses $5.5B + $0.2B + $1.9B + $0.2B + $1.0B = $8.8B; Sam's Club fuel sales $93,015M - $83,744M = $9,271M and fuel operating income $2,442M - $1,822M = $620M; membership income / operating income $2,525M / $2,442M = 103% — FY2016-Q2 FY2027 · publ. 2026 · source ↗
    Method: Moat Explorer calculation from the segment tables in Walmart's Forms 10-K and the Form 10-Q for the quarter ended July 31, 2026; see the source line for each operand.
  26. Moat Explorer calcIn the quarter to April 2026 net sales rose 6.1% and operating income 1.2%, calculated from the six-month and second-quarter figures.
    Moat Explorer calculation from Walmart's Forms 10-K FY2018-FY2026 segment tables and the Form 10-Q for the quarter ended July 31, 2026: segment shares (Walmart U.S. $25,158M of $32,703M segment operating income = 77%; fiscal 2016-2026 cumulative segment operating income as reported, Walmart U.S. about $222.0B, International $50.6B, Sam's Club $20.8B); compound growth fiscal 2016-2026 (Walmart U.S. 4.9%, International 0.6%, Sam's Club 5.1% a year); Corporate and support revenue $713,163M less segment revenues = $36M and net expense $32,703M - $29,825M = $2,878M; sales per store $298,378M / 4,574 and $482,975M / 4,611; eCommerce share of segment net sales; category growth fiscal 2024-2026; quarter to April 2026 = six months less quarter to July (Walmart U.S. net sales $117,169M against $112,163M, operating income $5,897M against $5,696M; International $35,110M against $29,754M and $1,602M against $1,293M; Sam's Club $23,405M against $22,064M and $674M against $666M); divestiture losses $5.5B + $0.2B + $1.9B + $0.2B + $1.0B = $8.8B; Sam's Club fuel sales $93,015M - $83,744M = $9,271M and fuel operating income $2,442M - $1,822M = $620M; membership income / operating income $2,525M / $2,442M = 103% — FY2016-Q2 FY2027 · publ. 2026 · source ↗
    Method: Moat Explorer calculation from the segment tables in Walmart's Forms 10-K and the Form 10-Q for the quarter ended July 31, 2026; see the source line for each operand.
  27. ReportedIn the quarter to July 2026 net sales rose 8.8% to $25,713 million, but fuel and other rose to $4,192 million from $3,064 million; excluding fuel, sales rose 4.5%.
    Walmart Form 10-Q, quarterly period ended July 31, 2026 - condensed consolidated financial statements and notes (total revenues $187,937M, operating income $9,383M, other losses of $1,200M against gains of $2,708M, net income attributable to Walmart $6,366M and diluted EPS $0.80; segment note; the gain-contingency note recording approximately $2.9 billion of IEEPA tariff refunds received from U.S. Customs and Border Protection as a reduction of cost of sales; the statement that less than one third of what Walmart sells in the U.S. is imported) — Q2 FY2027 (quarter ended July 31, 2026) · publ. August 28, 2026 · source ↗
  28. ReportedOperating income was $678 million against $470 million, helped by tariff refunds, and membership and other income was $654 million against $617 million.
    Walmart Form 10-Q, quarterly period ended July 31, 2026 - condensed consolidated financial statements and notes (total revenues $187,937M, operating income $9,383M, other losses of $1,200M against gains of $2,708M, net income attributable to Walmart $6,366M and diluted EPS $0.80; segment note; the gain-contingency note recording approximately $2.9 billion of IEEPA tariff refunds received from U.S. Customs and Border Protection as a reduction of cost of sales; the statement that less than one third of what Walmart sells in the U.S. is imported) — Q2 FY2027 (quarter ended July 31, 2026) · publ. August 28, 2026 · source ↗
  29. ReportedeCommerce sales were about $4.7 billion, from $3.7 billion.
    Walmart Form 10-Q, quarterly period ended July 31, 2026 - condensed consolidated financial statements and notes (total revenues $187,937M, operating income $9,383M, other losses of $1,200M against gains of $2,708M, net income attributable to Walmart $6,366M and diluted EPS $0.80; segment note; the gain-contingency note recording approximately $2.9 billion of IEEPA tariff refunds received from U.S. Customs and Border Protection as a reduction of cost of sales; the statement that less than one third of what Walmart sells in the U.S. is imported) — Q2 FY2027 (quarter ended July 31, 2026) · publ. August 28, 2026 · source ↗
Sources
Generated September 22, 2026