Walmart InternationalThin moat

Walmart (WMT) — moat facet

A $16 billion purchase, four exits and $8.8 billion of losses later, the segment sells 6% more than in fiscal 2016 and earns less.

Walmart International had total revenues of $131,988 million in fiscal 2026: net sales of $130,423 million and membership and other income of $1,565 million1. Its operating income was $5,103 million, 3.9% of net sales, down from $5,501 million the year before2. The fact to hold on to is the ten-year comparison. In fiscal 2016 the segment had net sales of $123,408 million and operating income of $5,346 million3. A decade later it sells about 6% more and earns less4, after a $16 billion acquisition in India and the sale of four country businesses.

Walmart International net sales, fiscal years ($B)$123.4BFY16$116.1B17$118.1B18$120.8B19$120.1B20$121.4B21$101.0B22$101.0B23$114.6B24$121.9B25$130.4B26Walmart Forms 10-K FY2018-FY2026; Asda and Seiyu sold in fiscal 2022
The segment lost a sixth of its sales in fiscal 2022 when Britain and Japan were sold, and only passed its fiscal 2016 level in fiscal 2026.

What is inside the line: 5,743 stores in 18 countries, through wholly owned subsidiaries in Canada, Chile, China and southern Africa and majority-owned ones in India and in Mexico and Central America5. The formats run from supercenters and supermarkets to warehouse clubs, including Sam's Club in China, and cash-and-carry wholesale, plus websites such as walmart.com.mx, walmart.ca, flipkart.com and samclub.cn6. By market, fiscal 2026 net sales were Mexico and Central America $52,492 million, China $24,623 million, Canada $23,724 million and everything else $29,584 million7. Walmart does not break out India.

The segment began with a joint venture in Mexico in 19918. For most of the next thirty years it grew by entering countries and then, from 2018, shrank by leaving them. In August 2018 Walmart bought 81% of Flipkart's outstanding shares, 77% on a diluted basis, for about $16 billion9, and in the same year sold a majority stake in Walmart Brazil. In February 2021 it completed the sale of Asda for net consideration of $9.6 billion, recognising a $5.5 billion pre-tax loss, and in March 2021 the sale of Seiyu in Japan for $1.2 billion, with a $1.9 billion loss; Argentina had cost $1.0 billion10. The losses booked on those three exits alone came to about $8.8 billion before tax11.

That is why the revenue line has a hole in it. Net sales fell 16.8% in fiscal 2022 to $100,959 million and were flat the year after12. Since then the business Walmart kept has grown 29% in four years13. The segment in the chart is really two segments: one that included Britain and Japan until fiscal 2021, and one that does not.

International is paid the same way as Walmart U.S. — at the till and online, with membership income from clubs and advertising sold alongside marketplace services — but it is further along online. eCommerce was about $35.8 billion of its net sales in fiscal 2026, against $24.8 billion two years earlier14: about 27% of the segment, against about 21% in the American segment15. Pickup and delivery run from approximately 3,300 locations16.

It is less profitable than Walmart U.S. and has been for the whole decade. Operating margin was 4.3% in fiscal 2016, 2.8% in fiscal 2020 and 2.9% in fiscal 20231718, recovered to 4.5% in fiscal 2025 and fell back to 3.9% in fiscal 202619. Walmart does not disclose Flipkart's results, but it said when it bought the company that its operations would weigh on net income20, and the fiscal 2020 margin shows it. Currency adds a second layer of noise: the segment reports in dollars and earns in pesos, renminbi, rupees and Canadian dollars.

Growth in the last two quarters has been the fastest in the company. Net sales rose 18.0% in the quarter to April 2026 and operating income 23.9%, calculated from the six-month and second-quarter figures21. In the quarter to July 2026 net sales rose 12.8% to $35,198 million, of which currency contributed $1.5 billion, and operating income rose to $1,439 million from $1,234 million22. China's net sales were $7,416 million against $5,786 million, up 28%2324.

The outlook is where this app already has a page. The Nineteen Per Cent That Grows Fastest covers China, the leased estate and the Indian legal questions around Flipkart, and this page does not repeat them. What that page cannot show is the decade: International has spent it going round in a circle, and the question now is whether the smaller, more digital business it left behind compounds from here or gives back the margin it has just recovered.

The number that would settle it is operating income against fiscal 2016's $5,346 million. The segment passed it in fiscal 2025 and fell below it again in fiscal 2026; clearing it in fiscal 2027 with currency stripped out would be the first sign the reshaping has paid.

Moat trajectory: Holding steady

Net sales grew 29% in the four years after the Asda and Seiyu exits, but operating income fell back below fiscal 2016's level in fiscal 2026, and currency flatters the latest quarters.

The number that tests this moat
Reported
Walmart International operating income against fiscal 2016
$5,103M in FY2026 against $5,346M; $1,439M in Q2 FY2027 against $1,234M

The segment passed its fiscal 2016 profit in fiscal 2025 and fell below it again. Clearing it in fiscal 2027 with currency stripped out would be the first evidence the reshaping has paid.

Source: Walmart Forms 10-K FY2018 and FY2026 and Form 10-Q, quarter ended July 31, 2026 ↗
References
  1. ReportedWalmart International had total revenues of $131,988 million in fiscal 2026: net sales of $130,423 million and membership and other income of $1,565 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 $5,103 million, 3.9% of net sales, down from $5,501 million the year before.
    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. ReportedIn fiscal 2016 the segment had net sales of $123,408 million and operating income of $5,346 million.
    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 ↗
  4. Moat Explorer calcA decade later it sells about 6% more and earns less, after a $16 billion acquisition in India and the sale of four country businesses.
    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: 5,743 stores in 18 countries, through wholly owned subsidiaries in Canada, Chile, China and southern Africa and majority-owned ones in India and in Mexico and Central America.
    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. ReportedThe formats run from supercenters and supermarkets to warehouse clubs, including Sam's Club in China, and cash-and-carry wholesale, plus websites such as walmart.com.mx, walmart.ca, flipkart.com and samclub.cn.
    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 ↗
  7. ReportedBy market, fiscal 2026 net sales were Mexico and Central America $52,492 million, China $24,623 million, Canada $23,724 million and everything else $29,584 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 ↗
  8. ReportedThe segment began with a joint venture in Mexico in 1991.
    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 ↗
  9. ReportedIn August 2018 Walmart bought 81% of Flipkart's outstanding shares, 77% on a diluted basis, for about $16 billion, and in the same year sold a majority stake in Walmart Brazil.
    Walmart Form 10-K, fiscal year ended January 31, 2019 - acquisition in August 2018 of 81 percent of the outstanding shares, or 77 percent of the diluted shares, of Flipkart for cash consideration of approximately $16 billion; the sale of a majority stake in Walmart Brazil; Flipkart's ongoing operations negatively impacted fiscal 2019 net income — FY2019 · publ. March 2019 · source ↗
  10. ReportedIn February 2021 it completed the sale of Asda for net consideration of $9.6 billion, recognising a $5.5 billion pre-tax loss, and in March 2021 the sale of Seiyu in Japan for $1.2 billion, with a $1.9 billion loss; Argentina had cost $1.0 billion.
    Walmart Form 10-K, fiscal year ended January 31, 2022 - divestitures: sale of Asda completed February 2021 for net consideration of $9.6 billion with a $5.5 billion pre-tax loss in fiscal 2021; sale of Seiyu completed March 2021 for $1.2 billion with a $1.9 billion loss; Argentina pre-tax loss of $1.0 billion in fiscal 2021 — FY2021-FY2022 · publ. March 2022 · source ↗
  11. Moat Explorer calcThe losses booked on those three exits alone came to about $8.8 billion before tax.
    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.
  12. ReportedNet sales fell 16.8% in fiscal 2022 to $100,959 million and were flat the year after.
    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 ↗
  13. Moat Explorer calcSince then the business Walmart kept has grown 29% in four years.
    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.
  14. ReportedeCommerce was about $35.8 billion of its net sales in fiscal 2026, against $24.8 billion two years earlier: about 27% of the segment, against about 21% in the American segment.
    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 ↗
  15. Moat Explorer calceCommerce was about $35.8 billion of its net sales in fiscal 2026, against $24.8 billion two years earlier: about 27% of the segment, against about 21% in the American segment.
    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.
  16. ReportedPickup and delivery run from approximately 3,300 locations.
    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 ↗
  17. ReportedOperating margin was 4.3% in fiscal 2016, 2.8% in fiscal 2020 and 2.9% in fiscal 2023, recovered to 4.5% in fiscal 2025 and fell back to 3.9% in fiscal 2026.
    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 ↗
  18. ReportedOperating margin was 4.3% in fiscal 2016, 2.8% in fiscal 2020 and 2.9% in fiscal 2023, recovered to 4.5% in fiscal 2025 and fell back to 3.9% in fiscal 2026.
    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 ↗
  19. ReportedOperating margin was 4.3% in fiscal 2016, 2.8% in fiscal 2020 and 2.9% in fiscal 2023, recovered to 4.5% in fiscal 2025 and fell back to 3.9% 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 ↗
  20. ReportedWalmart does not disclose Flipkart's results, but it said when it bought the company that its operations would weigh on net income, and the fiscal 2020 margin shows it.
    Walmart Form 10-K, fiscal year ended January 31, 2019 - acquisition in August 2018 of 81 percent of the outstanding shares, or 77 percent of the diluted shares, of Flipkart for cash consideration of approximately $16 billion; the sale of a majority stake in Walmart Brazil; Flipkart's ongoing operations negatively impacted fiscal 2019 net income — FY2019 · publ. March 2019 · source ↗
  21. Moat Explorer calcNet sales rose 18.0% in the quarter to April 2026 and operating income 23.9%, 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.
  22. ReportedIn the quarter to July 2026 net sales rose 12.8% to $35,198 million, of which currency contributed $1.5 billion, and operating income rose to $1,439 million from $1,234 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 ↗
  23. ReportedChina's net sales were $7,416 million against $5,786 million, up 28%.
    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 ↗
  24. Moat Explorer calcChina's net sales were $7,416 million against $5,786 million, up 28%.
    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.
Sources
Generated September 22, 2026