Walmart

Walmart runs more than 10,900 stores and clubs in 19 countries plus walmart.com, Sam's Club and Flipkart, serving about 280 million customers a week at everyday low prices. FY2026 total revenues were $713.2B (+4.7%), almost all from selling merchandise on thin margins (4.2% operating margin), while faster-growing extras — membership fees, a nearly $6.4B advertising business and marketplace services — add profit on top. About 18.5% of revenue came from outside the U.S.

Business Model Canvas
Walmart
Research date: Oct 16, 2026
Evidence-backed · sources in companion brief

Key Partners

  • Suppliers and brands, U.S. and international (FACT).
  • Supplier payments reduce cost of sales (FACT).
  • Under 1/3 of U.S. sales imported (FACT).
  • Marketplace sellers and advertisers (FACT).
  • Minority holders in Walmex, Flipkart, PhonePe (FACT).
  • Common carriers alongside private fleet (FACT).

Key Activities

  • Merchandising and private-brand development (FACT).
  • 192 U.S. + 179 international distribution facilities (FACT).
  • Pickup/delivery from 8,400+ locations (FACT).
  • <3-hour delivery to 95% of U.S. households (FACT).
  • ~675 U.S. remodels in FY26 (FACT).
  • Supply-chain automation and AI tools (FACT).

Key Resources

  • 10,955 retail units in 19 countries (FACT).
  • ~2.1M associates; ~1.6M in U.S. (FACT).
  • Long-lived assets $157.0B (FACT).
  • Private brands — Great Value, Equate, Member's Mark (FACT).
  • ~280M customers each week (FACT).
  • Stakes in Flipkart and PhonePe (FACT).

Value Propositions

  • Everyday low prices (EDLP) (FACT).
  • One-stop shop — grocery, health, general merchandise (FACT).
  • Same-day pickup and delivery (FACT).
  • Private brands as cheaper alternatives (FACT).
  • For brands — reach + retail media ads (FACT).
  • Pharmacy, optical, fuel and financial services (FACT).

Customer Relationships

  • Self-service, price-trust habit (INFERENCE).
  • Walmart+ — free shipping, delivery, fuel discounts (FACT).
  • Sam's Club — $50 Club / $110 Plus (FACT).
  • Membership fee revenue $4.4B FY26 (FACT).
  • Sam's Cash rewards (FACT).
  • Apps and AI-powered customer tools (FACT).

Channels

  • ~10,955 stores and clubs (FACT).
  • walmart.com, samsclub.com and apps (FACT).
  • Flipkart, PhonePe, walmart.com.mx, walmart.ca (FACT).
  • eCommerce ~$150.4B FY26 (INFERENCE sum).
  • Pickup and delivery from stores (FACT).
  • Own advertising spend $5.4B (FACT).

Customer Segments

  • Budget-conscious households and busy families (FACT).
  • Share gains with upper-income households (FACT, Q4 FY26).
  • Sam's Club households and small businesses (FACT).
  • International shoppers in 18 countries (FACT).
  • Brands and marketplace sellers (FACT).
  • Pharmacy and health customers (FACT).

Cost Structure

  • Cost of sales $535.4B FY26 (FACT).
  • Operating expenses $147.9B, 20.9% of sales (FACT).
  • Operating margin 4.2% (FACT).
  • Capex $26.6B; FY27 plan $25–27B (FACT).
  • Depreciation & amortization $14.2B (FACT).
  • Free cash flow $14.9B (FACT, non-GAAP).

Revenue Streams

  • FY2026 total revenues $713.2B (+4.7%) (FACT).
  • Walmart U.S. grocery $285.5B (FACT).
  • Membership & other income $6.75B (FACT).
  • Advertising ~$6.4B (+46%) (FACT).
  • Marketplace, fulfillment and data services (FACT).
  • Main engine (reviewed): retail/DTC — own-inventory sales (INFERENCE / model).
Sources: sec.gov/Archives/edgar · sec.gov/Archives/edgar · sec.gov/Archives/edgar · sec.gov/Archives/edgar · stock.walmart.com
Not affiliated with Walmart.
BMC · Osterwalder 9-block · Oct 16, 2026