Walmart closed fiscal year 2025 with total revenue of $681 billion, up 5.1 percent year over year, and US comparable sales growth of 5.0 percent. For a retailer of this scale, that growth rate is exceptional. The numbers themselves are worth understanding, but the strategic moves underneath them carry the more important signal for international brands evaluating Walmart as a market entry channel.
The headline performance. US e-commerce grew 23 percent. Sam's Club delivered 6.0 percent comparable sales. Walmart Connect, the company's advertising business, grew approximately 28 percent globally and is now meaningfully contributing to operating income. Membership and other income reached approximately $4.4 billion, with Walmart+ subscriptions expanding the loyal customer base that drives basket frequency.
The acquisition that signals the next chapter. Walmart's $2.3 billion acquisition of VIZIO closed in this period, giving the retailer direct access to one of the largest connected television advertising platforms in North America. For consumer brands, this means Walmart's advertising platform now extends meaningfully into the living room. Brands selling at Walmart can increasingly buy media that reaches their Walmart shoppers across both retail media and connected TV. The implications for trade marketing strategy are significant.
Comp growth drivers worth studying. The 5.0 percent US comparable sales growth was driven by transaction growth, not just inflationary price increases. Walmart's grocery business outperformed general merchandise, but general merchandise also returned to positive comparable growth in the back half of the year, a meaningful turnaround from the prior fiscal year. Households earning more than $100,000 annually accounted for a disproportionate share of the year's market share gains, indicating Walmart's appeal is broadening across income tiers.
What this means for vendors. Three implications stand out for international brands evaluating Walmart placement. First, the operational bar is rising. The retailer's automation investments and supply chain modernization mean that vendors who can meet tight delivery windows and EDI accuracy standards will be increasingly preferred over those who cannot. Second, the advertising revenue stream is now a strategic decision, not an afterthought. Brands that allocate a portion of trade budget to Walmart Connect and the VIZIO platform are seeing measurable lift, but the planning needs to happen at vendor agreement signing, not mid year. Third, marketplace and 1P relationships are increasingly complementary. The retailer's Marketplace platform grew 37 percent in active sellers, and brands are using Marketplace to test SKUs before committing inventory to 1P programs.
Forward outlook. Walmart's guidance for the year ahead anticipates continued operating income leverage and meaningful e-commerce growth. For international brands, the message is that Walmart's growth is not slowing, but the bar for vendor partnership is rising. The brands that have invested in operational rigor, advertising sophistication, and category-specific product engineering for the Walmart shopper are the brands that will capture disproportionate share over the next two years.
