Walmart reported FY2026 full year revenue of approximately $690 billion, with the platform business contributions (marketplace, advertising, membership) growing at multiples of the retail core and now representing the most consequential margin growth driver in the portfolio. The full year results crystallize the vendor economic shift that the past several years have been building toward and reset the way brands should think about Walmart as a customer for FY2027 and beyond.
The full year scorecard. Walmart US comparable sales grew approximately five percent for the full year, with transaction growth slightly outpacing ticket growth. Sam's Club outperformed with comp growth in the high single digits. Walmart International posted constant currency growth in the low double digits across the major markets. Operating income grew faster than revenue, reflecting the disproportionate margin contribution of the alternative revenue lines that the company increasingly discloses as separate businesses.
| Total revenue | ~$690 billion |
| Walmart US net sales | ~$470 billion |
| Sam's Club net sales (ex fuel) | ~$90 billion+ |
| Walmart International net sales | ~$120 billion |
| Walmart Connect (advertising) annual revenue | over $7 billion |
| Marketplace GMV (estimated) | tens of billions, growing 25 percent |
| Walmart Plus membership growth | strong double digits |
| Operating income growth | ~10 percent |
The platform business contribution. Walmart Connect, the advertising business, grew approximately thirty percent for the full year and now generates over $7 billion in annual revenue at much higher margins than the retail core. Marketplace continued to grow at approximately twenty five percent annually, with category coverage expanding meaningfully. Walmart Plus membership crossed a meaningful subscriber threshold during the year. The combination of these businesses now contributes a disproportionate share of consolidated operating income, fundamentally changing the company's margin trajectory.
The vendor economic implications. The full year results confirm three structural shifts that brands selling at Walmart need to incorporate into FY2027 planning. First, Walmart Connect spend is now a foundational marketing line that scales with category share goals, not a supplementary line that can be cut to improve margin. Second, the marketplace presence is now a category context that 1P vendors must understand, with the buyer evaluating category performance across both 1P and 3P. Third, the Walmart Plus member shopper preferences are now a meaningful input to category strategy, with member spending behavior shaping assortment decisions.
The Sam's Club outperformance trajectory. Sam's Club's full year outperformance reflects the club channel's structural strength and the continued investment in Sam's Club specific capabilities. Membership growth, particularly Plus membership, drives the comp performance. Roadshow and demo programs continue to expand. The Sam's Club ecommerce business continued to scale at strong rates. For brands with the right pack out and price math, Sam's Club is the strongest organic growth channel in the Walmart Inc. portfolio.
The international growth contribution. Walmart International's strong full year reflects the company's continued investment in Mexico (Walmex), India (Flipkart and PhonePe), and selected other markets. The international footprint provides incremental brand exposure and scale benefits that support the global vendor relationships. For brands with global operations, the Walmart International opportunity deserves dedicated planning rather than treatment as a downstream of the Walmart US relationship.
The FY2027 setup. The setup for FY2027 includes continued expected growth in Walmart Connect, continued marketplace expansion, continued Walmart Plus membership growth, and continued international momentum. The retail core comp growth is expected to remain in the mid single digit range. The platform business growth is expected to remain meaningfully ahead of retail core. The combined trajectory positions Walmart for another year of operating income growth that exceeds revenue growth.
The vendor FY2027 planning implications. Three actions for brands at Walmart for FY2027. First, formalize the Walmart Connect investment as a multi year commitment that scales with category share goals. Second, evaluate the marketplace presence for adjacent assortment and category extension opportunities, with the recognition that 3P is now a meaningful part of the category planogram conversation. Third, treat Sam's Club as a distinct go to market with its own activation calendar, pack out strategy, and price architecture, not as a downstream of Walmart US planning.
MOART perspective. Walmart FY2026 was the year the platform business story moved from emerging to established. For brands planning their Walmart engagement for FY2027 and beyond, the strategic conversation should center on the platform business participation alongside the traditional trade relationship. The brands that build durable Walmart positions in FY2027 will be the brands that treat advertising, marketplace, and membership as core strategic considerations rather than supplementary activities.
