{"slug":"walmart","name":"Walmart Inc","name_en":"Walmart Inc","ticker":"WMT","updated_at":"2026-07-12T08:23:06.39+00:00","canonical":"https://valuechain.wiki/walmart","same_as":["https://finance.yahoo.com/quote/WMT","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=104169"],"citable":"밸류체인 그래프 기준 Walmart Inc의 직접 연결 기업은 6곳(관계 기준 공급 6·매출 0)이고, 사슬을 2차까지 넓히면 37곳에 닿는다. 링크의 근거 출처는 9건이며 그중 1차공시가 4건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Walmart Inc is directly linked to 6 companies (6 supply, 0 revenue relationships) and reaches 37 companies within two hops; the links are backed by 9 dated sources, 4 of them primary filings (as of 2026-07-12).","kicker":"다우 · 대형 유통 · 소비지출 대리지표+AI 도입","kicker_en":"Dow · Mass retail · Consumer-spending proxy + AI adopter","lead":"월마트는 세계 최대 유통기업으로, 2025 회계연도(2025년 1월 종료) 연결 매출이 6,810억 달러다. 월마트 미국·인터내셔널·샘스클럽 세 부문에 오프라인 점포와 이커머스, 리테일 미디어 광고, 멤버십을 결합한다. 방어적 소비재의 성격을 지니면서도, 마이크로소프트 애저와 구글의 클라우드·생성형 AI를 도입해 검색·물류·직원 업무를 자동화하는 AI 채택 기업이기도 하다. AI 도입이 실적과 주가에 실제로 반영되는지가 관전 포인트다.","lead_en":"Walmart is the world's largest retailer, with fiscal 2025 (ended January 2025) consolidated revenue of $681.0 billion. It combines stores, e-commerce, retail-media advertising and membership across three segments: Walmart U.S., Walmart International and Sam's Club. A defensive consumer staple, it is also an AI adopter, using Microsoft Azure and Google cloud and generative AI to automate search, logistics and associate tasks. Whether that AI adoption shows up in results and the stock is the thing to watch.","segments":{"fy":2026,"parts":[{"desc":"순매출 $462.4B(순매출의 69%). 미국 4,605개 점포·이커머스","name":"월마트 미국"},{"desc":"순매출 $121.9B(18%). 18개국 5,566개 점포","name":"월마트 인터내셔널"},{"desc":"순매출 $90.2B(13%). 회원제 창고형 클럽, 멤버십 수입이 이익의 큰 축","name":"샘스클럽 미국"},{"desc":"리테일 미디어(디지털 광고)·멤버십 등 고마진 매출 확대 중","name":"디지털 광고·기타"}],"total":"FY2026(2026.1 결산) 총매출 $713.2B(+4.7%)·순매출 $706.4B·순이익 $222.7억·이커머스 $150.4B(+24%, 순매출의 23%)","source":"https://stock.walmart.com/sec-filings/all-sec-filings/content/0000104169-25-000021/wmt-20250131.htm","concentration":"소비자 대상 대중 유통으로 특정 고객 집중은 없음. 광고·멤버십 등 고마진 매출 비중이 커지는 중"},"segments_en":{"fy":2026,"parts":[{"desc":"Net sales $462.4B (69% of net sales); 4,605 US stores and e-commerce","name":"Walmart U.S."},{"desc":"Net sales $121.9B (18%); 5,566 stores across 18 countries","name":"Walmart International"},{"desc":"Net sales $90.2B (13%); membership warehouse clubs, with membership income a major 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Systems","tier":3,"returns_yearly":{"2021":36.6,"2022":-13.8,"2023":69.6,"2024":10.3,"2025":4,"2026":22.9}},{"slug":"lasertec","name":"Lasertec","name_en":"Lasertec","tier":3,"returns_yearly":{"2021":78.9,"2022":2.4,"2023":57,"2024":-60.6,"2025":138.9,"2026":22.4}},{"slug":"celestica","name":"Celestica","name_en":"Celestica","tier":3,"returns_yearly":{"2021":37.9,"2022":1.3,"2023":159.8,"2024":215.2,"2025":220.3,"2026":21.7}},{"slug":"luxshare","name":"Luxshare","name_en":"Luxshare Precision","tier":3,"returns_yearly":{"2021":-11.9,"2022":-30.2,"2023":-21.2,"2024":58.8,"2025":29.3,"2026":20.6}},{"slug":"pure-storage","name":"에버퓨어 (구 퓨어스토리지)","name_en":"Everpure (formerly Pure Storage)","tier":3,"returns_yearly":{"2021":44,"2022":-17.8,"2023":33.3,"2024":72.3,"2025":9.1,"2026":18.4}},{"slug":"digital-realty","name":"Digital Realty","name_en":"Digital Realty","tier":3,"returns_yearly":{"2021":30.7,"2022":-41,"2023":39.9,"2024":35.9,"2025":-10.1,"2026":18.2}},{"slug":"amphenol","name":"Amphenol","name_en":"Amphenol","tier":3,"returns_yearly":{"2021":34.9,"2022":-12,"2023":31.5,"2024":41.3,"2025":96.1,"2026":18.1}},{"slug":"advantest","name":"Advantest","name_en":"Advantest","tier":3,"returns_yearly":{"2021":17,"2022":-2.3,"2023":155.7,"2024":49.5,"2025":196,"2026":17.1}},{"slug":"apple","name":"Apple","name_en":"Apple","tier":3,"returns_yearly":{"2021":34.6,"2022":-26.4,"2023":49,"2024":30.7,"2025":9.1,"2026":16.2}},{"slug":"broadcom","name":"Broadcom","name_en":"Broadcom","tier":3,"returns_yearly":{"2021":56.5,"2022":-13.3,"2023":104.2,"2024":110.5,"2025":50.6,"2026":16}},{"slug":"nikon","name":"니콘","name_en":"Nikon","tier":3,"returns_yearly":{"2021":46.2,"2022":10.9,"2023":23.1,"2024":13.7,"2025":19.7,"2026":15.9}},{"slug":"fanuc","name":"FANUC","name_en":"FANUC","tier":3,"returns_yearly":{"2021":-16.5,"2022":4.4,"2023":-8.1,"2024":15.6,"2025":37.7,"2026":15.3}},{"slug":"wistron","name":"위스트론","name_en":"Wistron","tier":3,"returns_yearly":{"2021":7.9,"2022":9.7,"2023":272.7,"2024":-1.6,"2025":22.7,"2026":14.8}},{"slug":"merck-kgaa","name":"Merck KGaA","name_en":"Merck KGaA (EMD)","tier":3,"returns_yearly":{"2021":42.2,"2022":-0.4,"2023":-19.1,"2024":-2.5,"2025":-12.7,"2026":13.5}},{"slug":"nextera-energy","name":"NextEra Energy","name_en":"NextEra Energy","tier":3,"returns_yearly":{"2021":23.4,"2022":-8.5,"2023":-25.3,"2024":21.5,"2025":15.5,"2026":11.1}},{"slug":"mitsubishi","name":"미쓰비시상사","name_en":"Mitsubishi","tier":3,"returns_yearly":{"2021":52.5,"2022":15.9,"2023":84.1,"2024":-0.3,"2025":70.2,"2026":8.7}},{"slug":"amazon","name":"아마존","name_en":"Amazon","tier":3,"returns_yearly":{"2021":2.4,"2022":-49.6,"2023":80.9,"2024":44.4,"2025":5.2,"2026":6.3}},{"slug":"cameco","name":"Cameco","name_en":"Cameco","tier":3,"returns_yearly":{"2021":63.2,"2022":4.3,"2023":90.5,"2024":19.5,"2025":78.4,"2026":4.9}},{"slug":"kyec","name":"KYEC","name_en":"King Yuan Electronics (KYEC)","tier":3,"returns_yearly":{"2021":26.7,"2022":-7.7,"2023":132.4,"2024":38.6,"2025":171,"2026":4.2}},{"slug":"fabrinet","name":"Fabrinet","name_en":"Fabrinet","tier":3,"returns_yearly":{"2021":52.7,"2022":8.2,"2023":48.4,"2024":15.5,"2025":107.1,"2026":3.5}},{"slug":"vistra","name":"Vistra","name_en":"Vistra","tier":3,"returns_yearly":{"2021":19.6,"2022":5.1,"2023":70.7,"2024":261.5,"2025":17.7,"2026":-1.3}},{"slug":"blackrock","name":"BlackRock","name_en":"BlackRock","tier":3,"returns_yearly":{"2021":29.4,"2022":-20.4,"2023":17.9,"2024":29.3,"2025":6.6,"2026":-2.1}},{"slug":"hoya","name":"호야","name_en":"Hoya Corporation","tier":3,"returns_yearly":{"2021":10.8,"2022":-3,"2023":34.4,"2024":11.3,"2025":24.9,"2026":-2.9}},{"slug":"itochu","name":"이토추상사","name_en":"Itochu","tier":3,"returns_yearly":{"2021":25.6,"2022":17.9,"2023":66.6,"2024":9.1,"2025":40.8,"2026":-3.4}},{"slug":"hpsp","name":"HPSP","name_en":"HPSP","tier":3,"returns_yearly":{"2023":216.5,"2024":-30.4,"2025":54.7,"2026":-4.5}},{"slug":"synopsys","name":"Synopsys","name_en":"Synopsys","tier":3,"returns_yearly":{"2021":42.1,"2022":-13.4,"2023":61.3,"2024":-5.7,"2025":-3.2,"2026":-5.2}},{"slug":"phison","name":"Phison","name_en":"Phison Electronics","tier":3,"returns_yearly":{"2021":26.8,"2022":-10.7,"2023":45.1,"2024":-6.7,"2025":418.3,"2026":-6}},{"slug":"photronics","name":"Photronics","name_en":"Photronics","tier":3,"returns_yearly":{"2021":68.9,"2022":-10.7,"2023":86.4,"2024":-24.9,"2025":35.8,"2026":-6.6}},{"slug":"mobileye","name":"Mobileye","name_en":"Mobileye","tier":3,"returns_yearly":{"2023":23.6,"2024":-54,"2025":-47.6,"2026":-8.5}},{"slug":"te-connectivity","name":"TE Connectivity","name_en":"TE Connectivity","tier":3,"returns_yearly":{"2021":35.1,"2022":-27.7,"2023":24.6,"2024":3.5,"2025":61.1,"2026":-11.3}},{"slug":"recursion","name":"Recursion Pharmaceuticals","name_en":"Recursion Pharmaceuticals","tier":3,"returns_yearly":{"2022":-55,"2023":27.9,"2024":-31.4,"2025":-39.5,"2026":-13}},{"slug":"d-wave","name":"D-Wave Quantum","name_en":"D-Wave Quantum","tier":3,"returns_yearly":{"2022":-85.3,"2023":-38.9,"2024":854.5,"2025":211.3,"2026":-23.2}},{"slug":"rigetti","name":"Rigetti Computing","name_en":"Rigetti Computing","tier":3,"returns_yearly":{"2022":-92.9,"2023":35.1,"2024":1449.2,"2025":45.2,"2026":-25.3}},{"slug":"oklo","name":"Oklo","name_en":"Oklo","tier":3,"returns_yearly":{"2022":0.7,"2023":6.5,"2024":101,"2025":238,"2026":-31.9}},{"slug":"byd-electronics","name":"BYD일렉트로닉스","name_en":"BYD Electronics","tier":3,"returns_yearly":{"2021":-56.1,"2022":16,"2023":-0.4,"2024":60.6,"2025":-19.4,"2026":-34.4}},{"slug":"ubtech","name":"UBTech","name_en":"UBTech Robotics","tier":3,"returns_yearly":{"2024":-21.6,"2025":95.4,"2026":-39.2}},{"slug":"shinko","name":"신코덴키","name_en":"Shinko Electric Industries","tier":3,"returns_yearly":null},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":3,"returns_yearly":null},{"slug":"jsr","name":"JSR","name_en":"JSR Corporation","tier":3,"returns_yearly":null},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":3,"returns_yearly":null}],"analysis":"세계 최대 유통기업(FY2025 연결매출 $6,810억)으로, 오프라인 점포·이커머스·리테일 미디어·멤버십을 결합한 방어적 소비재이자 소비 지출의 대리지표다. 실적 방어력은 P&G(월마트가 P&G 매출의 15%)·펩시코(14%)·네슬레 등 대형 공급사를 쥔 매입 협상력과, 리테일 미디어(광고)·멤버십 같은 고마진 매출 비중 확대에서 나온다. 동시에 마이크로소프트 애저·Azure OpenAI(직원용 My Assistant·검색)와 구글(제미나이 커머스 UCP)을 도입한 AI 채택 기업으로, 이 AI 투자가 물류·검색 효율과 마진으로 실제 전이되는지가 관전 포인트다. 그래프상 상류는 수만 소비재 공급사와 물류·클라우드이고, 하류는 대중 소비자다.","analysis_en":"The world's largest retailer (FY2025 consolidated revenue $681.0B), a defensive consumer staple and proxy for consumer spending that combines stores, e-commerce, retail media and membership. Its earnings resilience comes from buying power over large suppliers — P&G (Walmart is 15% of P&G sales), PepsiCo (14%), Nestlé — and from a rising share of higher-margin retail-media (advertising) and membership revenue. It is also an AI adopter, running Microsoft Azure/Azure OpenAI (the My Assistant tool, search) and partnering with Google (Gemini commerce, UCP), so whether that AI investment translates into logistics/search efficiency and margin is the thing to watch. Upstream on the graph are tens of thousands of consumer-goods suppliers plus logistics and cloud; downstream are mass consumers.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"소비자 (오프라인·이커머스)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-03-14","basis":"연결 총매출(순매출 $674.5B)","value":681000000000,"period":"FY2025","basis_en":"Consolidated total revenue (net sales $674.5B)"},"note":"매출의 대부분은 소비자 대상 상품 판매다. 2025 회계연도 순매출 $674.5B 중 월마트 미국 $462.4B, 인터내셔널 $121.9B, 샘스클럽 $90.2B다.","note_en":"Most revenue is merchandise sold to consumers. Of fiscal 2025 net sales of $674.5B, Walmart U.S. was $462.4B, International $121.9B and Sam's Club $90.2B.","sources":[{"stance":"mentions","publisher":"consensus (via MarketBeat)","publisher_en":"consensus (via MarketBeat)","kind":"research","lang":"en","published_at":"2026-06-01","url":"https://www.marketbeat.com/stocks/NASDAQ/WMT/forecast/","title":"월마트 애널리스트 매수·컨센 목표가 ~$140(2026)","title_en":"Walmart analyst Buy, consensus target ~$140 (2026)","excerpt":"Analyst consensus Buy, average target ~$139-142; defensive consumer, retail media and membership growth.","excerpt_en":"Analyst consensus Buy, average target ~$139-142; defensive consumer, retail media and membership growth."},{"stance":"confirms","publisher":"Walmart (SEC EDGAR)","publisher_en":"Walmart (SEC EDGAR)","kind":"filing","lang":"en","published_at":"2026-03-13","url":"https://www.sec.gov/Archives/edgar/data/104169/000010416926000055/wmt-20260131.htm","title":"월마트 10-K (FY2026, 1월 결산)","title_en":"Walmart 10-K (FY2026)","excerpt":"Walmart FY2026 total revenue $713.16B (+4.7%), net sales $706.41B, net income $22.27B; global e-commerce $150.4B (+24%, 23% of net sales).","excerpt_en":"Walmart FY2026 total revenue $713.16B (+4.7%), net sales $706.41B, net income $22.27B; global e-commerce $150.4B (+24%, 23% of net sales)."},{"stance":"confirms","publisher":"월마트(SEC 10-K)","publisher_en":"Walmart (SEC 10-K)","kind":"filing","lang":"en","published_at":"2025-03-14","url":"https://stock.walmart.com/sec-filings/all-sec-filings/content/0000104169-25-000021/wmt-20250131.htm","title":"Walmart Inc Form 10-K (FY2025)","title_en":"Walmart Inc Form 10-K (FY2025)","excerpt":"2025 회계연도 총매출은 $681.0B, 순매출은 $674.5B이며 월마트 미국·인터내셔널·샘스클럽 3개 부문으로 구성된다.","excerpt_en":"Fiscal 2025 total revenues were $681.0B and net sales $674.5B, across three segments: Walmart U.S., Walmart International and Sam's Club."}]},{"direction":"cost","counterparty":"Procter & Gamble","counterparty_slug":"procter-gamble","confidence":"high","metric":{"type":"share","unit":"%","as_of":"2025-06-30","basis":"월마트향 순매출 비중(P&G 기준)","value":15,"period":"FY2025","basis_en":"Walmart share of P&G net sales"},"note":"P&G는 월마트 매대의 핵심 공급사다. P&G 공시 기준 월마트가 P&G 순매출의 약 15%를 차지할 만큼, 월마트에게도 P&G는 대형 생활용품 매입처다.","note_en":"P&G is a core supplier to Walmart's shelves. Per P&G's disclosure Walmart is about 15% of P&G's net sales, making P&G a major consumer-goods procurement counterparty for Walmart in turn.","sources":[{"stance":"confirms","publisher":"P&G","publisher_en":"Procter & Gamble","kind":"filing","lang":"en","published_at":"2025-08-04","url":"https://www.sec.gov/Archives/edgar/data/0000080424/000008042425000076/pg-20250630.htm","title":"Procter & Gamble Form 10-K (FY2025)","title_en":"Procter & Gamble Form 10-K (FY2025)","excerpt":"월마트향 매출이 P&G 순매출의 약 15%로 단일 최대 고객이다.","excerpt_en":"Sales to Walmart are about 15% of P&G net sales, the single largest customer."}]},{"direction":"cost","counterparty":"상품 매입 (공급업체, 비공개)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"cogs_undisclosed"},"note":"매출원가의 대부분을 차지하는 상품 매입. 수만 개 글로벌 공급업체에서 조달하며 개별 공급사·단가는 비공개.","note_en":"Merchandise purchasing, the bulk of cost of sales, sourced from tens of thousands of global suppliers; individual suppliers and prices undisclosed.","sources":[{"stance":"mentions","publisher":"월마트(SEC 10-K)","publisher_en":"Walmart (SEC 10-K)","kind":"filing","lang":"en","published_at":"2025-03-14","url":"https://stock.walmart.com/sec-filings/all-sec-filings/content/0000104169-25-000021/wmt-20250131.htm","title":"Walmart Inc Form 10-K (FY2025)","title_en":"Walmart Inc Form 10-K (FY2025)","excerpt":"10-K는 상품 매입이 매출원가의 대부분이며 광범위한 글로벌 공급망에서 조달한다고 기술한다.","excerpt_en":"The 10-K describes merchandise purchases as the bulk of cost of sales, sourced from a broad global supply base."}]},{"direction":"cost","counterparty":"물류·운송 (비공개)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"logistics_transport"},"note":"물류센터·운송·마지막 배송 등 공급망 비용. AI·자동화 투자로 물류센터 처리 역량을 끌어올리고 있다.","note_en":"Supply-chain costs across distribution centers, transportation and last-mile delivery; AI and automation investment is lifting fulfillment-center throughput.","sources":[{"stance":"mentions","publisher":"월마트(SEC 10-K)","publisher_en":"Walmart (SEC 10-K)","kind":"filing","lang":"en","published_at":"2025-03-14","url":"https://stock.walmart.com/sec-filings/all-sec-filings/content/0000104169-25-000021/wmt-20250131.htm","title":"Walmart Inc Form 10-K (FY2025)","title_en":"Walmart Inc Form 10-K (FY2025)","excerpt":"10-K는 공급망·물류 자동화와 배송 역량 투자를 사업 전략으로 다룬다.","excerpt_en":"The 10-K covers supply-chain and logistics automation and delivery-capacity investment as part of its strategy."}]},{"direction":"cost","counterparty":"Microsoft","counterparty_slug":"microsoft","confidence":"high","metric":{"qualifier":"azure_cloud"},"note":"마이크로소프트가 월마트의 핵심 클라우드 제공사(2018년 전략적 제휴)로, 월마트는 애저와 애저 오픈AI로 생성형 AI(직원용 My Assistant, 검색)를 구동한다.","note_en":"Microsoft is a preferred cloud provider to Walmart (2018 strategic partnership), and Walmart runs generative AI (the My Assistant tool for associates, and search) on Azure and Azure OpenAI Service.","sources":[{"stance":"confirms","publisher":"Walmart (SEC EDGAR)","publisher_en":"Walmart (SEC EDGAR)","kind":"filing","lang":"en","published_at":"2026-03-13","url":"https://www.sec.gov/Archives/edgar/data/104169/000010416926000055/wmt-20260131.htm","title":"월마트 10-K (FY2026, 1월 결산)","title_en":"Walmart 10-K (FY2026)","excerpt":"10-K 기준 총매출 $681B. 애저·Azure OpenAI를 AI 인프라로 활용.","excerpt_en":"Per the 10-K, total revenue $681B; uses Azure and Azure OpenAI as AI infrastructure."},{"stance":"confirms","publisher":"마이크로소프트(공식 블로그)","publisher_en":"Microsoft (Official Blog)","kind":"news","lang":"en","published_at":"2024-01-09","url":"https://blogs.microsoft.com/blog/2024/01/09/walmart-unveils-new-generative-ai-powered-capabilities-for-shoppers-and-associates/","title":"Walmart unveils new generative AI-powered capabilities for shoppers and associates","title_en":"Walmart unveils new generative AI-powered capabilities for shoppers and associates","excerpt":"월마트의 My Assistant는 애저 오픈AI 서비스의 대규모 언어모델을 활용하며, 검색 기능도 애저 오픈AI의 LLM을 쓴다. 2018년 마이크로소프트를 핵심 클라우드 제공사로 하는 전략적 제휴를 맺었다.","excerpt_en":"Walmart's My Assistant leverages large language models in Azure OpenAI Service, and its search also uses Azure OpenAI LLMs; a 2018 strategic partnership made Microsoft a preferred cloud provider."}]},{"direction":"cost","counterparty":"PepsiCo","counterparty_slug":"pepsico","confidence":"mid","metric":{"qualifier":"branded_supplier"},"note":"월마트는 펩시코의 스낵·음료를 대량 매입해 매대에 올린다. 펩시코 연결 매출의 약 14%가 월마트(샘스클럽 포함)에서 나올 만큼, 월마트에게 펩시코는 핵심 상품 매입처(원가)다.","note_en":"Walmart buys PepsiCo snacks and beverages at scale for its shelves; about 14% of PepsiCo's revenue comes from Walmart (including Sam's Club), so PepsiCo is a core merchandise supplier (cost of goods) for Walmart.","sources":[{"stance":"confirms","publisher":"스톡타이탄","publisher_en":"StockTitan","kind":"filing","lang":"en","published_at":"2026-02-02","url":"https://www.stocktitan.net/sec-filings/PEP/10-k-pepsico-inc-files-annual-report-fb33a43f0bd7.html","title":"펩시코 10-K: 부문·월마트 의존·리스크","title_en":"PepsiCo outlines segments, Walmart reliance and risks","excerpt":"펩시코 10-K는 월마트(샘스클럽 포함)가 연결 순매출의 약 14%를 차지한다고 밝혀, 월마트에게 펩시코가 핵심 매입처임을 보여준다.","excerpt_en":"PepsiCo's 10-K states Walmart (including Sam's Club) is about 14% of consolidated net revenue, showing PepsiCo is a core supplier to Walmart."}]},{"direction":"revenue","counterparty":"광고주 (리테일 미디어)","counterparty_slug":null,"confidence":"mid","metric":{"as_of":"2026-01","qualifier":"retail_media_advertising"},"note":"디지털 광고(리테일 미디어)가 빠르게 크는 고마진 매출원이다. 브랜드·판매자가 월마트 채널에 광고비를 낸다.","note_en":"Digital advertising (retail media) is a fast-growing, higher-margin revenue stream, with brands and sellers paying to advertise across Walmart's channels.","sources":[{"stance":"mentions","publisher":"월마트(SEC 10-K)","publisher_en":"Walmart (SEC 10-K)","kind":"filing","lang":"en","published_at":"2025-03-14","url":"https://stock.walmart.com/sec-filings/all-sec-filings/content/0000104169-25-000021/wmt-20250131.htm","title":"Walmart Inc Form 10-K (FY2025)","title_en":"Walmart Inc Form 10-K (FY2025)","excerpt":"월마트는 디지털 광고 등 생태계와 제공 서비스를 확장하고 있다고 밝힌다.","excerpt_en":"Walmart states it is expanding its ecosystem and services in areas such as digital advertising."}]},{"direction":"revenue","counterparty":"회원 (샘스클럽·Walmart+ 멤버십)","counterparty_slug":null,"confidence":"mid","metric":{"as_of":"2026-01","qualifier":"membership_income"},"note":"샘스클럽과 Walmart+ 멤버십 수입은 회원이 내는 회비로, 샘스클럽 영업이익의 큰 축이다.","note_en":"Sam's Club and Walmart+ membership income comes from member fees and is a major driver of Sam's Club operating income.","sources":[{"stance":"confirms","publisher":"월마트(SEC 10-K)","publisher_en":"Walmart (SEC 10-K)","kind":"filing","lang":"en","published_at":"2025-03-14","url":"https://stock.walmart.com/sec-filings/all-sec-filings/content/0000104169-25-000021/wmt-20250131.htm","title":"Walmart Inc Form 10-K (FY2025)","title_en":"Walmart Inc Form 10-K (FY2025)","excerpt":"샘스클럽의 멤버십 수입은 해당 부문 영업이익의 중요한 구성요소라고 명시한다.","excerpt_en":"The filing states Sam's Club membership income is a significant component of that segment's operating income."}]},{"direction":"cost","counterparty":"Nestlé","counterparty_slug":"nestle","confidence":"mid","metric":{"qualifier":"branded_supplier"},"note":"월마트는 네슬레의 최대 소매 고객으로 네슬레 제품을 대량 매입해 판매한다. 월마트에게 네슬레는 대형 상품 매입처다.","note_en":"Walmart is Nestlé's largest retail customer, buying and reselling Nestlé products at scale. For Walmart, Nestlé is a major goods supplier.","sources":[{"stance":"mentions","publisher":"네슬레","publisher_en":"Nestle","kind":"ir","lang":"en","published_at":"2005-06-01","url":"https://www.nestle.com/sites/default/files/asset-library/documents/library/presentations/investors_events/investors_seminar_2005/walmart_jun2005_flaherty_transcript.pdf","title":"Nestle Global Account Management: Wal-Mart","title_en":"Nestle Global Account Management: Wal-Mart","excerpt":"네슬레는 월마트를 최대 글로벌 어카운트로 관리하며, 월마트가 네슬레의 대형(수십억 달러) 고객으로 성장했음을 공식 프레젠테이션에서 밝혔다.","excerpt_en":"Nestle manages Walmart as its largest global account, and in an official presentation described Walmart growing into a multi-billion-dollar Nestle customer."}]},{"direction":"cost","counterparty":"Alphabet (Google)","counterparty_slug":"alphabet","confidence":"mid","metric":{"qualifier":"google_cloud"},"note":"구글과 AI 커머스 제휴를 맺어 제미나이·구글 검색 'AI 모드'에서 월마트 상품을 살 수 있게 하는 공통 표준(UCP)을 공동 개발했다(2026년 1월). 월마트는 구글 클라우드도 활용한다.","note_en":"Walmart partnered with Google on AI commerce, co-developing a common standard (UCP) letting shoppers buy Walmart products through Gemini and Google Search's AI mode (January 2026); Walmart also uses Google Cloud.","sources":[{"stance":"confirms","publisher":"한국경제","publisher_en":"The Korea Economic Daily","kind":"news","lang":"ko","published_at":"2026-01-12","url":"https://www.hankyung.com/amp/2026011259131","title":"구글 AI로 월마트 물건 산다…원스톱 쇼핑 승부수","title_en":"Buy Walmart goods via Google AI: a one-stop shopping push","excerpt":"구글과 월마트가 NRF 2026에서 제미나이로 월마트 상품을 구매하는 서비스와 공통 표준 UCP를 공동 발표했고, 순다르 피차이 알파벳 CEO와 존 퍼너 월마트 차기 CEO가 공식화했다.","excerpt_en":"Google and Walmart jointly unveiled at NRF 2026 a service to buy Walmart products via Gemini and a common standard, UCP, announced by Alphabet CEO Sundar Pichai and incoming Walmart CEO John Furner."}]},{"direction":"cost","counterparty":"CJ제일제당","counterparty_slug":"cj-cheiljedang","confidence":"mid","metric":{"qualifier":"sourced_goods"},"note":"슈완스 인수(2019, 유통점 6만개)로 비비고를 월마트 등 美 대형 유통에 공급. 비비고=美 1위 한식 브랜드.","note_en":"Post-Schwan's (2019, ~60,000 US points), supplies Bibigo to Walmart and other US mass retail; Bibigo is America's No.1 Korean food brand.","sources":[{"stance":"confirms","publisher":"아시아경제","publisher_en":"The Asia Business Daily","kind":"news","lang":"en","published_at":"2025-05-29","url":"https://www.asiae.co.kr/en/article/2025052809441474268","title":"비비고, 美 만두시장 41% 1위…월마트 매대","title_en":"Bibigo leads US dumpling market with 41% share, on Walmart shelves","excerpt":"미국 로스앤젤레스 월마트 매장에서 비비고 제품을 살펴보는 소비자.","excerpt_en":"A shopper examining Bibigo products at a Walmart location in Los Angeles."}]}]}