Mass retail · Consumer-spending proxy + AI adopter
Walmart Inc
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.
WMT Updated Sep 12, 2026 5 AI consumers· 4 recurring
Per the valuechain.wiki graph, Walmart Inc is directly linked to 13 companies (12 supply, 1 revenue relationships) and reaches 55 companies within two hops; the links are backed by 21 dated sources, 8 of them primary filings (as of 2026-09-12).
Annual return · 2026-09-04'21+2%'22-0.5%'23+12.9%'24+74%'25+24.5%YTD-3.2%
Money in ▸소비자 (오프라인·이커머스)●Amount $681B광고주 (리테일 미디어)◐회원 (샘스클럽·Walmart+ 멤버십)◐UnitedHealth Group Incorporated◐
Walmart IncFY2026
Financials & Segments
- Total revenue · FY2026 (ended Jan 2026) total revenue $713.2B (+4.7%), net sales $706.4B, net income $22.27B, e-commerce $150.4B (+24%, 23% of net sales)
- Customer concentration · Mass consumer retail with no single-customer concentration; higher-margin advertising and membership revenue is a growing share
- Segments · Walmart U.S. · Walmart International · Sam's Club U.S. · Digital advertising and other
Revenue from
- 소비자 (오프라인·이커머스) High confidence· Amount $681B · FY2025 · Consolidated total revenue (net sales $674.5B)
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.Mentions EN consensus (via MarketBeat) Published Jun 1, 2026: Walmart analyst Buy, consensus target ~$140 (2026) - 광고주 (리테일 미디어) Medium confidence
Digital advertising (retail media) is a fast-growing, higher-margin revenue stream, with brands and sellers paying to advertise across Walmart's channels. - 회원 (샘스클럽·Walmart+ 멤버십) Medium confidence
Sam's Club and Walmart+ membership income comes from member fees and is a major driver of Sam's Club operating income. - UnitedHealth Group Incorporated Medium confidence
Walmart and Sam's Club pharmacies dispense prescriptions as Optum Rx network pharmacies and are reimbursed by UnitedHealth Group (Optum Rx). Public documents establish network participation and Optum Rx's payment obligation but do not disclose the amounts paid to Walmart.
Pays to
- Procter & Gamble High confidence· Market share 15% · FY2025 · Walmart share of P&G net sales
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. - 상품 매입 (공급업체, 비공개) High confidence
Merchandise purchasing, the bulk of cost of sales, sourced from tens of thousands of global suppliers; individual suppliers and prices undisclosed. - 물류·운송 (비공개) High confidence
Supply-chain costs across distribution centers, transportation and last-mile delivery; AI and automation investment is lifting fulfillment-center throughput. - Microsoft High confidence
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.Confirms EN Microsoft (Official Blog) Published Jan 9, 2024: Walmart unveils new generative AI-powered capabilities for shoppers and associates - Colgate-Palmolive Company High confidence
Walmart and its affiliates were Colgate-Palmolive's largest disclosed customer, accounting for about 11% of FY2025 net sales, and Walmart's own data case study also confirms that Colgate-Palmolive brands are sold through Walmart stores and online.Confirms EN Walmart Data Ventures Published Oct 29, 2025: Looking Closer: Unlocking Opportunity for Tom's of Maine at Walmart - Keurig Dr Pepper Inc. High confidence
Walmart is KDP's largest retail customer and purchases products across every reportable segment, with the disclosed customer revenue concentration recorded in the metric. - Abbott Laboratories Medium confidence· Count 3,500 locations · 2025 rollout · U.S. Walmart locations carrying Lingo
Walmart is a major U.S. retail channel for Abbott's Lingo continuous glucose monitor, in stores and online. The rollout exceeded 3,500 locations in October 2025, but Walmart's purchases from Abbott are not disclosed. - PepsiCo Medium confidence
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. - Nestlé S.A. Medium confidence
Walmart is Nestlé's largest retail customer, buying and reselling Nestlé products at scale. For Walmart, Nestlé is a major goods supplier. - Alphabet (Google) Medium confidence
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.Confirms KO The Korea Economic Daily Published Jan 12, 2026: Buy Walmart goods via Google AI: a one-stop shopping push - CJ CheilJedang Medium confidence
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.Confirms EN The Asia Business Daily Published May 29, 2025: Bibigo leads US dumpling market with 41% share, on Walmart shelves - McKesson Corporation Medium confidence
Walmart has received distribution services from McKesson for more than 30 years and is its generic-drug sourcing partner, with no counterparty-specific revenue amount or share disclosed.Confirms EN McKesson Corporation Published Sep 23, 2025: McKesson 2025 Investor Day Corrected TranscriptConfirms KO NewsPim Published Apr 7, 2025: [GAM] McKesson Reaches New Highs Despite Tariff Shock, Part 2 - 3M Company Medium confidence
Walmart is a retail customer that buys air-cleaning filters made at a 3M plant in the United States for sale in its stores, but neither the transaction value nor its share of 3M revenue is disclosed. - Waste Management, Inc. Medium confidence
Walmart receives long-term advisory and implementation support from WM Sustainability Services at its facilities, and the manager featured in a 2021 report had supported the Walmart account for 11 years at the time, but account revenue was not disclosed.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| UnitedHealth Group Incorporated | lead1 | +45.2 | +6.9 | +0.8 | -2.4 | -33.1 | +21.9 |
| Walmart Inc | node | +2 | -0.5 | +12.9 | +74 | +24.5 | -3.2 |
| Colgate-Palmolive Company | benef1 | +2.1 | -5.4 | +3.8 | +16.6 | -11 | +14.4 |
| Nestlé S.A. | benef1 | +22.1 | -4.2 | -9.3 | -18.8 | -1.8 | +11 |
| McKesson Corporation | benef1 | +44.2 | +51.8 | +24.1 | +23.7 | +44.5 | +11 |
| Procter & Gamble | benef1 | +20.5 | -5 | -0.9 | +17.3 | -12.3 | +4.5 |
| Microsoft | benef1 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | +4 |
| Waste Management, Inc. | benef1 | +43.8 | -4.5 | +16.2 | +14.3 | +10.5 | +0.5 |
| PepsiCo | benef1 | +20.6 | +6.8 | -3.3 | -7.6 | -1.8 | -2.2 |
| Abbott Laboratories | benef1 | +30.5 | -20.7 | +2.3 | +4.8 | +12.9 | -11.9 |
| CJ CheilJedang | benef1 | -17.7 | +1.1 | -14.5 | -15.7 | -8.9 | -12.2 |
| Seagate Technology | benef2 | +87.5 | -51.4 | +69.1 | +4.1 | +225.3 | +209.1 |
| Western Digital | benef2 | +17.7 | -51.6 | +66 | +13.9 | +283.7 | +171.6 |
| Marvell | benef2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +163.4 |
| Intel | benef2 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +159.6 |
| AMD | benef2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +123 |
| Wiwynn | benef2 | +24.7 | -22.3 | +206.4 | +3.5 | +64.4 | +120.2 |
| Astera Labs | benef2 | · | · | · | · | +25.6 | +86.6 |
| Vertiv | benef2 | +33.8 | -45.3 | +251.8 | +136.8 | +42.8 | +73.2 |
| Illumina | benef2 | +2.8 | -46.9 | -31.1 | -1.3 | -1.8 | +66.4 |
| Archer-Daniels-Midland Company | benef2 | +37.3 | +40 | -20.4 | -27.5 | +18.2 | +50.2 |
| Arista Networks | benef2 | +97.9 | -15.6 | +94.1 | +87.7 | +18.5 | +47.9 |
| Occidental Petroleum | benef2 | +67.7 | +119.1 | -4.1 | -15.9 | -14.9 | +47.4 |
| Merck & Co. | benef2 | +1.8 | +49.4 | +1 | -6.3 | +9.8 | +44.9 |
| GE Vernova | benef2 | · | · | · | · | +99 | +44.4 |
| Caterpillar | benef2 | +16 | +18.6 | +25.9 | +24.7 | +60.3 | +42.9 |
| Ciena | benef2 | +45.6 | -33.8 | -11.7 | +88.4 | +175.8 | +37.3 |
| Equinix | benef2 | +20.3 | -21.1 | +25.4 | +19.5 | -16.9 | +37.3 |
| Amgen | benef2 | +0.9 | +20.4 | +13.5 | -6.8 | +29.7 | +36.3 |
| Super Micro | benef2 | +38.8 | +86.8 | +246.2 | +7.2 | -4 | +35.3 |
| Johnson & Johnson | benef2 | +11.4 | +6 | -8.6 | -4.8 | +47.5 | +35.1 |
| Eaton | benef2 | +46.7 | -7.2 | +56.2 | +39.5 | -2.8 | +30.1 |
| Quanta Computer | benef2 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +28.5 |
| Bristol-Myers Squibb Company | benef2 | +2.9 | +19 | -26.1 | +15.8 | +0.1 | +28.1 |
| Starbucks Corp | benef2 | +11.1 | -13.2 | -1.2 | -2.5 | -5.3 | +26.3 |
| Gilead Sciences, Inc. | benef2 | +30 | +23.6 | -2 | +18.7 | +36.6 | +24.5 |
| NVIDIA | benef2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.7 |
| Becton, Dickinson and Company | benef2 | +1.9 | +5.1 | -2.7 | -5.4 | -12.6 | +22.7 |
| Schneider Electric | benef2 | +25.9 | +1.6 | +25.8 | +36.1 | +0.5 | +20.7 |
| Vertex Pharmaceuticals Incorporated | benef2 | -7.1 | +31.5 | +40.9 | -1 | +12.6 | +20.5 |
| Pfizer Inc. | benef2 | +66.7 | -10.4 | -41.3 | -2.2 | +0.6 | +20.2 |
| Foxconn (Hon Hai) | benef2 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +19.6 |
| Keurig Dr Pepper Inc. | benef2 | +17.5 | -1.2 | -4.2 | -1.1 | -10.1 | +19.2 |
| Credo Technology | benef2 | · | · | +46.3 | +245.2 | +114.1 | +18.5 |
| IREN | benef2 | · | -92.3 | +472 | +37.3 | +284.6 | +18.3 |
| Cummins | benef2 | -1.7 | +14.1 | +1.7 | +48.9 | +49.4 | +11 |
| Automatic Data Processing, Inc. | benef2 | +42.6 | -1.3 | -0.2 | +28.4 | -10.2 | +9.6 |
| Lilly (Eli) | benef2 | +66.1 | +34.3 | +60.9 | +33.3 | +40.2 | +7.5 |
| 3M Company | benef2 | +4.9 | -29.6 | -3.3 | +46.1 | +26.4 | +6.8 |
| Brookfield Asset Management Ltd. | benef2 | · | · | +45.6 | +39.7 | -0.2 | -0.4 |
| Salesforce, Inc. | benef2 | +14.2 | -47.8 | +98.5 | +27.8 | -20.2 | -1.6 |
| Meta Platforms | benef2 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | -6.4 |
| IonQ | benef2 | · | -79.3 | +259.1 | +237.1 | +7.4 | -11.9 |
| Constellation Energy | benef2 | · | · | +37.2 | +92.7 | +58.8 | -15 |
| Take-Two Interactive Software, Inc. | benef2 | -14.5 | -41.4 | +54.6 | +14.4 | +39.1 | -16.1 |
YTD as of 2026-09-04 · source: Yahoo Finance
Walmart Inc operates across Dow, Mass retail, Consumer-spending proxy + AI adopter. It is -3.2% in 2026. The stock (-3.2%) and its supply side (avg +7%) are moving in step. Among connected nodes the furthest ahead is Nestlé S.A. (+11%) and the furthest behind is Microsoft (+4%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Whether that AI adoption shows up in results and the stock is the thing to watch.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 4 · Hold 1 · Sell 0 · Avg. target $146 · Price $107.14 (09-04) · Upside +36%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Morgan Stanley · Simeon Gutman | Overweight | $140 | Jun 30, 2026 | Report ↗ |
| Bernstein · Zhihan Ma | Buy | $145 | Jun 29, 2026 | Report ↗ |
| Erste Group · Stephan Lingnau | Hold | — | Jun 25, 2026 | Report ↗ |
| Jefferies · Corey Tarlowe | Buy | $150 | Jun 18, 2026 | Report ↗ |
| TD Cowen · Oliver Chen | Buy | $150 | Jun 15, 2026 | Report ↗ |
Overweight at $140, highlighting share gains and earnings visibility in a defensive consumer backdrop.