Dow · 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 Jul 12, 2026 5 AI consumers· 2 recurring
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).
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.
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 - 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
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 |
|---|---|---|---|---|---|---|---|
| Walmart Inc | node | +2 | -0.5 | +12.9 | +74 | +24.5 | +2.6 |
| Nestlé S.A. | benef1 | +22.1 | -4.2 | -9.3 | -18.8 | -1.8 | +17.9 |
| Alphabet (Google) | benef1 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| Procter & Gamble | benef1 | +20.5 | -5 | -0.9 | +17.3 | -12.3 | +4.1 |
| PepsiCo | benef1 | +20.6 | +6.8 | -3.3 | -7.6 | -1.8 | -2.4 |
| CJ CheilJedang | benef1 | -17.7 | +1.1 | -14.5 | -15.7 | -8.9 | -9.3 |
| Microsoft | benef1 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | -20 |
| Western Digital | benef2 | +17.7 | -51.6 | +66 | +13.9 | +283.7 | +238.4 |
| Seagate Technology | benef2 | +87.5 | -51.4 | +69.1 | +4.1 | +225.3 | +231.4 |
| Intel | benef2 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +197.7 |
| Marvell | benef2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +177.8 |
| AMD | benef2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +160.5 |
| Astera Labs | benef2 | · | · | · | · | +25.6 | +148.2 |
| Ciena | benef2 | +45.6 | -33.8 | -11.7 | +88.4 | +175.8 | +97 |
| Vertiv | benef2 | +33.8 | -45.3 | +251.8 | +136.8 | +42.8 | +96.9 |
| TeraWulf | benef2 | +77.1 | -95.5 | +258.2 | +135.8 | +103 | +91.2 |
| Credo Technology | benef2 | · | · | +46.3 | +245.2 | +114.1 | +79.2 |
| GE Vernova | benef2 | · | · | · | · | +99 | +67.3 |
| Caterpillar | benef2 | +16 | +18.6 | +25.9 | +24.7 | +60.3 | +67 |
| Wiwynn | benef2 | +24.7 | -22.3 | +206.4 | +3.5 | +64.4 | +45.1 |
| Arista Networks | benef2 | +97.9 | -15.6 | +94.1 | +87.7 | +18.5 | +42.7 |
| Equinix | benef2 | +20.3 | -21.1 | +25.4 | +19.5 | -16.9 | +38.6 |
| Alchip Technologies | benef2 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +34.7 |
| Quanta Computer | benef2 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +33.4 |
| Cummins | benef2 | -1.7 | +14.1 | +1.7 | +48.9 | +49.4 | +33.3 |
| Eaton | benef2 | +46.7 | -7.2 | +56.2 | +39.5 | -2.8 | +28.6 |
| Starbucks Corp | benef2 | +11.1 | -13.2 | -1.2 | -2.5 | -5.3 | +27.4 |
| NVIDIA | benef2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Schneider Electric | benef2 | +25.9 | +1.6 | +25.8 | +36.1 | +0.5 | +13 |
| Foxconn (Hon Hai) | benef2 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +10.9 |
| IREN | benef2 | · | -92.3 | +472 | +37.3 | +284.6 | +8.9 |
| Meta Platforms | benef2 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | +1.6 |
| Berkshire Hathaway | benef2 | +29 | +3.3 | +15.5 | +27.1 | +10.9 | -1.8 |
| Super Micro | benef2 | +38.8 | +86.8 | +246.2 | +7.2 | -4 | -3.3 |
| IonQ | benef2 | · | -79.3 | +259.1 | +237.1 | +7.4 | -4.5 |
| Brookfield Asset Management Ltd. | benef2 | · | · | +45.6 | +39.7 | -0.2 | -9 |
| Constellation Energy | benef2 | · | · | +37.2 | +92.7 | +58.8 | -28.6 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 4 · Hold 1 · Sell 0 · Avg. target $146 · Price $113.9 (07-10) · Upside +28%
| 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.