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Shoppers pay Walmart for groceries, everyday essentials, general merchandise and health products, with merchandise sales providing nearly all its revenue. Walmart U.S. generates most of the sales, and groceries are its largest category. Customers can shop at Walmart and Walmart Neighborhood Market stores or online, with stores also helping fulfill pickup and delivery orders.
Outside the U.S., Walmart runs retail and wholesale businesses, including online shopping. It also owns Sam’s Club U.S., where customers pay an annual membership fee to shop at warehouse clubs and online. Merchandise sales drive that business, but membership fees contribute substantially to its operating profit. International operations face local restrictions, including limits on foreign ownership of retail and eCommerce businesses in India.
Walmart’s everyday-low-price approach depends on controlling costs while keeping the products customers want in stock. It relies on suppliers to deliver the right merchandise in sufficient quantities and on its distribution network to move goods to stores, clubs and online customers.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Target and Walmart compete for U.S. shoppers buying groceries and general merchandise in discount stores and online. Watch Target’s sales in those categories for a read on the spending both retailers pursue, rather than its total sales alone.
Costco challenges Walmart’s low prices and competes directly with its Sam’s Club for shoppers who pay to access warehouse stores. Costco’s low-price, limited-selection model is the comparison to watch when assessing Sam’s Club’s appeal to members.
Amazon competes with Walmart’s online stores and marketplace for shoppers through product choice, prices, delivery and subscription benefits. Watch Amazon Prime’s shipping benefits against Walmart’s pickup, delivery and Walmart+ offerings.
Kroger competes with Walmart for grocery and pharmacy shoppers, and both sell advertising to brands. Watch Kroger Precision Marketing’s advertising revenue: it shows how Kroger turns store traffic and shopping data into a business competing for the same brand budgets as Walmart.
Dollar General competes with Walmart for everyday necessities spending, especially from budget-conscious shoppers in smaller communities. Its small stores and focused low-price assortment offer a comparison for how well Walmart serves customers making quick trips for essentials.
Albertsons competes with Walmart for grocery and pharmacy purchases across much of the United States, serving shoppers in stores and through delivery and curbside pickup. Its grocery and pharmacy sales are the relevant comparison for Walmart, including purchases made through those digital services.
BJ’s competes with Walmart’s Sam’s Club for household and business members buying groceries in bulk in the eastern United States. Watch its paid membership base: members pay annual fees to shop, while membership income is a significant part of Sam’s Club’s operating income.
Dollar Tree’s nationwide discount stores compete with Walmart for shoppers buying low-priced everyday and variety merchandise. Watch its expansion beyond the $1.25 price point to see how its low-price assortment compares with Walmart’s everyday-low-price offer.
P&G supplies Walmart with daily-use products and depends on it as a major customer: Walmart and its affiliates accounted for about 16% of P&G’s total sales in each of fiscal 2026, 2025 and 2024. Watch P&G’s product pricing and supply news for what they mean for Walmart’s purchasing costs and stocked shelves.
PepsiCo depends on Walmart and its affiliates, including Sam’s Club, to sell its foods and beverages: they represented about 14% of consolidated net revenue in 2025, including concentrate sold to independent bottlers for products they sold to Walmart. Watch PepsiCo’s food and beverage pricing and volumes alongside Walmart’s grocery sales.
Symbotic supplies robotic systems that move and store goods for Walmart’s distribution operations and store-based online pickup and delivery; it sells the systems, then charges for software maintenance and support. Watch progress on its Walmart store systems for a concrete view of Walmart’s pickup-and-delivery automation rollout.
CVS Health’s retail pharmacies compete with Walmart for prescription and health-and-wellness purchases, but CVS also sells insurance and manages prescription benefits for health plans. Focus on its retail pharmacy results, rather than company-wide earnings, when comparing demand and competition with Walmart.
Procter & Gamble Company earningsPG
P&G’s report will show how the prices and supply of the everyday products it sells to Walmart affect Walmart’s buying costs and stocked shelves.
Look for what P&G says about product pricing and supply. Stable prices and reliable deliveries make it easier for Walmart to control buying costs and keep these goods on shelves. Price increases or supply disruptions leave Walmart to absorb higher costs, change prices or seek other sources. P&G’s results are not Walmart’s purchasing figures, but they can signal pressure along this supply link.
Amazon.Com Inc earningsAMZN
Amazon’s report will show how shoppers respond to its online selection, prices and delivery, revealing the competitive pressure Walmart faces for the same customers.
Look at Amazon’s comments on online retail and Prime delivery benefits. If online demand or subscription appeal strengthens, Walmart has to compete harder on selection, prices, pickup and delivery. If those parts of Amazon’s business weaken, the signal of competitive pressure eases, but that does not mean Walmart has won those customers. Amazon’s report shows the intensity of the contest, not Walmart’s own sales.
CVS HEALTH CORPORATION earningsCVS
CVS Health’s retail pharmacy results will show how demand is developing for prescriptions and health products sought by customers who also shop at Walmart pharmacies.
Focus on CVS Health’s retail pharmacy, not its insurance or prescription-benefit-management businesses. Strong retail pharmacy results would show customer demand in a business that competes with Walmart’s pharmacies, while also confirming that the competition remains active. If results are weak, use CVS’s explanation: demand may be softer, or CVS may face company-specific pressures. The report offers a pharmacy-market signal, not proof of a change in Walmart’s pharmacy sales.
Non Farm Payrolls (Oct)
The monthly jobs report tracks jobs added and other signs of hiring, which can affect how hard Walmart finds it to staff its stores, clubs and fulfillment operations and how much it pays workers.
If hiring remains strong, staffing may be harder and wage costs may rise for Walmart; if hiring cools, staffing pressure and wage growth may ease, though the report alone does not show how Walmart’s own labor costs have changed.
Retail Sales MoM (Oct)
Retail sales track how much consumers spend at retailers, a signal of demand that can affect purchases of Walmart’s groceries, general merchandise and health and wellness products and the net sales those purchases generate.
Stronger consumer spending would support demand for the groceries, general merchandise and health and wellness products Walmart sells; weaker spending could weigh on purchases and net sales, though the report does not show how Walmart’s own sales performed.
Target Corporation earningsTGT
Target’s report will show how U.S. shoppers are spending on groceries and general merchandise, categories it shares with Walmart.
Read Target’s grocery and general-merchandise sales separately, rather than relying on total sales. If both hold up, the shared market Walmart serves has support. If general merchandise weakens while groceries hold up, shoppers may be pulling back on nonessential purchases; if both weaken, demand pressure is broader. Target-specific issues can also affect its results, so the report’s explanations help distinguish shared demand from company-specific problems.
Walmart Inc. earningsThis company
Walmart U.S. generates most of Walmart’s sales, and this report will show whether its sales growth is turning into operating income.
Read Walmart U.S. comparable sales alongside its operating-income margin. Comparable sales track sales at stores open for at least a year and include eCommerce. If sales grow while the margin holds or rises, customer spending is covering the costs of low prices and fulfilling orders. If sales slow and the margin falls, pricing pressure or costs may be eating into growth. A bigger eCommerce contribution alone does not mean more profit; operating income has to follow.
Symbotic Inc. earningsSYM
If Symbotic’s report discloses progress on its Walmart systems, it will show how Walmart’s automation for distribution and store-based online orders is advancing.
Look for any disclosed progress on Symbotic’s Walmart store systems, along with sales of those systems and follow-on software maintenance and support. Progress in deployment would show that Walmart’s automation build-out is moving forward; delays or added implementation work could postpone efficiency gains. Symbotic’s report can signal project progress, but cannot establish how much Walmart has saved.
The Kroger Co. earningsKR
If Kroger’s report discloses Precision Marketing advertising revenue, it will show how brand spending on retailer ads is changing in a market where Kroger and Walmart compete for the same budgets.
Compare Kroger Precision Marketing’s advertising revenue with Kroger’s grocery sales. If ad revenue grows faster, brands are putting more money into retailer advertising and shopping-data services, increasing competition for Walmart’s ad business. If it weakens, the reason matters: brands may be spending less overall, or Kroger may have a company-specific problem. The report shows the direction of competition in retail media, not a change in Walmart’s ad revenue.
Costco Wholesale Corp earningsCOST
Costco’s report will show whether shoppers still pay to shop at a low-price, limited-selection warehouse club, a direct comparison for Walmart’s Sam’s Club.
Read Costco’s paid membership alongside its sales. If both hold up, shoppers still value the low-price, limited-selection warehouse model, and Sam’s Club continues to compete for members and their spending. If both weaken, there is less evidence that the model is gaining appeal, but that does not mean Sam’s Club is winning customers. Costco tests the appeal of the club format; it does not replace Sam’s Club’s own membership figures.
