{
 "slug": "walmart-ecommerce-advertising-growth",
 "no": 8,
 "date": "2026-11-01",
 "updated": "2026-11-01",
 "title": "Walmart sells $150B online. Its ads are growing faster",
 "description": "Interactive: Walmart's e-commerce sales grew from $39.7B to about $150B in six fiscal years, while its ad business grew 46% to nearly $6.4B in FY2026.",
 "topics": [
  "E-commerce",
  "Retail Media",
  "Marketplaces"
 ],
 "big": {
  "v": 150.4,
  "f": {
   "d": 1,
   "p": "$",
   "s": "B"
  },
  "l": "Walmart e-commerce net sales in fiscal 2026 (year to Jan. 31, 2026), summing the segment figures in its 10-K",
  "src": [
   "k26"
  ]
 },
 "stats": [
  {
   "v": "20.6%",
   "l": "of Walmart U.S. net sales came from e-commerce in fiscal 2026 ($99.6B of $483.0B), up from 7.1% in fiscal 2020 (XENA calculation from 10-Ks)",
   "src": [
    "k26",
    "k21"
   ]
  },
  {
   "v": "$6.4B",
   "l": "global advertising business in fiscal 2026 (\"nearly $6.4 billion\"), up 46% including VIZIO; it was $2.7 billion in fiscal 2023",
   "src": [
    "q426",
    "q423"
   ]
  },
  {
   "v": "52%",
   "l": "growth in Walmart U.S. marketplace sales in Q2 FY27 (May to July 2026), while Walmart Connect grew 43% excluding VIZIO",
   "src": [
    "p227",
    "q227"
   ]
  }
 ],
 "sources": [
  {
   "id": "k26",
   "t": "Walmart Inc. Form 10-K for the fiscal year ended January 31, 2026",
   "pub": "Walmart via SEC EDGAR",
   "y": 2026,
   "u": "https://www.sec.gov/Archives/edgar/data/104169/000010416926000055/wmt-20260131.htm"
  },
  {
   "id": "k25",
   "t": "Walmart Inc. Form 10-K for the fiscal year ended January 31, 2025",
   "pub": "Walmart via SEC EDGAR",
   "y": 2025,
   "u": "https://www.sec.gov/Archives/edgar/data/104169/000010416925000021/wmt-20250131.htm"
  },
  {
   "id": "k24",
   "t": "Walmart Inc. Form 10-K for the fiscal year ended January 31, 2024",
   "pub": "Walmart via SEC EDGAR",
   "y": 2024,
   "u": "https://www.sec.gov/Archives/edgar/data/104169/000010416924000056/wmt-20240131.htm"
  },
  {
   "id": "k23",
   "t": "Walmart Inc. Form 10-K for the fiscal year ended January 31, 2023",
   "pub": "Walmart via SEC EDGAR",
   "y": 2023,
   "u": "https://www.sec.gov/Archives/edgar/data/104169/000010416923000020/wmt-20230131.htm"
  },
  {
   "id": "k22",
   "t": "Walmart Inc. Form 10-K for the fiscal year ended January 31, 2022",
   "pub": "Walmart via SEC EDGAR",
   "y": 2022,
   "u": "https://www.sec.gov/Archives/edgar/data/104169/000010416922000012/wmt-20220131.htm"
  },
  {
   "id": "k21",
   "t": "Walmart Inc. Form 10-K for the fiscal year ended January 31, 2021",
   "pub": "Walmart via SEC EDGAR",
   "y": 2021,
   "u": "https://www.sec.gov/Archives/edgar/data/104169/000010416921000033/wmt-20210131.htm"
  },
  {
   "id": "q227",
   "t": "Walmart Q2 FY27 earnings release (August 20, 2026)",
   "pub": "Walmart via SEC EDGAR",
   "y": 2026,
   "u": "https://www.sec.gov/Archives/edgar/data/104169/000010416926000145/earningsreleasefy27q2.htm"
  },
  {
   "id": "p227",
   "t": "Walmart Q2 FY27 earnings presentation (August 20, 2026)",
   "pub": "Walmart via SEC EDGAR",
   "y": 2026,
   "u": "https://www.sec.gov/Archives/edgar/data/104169/000010416926000145/earningspresentationfy27.htm"
  },
  {
   "id": "t227",
   "t": "Walmart Q2 FY27 earnings call transcript (August 20, 2026)",
   "pub": "Walmart",
   "y": 2026,
   "u": "https://corporate.walmart.com/content/dam/corporate/documents/newsroom/2026/08/20/walmart-releases-q2-fy27-earnings/q2-fy27-earnings-call-transcript.pdf"
  },
  {
   "id": "q127",
   "t": "Walmart Q1 FY27 earnings release (May 21, 2026)",
   "pub": "Walmart via SEC EDGAR",
   "y": 2026,
   "u": "https://www.sec.gov/Archives/edgar/data/104169/000010416926000095/earningsreleasefy27q1.htm"
  },
  {
   "id": "q426",
   "t": "Walmart Q4 and fiscal 2026 earnings release (February 19, 2026)",
   "pub": "Walmart via SEC EDGAR",
   "y": 2026,
   "u": "https://www.sec.gov/Archives/edgar/data/104169/000010416926000032/earningsreleasefy26q4.htm"
  },
  {
   "id": "q326",
   "t": "Walmart Q3 FY26 earnings release (November 20, 2025)",
   "pub": "Walmart via SEC EDGAR",
   "y": 2025,
   "u": "https://www.sec.gov/Archives/edgar/data/104169/000010416925000177/earningsreleasefy26q3.htm"
  },
  {
   "id": "q226",
   "t": "Walmart Q2 FY26 earnings release (August 21, 2025)",
   "pub": "Walmart via SEC EDGAR",
   "y": 2025,
   "u": "https://www.sec.gov/Archives/edgar/data/104169/000010416925000120/earningsreleasefy26q2.htm"
  },
  {
   "id": "q126",
   "t": "Walmart Q1 FY26 earnings release (May 15, 2025)",
   "pub": "Walmart via SEC EDGAR",
   "y": 2025,
   "u": "https://www.sec.gov/Archives/edgar/data/104169/000010416925000069/earningsreleasefy26q1.htm"
  },
  {
   "id": "q425",
   "t": "Walmart Q4 and fiscal 2025 earnings release (February 20, 2025), including 50% growth in marketplace seller advertiser counts",
   "pub": "Walmart via SEC EDGAR",
   "y": 2025,
   "u": "https://www.sec.gov/Archives/edgar/data/104169/000010416925000010/earningsreleasefy25q4.htm"
  },
  {
   "id": "q325",
   "t": "Walmart Q3 FY25 earnings release (November 19, 2024)",
   "pub": "Walmart via SEC EDGAR",
   "y": 2024,
   "u": "https://www.sec.gov/Archives/edgar/data/104169/000010416924000170/earningsreleasefy25q3.htm"
  },
  {
   "id": "q225",
   "t": "Walmart Q2 FY25 earnings release (August 15, 2024)",
   "pub": "Walmart via SEC EDGAR",
   "y": 2024,
   "u": "https://www.sec.gov/Archives/edgar/data/104169/000010416924000131/earningsreleasefy25q2.htm"
  },
  {
   "id": "q125",
   "t": "Walmart Q1 FY25 earnings release (May 16, 2024)",
   "pub": "Walmart via SEC EDGAR",
   "y": 2024,
   "u": "https://www.sec.gov/Archives/edgar/data/104169/000010416924000088/earningsreleasefy25q1.htm"
  },
  {
   "id": "q424",
   "t": "Walmart Q4 and fiscal 2024 earnings release (February 20, 2024)",
   "pub": "Walmart via SEC EDGAR",
   "y": 2024,
   "u": "https://www.sec.gov/Archives/edgar/data/104169/000010416924000019/earningsreleasefy24q4.htm"
  },
  {
   "id": "q423",
   "t": "Walmart Q4 and fiscal 2023 earnings release (February 21, 2023)",
   "pub": "Walmart via SEC EDGAR",
   "y": 2023,
   "u": "https://www.sec.gov/Archives/edgar/data/104169/000010416923000010/earningsreleasefy23q4.htm"
  },
  {
   "id": "amz25",
   "t": "Amazon.com, Inc. Form 10-K for 2025: disaggregation of net sales by group",
   "pub": "Amazon via SEC EDGAR",
   "y": 2026,
   "u": "https://www.sec.gov/Archives/edgar/data/1018724/000101872426000004/R33.htm"
  },
  {
   "id": "fred",
   "t": "E-Commerce Retail Sales as a Percent of Total Sales (ECOMPCTSA)",
   "pub": "US Census Bureau via FRED, Federal Reserve Bank of St. Louis",
   "y": 2026,
   "u": "https://fred.stlouisfed.org/series/ECOMPCTSA"
  }
 ],
 "notes": [
  "Walmart's fiscal year ends January 31. FY2026 means February 1, 2025 to January 31, 2026. Quarter labels follow Walmart's own (Q2 FY27 is May to July 2026).",
  "Annual e-commerce figures are the approximate amounts Walmart discloses for each segment in the disaggregated revenue note of its 10-K. Where a later 10-K repeats an earlier year, the figures match. The all-Walmart total is our sum of the three segments; Walmart's fiscal 2024 release separately said it crossed $100 billion in e-commerce sales.",
  "Walmart defines e-commerce broadly: orders started online and picked up or delivered from a store or club count, as do certain advertising arrangements. It is not directly comparable with Census Bureau e-commerce estimates or with Amazon's online-store line.",
  "The online share of Walmart U.S. sales is our calculation: Walmart U.S. e-commerce net sales divided by Walmart U.S. total net sales from the same 10-K table.",
  "Advertising figures are as stated in fourth-quarter releases. Walmart books advertising either in net sales or as a reduction to cost of sales, so it isn't reported as one revenue line. From fiscal 2026 the global figure includes VIZIO; Walmart Connect growth rates from Q1 FY26 exclude it.",
  "Amazon's $68.6 billion is for the calendar year 2025; Walmart's fiscal 2026 ends one month later. The comparison is for scale only.",
  "The Census Bureau comparison (17.1% of U.S. retail sales online in Q2 2026, seasonally adjusted) uses a different definition from Walmart's and is shown for context only. Quotes from Walmart's CFO are from the Q2 FY27 earnings call transcript."
 ],
 "blocks": [
  {
   "id": "ecom",
   "type": "bar",
   "title": "Walmart e-commerce net sales by fiscal year",
   "sub": "Fiscal years end January 31. Switch between segments or the online share of Walmart U.S. sales, drag the slider or press play, and tap a bar for the exact figure.",
   "x": [
    "FY2020",
    "FY2021",
    "FY2022",
    "FY2023",
    "FY2024",
    "FY2025",
    "FY2026"
   ],
   "scrub": 1,
   "yoy": 1,
   "modes": [
    {
     "key": "tot",
     "label": "All Walmart",
     "f": {
      "d": 1,
      "p": "$",
      "s": "B"
     },
     "series": [
      {
       "name": "E-commerce net sales, $ billions (sum of segments)",
       "color": "#F8157F",
       "v": [
        39.7,
        64.9,
        73.2,
        82.1,
        100.1,
        120.9,
        150.4
       ]
      }
     ]
    },
    {
     "key": "us",
     "label": "Walmart U.S.",
     "f": {
      "d": 1,
      "p": "$",
      "s": "B"
     },
     "series": [
      {
       "name": "Walmart U.S. e-commerce, $ billions",
       "color": "#7733FF",
       "v": [
        24.1,
        43.0,
        47.8,
        53.4,
        65.4,
        79.3,
        99.6
       ]
      }
     ]
    },
    {
     "key": "intl",
     "label": "International",
     "f": {
      "d": 1,
      "p": "$",
      "s": "B"
     },
     "series": [
      {
       "name": "Walmart International e-commerce, $ billions",
       "color": "#A98BFF",
       "v": [
        11.8,
        16.6,
        18.5,
        20.3,
        24.8,
        29.5,
        35.8
       ]
      }
     ]
    },
    {
     "key": "sams",
     "label": "Sam's Club U.S.",
     "f": {
      "d": 1,
      "p": "$",
      "s": "B"
     },
     "series": [
      {
       "name": "Sam's Club U.S. e-commerce, $ billions",
       "color": "#8C415C",
       "v": [
        3.8,
        5.3,
        6.9,
        8.4,
        9.9,
        12.1,
        15.0
       ]
      }
     ]
    },
    {
     "key": "share",
     "label": "Online share (U.S.)",
     "f": {
      "d": 1,
      "s": "%"
     },
     "series": [
      {
       "name": "E-commerce as % of Walmart U.S. net sales",
       "color": "#FA649B",
       "v": [
        7.1,
        11.6,
        12.2,
        12.7,
        14.8,
        17.1,
        20.6
       ]
      }
     ]
    }
   ],
   "src": [
    "k21",
    "k22",
    "k23",
    "k24",
    "k25",
    "k26"
   ],
   "note": "Segment figures are the approximate e-commerce amounts Walmart discloses in the revenue note of each 10-K. The all-Walmart total and the online share are XENA calculations from those figures. Walmart counts orders placed online and fulfilled from stores, plus certain advertising arrangements, as e-commerce. International fiscal 2020 and 2021 include Asda (UK) and Seiyu (Japan), which Walmart has since sold."
  },
  {
   "id": "qtr",
   "type": "line",
   "title": "Quarterly growth: e-commerce vs. advertising",
   "sub": "Year-over-year growth as reported each quarter. Switch between e-commerce and advertising, and tap the legend to hide a line.",
   "x": [
    "Q4 FY24",
    "Q1 FY25",
    "Q2 FY25",
    "Q3 FY25",
    "Q4 FY25",
    "Q1 FY26",
    "Q2 FY26",
    "Q3 FY26",
    "Q4 FY26",
    "Q1 FY27",
    "Q2 FY27"
   ],
   "modes": [
    {
     "key": "ads",
     "label": "Advertising",
     "f": {
      "d": 0,
      "s": "%"
     },
     "series": [
      {
       "name": "Walmart Connect (U.S.)",
       "color": "#F8157F",
       "v": [
        22,
        26,
        30,
        26,
        24,
        31,
        31,
        33,
        41,
        44,
        43
       ]
      },
      {
       "name": "Global advertising business",
       "color": "#7733FF",
       "v": [
        33,
        24,
        26,
        28,
        29,
        50,
        46,
        53,
        37,
        37,
        38
       ]
      }
     ]
    },
    {
     "key": "ecom",
     "label": "E-commerce",
     "f": {
      "d": 0,
      "s": "%"
     },
     "series": [
      {
       "name": "Walmart U.S. e-commerce",
       "color": "#F8157F",
       "v": [
        17,
        22,
        22,
        22,
        20,
        21,
        26,
        28,
        27,
        26,
        24
       ]
      },
      {
       "name": "Global e-commerce",
       "color": "#7733FF",
       "v": [
        23,
        21,
        21,
        27,
        16,
        22,
        25,
        27,
        24,
        26,
        23
       ]
      }
     ]
    }
   ],
   "ann": [
    {
     "i": 4,
     "t": "VIZIO deal closes",
     "d": "Walmart completes its VIZIO acquisition; from Q1 FY26 the global ad figure includes VIZIO and Walmart Connect is reported excluding it"
    },
    {
     "i": 8,
     "t": "Connect tops 40%",
     "d": "Walmart Connect grows 41% in Q4 FY26, then 44% and 43% in the next two quarters"
    }
   ],
   "src": [
    "q424",
    "q125",
    "q225",
    "q325",
    "q425",
    "q126",
    "q226",
    "q326",
    "q426",
    "q127",
    "q227"
   ],
   "note": "Walmart's fiscal quarters end in April, July, October and January; Q2 FY27 is May to July 2026. Walmart Connect growth from Q1 FY26 excludes VIZIO; the global advertising figure from Q1 FY26 includes it, which is why it jumps to about 50%. Global e-commerce in Q4 FY25 (16%) was held back by the timing of Flipkart's Big Billion Days sale. The Q2 FY27 global ad figure counts VIZIO as part of Walmart U.S. advertising."
  },
  {
   "id": "guess",
   "type": "guess",
   "q": "Guess: how big was Walmart's global advertising business in fiscal 2026?",
   "min": 0,
   "max": 20,
   "step": 0.1,
   "start": 3,
   "a": 6.4,
   "f": {
    "d": 1,
    "p": "$",
    "s": "B"
   },
   "reveal": "Nearly $6.4 billion, up 46% including VIZIO, per Walmart's fiscal 2026 fourth-quarter release. For scale, Amazon reported $68.6 billion in advertising sales for calendar 2025, about 11 times as much.",
   "src": [
    "q426",
    "amz25"
   ]
  },
  {
   "id": "ads",
   "type": "bar",
   "title": "Walmart global advertising business by fiscal year",
   "sub": "As stated in Walmart's fourth-quarter earnings releases. Tap a bar for the exact figure and growth rate.",
   "x": [
    "FY2023",
    "FY2024",
    "FY2025",
    "FY2026"
   ],
   "yoy": 1,
   "modes": [
    {
     "key": "ad",
     "label": "Advertising",
     "f": {
      "d": 1,
      "p": "$",
      "s": "B"
     },
     "series": [
      {
       "name": "Global advertising business, $ billions",
       "color": "#F8157F",
       "v": [
        2.7,
        3.4,
        4.4,
        6.4
       ]
      }
     ]
    }
   ],
   "src": [
    "q423",
    "q424",
    "q425",
    "q426"
   ],
   "note": "Walmart describes fiscal 2026 as \"nearly $6.4 billion\" and fiscal 2024 as growth of \"approximately 28%\". Fiscal 2026 includes VIZIO, acquired in December 2024. Walmart records advertising either in net sales or as a reduction to cost of sales depending on the arrangement, so these figures are not a line in the income statement. Year-over-year growth computed from rounded figures will differ slightly from the reported rates (nearly 30%, 28%, 27%, 46%)."
  },
  {
   "id": "mix",
   "type": "donut",
   "title": "Where Walmart's online sales come from",
   "sub": "E-commerce net sales by segment, $ billions. Drag the year slider or press play, and tap a slice.",
   "x": [
    "FY2020",
    "FY2021",
    "FY2022",
    "FY2023",
    "FY2024",
    "FY2025",
    "FY2026"
   ],
   "f": {
    "d": 1,
    "p": "$",
    "s": "B"
   },
   "segs": [
    {
     "name": "Walmart U.S.",
     "color": "#F8157F",
     "v": [
      24.1,
      43.0,
      47.8,
      53.4,
      65.4,
      79.3,
      99.6
     ]
    },
    {
     "name": "Walmart International",
     "color": "#7733FF",
     "v": [
      11.8,
      16.6,
      18.5,
      20.3,
      24.8,
      29.5,
      35.8
     ]
    },
    {
     "name": "Sam's Club U.S.",
     "color": "#A98BFF",
     "v": [
      3.8,
      5.3,
      6.9,
      8.4,
      9.9,
      12.1,
      15.0
     ]
    }
   ],
   "hl": "Walmart U.S.",
   "src": [
    "k21",
    "k22",
    "k23",
    "k24",
    "k25",
    "k26"
   ],
   "note": "Approximate segment amounts from each 10-K. International includes Flipkart (India), Walmex (Mexico and Central America), China and Canada."
  },
  {
   "id": "cmp",
   "type": "compare",
   "title": "Compare any two fiscal years",
   "sub": "How many times bigger is Walmart's e-commerce business?",
   "x": [
    "FY2020",
    "FY2021",
    "FY2022",
    "FY2023",
    "FY2024",
    "FY2025",
    "FY2026"
   ],
   "v": [
    39.7,
    64.9,
    73.2,
    82.1,
    100.1,
    120.9,
    150.4
   ],
   "f": {
    "d": 1,
    "p": "$",
    "s": "B"
   },
   "a": 0,
   "b": 6,
   "unit": "x",
   "src": [
    "k21",
    "k22",
    "k23",
    "k24",
    "k25",
    "k26"
   ]
  },
  {
   "id": "quiz",
   "type": "choice",
   "q": "In Q2 FY27 (May to July 2026), which of these Walmart numbers grew fastest?",
   "opts": [
    "Walmart U.S. e-commerce",
    "Walmart Connect (ex-VIZIO)",
    "U.S. marketplace sales",
    "Global membership fee revenue"
   ],
   "a": 2,
   "reveal": "U.S. marketplace sales, up 52%. Walmart Connect grew 43% excluding VIZIO, Walmart U.S. e-commerce grew 24% and global membership fee revenue grew 17%. Walmart also said nearly 50% of its marketplace business now flows through its own fulfillment program for sellers (WFS), up nearly 4 points from a year earlier.",
   "src": [
    "p227",
    "q227",
    "t227"
   ]
  }
 ],
 "url": "https://xenaintelligenceapp.com/xenalytics/walmart-ecommerce-advertising-growth",
 "publisher": "XENA Intelligence (Xenalytics)"
}