Walmart Inc. is a global retail powerhouse, redefining the industry with its innovative, omni-channel approach. This WordPress post provides an in-depth analysis of Walmart’s operations, including a detailed company profile, products and services, board of directors, subsidiaries, and financial statements (consolidated P&L, balance sheet, and cash flow). It explores Walmart’s business model, competitive strategies, and commitment to shared value, offering a thorough understanding of its trajectory in 2025.
Detailed Company Profile
Overview: Walmart Inc., a Delaware corporation since October 31, 1969, is headquartered in Bentonville, Arkansas. Founded by Sam M. Walton in 1945 as a variety store, Walmart has grown into one of the world’s largest retailers, serving ~270 million customers weekly across 19 countries. As of January 31, 2025, it operates 10,751 retail units, including supercenters, discount stores, neighborhood markets, warehouse clubs, and eCommerce platforms, employing ~2.1 million associates globally (1.6 million in the U.S.).
Mission and Vision: Walmart’s mission is to “help people save money and live better” through its Everyday Low Price (EDLP) and Everyday Low Cost (EDLC) philosophies. Its vision is to be the trusted destination for customers worldwide, delivering convenience, value, and a seamless omni-channel experience.
Operational Segments: Walmart operates through three segments:
- Walmart U.S.: 4,605 stores and eCommerce, contributing 69% of net sales ($462.4 billion).
- Walmart International: 5,566 stores across 18 countries and eCommerce, contributing 18% of net sales ($121.9 billion).
- Sam’s Club U.S.: 600 membership clubs and eCommerce, contributing 13% of net sales ($90.2 billion).
Global Reach: Walmart’s retail ecosystem spans physical stores, eCommerce platforms (e.g., walmart.com, flipkart.com), and services like advertising, marketplace, fulfillment, and financial services. Its international presence includes wholly-owned operations in Canada, Chile, China, and Mexico, and majority-owned subsidiaries like Flipkart and PhonePe in India.
Workforce and Culture: With 2.1 million associates, Walmart prioritizes diversity (51% women, 51% U.S. associates are people of color), career development, and well-being. Its culture emphasizes integrity, customer focus, and innovation, supported by digital transformation and AI adoption.
Historical Milestones:
- 1945: Sam Walton opens first variety store.
- 1962: First Walmart discount store opens.
- 1970: Initial public offering.
- 1983: First Sam’s Club opens.
- 1988: First Walmart Supercenter opens.
- 1991: International expansion begins in Mexico.
- 1996: Launch of walmart.com and samsclub.com.
- 2018: Acquisition of Flipkart and PhonePe stakes in India.
Stock Information: Walmart’s common stock is listed on the NYSE (WMT). As of March 12, 2025, it had 8,024,627,861 shares outstanding, with a Q1 fiscal 2026 market price range of $84.88–$105.30.
Products and Services Offered
Walmart offers a broad assortment of merchandise and services across its segments, tailored to diverse customer needs.
Walmart U.S.
- Merchandise:
- Grocery ($276.0 billion): Dry grocery, snacks, dairy, meat, produce, deli, bakery, frozen foods, beverages, consumables (health and beauty aids, pet supplies, household chemicals).
- General Merchandise ($113.9 billion): Entertainment (electronics, toys), hardlines (automotive, hardware), fashion (apparel, shoes), home (housewares, furniture).
- Health and Wellness ($62.1 billion): Pharmacy, over-the-counter drugs, optical services, medical products.
- Services:
- Omni-Channel: Same-day pickup and delivery, express delivery (90 minutes), in-home delivery, Walmart+ membership (unlimited free shipping, store delivery, fuel discounts, Scan & Go).
- Digital Pharmacy: Online prescription management and delivery.
- Advertising: In-house platforms for brand promotion.
- Marketplace and Fulfillment: Online marketplace for third-party sellers, supply chain services.
- Financial Services: Money orders, prepaid access, check cashing, bill payments, installment lending.
- Brands: Private labels (Great Value, Equate, Mainstays) and licensed brands (Better Homes & Gardens, The Pioneer Woman).
Walmart International
- Merchandise: Grocery, general merchandise, and health and wellness, tailored to local markets (e.g., “Aurrera” in Mexico, “Lider” in Chile).
- Services:
- Omni-Channel: Pickup and delivery in ~2,900 locations, eCommerce platforms (walmart.com.mx, walmart.ca, flipkart.com).
- Advertising and Marketplace: Localized advertising and third-party seller platforms.
- Financial Services: Prepaid cards, money transfers, bill payments (e.g., PhonePe in India).
- Healthcare: Pharmacy and optical services in select markets.
- Other: Value-based internet and telephone services (Mexico).
- Brands: Global private labels (Great Value, Equate) and market-specific brands.
Sam’s Club U.S.
- Merchandise:
- Grocery ($59.9 billion): Dairy, meat, bakery, deli, produce, consumables.
- Fuel and Other ($12.9 billion): Fuel, miscellaneous items.
- General Merchandise ($11.2 billion): Home, hardlines, technology.
- Health and Wellness ($6.1 billion): Pharmacy, optical services.
- Services:
- Membership: Club ($50/year) and Plus ($110/year) tiers, offering curbside pickup, free delivery, free shipping, Sam’s Cash rewards.
- Omni-Channel: Curbside pickup, Scan & Go, Just Go (friction-free exit).
- Advertising and Marketplace: In-club and online advertising, third-party seller platforms.
- Fulfillment: eCommerce order fulfillment through clubs and dedicated centers.
- Brands: Member’s Mark private label for high-quality products.
Board of Directors
As of January 31, 2025, Walmart’s Board of Directors includes:
- Gregory B. Penner (Chairman): General Partner, Madrone Capital Partners; former entrepreneur; joined 2008.
- C. Douglas McMillon (President and CEO): Walmart CEO since 2014; joined 1990; board member since 2013.
- Sarah J. Friar: CEO, OpenTable; former Square CFO; tech and finance expertise; joined 2018.
- Carla A. Harris: Senior Client Advisor, Morgan Stanley; capital markets and diversity expertise; joined 2017.
- Thomas W. Horton: Former Chairman and CEO, American Airlines; operations and finance expertise; joined 2014.
- Marissa A. Mayer: Former Yahoo! CEO; tech and digital transformation expertise; joined 2012.
- Brian J. Niccol: Chairman and CEO, Chipotle; retail and consumer brand expertise; joined 2020.
- Randall L. Stephenson: Former Chairman and CEO, AT&T; telecommunications and strategy expertise; joined 2014.
- S. Robson Walton: Former Walmart Chairman; Sam Walton’s son; joined 1982.
- Steuart L. Walton: Founder, RZC Investments; Sam Walton’s grandson; entrepreneurship expertise; joined 2016.
- Timothy P. Flynn: Former Chairman and CEO, KPMG; audit and risk management expertise; joined 2012.
The board oversees strategy, risk, and governance through committees on audit, compensation, nominating and governance, and strategic planning.
Subsidiary Details
Walmart’s subsidiaries include wholly-owned and majority-owned entities across its markets:
- United States:
- Sam’s West, Inc. (Sam’s Club U.S.).
- Walmart Stores, Inc. (Walmart U.S.).
- Walmart.com, Inc. (eCommerce).
- International:
- Canada: Walmart Canada Corp. (wholly-owned, supercenters, eCommerce).
- Chile: Walmart Chile S.A. (wholly-owned, Lider, other formats).
- China: Walmart (China) Investment Co., Ltd. (wholly-owned, supercenters, Sam’s Club, eCommerce).
- India:
- Flipkart Private Limited (majority-owned, eCommerce marketplace).
- PhonePe Private Limited (majority-owned, digital payments).
- Mexico: Wal-Mart de México, S.A.B. de C.V. (Walmex, majority-owned, supercenters, Sam’s Club, eCommerce).
- Africa: Massmart Holdings Limited (South Africa, wholly-owned, wholesale, retail).
Strategic actions include increasing PhonePe ownership (December 2022) and exiting JD.com (August 2024) to focus on high-growth markets.
Financial Statements
Below are Walmart’s consolidated financial statements for fiscal 2025, ended January 31, 2025.
Consolidated Income Statement (P&L)
(In millions, except per share data)
| Fiscal Year Ended January 31 | 2025 | 2024 | 2023 |
|---|---|---|---|
| Revenues: | |||
| Net sales | $674,518 | $642,637 | $605,881 |
| Membership and other income | $6,438 | $5,496 | $5,408 |
| Total revenues | $680,956 | $648,133 | $611,289 |
| Costs and expenses: | |||
| Cost of sales | $510,173 | $485,991 | $458,604 |
| Operating, selling, general, and administrative expenses | $141,496 | $135,149 | $127,141 |
| Operating income | $29,287 | $26,993 | $25,544 |
| Interest, net | $2,112 | $2,052 | $1,874 |
| Other (gains) and losses | $1,162 | $3,117 | $1,531 |
| Income before income taxes | $26,013 | $21,824 | $22,139 |
| Provision for income taxes | $6,766 | $5,578 | $5,724 |
| Consolidated net income | $19,247 | $16,246 | $16,415 |
| Net income attributable to noncontrolling interest | $(1,050) | $(678) | $(4,726) |
| Net income attributable to Walmart | $18,197 | $15,568 | $11,689 |
| Earnings per share: | |||
| Basic | $2.27 | $1.93 | $1.43 |
| Diluted | $2.26 | $1.92 | $1.42 |
| Weighted-average common shares outstanding: | |||
| Basic | 8,025 | 8,078 | 8,159 |
| Diluted | 8,052 | 8,103 | 8,185 |
| Dividends per common share | $0.83 | $0.76 | $0.74 |
Consolidated Balance Sheet
(In millions)
| As of January 31 | 2025 | 2024 |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $8,814 | $9,867 |
| Receivables, net | $9,373 | $8,796 |
| Inventories | $56,689 | $54,892 |
| Prepaid expenses and other | $2,666 | $3,321 |
| Total current assets | $77,542 | $76,876 |
| Property and equipment, net | $107,527 | $100,342 |
| Operating lease right-of-use assets | $13,303 | $13,679 |
| Finance lease right-of-use assets, net | $5,664 | $5,727 |
| Goodwill | $27,947 | $28,113 |
| Other long-term assets | $28,789 | $27,656 |
| Total assets | $260,772 | $252,393 |
| Liabilities and Equity | ||
| Current liabilities: | ||
| Short-term borrowings | $1,118 | $872 |
| Accounts payable | $57,317 | $56,812 |
| Accrued liabilities | $33,377 | $31,360 |
| Accrued income taxes | $851 | $693 |
| Long-term debt due within one year | $3,218 | $3,447 |
| Operating lease obligations due within one year | $1,318 | $1,335 |
| Finance lease obligations due within one year | $675 | $641 |
| Total current liabilities | $97,874 | $95,160 |
| Long-term debt | $35,154 | $36,132 |
| Long-term operating lease obligations | $12,216 | $12,487 |
| Long-term finance lease obligations | $5,473 | $5,518 |
| Deferred income taxes and other | $14,279 | $14,345 |
| Commitments and contingencies | ||
| Equity: | ||
| Common stock | $802 | $806 |
| Capital in excess of par value | $5,139 | $4,675 |
| Retained earnings | $84,983 | $83,137 |
| Accumulated other comprehensive loss | $(11,364) | $(11,672) |
| Total Walmart shareholders’ equity | $79,560 | $76,946 |
| Noncontrolling interest | $16,216 | $11,805 |
| Total equity | $95,776 | $88,751 |
| Total liabilities and equity | $260,772 | $252,393 |
Consolidated Statement of Cash Flows
(In millions)
| Fiscal Year Ended January 31 | 2025 | 2024 | 2023 |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Consolidated net income | $19,247 | $16,246 | $16,415 |
| Adjustments to reconcile consolidated net income to net cash provided by operating activities: | |||
| Depreciation and amortization | $12,081 | $11,853 | $11,290 |
| Net unrealized and realized (gains) and losses | $1,162 | $3,117 | $1,531 |
| Deferred income taxes | $(66) | $1,093 | $1,305 |
| Other operating activities | $2,054 | $1,413 | $1,522 |
| Changes in certain assets and liabilities: | |||
| Receivables, net | $(577) | $(1,093) | $(117) |
| Inventories | $(1,797) | $2,510 | $(528) |
| Accounts payable | $505 | $2,297 | $1,424 |
| Accrued liabilities | $2,017 | $1,013 | $1,496 |
| Accrued income taxes | $158 | $(1,094) | $1,092 |
| Net cash provided by operating activities | $34,784 | $37,355 | $34,430 |
| Cash flows from investing activities: | |||
| Payments for property and equipment | $(23,761) | $(20,606) | $(17,686) |
| Proceeds from disposal of property and equipment | $445 | $374 | $403 |
| Proceeds from disposal of certain operations | $536 | $178 | $3,297 |
| Payments for business acquisitions, net of cash acquired | $(125) | $(9) | $(614) |
| Other investing activities | $2,374 | $1,115 | $(1,108) |
| Net cash used in investing activities | $(20,531) | $(18,948) | $(15,708) |
| Cash flows from financing activities: | |||
| Net change in short-term borrowings | $246 | $337 | $(178) |
| Proceeds from issuance of long-term debt | $5,112 | $4,937 | $5,041 |
| Repayments of long-term debt | $(5,105) | $(3,345) | $(2,297) |
| Dividends paid | $(6,655) | $(6,139) | $(6,048) |
| Purchase of Company stock | $(3,151) | $(2,714) | $(9,162) |
| Dividends paid to noncontrolling interest | $(614) | $(457) | $(624) |
| Other financing activities | $(4,848) | $(4,071) | $(4,241) |
| Net cash used in financing activities | $(15,015) | $(11,452) | $(17,509) |
| Effect of exchange rates on cash, cash equivalents, and restricted cash | $(291) | $(581) | $(1,073) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | $(1,053) | $6,374 | $140 |
| Cash, cash equivalents, and restricted cash at beginning of year | $9,935 | $3,561 | $3,421 |
| Cash, cash equivalents, and restricted cash at end of year | $8,882 | $9,935 | $3,561 |
Business Model and Strategy
Walmart’s business model is anchored in EDLP and EDLC, ensuring competitive pricing and cost efficiency. Its strategy focuses on:
- Convenience: Omni-channel offerings like same-day pickup and delivery.
- Operational Discipline: Cost control to sustain EDLC.
- Digital Transformation: Investments in AI, generative AI, and associate training.
- Trust: Ethics, compliance, and shared value priorities (opportunity, sustainability, community, integrity).
Competitive Landscape
Walmart competes with brick-and-mortar retailers, eCommerce platforms, and omni-channel players (e.g., discount stores, supermarkets, warehouse clubs, Amazon). Competitive factors include pricing, assortment, convenience, service quality, and logistics. Walmart counters these through EDLP, omni-channel integration, and technology investments.
Human Capital and Shared Value
Walmart’s 2.1 million associates are central to its success. It promotes diversity, well-being, and growth through competitive wages, benefits (e.g., 401(k), maternity leave), and career pathways. Shared value priorities include:
- Opportunity: Jobs, supplier growth, diversity.
- Sustainability: Emissions reduction, responsible sourcing.
- Community: Affordable goods, local support.
- Ethics: Compliance, data responsibility, human rights.
Future Outlook
Walmart’s priorities include digital transformation, global expansion (e.g., India, Mexico), sustainability, and customer-centric innovation. Investments in AI, eCommerce, and supply chain automation position it for sustained growth.
Conclusion
Walmart Inc. remains a global retail leader, driven by its mission to save people money and help them live better. With a diverse portfolio of products and services, a strong board, strategic subsidiaries, and solid financial performance, Walmart is well-positioned to navigate challenges and deliver value.
