The Power of Walmart

How 12 Walmart Businesses Drive the Big-Box Retailer’s Growth

Executive Summary

Amid economic uncertainty, Walmart looks to maintain its standing as the nation’s largest retailer in terms of sales. To do so, the company is launching new adjacent businesses and investing heavily in tech.


  1. How important are stores to Walmart’s other key businesses?
  2. Is Walmart+ gaining traction and helping fuel retail sales?
  3. What’s the five-year outlook for the retailer’s key businesses?

WHAT’S IN THIS REPORT? Analysis of Walmart’s 12 most important business areas, looking at their maturity, disruption of the market, leverage over partners, integration with other products, and five-year outlook.

KEY STAT: Walmart’s fiscal 2022 revenues were up 2.4% from the previous year, reaching $572.75 billion. US revenues, bolstered by strong ecommerce sales and exploding Walmart Connect business, offset softness in the international markets.

Here’s what’s in the full report


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Table of Contents

  1. Executive Summary
  2. The Power of Walmart
  3. Grocery
  4. Stores
  5. Ecommerce
  6. Walmart International
  1. Walmart Financial Services
  2. Walmart Global Tech
  3. Walmart Connect
  4. Walmart+
  5. Walmart Pay
  6. Walmart Fulfillment Services
  1. Walmart Health
  2. Walmart GoLocal
  3. Read Next
  4. Sources
  5. Media Gallery

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Suzy Davidkhanian, Sky Canaves, Man-Chung Cheung, Blake Droesch, Andrew Lipsman, David Morris, Lisa Phillips, Jaime Toplin, and Yoram Wurmser


Patty Soltis
Debra Aho Williamson
Principal Analyst

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