# Who are Walmart Inc's customers? Who does Walmart Inc earn revenue from?
Canonical: https://valuechain.wiki/walmart · Facet: customers · Updated: 2026-09-24T12:56:02.561301+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Walmart Inc's confirmed revenue counterparties include UnitedHealth Group Incorporated plus 3 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 4 revenue edges, backed by 5 dated sources, 3 of them primary filings (as of 2026-09-24).

### 소비자 (오프라인·이커머스) (high)
- metric: Amount $681B · FY2025 · Consolidated total revenue (net sales $674.5B)
- note: 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] consensus (via MarketBeat) (EN, research, published 2026-06-01) https://www.marketbeat.com/stocks/NASDAQ/WMT/forecast/: "Analyst consensus Buy, average target ~$139-142; defensive consumer, retail media and membership growth."
- [confirms] Walmart (SEC EDGAR) (EN, filing, published 2026-03-13) https://www.sec.gov/Archives/edgar/data/104169/000010416926000055/wmt-20260131.htm: "Walmart FY2026 total revenue $713.16B (+4.7%), net sales $706.41B, net income $22.27B; global e-commerce $150.4B (+24%, 23% of net sales)."
- [confirms] Walmart (SEC 10-K) (EN, filing, published 2025-03-14) https://stock.walmart.com/sec-filings/all-sec-filings/content/0000104169-25-000021/wmt-20250131.htm: "Fiscal 2025 total revenues were $681.0B and net sales $674.5B, across three segments: Walmart U.S., Walmart International and Sam's Club."

### 광고주 (리테일 미디어) (mid)
- note: Digital advertising (retail media) is a fast-growing, higher-margin revenue stream, with brands and sellers paying to advertise across Walmart's channels.
- [mentions] Walmart (SEC 10-K) (EN, filing, published 2025-03-14) https://stock.walmart.com/sec-filings/all-sec-filings/content/0000104169-25-000021/wmt-20250131.htm: "Walmart states it is expanding its ecosystem and services in areas such as digital advertising."

### 회원 (샘스클럽·Walmart+ 멤버십) (mid)
- note: Sam's Club and Walmart+ membership income comes from member fees and is a major driver of Sam's Club operating income.
- [confirms] Walmart (SEC 10-K) (EN, filing, published 2025-03-14) https://stock.walmart.com/sec-filings/all-sec-filings/content/0000104169-25-000021/wmt-20250131.htm: "The filing states Sam's Club membership income is a significant component of that segment's operating income."

### 유나이티드헬스 그룹 (mid)  → /unitedhealth-group.md
- note: Walmart and Sam's Club pharmacies dispense prescriptions as Optum Rx network pharmacies and are reimbursed by UnitedHealth Group (Optum Rx). Public documents establish network participation and Optum Rx's payment obligation but do not disclose the amounts paid to Walmart.
- [mentions] SEC EDGAR (EN, filing, published 2026-03-02) https://www.sec.gov/Archives/edgar/data/731766/000073176626000062/unh-20251231.htm: "We are primarily obligated to pay our network pharmacy providers for benefits provided to their customers."
- [confirms] Walmart (EN, ir, published 2025-01-01) https://one.walmart.com/content/dam/themepage/pdfs/AssociateBenefitsBook-2025.pdf: "OptumRx network pharmacies include Walmart, Sam's Club, and thousands of independent pharmacies."

Reverse side: https://valuechain.wiki/walmart/suppliers.md · Ripple: https://valuechain.wiki/walmart/ripple.md

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Full node: https://valuechain.wiki/walmart.md · JSON: https://valuechain.wiki/walmart.json