# Who does Walmart Inc pay? Who are its key suppliers?
Canonical: https://valuechain.wiki/walmart · Facet: suppliers · Updated: 2026-09-24T12:56:02.561301+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Walmart Inc's confirmed suppliers/cost counterparties include Procter & Gamble, Kimberly-Clark Corporation, Microsoft plus 19 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 22 cost edges, backed by 31 dated sources, 12 of them primary filings (as of 2026-09-24).

### Procter & Gamble (high)  → /procter-gamble.md
- metric: Market share 15% · FY2025 · Walmart share of P&G net sales
- note: P&G is a core supplier to Walmart's shelves. Per P&G's disclosure Walmart is about 15% of P&G's net sales, making P&G a major consumer-goods procurement counterparty for Walmart in turn.
- [confirms] Procter & Gamble (EN, filing, published 2025-08-04) https://www.sec.gov/Archives/edgar/data/0000080424/000008042425000076/pg-20250630.htm: "Sales to Walmart are about 15% of P&G net sales, the single largest customer."

### 킴벌리클라크 (high)  → /kimberly-clark.md
- note: Walmart was Kimberly-Clark's largest customer, accounting for 16% of FY2025 net sales from continuing operations, primarily in the North America segment.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-12) https://www.sec.gov/Archives/edgar/data/55785/000162828026007567/kmb-20251231.htm: "Our largest customer, Walmart Inc., represented approximately 16% in 2025 of our net sales from continuing operations."

### 상품 매입 (공급업체, 비공개) (high)
- note: Merchandise purchasing, the bulk of cost of sales, sourced from tens of thousands of global suppliers; individual suppliers and prices undisclosed.
- [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: "The 10-K describes merchandise purchases as the bulk of cost of sales, sourced from a broad global supply base."

### 물류·운송 (비공개) (high)
- note: Supply-chain costs across distribution centers, transportation and last-mile delivery; AI and automation investment is lifting fulfillment-center throughput.
- [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: "The 10-K covers supply-chain and logistics automation and delivery-capacity investment as part of its strategy."

### Microsoft (high)  → /microsoft.md
- note: Microsoft is a preferred cloud provider to Walmart (2018 strategic partnership), and Walmart runs generative AI (the My Assistant tool for associates, and search) on Azure and Azure OpenAI Service.
- [confirms] Walmart (SEC EDGAR) (EN, filing, published 2026-03-13) https://www.sec.gov/Archives/edgar/data/104169/000010416926000055/wmt-20260131.htm: "Per the 10-K, total revenue $681B; uses Azure and Azure OpenAI as AI infrastructure."
- [confirms] Microsoft (Official Blog) (EN, news, published 2024-01-09) https://blogs.microsoft.com/blog/2024/01/09/walmart-unveils-new-generative-ai-powered-capabilities-for-shoppers-and-associates/: "Walmart's My Assistant leverages large language models in Azure OpenAI Service, and its search also uses Azure OpenAI LLMs; a 2018 strategic partnership made Microsoft a preferred cloud provider."

### 콜게이트파몰리브 (high)  → /colgate-palmolive.md
- note: Walmart and its affiliates were Colgate-Palmolive's largest disclosed customer, accounting for about 11% of FY2025 net sales, and Walmart's own data case study also confirms that Colgate-Palmolive brands are sold through Walmart stores and online.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-23) https://www.sec.gov/Archives/edgar/data/21665/000002166526000006/cl-20251231.htm: "Our sales to Walmart, Inc. and its affiliates represented approximately 11% of our Net sales in 2025."
- [confirms] Walmart Data Ventures (EN, analysis, published 2025-10-29) https://www.walmartdataventures.com/content/dam/walmartdataventures/images/inspire/25/casestudies/colgate/Inspire-2025-Case-Study_Colgate.pdf: "The Colgate-Palmolive team started with a simple question: Who are the Walmart shoppers purchasing Tom's of Maine?"

### 큐리그 닥터페퍼 (high)  → /keurig-dr-pepper.md
- note: Walmart is KDP's largest retail customer and purchases products across every reportable segment, with the disclosed customer revenue concentration recorded in the metric.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-24) https://www.sec.gov/Archives/edgar/data/1418135/000141813526000016/kdp-20251231.htm: "approximately 16%"

### 허쉬 (high)  → /hershey-company.md
- note: Walmart Inc receives Hershey products through McLane, which Hershey identifies as the primary distributor of its products to Walmart, but Hershey does not separately disclose the sales attributable to Walmart.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-17) https://www.sec.gov/Archives/edgar/data/47111/000162828026008586/hsy-20251231.htm: "the primary distributor of our products to Wal-Mart Stores, Inc."

### 켄뷰 (high)  → /kenvue.md
- note: Walmart Inc is directly identified by Kenvue as one of its five largest North American customers, and although customer-specific revenue is not disclosed, retail-media spending analysis independently confirms Walmart's central role in Kenvue's retail channel.
- [confirms] Sensor Tower (EN, research, published 2025-11-25) https://investgame.net/wp-content/uploads/2025/11/amazon_retail_media_report_1h_2025_v1_8625.pdf: "Kenvue: Amazon 6%, Walmart 68%, Target 3%, Other 23%."
- [confirms] U.S. Securities and Exchange Commission (EN, filing, published 2023-09-18) https://www.sec.gov/Archives/edgar/data/1944048/000162828023032464/kenvues-4debtexchange424b3.htm: "Kenvue’s top five customers in North America include mass retail customers such as Walmart."

### 크래프트 하인즈 (high)  → /kraft-heinz.md
- note: Walmart Inc is Kraft Heinz's largest customer, purchasing from both reportable segments and generating about 21% of Kraft Heinz's FY2025 net sales.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-12) https://www.sec.gov/Archives/edgar/data/1637459/000163745926000009/khc-20251227.htm: "Our largest customer, Walmart Inc., represented approximately 21% of our net sales in 2025."

### J.B. 헌트 (high)  → /j-b-hunt.md
- note: Walmart entered a multi-year intermodal service agreement with J.B. Hunt that increased existing volume and capacity commitments, but the transaction value and share of J.B. Hunt revenue were not disclosed.
- [confirms] Korean Chamber of Commerce and Industry in the USA (KO, news, published 2024-02-23) https://kocham.org/wp-content/uploads/2024/02/Constant-Contact-14.pdf: "J.B. Hunt agreed to a new long-term transportation contract with Walmart and would acquire its intermodal assets."
- [confirms] J.B. Hunt (EN, ir, published 2024-02-22) https://www.jbhunt.com/our-company/newsroom/2024/02/jbh-walmart-intermodal-agreement: "entered into a multi-year intermodal service agreement with Walmart"

### 처치 앤 드와이트 (high)  → /church-dwight.md
- note: Walmart and its affiliates are Church & Dwight's largest customer, generating approximately 23% of FY2025 consolidated net sales and creating substantial dependence on one retailer.
- [confirms] Eightx (EN, analysis, published 2026-06-26) https://eightx.co/blog/church-and-dwight-teardown: "Walmart accounted for approximately 23% of consolidated net sales in each of FY2025, FY2024, and FY2023."
- [confirms] SEC EDGAR (EN, filing, published 2026-02-12) https://www.sec.gov/Archives/edgar/data/313927/000119312526048139/chd-20251231.htm: "Walmart Inc. and its affiliates accounted for approximately 23% in 2025."

### 애보트 (mid)  → /abbott-laboratories.md
- metric: Count 3,500 locations · 2025 rollout · U.S. Walmart locations carrying Lingo
- note: Walmart is a major U.S. retail channel for Abbott's Lingo continuous glucose monitor, in stores and online. The rollout exceeded 3,500 locations in October 2025, but Walmart's purchases from Abbott are not disclosed.
- [confirms] Abbott (EN, ir, published 2025-12-08) https://abbott.mediaroom.com/2025-12-08-Abbotts-Lingo-TM-Now-on-Android-TM-,-Expanding-Access-to-Real-Time-Glucose-Data: "in-store and online at Walmart."
- [confirms] Axios (EN, news, published 2025-10-21) https://www.axios.com/2025/10/21/walmart-stores-abbott-lingo-otc-glucose-monitor: "Abbott's Lingo rolls out to more than 3,500 locations and online."

### PepsiCo (mid)  → /pepsico.md
- note: Walmart buys PepsiCo snacks and beverages at scale for its shelves; about 14% of PepsiCo's revenue comes from Walmart (including Sam's Club), so PepsiCo is a core merchandise supplier (cost of goods) for Walmart.
- [confirms] StockTitan (EN, filing, published 2026-02-02) https://www.stocktitan.net/sec-filings/PEP/10-k-pepsico-inc-files-annual-report-fb33a43f0bd7.html: "PepsiCo's 10-K states Walmart (including Sam's Club) is about 14% of consolidated net revenue, showing PepsiCo is a core supplier to Walmart."

### Nestlé (mid)  → /nestle.md
- note: Walmart is Nestlé's largest retail customer, buying and reselling Nestlé products at scale. For Walmart, Nestlé is a major goods supplier.
- [mentions] Nestle (EN, ir, published 2005-06-01) https://www.nestle.com/sites/default/files/asset-library/documents/library/presentations/investors_events/investors_seminar_2005/walmart_jun2005_flaherty_transcript.pdf: "Nestle manages Walmart as its largest global account, and in an official presentation described Walmart growing into a multi-billion-dollar Nestle customer."

### Alphabet (Google) (mid)  → /alphabet.md
- note: Walmart partnered with Google on AI commerce, co-developing a common standard (UCP) letting shoppers buy Walmart products through Gemini and Google Search's AI mode (January 2026); Walmart also uses Google Cloud.
- [confirms] The Korea Economic Daily (KO, news, published 2026-01-12) https://www.hankyung.com/amp/2026011259131: "Google and Walmart jointly unveiled at NRF 2026 a service to buy Walmart products via Gemini and a common standard, UCP, announced by Alphabet CEO Sundar Pichai and incoming Walmart CEO John Furner."

### CJ제일제당 (mid)  → /cj-cheiljedang.md
- note: Post-Schwan's (2019, ~60,000 US points), supplies Bibigo to Walmart and other US mass retail; Bibigo is America's No.1 Korean food brand.
- [confirms] The Asia Business Daily (EN, news, published 2025-05-29) https://www.asiae.co.kr/en/article/2025052809441474268: "A shopper examining Bibigo products at a Walmart location in Los Angeles."

### 맥케슨 (mid)  → /mckesson.md
- note: Walmart has received distribution services from McKesson for more than 30 years and is its generic-drug sourcing partner, with no counterparty-specific revenue amount or share disclosed.
- [confirms] McKesson Corporation (EN, ir, published 2025-09-23) https://s24.q4cdn.com/128197368/files/doc_presentations/2025/09/250923-McKesson-Investor-Day-Transcript.pdf: "We've been providing distribution services to Walmart for more than 30 years."
- [confirms] NewsPim (KO, news, published 2025-04-07) https://www.newspim.com/news/view/20250407000962: "McKesson generates revenue by delivering pharmaceuticals to large chains such as Walmart."

### 3M (mid)  → /3m.md
- note: Walmart is a retail customer that buys air-cleaning filters made at a 3M plant in the United States for sale in its stores, but neither the transaction value nor its share of 3M revenue is disclosed.
- [mentions] SEC EDGAR (EN, filing, published 2026-02-03) https://www.sec.gov/Archives/edgar/data/66740/000006674026000014/mmm-20251231.htm: "3M products are sold through numerous distribution channels, including directly to users and through e-commerce and traditional wholesalers and retailers."
- [confirms] Walmart (EN, ir, published 2019-10-29) https://corporate.walmart.com/news/2019/10/29/how-were-working-with-suppliers-to-showcase-u-s-manufacturing: "We are proud to stock these products on Walmart shelves."

### 웨이스트 매니지먼트 (mid)  → /waste-management.md
- note: Walmart receives long-term advisory and implementation support from WM Sustainability Services at its facilities, and the manager featured in a 2021 report had supported the Walmart account for 11 years at the time, but account revenue was not disclosed.
- [confirms] WM (EN, ir, published 2021-10-13) https://wastemanagement.gcs-web.com/static-files/1407b85b-e117-4151-b994-016f336684e3: "He has spent 11 years supporting WMSS's customer, Walmart."

### 익스피디아 그룹 (mid)  → /expedia-group.md
- note: Walmart Inc receives the white-label booking experience, travel inventory and customer service for Walmart+ Travel from Expedia Group, while partner-specific revenue and fees have not been disclosed.
- [confirms] Phocuswright (EN, analysis, published 2025-08-01) https://www.phocuswright.com/Travel-Research/Research-Updates/2025/looking-ahead-us-otas-bet-on-loyalty-ai-and-b2b: "Expedia’s B2B business surged 21% in 2024, now making up 30% of revenue, with partners like Walmart and Chase Travel."
- [confirms] Retail Talk (KO, news, published 2023-08-16) https://www.retailtalk.co.kr/Strategy/?back_url=&bmode=view&idx=16017389&page=1&t=board: "In July, Walmart partnered with Expedia Group to launch Walmart+ Travel for Walmart+ members."
- [confirms] Walmart (EN, news, published 2023-07-25) https://corporate.walmart.com/news/2023/07/25/walmart-and-expedia-group-launch-travel-benefit-for-walmart-members: "Travel booking on WalmartPlusTravel.com is powered by Expedia Group’s White Label Template technology."

### CMS 에너지 (mid)  → /cms-energy.md
- note: Walmart Inc agreed with Consumers Energy to match most of the electricity used by its Michigan locations with renewable energy from future projects, and the agreement is a direct revenue relationship under the utility's large-business renewable-energy program.
- [confirms] Consumers Energy (EN, ir, published 2024-04-10) https://www.consumersenergy.com/news-releases/news-release-details/2024/04/10/walmart-partners-with-consumers-energy-to-power-44-michigan-locations-with-clean-energy: "Walmart is agreeing to match 90% of the energy they use across 44 Michigan locations."

Reverse side: https://valuechain.wiki/walmart/customers.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