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Walmart WMT Membership Fees — Membership and other income

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Other financials

Income statement

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Revenue$177.75B+7.3%
Gross profit$44.7B+8.2%
Operating income$7.5B+5.0%
Net income$5.3B+18.8%
EPS (diluted)$0.67+19.6%

Balance sheet

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Cash & equivalents$11.3B+14.0%
Total debt$74.2B+10.4%
Total equity$94.3B+12.6%
Total assets$289.61B+10.4%

Cash flow

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Operating cash flow$4.7B-12.4%
CapEx$6.7B+34.1%
Free cash flow-$1.9B-558%

Valuation

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Market cap$894.01B+8.4%
Enterprise value$956.87B+8.7%
P/E39.3×+0.7×
P/S1.2×0.0×

Profitability

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Gross margin25%+0.1pp
Operating margin4.2%-0.2pp
Net margin3.1%+0.4pp
FCF margin1.7%-0.2pp

Returns & leverage

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Return on equity25.5%+2.7pp
Debt / equity0.8×0.0×
Current ratio0.8×0.0×

Where this comes from

Reported directly by Walmart in its filing.

Tagged under the XBRL concept us-gaap:OtherIncome.

The source filing: Walmart’s 10-K, filed March 13, 2026.

Filed
Mar 13, 2026, 4:06 PM EDT
Fiscal year
FY2026
Accession
0000104169-26-000055

Membership and other income primarily includes membership fee revenue associated with the Company's various membership offerings for customers and members across each reportable segment. Membership fee revenue is recognized over the term of the membership, which are generally one year, although certain offerings are month-to month. Membership fee revenue was $4.4 billion, $3.8 billion and $3.1 billion for fiscal 2026, 2025 and 2024, respectively. Deferred membership fee revenue is included in accrued liabilities in the Company's Consolidated Balance Sheets. Additionally, membership and other income includes items such as rental and tenant income, recycling income, and gift card breakage income.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FAQ

What is Walmart's membership fees — membership and other income?
Walmart (WMT) reported membership fees — membership and other income of $1.1B in Q4 2025.
How has Walmart's membership fees — membership and other income changed year-over-year?
Walmart's membership fees — membership and other income increased by 15.8% year-over-year, from $950M to $1.1B.
What is the long-term trend for Walmart's membership fees — membership and other income?
Over 4 years (2022 to 2026), Walmart's membership fees — membership and other income has grown at a 18.9% compound annual growth rate (CAGR), from $2.2B to $4.4B.
What does membership fees — membership and other income mean?
This metric represents the recurring revenue generated from membership programs, such as warehouse club subscriptions, which grant customers access to exclusive pricing and services. It serves as a critical indicator of customer loyalty and provides a high-margin, predictable cash flow stream that supports the company's broader low-price retail strategy. By locking in a dedicated customer base, these fees help stabilize total revenue and incentivize frequent store visits.

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