Walmart is the world's largest retailer by revenue, operating more than 10,900 stores across 19 countries. The core business is selling consumer products — primarily groceries, general merchandise, and health and wellness items — at everyday low prices, both in-store and through a rapidly expanding e-commerce and delivery offering. Walmart operates through three segments: Walmart U.S. (~68% of sales), Walmart International (~19%), and Sam's Club U.S. (~13%). Sam's Club is a membership-only warehouse club that charges an annual fee and competes primarily with Costco. Internationally, key businesses include Walmex in Mexico, Sam's Club China, and Flipkart in India. Walmart's core retail model is high-volume, thin-margin merchandise sales, but the business model is evolving. Walmart is building a set of higher-margin, asset-light revenue streams — including advertising (Walmart Connect, ~$6.4B in FY26), membership fees (Walmart+ and Sam's Club, exceeding $4.3B globally), third-party marketplace commissions, and data analytics — that together represented roughly one-third of operating income in Q4 FY26. Walmart's dense store network doubles as forward-deployed inventory, enabling same-day delivery to 93-95% of the U.S. population and positioning stores as a fulfillment advantage over pure-play e-commerce rivals. Supply chain automation and AI-driven shopping tools are central to Walmart's strategy to grow operating income faster than sales over time.