Target vs. Walmart: how they make money

• Shoppers (Target calls them guests) · 98.0% of revenuePeople buying merchandise in stores or through digital channels: 98.0% of FY2025 net sales ($102.7 billion).
• Advertisers · 0.9% of revenueVendors and marketplace sellers paying mostly for Roundel ads: 0.9% of FY2025 net sales ($915 million).
• TD Bank Group and others · 1.1% of revenueTD Bank Group's card profit sharing was 0.5% ($522 million). Others, such as marketplace sellers, paying members and tenants, were 0.6% ($626 million).

• Walmart U.S. customers · 68.4% of revenueShoppers at Walmart and Neighborhood Market stores, and on walmart.com. The segment's net sales were $483.0 billion in FY2026.
• Walmart International customers · 18.5% of revenueShoppers outside the US. The segment's net sales were $130.4 billion in FY2026.
• Sam's Club U.S. customers · 13.2% of revenuePeople shopping at the membership clubs. The segment's net sales were $93.0 billion in FY2026.
• AdvertisersBrands paying for ads, nearly $6.4 billion in FY2026. Walmart gives no share because ads sit in net sales or reduce cost of sales.
• MembersMembership fees exceeded $4.3 billion in FY2026, management said. They are part of $6.75 billion of membership and other income, which sits outside net sales.

FY2025 (year ended Jan 31, 2026)

FY2026

Debt

$15.4B

Cash and investments

$5.4B

On Aug 1, 2026.

At Aug 1, 2026 Target's debt exceeded its cash by $9.9 billion, about 1.1 times the $8.7 billion of cash from operations in the prior four quarters, which include tariff refunds.

Debt

$57.2B

Cash and investments

$11.5B

On Jul 31, 2026.

At Jul 31, 2026 Walmart's debt exceeded its cash by $45.7 billion, about 1.1 years of its cash from operations in the 12 months to that date ($42.9 billion).

• One class of shares.
• Officers and directors as a group: 0.1% of shares (as of Apr 8, 2026).
• State Street Corp. (including as trustee of the Target 401(k) Plan): 7.9% (as of Dec 31, 2023).
• Vanguard Capital Management LLC: 7.5% (as of Mar 31, 2026).
• BlackRock, Inc.: 7.2% (as of Dec 31, 2023).
• 1 more holders on the Target page.

• One class of shares.
• Officers and directors as a group: 0.1% of shares (as of Apr 10, 2026).
• Walton Enterprises, LLC: 44.1% (as of Apr 10, 2026).
• Walton Family Holdings Trust: 6.4% (as of Apr 10, 2026).

• Shoppers buying less (demand)Net sales fell in FY2023, FY2024 and FY2025. In FY2025 comparable sales (merchandise sales, leaving out newer and closed stores) fell 2.6%, and traffic (number of transactions) fell 2.2%. Target says the holiday quarter brings a larger share of sales: Q4 FY2025 was $30.5 billion of the year's $104.8 billion.
• Tariff refunds inside 2026 profit (other)Q2 FY2026 includes $994 million of refunds, which added 3.7 points to operating margin and $1.65 to EPS. Target has not recognized or estimated further claims, and its FY2026 guide excludes future refunds. CFO Jim Lee said on the Aug 19, 2026 call that the Q2 amount was most of the refunds applied for to date, and that Target expects some more.
• Reactions to social-issue positions (other)Target's FY2025 10-K names reactions to its 2023 Pride assortment. It also says its 2025 changes to diversity, equity and inclusion (DEI) initiatives drew adverse reactions and "consumer boycotts organized throughout 2025".

• Q2 FY2027 profit includes tariff refunds (other)Walmart received about $2.9 billion of tariff refunds in Q2 FY2027, recorded as a reduction to cost of sales. Walmart said a significant portion went into price and cost mitigation, and that price investment continues through FY2027. It gives no dollar amount for that investment.
• Net income moves with investment values (other)Other gains and losses swung from a $2.7 billion gain in Q2 FY2026 to a $2.1 billion loss in Q4 FY2026. In Q2 FY2027 net income fell 9.4% while operating income rose 28.8%, with a $1.2 billion loss on this line.
• Fuel and running costs (commodity costs)The CFO said on Aug 20, 2026 that Walmart expected more than $2 billion of incremental fuel-related costs this year, above its original assumptions. Fuel-related expense at Sam's Club U.S. was $8.7 billion in FY2026.
• One family's entities hold about 44% of the shares (governance)Walton Enterprises held 44.11% on Apr 10, 2026, with one vote per share. Two Walton family members sat on the board, according to the 2026 proxy, and the board has not determined the independence of Greg Penner or Steuart Walton.