High-income customers drive Walmart’s growth Merca2.0

Even in a context of economic uncertainty and more selective consumption, Walmart continues to grow. Its most recent financial results, corresponding to the last quarter of 2025, reveal that part of this momentum comes from a group of consumers that historically was not the chain’s main driver: higher-income households.

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In its latest financial reports, Walmart posted revenue of $190.7 billion, a 5.6% increase compared to the same period last year. Operating income grew even faster, rising 10.8%, reflecting improvements in margins, operational efficiency, and the growing weight of digital commerce.

What do Walmart’s financial results reveal about consumer behavior in 2025?

Walmart’s financial results show that consumption remains resilient, but increasingly heterogeneous across different population segments.

According to the company, households with incomes above $100,000 have been responsible for a significant portion of market share gains during the quarter. This group of consumers, traditionally more associated with specialty retailers or premium stores, is increasingly turning to Walmart.

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Walmart CEO John Furner explained the dynamics observed among different consumer groups during the investor call: “Across our customer base, spending remains solid. In the United States, we see that consumers are selective in their spending. Once again, this quarter, most of our market share gains came from households with incomes above $100,000.”

This trend reflects how Walmart has expanded its customer base beyond the price-sensitive consumer, positioning itself as an attractive option also for higher-income shoppers.

Why are higher-income consumers shopping more at Walmart?

The growth in consumption among higher-income customers is not explained solely by price. In recent years, Walmart has strengthened its omnichannel strategy and improved its product offering, broadening its appeal across different consumer profiles.

The company has invested in expanding its assortment, integrating new brands, and strengthening its digital marketplace, as well as significantly improving delivery speed. Currently, a large proportion of orders can be delivered in less than three hours, making Walmart a direct competitor to leading e-commerce players.

Additionally, digital commerce is playing a key role. eCommerce sales grew 24% globally during the quarter, while in the United States they increased 27%. This channel already represents around 23% of the group’s total sales during the period.

For many higher-income consumers, the convenience of fast delivery has become just as important as price.

What is happening with lower-income consumers in the current economy?

The analysis of consumption behavior within Walmart also reflects the pressures faced by part of the population in the current economic context.

While higher-income consumers maintain relatively solid spending, households with incomes below $50,000 are experiencing greater budget pressure. According to the company, many of these consumers are managing their spending more cautiously.

John Furner described this reality during the earnings presentation: “In households with incomes below $50,000, we continue to see that budgets are very tight and, in some cases, people are living paycheck to paycheck.”

This contrast illustrates how the current economic environment is generating divergent consumption behaviors. While some segments maintain their spending capacity, others face more severe constraints.

How do these changes impact Walmart’s financial results?

The shift in consumer composition has direct implications for Walmart’s financial results. The arrival of higher-income customers can boost the average ticket and favor higher-margin categories such as electronics, fashion, or home goods.

At the same time, the company has diversified its revenue streams toward higher-margin businesses, such as digital advertising and memberships.

During the quarter, the global advertising business grew 37%, while Walmart Connect in the United States increased 41%. Membership revenue also rose more than 15% globally.

These segments allow Walmart to improve profitability even when consumption growth in certain segments moderates.

Signals from Walmart’s results for the economy

Walmart’s financial results provide an important signal about the evolution of consumption in the U.S. economy. Although there are inflationary pressures and signs of economic moderation, spending has not stopped entirely.

Instead, it is transforming. Consumers are prioritizing convenience, delivery speed, and value for money—factors that Walmart has turned into pillars of its strategy.

The company projects that its sales will grow between 3.5% and 4.5% in the next fiscal year, while operating income could increase between 6% and 8%. If these forecasts are met, Walmart would continue expanding its profitability even in an uncertain economic environment.

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