Costco vs Walmart Business Model (2026)
Costco earns most from Net merchandise sales (98.1%), while Walmart earns most from Walmart U.S. (68.1%). Computed from Costco 10-K FY2026 and Walmart 10-K FY2026.
Last checked 2026-10-18 on the official pages.
Costco
Amounts in millions of USD. Shares are computed from the filing.
| Revenue line | Value | % of total | Filing |
|---|---|---|---|
| Net merchandise sales | $297,247 million ($297.2 billion) | 98.1% | 10-K FY2026 ↗ |
| Membership fees | $5,907 million ($5.9 billion) | 1.9% | 10-K FY2026 ↗ |
| Total revenue | $303,154 million ($303.2 billion) | — | 10-K FY2026 ↗ |
Walmart
Amounts in millions of USD. Shares are computed from the filing.
| Revenue line | Value | % of total | Filing |
|---|---|---|---|
| Walmart U.S. | $485,599 million ($485.6 billion) | 68.1% | 10-K FY2026 ↗ |
| Walmart International | $131,988 million ($132.0 billion) | 18.5% | 10-K FY2026 ↗ |
| Sam’s Club U.S. | $95,540 million ($95.5 billion) | 13.4% | 10-K FY2026 ↗ |
| Total revenue | $713,163 million ($713.2 billion) | — | 10-K FY2026 ↗ |
Shared business models
Membership warehouse · Retail margin
Company and model pages
Costco: Membership warehouse · Retail margin
Walmart: Membership warehouse · Retail margin
Frequently asked questions
How does Costco make money?
Costco makes money mainly from Net merchandise sales. Its FY2026 total revenue was $303,154 million ($303.2 billion), with Net merchandise sales the biggest disclosed revenue line at $297,247 million ($297.2 billion) and 98.1% of total revenue (computed from the 10-K FY2026). Costco collects membership fees and recognizes them across the membership period.
How does Walmart make money?
Walmart makes money mainly from Walmart U.S.. Its FY2026 total revenue was $713,163 million ($713.2 billion), with Walmart U.S. the biggest disclosed revenue line at $485,599 million ($485.6 billion) and 68.1% of total revenue (computed from the 10-K FY2026). Walmart supplements its retail business with fees from membership offerings.