Walmart Reports 75% of Growth Comes From $100K+ Households

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2.20.2026

Quick Facts

75% of Walmart’s share gains now come from households earning over $100,000 annually
Fourth quarter revenue grew 5.6% to $190.7 billion with e-commerce reaching record 23% of sales
CEO John Furner acknowledged lower-income shoppers remain stretched as wallets are managed paycheck to paycheck

Walmart reported a dramatic shift in its customer base during fourth quarter earnings, with the majority of its market share gains coming from households earning more than $100,000.

CEO John Furner, speaking on his first earnings call since taking over in February, said roughly 75% of the company’s share gains now originate from higher-income households. This marks a significant change for a retailer traditionally associated with budget-conscious, lower-income shoppers.

The company posted fourth quarter revenue of $190.7 billion, up 5.6% year over year. Operating income improved 10.8% to $8.7 billion. Global e-commerce sales climbed 24%, with U.S. online sales growing 27%.

E-commerce now represents 23% of total U.S. sales, the highest level in company history. Growth was driven partly by 50% growth in store-fulfilled delivery, as Walmart expanded faster delivery options reaching most U.S. households within hours.

The earnings reveal a stark divide in consumer behavior. While affluent shoppers fuel growth, Furner noted challenges for lower-income customers. “For households earning below $50,000, we continue to see that wallets are stretched. In some cases, people are managing spending paycheck to paycheck,” he said.

CFO John Rainey explained that market share gains cut across all income levels but were largest among upper-income households. In fashion, which grew by mid-single digits in the quarter, almost all growth came from households earning over $100,000 annually.

The results highlight what economists call a K-shaped economy, where wealthy consumers drive spending growth while lower-income households struggle with rising costs.

Despite strong performance, Walmart issued conservative guidance that disappointed analysts. The company expects fiscal 2027 earnings per share of $2.75 to $2.85, below analyst expectations of $2.94 to $2.97.

Walmart shares fell 1.38% Thursday to close at $124.87, though the stock remains up 20% over the past year.

The quarter also marked Amazon surpassing Walmart as the largest company by annual revenue, with Amazon posting $716.9 billion compared to Walmart’s $713.2 billion.