Ford vs Walmart: Revenue, Profit and Business Model
Ford reported $187.3B of revenue in FY2025 and a net loss of $8.2B. Walmart reported $713.2B of revenue in FY2026 and $21.9B of net income.
Latest financial snapshot
Financial summary
Ford
Ford's numbers show a profitable truck and fleet business funding an expensive EV reset. FY2025 revenue rose 1.2% to $187.267B, but Ford posted an $8.162B net loss as Model e lost $4.806B at EBIT and the company took charges tied to its December 2025 decision to cancel some EV programs. Ford Pro earned $6.843B of EBIT. In Q2 2026, revenue fell 4% to $48.3B on lower wholesale volumes and aluminum shortages linked to supplier Novelis, and the $1.3B net loss included $3.6B of charges for exiting the BlueOval SK battery joint venture. Adjusted EBIT still rose 17% to $2.5B, adjusted free cash flow was $2.1B, and liquidity exceeded $43B.
Walmart
Walmart's FY2026 total revenues rose 4.7% to $713.2 billion and net income attributable to Walmart rose to $21.9 billion from $19.4 billion in FY2025. In Q2 FY27 (quarter ended July 31, 2026), total revenues rose 5.9% to $187.9 billion and adjusted EPS was $0.81 versus $0.68 a year earlier. Adjusted operating income growth of about 17% in constant currency included a benefit from roughly $2.9 billion in IEEPA tariff refunds, much of which Walmart said it reinvested in prices. Walmart raised its full-year sales and operating income growth guidance with the Q2 report.
Revenue and profit by year
Ford
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $187.3B | -$8.2B | -4.4% | +1.2% | Source |
| FY2024 | $185B | $5.9B | 3.2% | +5.0% | Source |
| FY2023 | $176.2B | $4.3B | 2.5% | +11.5% | Source |
| FY2022 | $158.1B | -$2B | -1.3% | +15.9% | Source |
| FY2021 | $136.3B | $17.9B | 13.2% | +7.2% | Source |
| FY2020 | $127.1B | -$1.3B | -1.0% | -18.4% | Source |
| FY2019 | $155.9B | $84M | 0.1% | -2.8% | Source |
| FY2018 | $160.3B | $3.7B | 2.3% | +2.3% | Source |
| FY2017 | $156.8B | $7.8B | 4.9% | +3.3% | Source |
| FY2016 | $151.8B | $4.6B | 3.0% | — | Source |
Walmart
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $713.2B | $21.9B | 3.1% | +4.7% | Source |
| FY2025 | $681B | $19.4B | 2.9% | +5.1% | Source |
| FY2024 | $648.1B | $15.5B | 2.4% | +6.0% | Source |
| FY2023 | $611.3B | $11.7B | 1.9% | +6.7% | Source |
| FY2022 | $572.8B | $13.7B | 2.4% | +2.4% | Source |
| FY2021 | $559.2B | $13.5B | 2.4% | +6.7% | Source |
| FY2020 | $524B | $14.9B | 2.8% | +1.9% | Source |
| FY2019 | $514.4B | $6.7B | 1.3% | +2.8% | Source |
| FY2018 | $500.3B | $9.9B | 2.0% | +3.0% | Source |
| FY2017 | $485.9B | $13.6B | 2.8% | — | Source |
Where the revenue comes from
Ford
- Ford Blue~54%
Combustion and hybrid Ford and Lincoln retail vehicles generated $101.019B of FY2025 revenue.
- Ford Pro~35%
Commercial vehicles, fleet services, telematics, charging, and related customer relationships generated $66.286B of FY2025 revenue.
- Ford Model e~4%
Electric vehicles, EV technologies, and related software generated $6.670B of FY2025 revenue while remaining loss-making.
- Ford Credit and Other~7%
Vehicle financing, leasing, and other corporate activities complete Ford's consolidated revenue base.
Walmart
- Walmart U.S.
Largest segment, roughly two-thirds of revenue
U.S. supercenters, discount stores, Neighborhood Markets, Walmart.com, marketplace, and Walmart Connect.
- Walmart International
Second-largest segment
Operations including Walmex in Mexico and Central America, Flipkart in India, Walmart Canada, and Walmart China.
- Sam's Club U.S.
Smallest segment
Membership warehouse club sales, fuel, and membership fees.
- Advertising, Membership, and Marketplace Services
Higher-margin income across segments
Global advertising grew 38% and membership fee revenue 17% in Q2 FY27.
Business model and strategy
Ford
How it makes money
Ford designs, builds, and sells vehicles through roughly 9,000 independent Ford and Lincoln dealers worldwide and reports three operating segments plus Ford Credit. Ford Blue sells gas and hybrid retail vehicles such as the F-150, Bronco, Explorer, and Maverick ($101.0B of FY2025 revenue).
Growth strategy
After its December 2025 EV reset, Ford is concentrating capital on trucks, hybrids, and higher-margin services rather than large first-generation battery-electric programs.
Competitive advantage
Ford's clearest moat is the F-Series truck franchise, the best-selling pickup line in the U.S. every year since 1977, combined with Ford Pro's position in commercial vans and Super Duty trucks. Fleet customers buy vehicles, service, parts, telematics, and financing from one supplier, and Ford's upfitter, dealer, and mobile-service network is hard for EV startups or importers to replicate.
Walmart
How it makes money
Most of Walmart's revenue comes from selling groceries, consumables, general merchandise, health and wellness products, and fuel through stores, clubs, and ecommerce. Walmart U.S. is the largest segment at roughly two-thirds of revenue, followed by Walmart International (including Walmex, Flipkart, Walmart Canada, and Walmart China) and Sam's Club U.S.
Growth strategy
Walmart is pushing store-fulfilled delivery, marketplace assortment, advertising, and membership while keeping its price position. In Q2 FY27 it reported 23% global ecommerce growth, 38% global advertising growth, 17% higher membership fee revenue, and U.S. marketplace sales up 52%.
Competitive advantage
Walmart's edge is purchasing scale, a dense U.S. store network that doubles as a fulfillment network, frequent grocery trips, and first-party purchase data that supports its advertising business.
Questions about Ford vs Walmart
Which company has higher revenue — Ford Motor Company or Walmart Inc.?
Ford Motor Company reported $187.3B (FY2025), while Walmart Inc. reported $713.2B (FY2026). By last reported revenue, Walmart Inc. is the larger business, with Ford Motor Company reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Ford Motor Company vs Walmart Inc.?
Ford Motor Company's market capitalisation stands at $48.0B, while Walmart Inc.'s is $790.0B. Walmart Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Ford Motor Company.
Which is more financially efficient — Ford Motor Company or Walmart Inc.?
Ford Motor Company generates $1.11M / employee in revenue per employee, while Walmart Inc. generates $340k / employee. Ford Motor Company shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Ford Motor Company and Walmart Inc. make money?
Ford Motor Company and Walmart Inc. generate revenue in fundamentally different ways. Ford Motor Company: Ford designs, builds, and sells vehicles through roughly 9,000 independent Ford and Lincoln dealers worldwide and reports three operating segments plus Ford Credit. Walmart Inc.: Most of Walmart's revenue comes from selling groceries, consumables, general merchandise, health and wellness products, and fuel through stores, clubs, and ecommerce.
Which company is valued higher relative to revenue — Ford Motor Company or Walmart Inc.?
On a price-to-sales (P/S) basis, Ford Motor Company trades at 0.3x P/S and Walmart Inc. at 1.1x P/S. Walmart Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Ford Motor Company. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Ford Motor Company bigger than Walmart Inc.?
By last reported revenue, Walmart Inc. ($713.2B (FY2026)) is the larger company compared to Ford Motor Company ($187.3B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Ford vs Walmart overview