HDFC Bank vs Walmart: Revenue, Profit and Business Model
HDFC Bank reported ~$32.9B of revenue in FY2026 and ~$8.8B of net income. Walmart reported $713.2B of revenue in FY2026 and $21.9B of net income.
Latest financial snapshot
Financial summary
HDFC Bank
For FY2025-26 HDFC Bank reported net revenues of ~$22.2 billion (INR 1,91,218.60 crore) (+13.6%) and standalone profit after tax of ~$8.66 billion (INR 74,671.30 crore) (+10.9%), with net interest margin of 3.34% and gross NPAs of 1.15%. The board recommended a final dividend of INR 13 per share. Q1 FY2026-27 standalone profit was ~$2.21 billion (INR 19,060 crore), up about 5% (around 9.8% excluding one-off items in the prior-year quarter), with net interest income up 7%, deposits of ~$368 billion (INR 31.71 lakh crore) (+14.7%), gross advances of ~$355 billion (INR 30.61 lakh crore) (+15.4%) and a capital adequacy ratio of 19.6%. Margin pressure was the main reason the shares fell after the results.
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
HDFC Bank
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$32.9B | ~$8.8B | 26.8% | +3.8% | Source |
| FY2025 | ~$31.7B | ~$8.2B | 25.9% | +19.2% | Source |
| FY2024 | ~$26.5B | ~$7.4B | 28.0% | +102.5% | Source |
| FY2023 | ~$13.1B | ~$5.3B | 40.7% | +24.0% | Source |
| FY2022 | ~$10.6B | ~$4.4B | 41.7% | +16.5% | Source |
| FY2021 | ~$9.1B | — | 0.0% | +16.1% | Source |
| FY2020 | ~$7.8B | — | 0.0% | +13.2% | Source |
| FY2019 | ~$6.9B | — | 0.0% | +17.1% | Source |
| FY2018 | ~$5.9B | — | 0.0% | +19.8% | Source |
| FY2017 | ~$4.9B | — | 0.0% | — | 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
HDFC Bank
- Net Interest Income
67.3% of net revenues
Spread income from loans, investments, and funding after interest expense.
- Other Income
32.7% of net revenues
Fees, commissions, foreign exchange, derivatives, investment income, and other banking income.
- Digital, Cards, Payments, and Distribution
Embedded in fee income
Transaction, card, payment, wealth, and distribution income tied to customer relationships.
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
HDFC Bank
How it makes money
HDFC Bank makes money mainly from the spread between what it earns on loans and investments and what it pays depositors. Net interest income was roughly two-thirds of FY2025-26 net revenues; the rest came from fees and commissions on cards, payments, third-party distribution and transaction banking, plus treasury and foreign-exchange income.
Growth strategy
Since the July 2023 merger with HDFC Ltd, the strategy has shifted from maximising loan growth to rebuilding the funding mix. Management deliberately let advances grow more slowly than deposits in FY2025 and FY2026 to bring the credit-to-deposit ratio down, then resumed faster lending: gross advances grew 15.4% and deposits 14.7% year on year in Q1 FY2026-27.
Competitive advantage
HDFC Bank's edge is a low-cost retail deposit base gathered through nearly 9,700 branches and DBUs, a long record of tight underwriting (gross NPA ratio of 1.15% at March 2026), and enough digital scale that 98% of financial transactions run online. Salary accounts, credit cards and home loans tie customers into multiple products, which lowers acquisition cost and raises switching friction.
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 HDFC Bank vs Walmart
Which company has higher revenue — HDFC Bank Limited or Walmart Inc.?
HDFC Bank Limited reported ~$32.9B (FY2026), while Walmart Inc. reported $713.2B (FY2026). By last reported revenue, Walmart Inc. is the larger business, with HDFC Bank Limited reporting a smaller revenue base.
What is the market cap of HDFC Bank Limited vs Walmart Inc.?
HDFC Bank Limited's market capitalisation stands at $118.8B, while Walmart Inc.'s is $790.0B. Walmart Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to HDFC Bank Limited.
Which is more financially efficient — HDFC Bank Limited or Walmart Inc.?
HDFC Bank Limited generates $156k / employee in revenue per employee, while Walmart Inc. generates $340k / employee. Walmart Inc. 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 HDFC Bank Limited and Walmart Inc. make money?
HDFC Bank Limited and Walmart Inc. generate revenue in fundamentally different ways. HDFC Bank Limited: HDFC Bank makes money mainly from the spread between what it earns on loans and investments and what it pays depositors. 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 — HDFC Bank Limited or Walmart Inc.?
On a price-to-sales (P/S) basis, HDFC Bank Limited trades at 3.6x P/S and Walmart Inc. at 1.1x P/S. HDFC Bank Limited commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Walmart Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is HDFC Bank Limited bigger than Walmart Inc.?
By last reported revenue, Walmart Inc. ($713.2B (FY2026)) is the larger company compared to HDFC Bank Limited (~$32.9B (FY2026)). 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 HDFC Bank vs Walmart overview