Hyundai vs Walmart: Revenue, Profit and Business Model
Hyundai reported ~$132.2B of revenue in FY2025 and ~$6.7B of net income. Walmart reported $713.2B of revenue in FY2026 and $21.9B of net income.
Latest financial snapshot
Financial summary
Hyundai
Hyundai's revenue has grown every year since 2020, from ~$83.5 billion (KRW 117.6 trillion) in 2021 to ~$132 billion (KRW 186.25 trillion) in 2025. Profit peaked in 2023 and 2024, when operating profit topped ~$9.94 billion (KRW 14 trillion) on a rich SUV mix and a weak won. In 2025 operating profit fell 19.5% to ~$8.14 billion (KRW 11.47 trillion) and net profit fell 21.7% to ~$7.36 billion (KRW 10.36 trillion), mostly because of U.S. tariffs. Q2 2026 revenue was a record ~$34.9 billion (KRW 49.22 trillion), up 1.9%, but operating profit dropped 20.8% to ~$2.02 billion (KRW 2.85 trillion), leaving H1 2026 operating profit at ~$3.81 billion (KRW 5.37 trillion) against ~$5.14 billion (KRW 7.24 trillion) a year earlier. The company paid a total 2025 dividend of KRW 10,000 per share, and its 2026 guidance calls for 1-2% revenue growth and a 6.3-7.3% operating margin, which its CFO said in July it may miss on volume.
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
Hyundai
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$132.2B | ~$6.7B | 5.1% | +6.3% | Source |
| FY2024 | ~$124.4B | ~$8.9B | 7.1% | +7.7% | Source |
| FY2023 | ~$115.5B | ~$8.5B | 7.4% | +14.4% | Source |
| FY2022 | ~$100.9B | ~$5.2B | 5.2% | +20.9% | Source |
| FY2021 | ~$83.5B | ~$3.5B | 4.2% | — | 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
Hyundai
- SUVs and Passenger Vehicles
Core revenue engine
Tucson, Santa Fe, Palisade, Sonata, Elantra, and other global models generate volume, dealer traffic, and cash flow across major regions.
- Hybrids and Electrified Vehicles
Growth and transition
Hybrid, plug-in hybrid, battery-electric, and fuel-cell vehicles support Hyundai's transition while giving buyers powertrain choice during uneven EV adoption.
- Genesis Luxury
Premium margin contributor
Genesis sedans and SUVs lift brand perception and average transaction prices while competing with Lexus, Mercedes-Benz, BMW, and Audi.
- Parts, Services, and Mobility
Recurring and adjacent
After-sales service, parts, connected services, fleet offerings, robotics, and future mobility investments extend Hyundai beyond one-time vehicle sales.
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
Hyundai
How it makes money
Hyundai earns most of its revenue from wholesale vehicle sales to dealers and distributors across North America, Korea, Europe, India and emerging markets. Three layers sit on top of that core: the Genesis luxury brand, which lifts average transaction prices; a finance division (Hyundai Capital and Hyundai Capital America) that earns interest and lease income on vehicle loans; and after-sales parts and service.
Growth strategy
Hyundai's growth strategy rests on four moves: localising production in the United States, India and other big markets to avoid tariffs; expanding hybrids across its range while keeping EV investment flexible; pushing Genesis higher in luxury; and building software, autonomous driving and robotics. In the U.S.
Competitive advantage
Hyundai's edge is breadth plus speed. It can offer gasoline, hybrid, plug-in, battery-electric and hydrogen versions of key models, which matters as EV demand stalls in some markets and hybrids take more than a quarter of its U.S. sales.
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 Hyundai vs Walmart
Which company has higher revenue — Hyundai Motor Company or Walmart Inc.?
Hyundai Motor Company reported ~$132.2B (FY2025), while Walmart Inc. reported $713.2B (FY2026). By last reported revenue, Walmart Inc. is the larger business, with Hyundai 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 Hyundai Motor Company vs Walmart Inc.?
Hyundai Motor Company's market capitalisation stands at $52.0B, while Walmart Inc.'s is $790.0B. Walmart Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Hyundai Motor Company.
Which is more financially efficient — Hyundai Motor Company or Walmart Inc.?
Hyundai Motor Company generates $1.08M / employee in revenue per employee, while Walmart Inc. generates $340k / employee. Hyundai 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 Hyundai Motor Company and Walmart Inc. make money?
Hyundai Motor Company and Walmart Inc. generate revenue in fundamentally different ways. Hyundai Motor Company: Hyundai earns most of its revenue from wholesale vehicle sales to dealers and distributors across North America, Korea, Europe, India and emerging markets. 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 — Hyundai Motor Company or Walmart Inc.?
On a price-to-sales (P/S) basis, Hyundai Motor Company trades at 0.4x 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 Hyundai Motor Company. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Hyundai Motor Company bigger than Walmart Inc.?
By last reported revenue, Walmart Inc. ($713.2B (FY2026)) is the larger company compared to Hyundai Motor Company (~$132.2B (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 Hyundai vs Walmart overview