Kohl's Corporation vs Walmart Inc.: Strategic Comparison

This in-depth comparison examines Kohl's Corporation and Walmart Inc. across revenue, market value, business model, competitive positioning, and long-term growth strategy. Whether you are researching Kohl's Corporation on its own, evaluating Walmart Inc., or weighing the two companies side by side, the breakdown below highlights where each company leads and where the gap between Kohl's Corporation and Walmart Inc. is widest.

On the headline numbers, annual revenue is $15.5B (FY2025) for Kohl's Corporation and $713.2B (FY2026) for Walmart Inc., while their respective market capitalizations stand at $2.0B and $790.0B. Both Kohl's Corporation and Walmart Inc. are headquartered in United States. Their local markets and applicable rules may still differ.

Kohl's Corporation: Kohl's Corporation (NYSE: KSS) is headquartered in Menomonee Falls, Wisconsin. As of January 31, 2026 it ran 1,153 stores in 49 states, plus Kohls.com, and had an average of about 84,000 associates in FY2025. It became the largest U.S. department store chain by store count by building in suburban strip centers instead of malls. Its pitch is national brands at promotional prices. Since 2021 it has added Sephora shop-in-shops and Babies 'R' Us sections to bring in new shoppers. It has also gone through four CEO changes since 2022 while sales kept falling.

Walmart Inc.: Walmart is a public retailer listed on Nasdaq as WMT since December 2025, after more than five decades on the New York Stock Exchange. It reported $713.2 billion in FY2026 revenue and is led by President and CEO John Furner. The company is headquartered in Bentonville, Arkansas.

Kohl's Corporation and Walmart Inc. pursue distinct approaches to generating revenue, and understanding how each company operates is the foundation of any fair comparison between Kohl's Corporation and Walmart Inc..

Kohl's Corporation business model: Kohl's makes money mainly by selling merchandise. In FY2025 net sales were $14.8 billion of $15.5 billion total revenue. It runs a high-low promotional model: frequent percent-off coupons, Kohl's Cash rewards and clearance events bring shoppers back. Its mix combines national brands such as Nike and Levi's with higher-margin private labels like Sonoma Goods for Life, Croft & Barrow and Apt. 9. The rest of revenue, $668 million of 'other revenue' in FY2025, comes mostly from Kohl's share of profits on the Kohl's Card, whose accounts are owned by Capital One. Smaller pieces are advertising and gift-card breakage. Stores also serve as pickup and ship-from-store points for Kohls.com.

Walmart Inc. business model: 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. Retail margins are thin, so Walmart has been building income streams on top of the store base: Walmart Connect and Flipkart advertising, Walmart+ and Sam's Club membership fees, third-party marketplace commissions, and Walmart Fulfillment Services for marketplace sellers. Stores double as pickup and delivery points, which lets Walmart fulfill a large share of online orders from existing inventory.

The durability of a company's moat often decides long-term winners. Here is how the competitive advantages of Kohl's Corporation stack up against those of Walmart Inc..

Kohl's Corporation competitive advantage: Most Kohl's stores are single-level boxes in strip and power centers, not in enclosed malls. Shoppers can park at the door, and the stores have avoided much of the mall traffic collapse that hurt Sears and JCPenney. Two other assets are hard to copy. One is the Sephora at Kohl's beauty shops, now in more than 1,100 stores. The other is a card-and-rewards loop, Kohl's Card plus Kohl's Cash, that ties promotions to repeat visits.

Walmart Inc. 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.

Future prospects matter as much as current results. The growth strategies below explain how Kohl's Corporation and Walmart Inc. each plan to expand from here.

Kohl's Corporation growth strategy: Bender's plan is narrower than earlier turnarounds. It leans on value pricing and proprietary brands, a return of coupons the core customer likes, and categories that are growing such as Sephora beauty, toys, home and impulse gifting. It also relies on lower inventory and expenses. In Q2 2026, management said proprietary brands, Kohl's Card sales, home, toys and digital all improved. Kohl's is also restarting share repurchases now that its balance sheet is stronger.

Walmart Inc. 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%.

A closer look at the financial trajectory of Kohl's Corporation and Walmart Inc. rounds out the comparison.

Kohl's Corporation: Kohl's revenue fell from a peak of about $20.2 billion in FY2018 to $15.5 billion in FY2025. Over that time, management cut inventory and reduced the dividend to $0.125 per quarter in 2025. It also refinanced debt at higher rates, including $360 million of 10.000% secured notes due 2030. FY2025 net income was $272 million, which included a $129 million interchange-lawsuit settlement gain. Results improved in 2026. In Q2 2026, ended August 1, net sales fell 0.9% to $3.3 billion, gross margin rose 305 basis points to 43.0%, and net income was $151 million ($1.28 per share). That quarter's margin got a boost from about $100 million of tariff refunds. Kohl's raised its FY2026 adjusted EPS outlook to $1.80-$2.40 and said it would restart share buybacks. Kohl's Corporation is a major American department store retail chain, sustaining a market valuation typically exceeding $3 billion amidst a shifting retail landscape.

Walmart Inc.: 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. Walmart is the world's largest company by revenue and holds a massive market valuation often exceeding $400 billion to $500 billion.