Kohl's vs Walmart: Revenue, Profit and Business Model
Kohl's had $15.5B of annual revenue in FY2025 and $272M of net income. Walmart had $713.2B of annual revenue in FY2026 and $21.9B of net income.
Latest financial snapshot
Financial summary
Kohl's
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
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.
Revenue and profit by year
Kohl's
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $15.5B | $272M | 1.8% | -4.3% | Source |
| FY2024 | $16.2B | $109M | 0.7% | -7.2% | Source |
| FY2023 | $17.5B | $317M | 1.8% | -3.4% | Source |
| FY2022 | $18.1B | -$19M | -0.1% | -6.9% | Source |
| FY2021 | $19.4B | $938M | 4.8% | +21.8% | Source |
| FY2020 | $16B | -$163M | -1.0% | -20.1% | Source |
| FY2019 | $20B | $691M | 3.5% | -1.3% | Source |
| FY2018 | $20.2B | $801M | 4.0% | +0.7% | Source |
| FY2017 | $20.1B | $859M | 4.3% | +2.0% | Source |
| FY2016 | $19.7B | $556M | 2.8% | — | 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
Kohl's
- Merchandise Sales - Women's~23.3%
Women's apparel generated $3.60 billion in FY2025, representing 24.4% of net sales. The category includes private labels (Sonoma Goods for Life, Apt. 9, Croft & Barrow) and national brands. Sales declined 5.7% year-over-year, reflecting broad weakness in women's apparel demand.
- Merchandise Sales - Accessories (Including Sephora)~20.2%
Accessories, including Sephora at Kohl's beauty shops, generated $3.12 billion in FY2025, 21.1% of net sales. It was the only category to grow, up about 2%, helped by Sephora shops in more than 1,100 stores.
- Merchandise Sales - Men's~19.0%
Men's apparel generated $2.93 billion in FY2025, representing 19.8% of net sales. The category includes private labels and national brands. Sales declined 4.8% year-over-year.
- Merchandise Sales - Home~14.3%
Home goods generated $2.21 billion in FY2025, representing 15.0% of net sales. The category includes bedding, bath, kitchen, decor, and furniture. Sales declined 4.3% year-over-year, though the company expanded its home assortment under then-CEO Tom Kingsbury.
- Merchandise Sales - Children's~11.0%
Children's apparel and baby gear generated $1.70 billion in FY2025, representing 11.5% of net sales. The category includes the Babies 'R' Us shop-in-shop partnership in approximately 200 stores. Sales declined 6.5% year-over-year.
- Merchandise Sales - Footwear~7.8%
Footwear generated $1.21 billion in FY2025, representing 8.2% of net sales. The category includes athletic, casual, and dress shoes. Sales declined 6.9% year-over-year.
- Other Revenue (Credit Card, Advertising, Gift Card Breakage)~4.3%
Other revenue generated $668 million in FY2025, down 10% from FY2024. This includes credit card operations (finance charges, late fees, less write-offs), third-party advertising on Kohls.com, and unused gift card breakage. Credit card revenue declined due to lower sales to charge customers and an accounting shift of expenses from SG&A to Other Revenue.
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
Kohl's
How it makes money
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.
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.
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.
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 Kohl's vs Walmart
Which company has higher revenue — Kohl's Corporation or Walmart Inc.?
Kohl's Corporation had $15.5B (FY2025), while Walmart Inc. had $713.2B (FY2026). By latest annual revenue, Walmart Inc. is the larger business, with Kohl's Corporation showing 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 Kohl's Corporation vs Walmart Inc.?
Kohl's Corporation's market capitalisation stands at $2.0B, while Walmart Inc.'s is $790.0B. Walmart Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Kohl's Corporation.
How does revenue per employee compare for Kohl's Corporation and Walmart Inc.?
Kohl's Corporation has $185k / employee in revenue per employee, while Walmart Inc. has $340k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Kohl's Corporation and Walmart Inc. make money?
Kohl's Corporation and Walmart Inc. generate revenue in fundamentally different ways. Kohl's Corporation: Kohl's makes money mainly by selling merchandise. 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 — Kohl's Corporation or Walmart Inc.?
On a price-to-sales (P/S) basis, Kohl's Corporation trades at 0.1x 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 Kohl's Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Kohl's Corporation bigger than Walmart Inc.?
By last reported revenue, Walmart Inc. ($713.2B (FY2026)) is the larger company compared to Kohl's Corporation ($15.5B (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 Kohl's vs Walmart overview