Nike vs Walmart: Revenue, Profit and Business Model
Nike reported $46.4B of revenue in FY2026 and $3.1B of net income. Walmart reported $713.2B of revenue in FY2026 and $21.9B of net income.
Latest financial snapshot
Financial summary
Nike
Nike's revenue peaked at $51.4B in FY2024, then fell almost 10% to $46.3B in FY2025 as the company cleared old inventory and cut supply of lifestyle franchises. FY2026 was flat at $46.4B, with net income of $3.108B versus $5.7B two years earlier. Gross margin was 42.9%, below 44.6% in FY2024, as discounts and tariffs weighed on profit. Fourth-quarter FY2026 revenue was about $11.0B, down 1% reported and 4% currency-neutral. Nike scheduled first-quarter fiscal 2027 results for October 1, 2026, with analysts expecting roughly $11.3B in revenue, a decline of about 3%.
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
Nike
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $46.4B | $3.1B | 6.7% | +0.2% | Source |
| FY2025 | $46.3B | $3.2B | 7.0% | -9.8% | Source |
| FY2024 | $51.4B | $5.7B | 11.1% | +0.3% | Source |
| FY2023 | $51.2B | $5.1B | 9.9% | +9.6% | Source |
| FY2022 | $46.7B | $6B | 12.9% | +4.9% | Source |
| FY2021 | $44.5B | $5.7B | 12.9% | +19.1% | Source |
| FY2020 | $37.4B | $2.5B | 6.8% | -4.4% | Source |
| FY2019 | $39.1B | $4B | 10.3% | +7.5% | Source |
| FY2018 | $36.4B | $1.9B | 5.3% | +6.0% | Source |
| FY2017 | $34.4B | $4.2B | 12.3% | — | 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
Nike
- Footwear~64%
NIKE Brand footwear revenue was $29.525B in FY2026.
- Apparel~29%
NIKE Brand apparel revenue was $13.449B in FY2026.
- Equipment~5%
NIKE Brand equipment revenue was $2.199B in FY2026.
- Converse~3%
Converse revenue was $1.174B in FY2026, down 31% year over year.
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
Nike
How it makes money
Nike designs, markets, and distributes athletic footwear, apparel, and equipment but does not own the factories that make them; independent contract manufacturers, mostly in Vietnam, Indonesia, and China, produce nearly all of its products. In FY2026, NIKE Brand footwear brought in $29.5B (about 64% of revenue), apparel $13.4B (about 29%), equipment $2.2B (about 5%), and Converse $1.2B.
Growth strategy
Under Elliott Hill, Nike's plan, branded internally as "Win Now," reorganizes the company around sports such as running, basketball, football, and training rather than broad gender and consumer segments. Three practical moves stand out. First, Nike is returning to wholesale: it rebuilt ties with Foot Locker and Dick's and resumed selling on Amazon, which helped wholesale revenue grow 6% in FY2026.
Competitive advantage
Nike's edge is scale combined with athlete relationships. No rival matches its $4.75B annual demand-creation budget or its roster across basketball (LeBron James, the Jordan Brand), football (club and federation kits), running, and women's sport (Caitlin Clark, Sabrina Ionescu). That scale also gives Nike purchasing leverage with contract factories and space with the biggest global retailers.
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 Nike vs Walmart
Which company has higher revenue — NIKE, Inc. or Walmart Inc.?
NIKE, Inc. reported $46.4B (FY2026), while Walmart Inc. reported $713.2B (FY2026). By last reported revenue, Walmart Inc. is the larger business, with NIKE, Inc. reporting a smaller revenue base.
What is the market cap of NIKE, Inc. vs Walmart Inc.?
NIKE, Inc.'s market capitalisation stands at $53.4B, while Walmart Inc.'s is $790.0B. Walmart Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to NIKE, Inc..
Which is more financially efficient — NIKE, Inc. or Walmart Inc.?
NIKE, Inc. generates $636k / employee in revenue per employee, while Walmart Inc. generates $340k / employee. NIKE, 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 NIKE, Inc. and Walmart Inc. make money?
NIKE, Inc. and Walmart Inc. generate revenue in fundamentally different ways. NIKE, Inc.: Nike designs, markets, and distributes athletic footwear, apparel, and equipment but does not own the factories that make them; independent contract manufacturers, mostly in Vietnam, Indonesia, and China, produce nearly all of its products. 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 — NIKE, Inc. or Walmart Inc.?
On a price-to-sales (P/S) basis, NIKE, Inc. trades at 1.2x P/S and Walmart Inc. at 1.1x P/S. NIKE, Inc. 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 NIKE, Inc. bigger than Walmart Inc.?
By last reported revenue, Walmart Inc. ($713.2B (FY2026)) is the larger company compared to NIKE, Inc. ($46.4B (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 Nike vs Walmart overview