Ross Stores, Inc. vs Walmart Inc.: Strategic Comparison

This in-depth comparison examines Ross Stores, Inc. and Walmart Inc. across revenue, market value, business model, competitive positioning, and long-term growth strategy. Whether you are researching Ross Stores, Inc. 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 Ross Stores, Inc. and Walmart Inc. is widest.

On the headline numbers, annual revenue is $22.8B (FY2025) for Ross Stores, Inc. and $713.2B (FY2026) for Walmart Inc., while their respective market capitalizations stand at $73.7B and $790.0B. Both Ross Stores, Inc. and Walmart Inc. are headquartered in United States. Their local markets and applicable rules may still differ.

Ross Stores, Inc.: Ross Stores runs two off-price chains. Ross Dress for Less sells name-brand apparel, footwear and home fashions at 20% to 60% below department and specialty store regular prices. dd's DISCOUNTS targets a more moderate-income shopper with savings of 20% to 70% versus moderate department and discount store regular prices. Both operate in strip centers and rely on fast-changing assortments rather than e-commerce. The company is headquartered in Dublin, California.

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.

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

Ross Stores, Inc. business model: Ross earns nearly all revenue from in-store merchandise sales at Ross Dress for Less and dd's DISCOUNTS. More than 800 merchants buy branded apparel, footwear, home goods and accessories from manufacturer overruns, canceled orders and closeouts. Part of that buying is held as packaway inventory for later seasons. Stores are self-service with simple fixtures in strip centers, which keeps occupancy and labor costs low, and assortments change constantly so shoppers return often. Ross does not sell merchandise online.

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 Ross Stores, Inc. stack up against those of Walmart Inc..

Ross Stores, Inc. competitive advantage: Ross's edge is buying scale plus low operating cost. A large merchant team and long vendor relationships give it access to branded closeout goods, and lean store formats let it price 20% to 60% below department store regular prices while still earning a double-digit operating margin. Staying store-only avoids the shipping and returns cost that weighs on online sellers of low-ticket apparel.

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 Ross Stores, Inc. and Walmart Inc. each plan to expand from here.

Ross Stores, Inc. growth strategy: Growth comes mainly from new stores and comparable store sales. Ross raised its 2026 opening plan to 115 locations after opening 64 in the first half. Under CEO Jim Conroy, the company has added marketing, brand-forward merchandise and in-store experience changes, and management credits traffic from both new and existing customers for the 2026 comp gains.

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 Ross Stores, Inc. and Walmart Inc. rounds out the comparison.

Ross Stores, Inc.: Ross grew sales from $12.9 billion in fiscal 2016 to $22.8 billion in fiscal 2025, with a sharp dip to $12.5 billion in pandemic-hit fiscal 2020. Net income reached $2.1 billion in fiscal 2025. Fiscal 2026 accelerated: Q1 sales rose 21% to $6.0 billion on 17% comps, and Q2 sales rose 13% to $6.3 billion on 10% comps. Q2 net income of $851 million included about $253 million in IEEPA tariff refunds, worth roughly $0.60 per share. Ross plans to repurchase $1.275 billion of stock in fiscal 2026 under a two-year $2.55 billion authorization approved in March 2026. Ross Stores, Inc. is a major American chain of off-price department stores, commanding a market valuation typically exceeding $40 billion.

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.