Ross Stores vs Walmart: Revenue, Profit and Business Model
Ross Stores had $22.8B of annual revenue in FY2025 and $2.1B of net income. Walmart had $713.2B of annual revenue in FY2026 and $21.9B of net income.
Latest financial snapshot
Ross Stores
- Latest annual revenue
- $22.8B (FY2025)
- Net income
- $2.1B
- Net margin
- 9.4%
- Revenue growth
- +6.5% a year, FY2016–FY2025
Walmart
- Latest annual revenue
- $713.2B (FY2026)
- Net income
- $21.9B
- Net margin
- 3.1%
- Revenue growth
- +4.4% a year, FY2017–FY2026
Financial summary
Ross Stores
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
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
Ross Stores
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $22.8B | $2.1B | 9.4% | +7.7% | Source |
| FY2024 | $21.1B | $2.1B | 9.9% | +3.7% | Source |
| FY2023 | $20.4B | $1.9B | 9.2% | +9.0% | Source |
| FY2022 | $18.7B | $1.5B | 8.1% | -1.2% | Source |
| FY2021 | $18.9B | $1.7B | 9.1% | +50.9% | Source |
| FY2020 | $12.5B | $85.4M | 0.7% | -21.9% | Source |
| FY2019 | $16B | $1.7B | 10.4% | +7.0% | Source |
| FY2018 | $15B | $1.6B | 10.6% | +6.0% | Source |
| FY2017 | $14.1B | $1.4B | 9.6% | +9.9% | Source |
| FY2016 | $12.9B | $1.1B | 8.7% | — | 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
Ross Stores
- Ross Dress for Less
Not formally reported
Off-price stores selling branded apparel, footwear, home goods and accessories bought from manufacturer overruns, canceled orders and closeouts.
- dd's DISCOUNTS
Not formally reported
The second store banner. Ross earns nearly all revenue from in-store merchandise sales at the two chains and does not sell merchandise online.
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
Ross Stores
How it makes money
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.
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.
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
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 Ross Stores vs Walmart
Which company has higher revenue — Ross Stores, Inc. or Walmart Inc.?
Ross Stores, Inc. had $22.8B (FY2025), while Walmart Inc. had $713.2B (FY2026). By latest annual revenue, Walmart Inc. is the larger business, with Ross Stores, Inc. 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 Ross Stores, Inc. vs Walmart Inc.?
Ross Stores, Inc.'s market capitalisation stands at $73.7B, while Walmart Inc.'s is $790.0B. Walmart Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Ross Stores, Inc..
How does revenue per employee compare for Ross Stores, Inc. and Walmart Inc.?
Ross Stores, Inc. has $205k / 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 Ross Stores, Inc. and Walmart Inc. make money?
Ross Stores, Inc. and Walmart Inc. generate revenue in fundamentally different ways. Ross Stores, Inc.: Ross earns nearly all revenue from in-store merchandise sales at Ross Dress for Less and dd's DISCOUNTS. 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 — Ross Stores, Inc. or Walmart Inc.?
On a price-to-sales (P/S) basis, Ross Stores, Inc. trades at 3.2x P/S and Walmart Inc. at 1.1x P/S. Ross Stores, 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 Ross Stores, Inc. bigger than Walmart Inc.?
By last reported revenue, Walmart Inc. ($713.2B (FY2026)) is the larger company compared to Ross Stores, Inc. ($22.8B (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 Ross Stores vs Walmart overview