Sysco vs Walmart: Revenue, Profit and Business Model
Sysco reported $84.6B of revenue in FY2026 and $1.8B of net income. Walmart reported $713.2B of revenue in FY2026 and $21.9B of net income.
Latest financial snapshot
Financial summary
Sysco
Sysco's revenue grew from $76.3 billion in fiscal 2023 to $78.8 billion in fiscal 2024, $81.4 billion in fiscal 2025 and $84.6 billion in fiscal 2026. Profit has not kept pace: fiscal 2026 net earnings declined 3.9% to about $1.76 billion and operating income edged up 0.2% to about $3.1 billion, partly reflecting higher incentive compensation costs. The fourth quarter was stronger, with sales up 4.7% to $22.1 billion, operating income up 10.6% to $983 million and adjusted EPS of $1.53. Full-year adjusted EPS was $4.61.
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
Sysco
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $84.6B | $1.8B | 2.1% | +3.9% | Source |
| FY2025 | $81.4B | $1.8B | 2.2% | +3.2% | Source |
| FY2024 | $78.8B | $2B | 2.5% | +3.3% | Source |
| FY2023 | $76.3B | $1.8B | 2.3% | +11.2% | Source |
| FY2022 | $68.6B | $1.4B | 2.0% | +33.8% | Source |
| FY2021 | $51.3B | $524.2M | 1.0% | -3.0% | Source |
| FY2020 | $52.9B | $215.5M | 0.4% | -12.0% | Source |
| FY2019 | $60.1B | $1.7B | 2.8% | +2.4% | Source |
| FY2018 | $58.7B | $1.4B | 2.4% | +6.1% | Source |
| FY2017 | $55.4B | $1.1B | 2.1% | — | 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
Sysco
- Foodservice Distribution
Not formally reported
Sysco earns the spread between what it pays suppliers and what it charges restaurants, healthcare, education, hospitality and government accounts, on $84.6 billion of fiscal 2026 revenue.
- Sysco Brand Private Label
Not formally reported
Private-label penetration is one of the main drivers of profit on thin margins; operating margin was about 3.7% in fiscal 2026.
- Specialty Categories
Not formally reported
Specialty categories such as produce and protein.
- SYGMA National Chains
Not formally reported
Large national chains are served through SYGMA, at lower margins than local independent customers.
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
Sysco
How it makes money
Sysco makes money on the spread between what it pays suppliers and what it charges foodservice customers, plus delivery and service economics. It buys food and non-food products in bulk, stores them in temperature-controlled distribution centers, and delivers mixed orders to restaurants, healthcare, education, hospitality and government accounts.
Growth strategy
Sysco is growing through local case growth, specialty category expansion, digital ordering, operational productivity, private-label penetration, national-account wins, international markets, and selective acquisitions. The Jetro deal would add 166 warehouse stores, about 725,000 independent restaurant and foodservice customers, and approximately $16 billion of 2025 revenue.
Competitive advantage
Sysco's moat is route density. The more customers it serves in a geography, the more efficiently it can fill trucks, spread warehouse costs, negotiate with suppliers, and offer reliable delivery. Its digital ordering tools, private brands, specialty products, national accounts, and procurement scale reinforce that density.
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 Sysco vs Walmart
Which company has higher revenue — Sysco Corporation or Walmart Inc.?
Sysco Corporation reported $84.6B (FY2026), while Walmart Inc. reported $713.2B (FY2026). By last reported revenue, Walmart Inc. is the larger business, with Sysco Corporation reporting a smaller revenue base.
What is the market cap of Sysco Corporation vs Walmart Inc.?
Sysco Corporation's market capitalisation stands at $38.5B, while Walmart Inc.'s is $790.0B. Walmart Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Sysco Corporation.
Which is more financially efficient — Sysco Corporation or Walmart Inc.?
Sysco Corporation generates $1.13M / employee in revenue per employee, while Walmart Inc. generates $340k / employee. Sysco Corporation 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 Sysco Corporation and Walmart Inc. make money?
Sysco Corporation and Walmart Inc. generate revenue in fundamentally different ways. Sysco Corporation: Sysco makes money on the spread between what it pays suppliers and what it charges foodservice customers, plus delivery and service economics. 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 — Sysco Corporation or Walmart Inc.?
On a price-to-sales (P/S) basis, Sysco Corporation trades at 0.5x 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 Sysco Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Sysco Corporation bigger than Walmart Inc.?
By last reported revenue, Walmart Inc. ($713.2B (FY2026)) is the larger company compared to Sysco Corporation ($84.6B (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 Sysco vs Walmart overview