TCS vs Walmart: Revenue, Profit and Business Model
TCS reported ~$31B of revenue in FY2026 and ~$5.7B of net income. Walmart reported $713.2B of revenue in FY2026 and $21.9B of net income.
Latest financial snapshot
Financial summary
TCS
TCS reported FY2026 revenue of ₹2,67,021 crore ($30.017 billion), up 4.6% in rupees but down about 0.5% in dollars, with net income of about $5.71 billion (₹49,210 crore) and a 19.8% net margin. Q1 FY2027 revenue was ₹72,275 crore ($7.624 billion), up 13.9% in rupees and 2.7% in dollars year over year, with an operating margin of about 24% and net profit of ~$1.55 billion (₹13,349 crore). The growth story now rests on AI: TCS put its annualized AI services revenue at $1.8 billion in Q3 FY2026 and $2.6 billion in Q1 FY2027, while total contract value held at $9.5 billion for the quarter.
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
TCS
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$31B | ~$5.7B | 18.4% | +4.6% | Source |
| FY2025 | ~$29.6B | ~$5.6B | 19.0% | +6.0% | Source |
| FY2024 | ~$27.9B | ~$5.3B | 19.1% | +6.8% | Source |
| FY2023 | ~$26.2B | ~$4.9B | 18.7% | +17.6% | Source |
| FY2022 | ~$22.2B | ~$4.4B | 20.0% | — | 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
TCS
- IT services
Primary revenue source
Application development, maintenance, modernization and managed technology services.
- Consulting and transformation
Strategic growth stream
Business and technology transformation programs for large enterprises.
- Cloud, AI and cybersecurity
Fast-changing growth area
Cloud migration, AI, data, automation, cybersecurity and platform simplification.
- Business process services
Recurring enterprise stream
Technology-enabled operations and business process services.
- Platforms
Differentiated platform stream
Industry platforms such as TCS BaNCS and related software-led offerings.
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
TCS
How it makes money
TCS earns revenue through global IT services and consulting, built around eight industry verticals and geographic diversification.
Growth strategy
TCS is growing through AI, cloud modernization, cybersecurity, data, engineering services, platforms, large transformation deals, partnerships and deeper penetration of existing enterprise accounts.
Competitive advantage
TCS' advantage is delivery scale, Tata trust, large-account depth, industry domain expertise, training infrastructure, strong margins and a reputation for mission-critical execution.
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 TCS vs Walmart
Which company has higher revenue — Tata Consultancy Services Limited or Walmart Inc.?
Tata Consultancy Services Limited reported ~$31B (FY2026), while Walmart Inc. reported $713.2B (FY2026). By last reported revenue, Walmart Inc. is the larger business, with Tata Consultancy Services Limited reporting a smaller revenue base.
What is the market cap of Tata Consultancy Services Limited vs Walmart Inc.?
Tata Consultancy Services Limited's market capitalisation stands at $84.0B, while Walmart Inc.'s is $790.0B. Walmart Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Tata Consultancy Services Limited.
Which is more financially efficient — Tata Consultancy Services Limited or Walmart Inc.?
Tata Consultancy Services Limited generates $52k / employee in revenue per employee, while Walmart Inc. generates $340k / employee. Walmart 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 Tata Consultancy Services Limited and Walmart Inc. make money?
Tata Consultancy Services Limited and Walmart Inc. generate revenue in fundamentally different ways. Tata Consultancy Services Limited: TCS earns revenue through global IT services and consulting, built around eight industry verticals and geographic diversification. 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 — Tata Consultancy Services Limited or Walmart Inc.?
On a price-to-sales (P/S) basis, Tata Consultancy Services Limited trades at 2.7x P/S and Walmart Inc. at 1.1x P/S. Tata Consultancy Services Limited 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 Tata Consultancy Services Limited bigger than Walmart Inc.?
By last reported revenue, Walmart Inc. ($713.2B (FY2026)) is the larger company compared to Tata Consultancy Services Limited (~$31B (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 TCS vs Walmart overview