Walmart's Ad Revenue Totaled $6.4 Billion In 2025 As The Ecommerce Flywheel Started To Spin | AdExchanger

"Walmart's ad revenue in 2025 totaled $6.4 billion, per the company's earnings report on Thursday. That figure represents a 37% increase globally and 41% increase domestically for the Walmart Connect business, which operates in the US. "Fully a third of our profit in the most recent quarter was related to advertising and membership income," CFO John David Rainey told investors."

"The ad business is so large that it is now reaching cumulative totals that make it hard to sustain the same level of growth rate, Rainey said. For example, he cited VIZIO, the TV manufacturer acquired by Walmart in 2024, which saw triple-digit percent growth in ad revenue. VIZIO's ad growth rate can't keep that up, "but in terms of overall progress that we're making with advertising, I really don't see that slowing down," he said."

"The news wasn't all sunshine. Walmart executives warned of soft consumer signals in the US, especially for the lower-income segment. And at least one investor pressed executives over how growth in ecommerce sales might cannibalize in-store shopping. In-store shopping generally has superior profit margins for the retailer since it doesn't have to cover warehousing and delivery costs. Advertising is also the beneficiary of other Walmart priorities right now, Rainey added, including its third-party marketplace, which operates similarly to Amazon's."

Walmart's advertising revenue reached $6.4 billion in 2025, a 37% global and 41% domestic increase for Walmart Connect. Advertising and membership income accounted for roughly a third of quarter profit. Snapchat generated $5.9 billion in ad revenue for 2025 for comparison. Walmart warned of soft US consumer signals, particularly among lower-income shoppers, and investors raised concerns that ecommerce growth could cannibalize higher-margin in-store sales. Walmart's ad groups, including Walmart Connect US, international operations and VIZIO, showed strong performance. Scale will slow growth rates over time, but advertising benefits from the third-party marketplace, which delivers higher growth from marketplace sellers.

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