WMT · Forward model · Membership and other income
What has to happen in Membership and other income
Model as of
This page changes Membership and other income inside the complete WMT model. Every other vertical, corporate programme and valuation assumption stays in the selected portfolio case.
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Membership and other income
Basis quarter$1.84B
Final quarter$2.43B
Implied CAGR+6%
Final revenue mix1%
The consolidated 'Membership and other income' income-statement line: Walmart+ and Sam's Club membership fees plus rental and tenant income, recycling income, gift card breakage and corporate campus income. It is about 1% of revenue and the fastest-growing disclosed line - fees grew 17% globally in 2027 Q2 - and carrying it as its own vertical is what makes the four verticals sum to reported total revenue to the dollar.
Last four quarters
2026 Q3
$1.73B
Reported
2026 Q4
$1.74B
Reported
2027 Q1
$2.07B
Reported
2027 Q2
$1.84B
Reported
Walmart+ and Sam's Club membership feesRental, tenant and recycling incomeGift card breakageCorporate campus facilities income
Sequential growth
+1.6%/qtr
decaying toward +1.2%
The line grew 11.2% YoY and fees 17% globally; 1.60%/qtr is 6.6% a year, below both, as 2027 Q1 is unexplained.
Membership and other income
Latest: $2.43B (2032Q2E)
| Period | Value |
|---|---|
| 2024Q1 | $1.30B |
| 2024Q2 | $1.35B |
| 2024Q3 | $1.36B |
| 2024Q4 | $1.47B |
| 2025Q1 | $1.57B |
| 2025Q2 | $1.57B |
| 2025Q3 | $1.58B |
| 2025Q4 | $1.72B |
| 2026Q1 | $1.63B |
| 2026Q2 | $1.65B |
| 2026Q3 | $1.73B |
| 2026Q4 | $1.74B |
| 2027Q1 | $2.07B |
| 2027Q2 | $1.84B |
| 2027Q3E | $1.87B |
| 2027Q4E | $1.90B |
| 2028Q1E | $1.92B |
| 2028Q2E | $1.95B |
| 2028Q3E | $1.98B |
| 2028Q4E | $2.01B |
| 2029Q1E | $2.04B |
| 2029Q2E | $2.07B |
| 2029Q3E | $2.10B |
| 2029Q4E | $2.13B |
| 2030Q1E | $2.16B |
| 2030Q2E | $2.19B |
| 2030Q3E | $2.22B |
| 2030Q4E | $2.25B |
| 2031Q1E | $2.28B |
| 2031Q2E | $2.31B |
| 2031Q3E | $2.34B |
| 2031Q4E | $2.37B |
| 2032Q1E | $2.40B |
| 2032Q2E | $2.43B |
Assumptions & reasoning
- The zero EBITDA margin is a construction, not a claim that this income is unprofitable. The three segment margins are computed as segment operating income plus segment D&A over segment NET SALES, and segment operating income already contains that segment's membership and other income. A non-zero margin here would double count it.
- This vertical is left aseasonal on the research finding, not by omission: the observed shape has 9.8pp of amplitude against per-quarter window spreads of up to 4.2pp, and the Q4 factor decays 1.074 to 1.070 to 1.033 across the three fiscal-year windows. Asserting a holiday shape here would invent about a 6% bump that the data does not support.
- Walmart does not split fees from 'other' inside this line. Segment components are disclosed - Walmart U.S. $750M, International $426M, Sam's Club $654M in 2027 Q2 - but the fee-versus-rental split inside each is not, so none is manufactured.