Earned & PaidWalmart
Walmart spent $5.40B on advertising and marketing in fiscal 2026, up 5.9% on the year before and +54% since 2019. That's 0.8% of revenue, more than in 2019: leaning in.
Marketing spend by year
Bars: advertising and marketing expense, $B (10-K). Line: spend as a share of revenue.
Say vs do
We found no statement about the size of Walmart's marketing budget on its earnings calls or in its 10-Ks, so here is its record against its peers.
What they said
No statement about the size of its marketing budget.
What they did
| Year | Marketing spend | Change | Share of revenue |
|---|---|---|---|
| FY2026 | $5.40B | +5.9% | 0.8% |
| FY2025 | $5.10B | +15.9% | 0.8% |
| FY2024 | $4.40B | +7.3% | 0.7% |
| FY2023 | $4.10B | +5.1% | 0.7% |
| FY2022 | $3.90B | +21.9% | 0.7% |
| FY2021 | $3.20B | -13.5% | 0.6% |
Against its peers. Compared with the 7 other Retail advertisers we track (Target, Home Depot, Lowe's, Best Buy, TJX Companies and 2 more): since 2019 its marketing spend went +54% (peer median +2%); its share of revenue moved +0.1 pts (median -0.2); last year +5.9% (median +1.8%).
In interviews, its leaders made 122 statements about marketing: 19 argued for investing in brand and 0 for cutting.
How we check: a statement gets a verdict only when it's clearly about the size of the whole company's marketing budget over a full fiscal year; we compare it with the advertising and marketing expense in that year's 10-K. Statements about one quarter, one brand or channel, or the mix between brand and performance can't be checked against annual filings.
What they say about media
The marketing channels it talks about using for itself on earnings calls and in its 10-Ks and 10-Qs, since 2019; counts are statements, not spending.
- Retail media “This is exciting because it gives us yet another channel to, to market to our customers.” John David Rainey on the earnings call · Feb 19, 2026 · source
- CRM, loyalty & first-party data “We use social media, online advertising and email to interact with our customers and as a means to enhance their shopping experience.” 10-K · Mar 15, 2024 · source
- Connected TV & streaming “Our announcement today that we've agreed to acquire VIZIO gives us the opportunity to reach and serve customers in new ways and connect more dots for those that advertise with us.” Doug McMillon on the earnings call · Feb 20, 2024 · source
- Programmatic & display “There's been a considerable momentum really that started last year when we launched our second-price auction capability.” John Furner on the earnings call · May 18, 2023 · source
- Paid search “In turn, this helped drive the highest ad spend all year for sponsored search in Q3.” Doug McMillon on the earnings call · Nov 15, 2022 · source
What they see in the market
What its leaders and filings say about the ad market: its own ad business, or the channels advertisers use, since 2019; counts are statements, not spending.
- Retail media “Walmart U.S. advertising, including VIZIO, also increased 38%, led by strength in Walmart Connect, which was up 43%.” John Rainey on the earnings call · Aug 27, 2026 · source
- AI in marketing “We continue to enhance our toolkit for ad buyers, including AI features that help to dynamically adjust content mix to optimize campaign performance, while expanding reach and surfaces with VIZIO's connected platform.” John Rainey on the earnings call · May 21, 2026 · source
- Connected TV & streaming “We're also excited about the addition of VIZIO and its SmartCast operating system to our portfolio of advertising capabilities.” John David Rainey on the earnings call · Feb 20, 2025 · source
- Measurement · CRM, loyalty & first-party data “In April, we announced a new self-serve integration to make it easier for supplier advertisers to combine Walmart Luminate's insights with Walmart Connect's closed-loop omnichannel retail media solutions to help drive product, brand, and category sales.” John David Rainey on the earnings call · May 16, 2024 · source
- Paid search “As an illustration of the omnichannel benefits of our ad platforms, more than 75% of Sam's MAP active advertisers are investing in search and sponsored ads as in-club sales attribution has improved returns of digital ad spend by over 30%.” John David Rainey on the earnings call · Nov 16, 2023 · source
In the news
- Walmart bans AI slop signs in stores Business Insider · paywall · Sep 29, 2026 · AI in marketing
- Walmart DSP advertisers gain 3D mobile ad formats via Big Happy PPC Land · Sep 29, 2026 · platforms & adtech
- Wizard Wellness debuts ‘Happy Nose Club’ initiative starring Elisa Donovan Drug Store News · Sep 29, 2026 · campaign
- Is Walmart (NYSE:WMT) Betting Big On Retail Media Growth? Kalkine Media · paywall · Sep 28, 2026 · retail media