Walmart’s Retail Media Business Booms, 46% Revenue Jump in Q2

September 3, 2025 by guest author, Antonia Hamberger

Walmart was one of the first big retailers in the U.S. to sell ad space not just online, but also inside its brick-and-mortar stores. Since then, its retail media business has been on a steady upward climb, the pandemic years being the only exception. But the latest Q2 numbers really stood out: Walmart’s global advertising network pulled in 46% more revenue compared to the same period last year.

The company doesn’t break down exactly how much of its $177.1 billion in total revenue comes from retail media. Still, in its Q4 2024 report, Walmart shared that advertising and memberships together made up a little over a quarter of operating income—and, importantly, drove more than half of the company’s overall growth.

One of Walmart’s biggest advantages? Data. Its membership programs generate massive amounts of customer insights, which the company plans to leverage even further. CEO Doug Millan highlighted this in a statement accompanying the earnings report:

“The strong growth in our business is based on how we drive and implement innovation. Digital connectivity with our customers and members is critical to our success, and the use of AI will make these experiences even better. We are led by people and supported by technology, and I think it’s great how our employees continue to drive change and deliver results for our company.”

This success is evident both in the U.S. and internationally. Walmart Connect, the company’s U.S. advertising platform, grew by 31 percent. Its main competitor, Amazon—dominant in the online retail media market—also saw decent growth in the second quarter, with advertising revenues increasing by 22 percent.