SG&A·Benchmarking Benchmark Walmart Inc. SG&A Headcount

TSR driver bridge · · built from SEC filings

That is the trend. The next exhibit is the level.

Normalized SG&A · % of revenue · 13 US-GAAP discount and value retail peers

What "normalized" means. Reported SG&A less the disclosed advertising and R&D lines (SEC XBRL). Restructuring and stock-based compensation are benchmarked in Exhibit 3 but not stripped. What remains is the residual overhead line, on the same footing for all 13 peers. Every adjustment traceable to the 10-K. Each bar is one peer.

Advertising, R&D, stock comp, restructuring · total filed spend, any P&L line

What the gap is worth · vs FY2027 analyst estimates

On the record · verbatim from the earnings calls

The full benchmark

Start the Walmart Inc. benchmark

3 minutes to configure. Fixed-fee quote up front, read-out in days.

Your peer set, editable. Every number traceable to filings. Built outside-in, no data requests, nothing to install.

Use ← → keys, or swipe

Walmart Inc. SG&A versus peers

Walmart Inc. (WMT) runs normalized SG&A at 20.0% of revenue, against a median of 20.6% across 12 discount and value retail peers, and 7 of the 12 run heavier.

Figures as filed through , published by SG&A Benchmarking. This is the briefing above in text.

Walmart Inc. reports revenue of $713,163 million. Reported SG&A less the disclosed lines that distort comparison: advertising, R&D, pension, stock-based compensation, restructuring and one-time items, plus logistics reclassed where filers park it in SG&A.

Disclosed lines held outside the normalized figure: Advertising 0.8% of revenue (8 of 13 companies disclose it); Restructuring 0.0% of revenue (13 of 13 companies disclose it).

Over 5 years (FY2020 to FY2025), Walmart Inc.'s total shareholder return was +175% against +82% for the peer composite; SG&A contributed -26.8 points of that return.

Built from SEC filings. Machine-readable copy: https://sgabenchmarking.com/r/WMT.json. Function-level headcount benchmarks by industry: https://sgabenchmarking.com/catalog.json.