沃尔玛财报解读-营收拆分
In the following tables, segment net sales are disaggregated by either merchandise category or market.在下列表格中，各业务板块的净销售额按商品类别或市场进行细分。In addition, net sales related to eCommerce are provided for each segment.Net sales related to eCommerce include omnichannel sales where a customer initiates an order digitally and the order is fulfilled through a store or club,电子商务相关净销售额包括全渠道销售——即顾客通过数字平台下单，并由门店或会员店完成履约，as well as net sales from other business offerings that are part of the Company's ecosystem such as certain advertising arrangements, fulfillment services and data insights.以及公司生态系统内其他业务所产生的净销售额，例如特定广告合作、履约服务及数据洞察服务等。From time to time, the Company revises the assignment of net sales of a particular item to a merchandise category.When the assignment changes, previous period amounts are reclassified to be comparable to the current period's presentation.当此类调整发生时，过往期间的数据将相应重分类，以确保与当期列报口径一致。This analysis breaks down the disaggregated revenue data for Walmart Inc. across its three primary segments: Walmart U.S., Walmart International and Sam’s Club U.S., comparing the 2025 fiscal periods against 2024.本分析对该公司三大核心业务板块——美国本土业务、国际业务及山姆会员店美国业务——的分项收入数据进行了拆解，并将2025财年数据与2024年同期进行对比。1. Walmart U.S. PerformanceWalmart U.S. remains the dominant driver of the business, showing steady growth across almost all categories.美国本土业务仍是公司增长的核心引擎，几乎所有品类均呈现稳健增长。Grocery Leadership: Grocery remains the largest contributor, generating $71.7 billion in the three-month period (a 3.4% increase). This indicates a strong consumer reliance on Walmart for essentials despite economic shifts.食品杂货领先地位：食品杂货仍是最大收入来源，三个月内实现717亿美元收入（同比增长3.4%）。这表明，即便经济环境变化，消费者仍高度依赖该公司购买生活必需品。Health and Wellness Surge: This was the standout performer in terms of growth rate. For the nine-month period, revenue jumped from $45.6 billion to $51.9 billion, a significant 13.6% increase.健康与保健类大幅增长：该品类在增速上表现最为突出。九个月内收入从456亿美元增至519亿美元，增幅达13.6%。eCommerce Acceleration: eCommerce is rapidly becoming a core pillar. For the three-month period, eCommerce sales grew from $19.5 billion to $24.8 billion, a 27% year-over-year increase. It now represents approximately 20.5% of total Walmart U.S. net sales.电商加速发展：电商业务正迅速成为核心支柱。三个月内，线上销售额从195亿美元增至248亿美元，同比增长27%，目前已占美国本土业务总净销售额的约20.5%。2. Walmart International PerformanceThe International segment showed robust growth in specific regions, though currency fluctuations or market exits likely impacted broader totals.国际业务在部分地区表现强劲，但汇率波动或市场退出可能对整体数据造成影响。China's Explosive Growth: China performed exceptionally well, with three-month sales rising from $5.0 billion to $6.1 billion (a 22% increase). This suggests strong adoption of Walmart’s digital and club models in that region.中国市场爆发式增长：中国区表现尤为亮眼，三个月销售额从50亿美元增至61亿美元（增长22%），表明其数字化与会员店模式在当地获得广泛认可。Mexico and Central America: This remains the largest international market, contributing $12.9 billion for the quarter, reflecting a steady 6.7% growth.墨西哥及中美洲地区：仍是最大的海外市场，本季度贡献129亿美元收入，实现稳健的**6.7%**增长。eCommerce Integration: International eCommerce sales grew 26% for the quarter (reaching $10.2 billion), mirroring the aggressive digital growth seen in the U.S. market.电商融合成效显著：国际电商业务本季度增长26%（达102亿美元），与美国市场的激进数字化扩张趋势相呼应。3. Sam’s Club U.S. PerformanceSam’s Club shows a more specialized revenue mix, with a heavy focus on the grocery and "bulk" value proposition.山姆会员店收入结构更为聚焦，以食品杂货和“大包装高性价比”为核心价值主张。Grocery and Fresh: Dominates the segment, accounting for roughly 70% of total Sam's Club revenue. It grew by approximately 4.8% in the three-month period.食品与生鲜品类：占据该板块约70%的收入份额，三个月内增长约4.8%。The Fuel Drag: "Fuel and other" was the only category to see a decline, dropping from $3.19 billion to $2.98 billion for the quarter. This is likely due to lower gas prices year-over-year rather than a drop in volume.燃油业务拖累：“燃油及其他”是唯一出现下滑的品类，本季度收入从31.9亿美元降至29.8亿美元，主要因同比油价下跌，而非销量减少。Digital Transformation: eCommerce for Sam's Club grew 22.5% for the quarter (reaching $3.8 billion). This highlights the success of "Scan & Go" and omnichannel fulfillment services within the club model.数字化转型成效：山姆会员店电商业务本季度增长22.5%（达38亿美元），凸显其“扫码购”及全渠道履约服务在会员制模式中的成功。Across all three segments, eCommerce is growing significantly faster than physical store sales. The company's definition of eCommerce is broad—including advertising, data insights, and "click-and-collect" (omnichannel). This suggests Walmart is successfully transitioning from a traditional retailer to a diversified tech and logistics ecosystem.三大业务板块中，电商业务增速均显著高于实体门店销售。公司对电商的定义较为宽泛，涵盖广告、数据洞察及“线上下单、线下取货”（全渠道）等服务。这表明，该公司正成功从传统零售商向多元化的科技与物流生态体系转型。Health and Grocery as Defensive MoatsThe consistent growth in Grocery and the double-digit surge in Health and Wellness suggest that Walmart is capturing a larger "share of wallet" for essential services. This provides the company with a defensive cushion against fluctuations in discretionary spending (General Merchandise).食品杂货的持续增长与健康保健类的两位数跃升，表明公司正不断扩大在生活必需服务领域的“钱包份额”，为其抵御非必需消费（一般商品）波动提供了坚实缓冲。Efficiency in International MarketsWhile "Other" international markets showed growth, the concentration of success in China and Mexico indicates where Walmart’s international scaling is most effective. The 22% jump in China is particularly notable given the competitive retail landscape there.尽管其他国际市场亦有增长，但成功高度集中于中国与墨西哥，反映出公司在这些区域的国际化扩张最为高效。尤其在中国，面对激烈的零售竞争环境，仍实现22%的高增长，尤为难得。In plain English, this paragraph is a "guidebook" for how to read the financial tables that follow it.用通俗的话说，这段文字是一份“阅读指南”，教您如何理解后续的财务表格。
It explains how Walmart breaks down its money, what counts as an online sale, and why some past numbers might look different than they did a year ago.它说明了该公司如何拆分收入、哪些交易被计入线上销售，以及为何某些历史数据与一年前的数字看起来不同。
Here is the breakdown of what each part means:以下是对各部分含义的逐项解析：
1. "Disaggregated Revenues"
一、“分项收入”
Plain English: Breaking the big pile of money into smaller piles.通俗解释：把一大笔总收入拆成若干小堆。
Instead of just saying "Walmart made $170 billion," they are "disaggregating" (separating) it so you can see exactly how much came from groceries vs. electronics, or how much came from Mexico vs. China.不再只说“公司赚了1700亿美元”，而是将其“细分”开来，让您清楚看到食品杂货与电子产品各自贡献多少，或墨西哥市场与中国市场分别带来多少收入。
2. The Definition of "eCommerce"
二、“电子商务”的定义
Plain English: It’s more than just a box arriving on your porch.通俗解释：不止是快递送到家门口那么简单。
Walmart defines an online sale very broadly. It includes:该公司对线上销售的定义非常宽泛，包括：
- Standard online shopping: Buying something on the website/app to be shipped to your house.
- 标准网购：通过网站或应用程序下单，商品配送到家。
- Pickup and Delivery: When you order on your phone but a worker at the local store picks the items off the shelf for you.
- 自提与配送：您在手机上下单，由附近门店员工从货架上为您拣选商品。
- Side Businesses: Money Walmart makes from showing ads on its website, charging other sellers to ship their packages (fulfillment), or selling data trends to brands.
- 衍生业务：包括在平台展示广告所获收入、为其他商家提供物流履约服务的收费，以及向品牌方出售消费趋势数据所得。
3. "The Ecosystem"
三、“生态系统”
Plain English: Everything is connected.通俗解释：所有环节彼此相连。
Walmart doesn't view its website and its physical stores as two separate businesses. They call it an "ecosystem" because they use the stores as mini-warehouses to support the website.该公司并不将线上平台与实体门店视为两个独立业务，而是称其为“生态系统”——因为门店被用作小型仓库，支撑线上订单的快速履约。
4. "Reclassified" Amounts
四、“重分类”数据
Plain English: Moving the goalposts so the "then" and "now" match.通俗解释：调整统计口径，让“过去”和“现在”可比。
Sometimes Walmart decides an item belongs in a different category—for example, moving "Paper Towels" from General Merchandise to Grocery.有时公司会调整某类商品的归属——例如将“纸巾”从“一般商品”划入“食品杂货”。
If they make that change today, they will go back and "fix" last year’s numbers in this report. This ensures you are comparing "apples to apples" when looking at growth, rather than seeing a fake increase just because a product was moved from one list to another.若今日做出此类调整，报告中会同步“修正”去年的数据。这样，您在分析增长时，才能做到“同类相比”，避免因商品类别调整而误判为虚假增长。
When comparing these revenue groupings, the key difference lies in the nature of the product's use (consumable vs. durable) and the specialization of the service (essential vs. professional).在比较这些收入类别时，核心差异在于产品的使用属性（消耗品 vs. 耐用品）以及服务的专业程度（基础必需 vs. 专业服务）。The following breakdown illustrates the differences with specific examples for each category:Examples: Fresh produce, meat, dairy, bakery, snacks, and beverages (e.g., Great Value milk, Marketside salads). It also includes "consumable" household essentials like laundry detergent, paper towels, and cleaning supplies.示例：生鲜蔬果、肉类、乳制品、烘焙食品、零食与饮品（如自有品牌牛奶、即食沙拉）。此外还包括“可消耗型”家庭日用品，如洗衣液、纸巾和清洁剂。Key Distinction: These are "high-velocity" essentials that customers buy frequently and use up quickly.关键区别：此类商品属于“高周转率”的生活必需品，顾客购买频繁、消耗迅速。2. General Merchandise (GM)Examples: Electronics (TVs, laptops), Apparel (George or Time and Tru clothing), Home & Garden (furniture, patio sets), Toys (LEGO), and Automotive (tires, car parts).示例：电子产品（电视、笔记本电脑）、服饰（自有品牌服装）、家居园艺（家具、户外套装）、玩具（积木类）及汽车用品（轮胎、配件）。Key Distinction: These are primarily non-perishable, "hard" goods that are replaced less often. This category typically carries higher profit margins than grocery but is more sensitive to changes in discretionary spending.关键区别：主要为非易腐、耐久型“硬商品”，更换频率较低。该品类通常毛利率高于食品杂货，但对非必需消费支出的变化更为敏感。Examples: Prescription pharmacy services, over-the-counter (OTC) medications (Equate brand), vitamins and supplements (Spring Valley), optical services, and professional healthcare center visits.示例：处方药房服务、非处方药品（自有品牌）、维生素与营养补充剂、视力矫正服务，以及专业健康诊疗服务。Key Distinction: Unlike standard merchandise, this category involves regulated products and professional services that require specific licensing (like a pharmacist or optometrist).关键区别：与普通商品不同，此类别涉及受监管的产品与专业服务，需持特定资质（如执业药师或验光师）方可提供。Examples: Fuel (gas stations), financial services (money transfers), and newer business offerings like advertising arrangements (Walmart Connect) or data insights.示例：燃油（加油站）、金融服务（汇款业务），以及新兴业务如广告合作或数据洞察服务。Key Distinction: This category captures non-retail revenue streams and secondary services that support the broader ecosystem rather than selling physical shelf products.关键区别：此类别涵盖非零售类收入来源及辅助性服务，其作用在于支撑整体商业生态，而非直接销售货架上的实体商品。
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