Walmart+ Membership Remains Stable And At Or Near Record Levels -- Market Talk

Dow Jones2025-04-01

1354 ET - Walmart+ membership counts appears to remain stable and at or near record levels through 1Q25, sustaining a rebound from a slump in 2023 and 2024, Morgan Stanley analysts say in a research note. The analysts say their recent monthly consumer survey suggests membership counts have grown about 31% on a rolling 3-month basis from a year ago. They say that's consistent with management's view that Walmart+ membership continues to expand at a strong pace, resulting in ongoing double-digit membership income growth during 4Q24 and likely 1Q25e as well. They note the program is a key part of Walmart's alternative profit flywheel, generating a high-margin recurring income stream while building loyalty in its grocery segment and drawing in middle- and high-consumers. (kelly.cloonan@wsj.com)

(END) Dow Jones Newswires

March 31, 2025 13:54 ET (17:54 GMT)

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The analysts say their recent monthly consumer survey suggests membership counts have grown about 31% on a rolling 3-month basis from a year ago. They say that's consistent with management's view that Walmart+ membership continues to expand at a strong pace, resulting in ongoing double-digit membership income growth during 4Q24 and likely 1Q25e as well. They note the program is a key part of Walmart's alternative profit flywheel, generating a high-margin recurring income stream while building loyalty in its grocery segment and drawing in middle- and high-consumers. 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