Walmart reports tommorow, here are some other companies that may be affected by that

89 public companies list Walmart as a major customer in their SEC filings. Here's a small ssnippet of who is most explosed - with deeplinks links to the actual filings.

I extracted data from ~3,500 company SEC filings and found 89 public companies that explicitly name Walmart as a major customer. That's just the public ones. The real supplier count is a LOT more private vendors. Based of some of the algos I run on the supply chain for all these companies, WMT outranks even amzn when it comes to its Pagerank despite AMZN having moore connections. So WMT is very heavy supply chain gravity wise.

Every revenue % below links directly to the sentence in the actual SEC filing where the company discloses it. You can click through and verify yourself esp. if you are invested in these or are planning to.

---

These mega-caps all explicitly disclose Walmart as a major customer with exact revenue percentages:

- **$CHD** (Church & Dwight) - [23% of net sales from Walmart](https://www.sec.gov/Archives/edgar/data/313927/000119312526048139/chd-20251231.htm#:~:text=Walmart%20is%20our%20largest%20customer%2C%20accounting%20for%20approximately%2023%25%20of%20net%20sales%20in%20each%20of%202025%2C). OxiClean, Arm & Hammer - stuff in every Walmart aisle.

- **$GIS** (General Mills) - [22% of consolidated net sales from Walmart](https://www.sec.gov/Archives/edgar/data/40704/000119312525147079/d938443d10k.htm#:~:text=During%20fiscal%202025%2C%20Walmart%20Inc.%20and%20its%20affiliates%20%28Walmart%29%20accounted%20for%2022%20percent%20of%20our) (31% in their North America Retail segment). Cheerios, Nature Valley, Pillsbury.

- **$KHC** (Kraft Heinz) - [~21% of net sales from Walmart](https://www.sec.gov/Archives/edgar/data/1637459/000163745926000009/khc-20251227.htm#:~:text=Our%20largest%20customer%2C%20Walmart%20Inc.%2C%20represented%20approximately%2021%25%20of%20our%20net%20sales%20in%202025%2C%202024%2C). Their single largest customer.

- **$TSN** (Tyson Foods) - [18.7% of consolidated sales from Walmart](https://www.sec.gov/Archives/edgar/data/100493/000010049325000095/tsn-20250927.htm#:~:text=Walmart%20Inc.%20accounted%20for%20approximately%2018.7). Chicken, beef, pork - they're in every Walmart meat case.

- **$PG** (Procter & Gamble) - [~16% of total sales from Walmart](https://www.sec.gov/Archives/edgar/data/80424/000008042425000076/pg-20250630.htm#:~:text=Sales%20to%20Walmart%20Inc.%20and%20its%20affiliates%20represent%20approximately%2016%25%20of%20our%20total%20sales). Their single largest customer. Tide, Pampers, Gillette.

- **$PEP** (PepsiCo) - [~14% of consolidated net revenue from Walmart](https://www.sec.gov/Archives/edgar/data/77476/000007747626000007/pep-20251227.htm#:~:text=In%202025%2C%20sales%20to%20Walmart%20Inc.%20%28Walmart%29%20and%20its%20affiliates%2C%20including%20Sam%E2%80%99s%20Club%20%28Sam%E2%80%99s%29%2C) (including Sam's Club), reported across all segments.

---

**Most Exposed (small-caps where WMT is everything)**

These are companies where Walmart is a massive chunk of their business:

- $CALM (Cal-Maine Foods) - largest US egg producer, Walmart is their #1 customer
- $CRWS (Crown Crafts) - infant/toddler products, Walmart is a primary retail partner
- $LCUT (Lifetime Brands) - kitchenware/home goods, big Walmart shelf presence

---

**The Infrastructure Play**

- $SYM (Symbotic) - builds Walmart's warehouse automation systems. Basically a single-customer company. If WMT cuts capex guidance, SYM gets crushed. If WMT doubles down on automation, SYM rips.

---

My thoughts on this are if:

WMT beats + raises guidance then probably small-cap suppliers move harder than WMT itself (higher beta, more concentrated exposure). CALM, CRWS, LCUT could pop 5-10% on a strong Walmart print.

WMT misses + soft consumer commentary then probably PG, PEP, GIS get dragged down in sympathy. Watch for "consumer spending softening" language.

WMT cuts capex well then SYM is the canary.

Contrarian: If WMT disappoints in discount retail, DG and COST could be relative winners as the market rotates within the space. But they could also make a sympathy move