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Sam’s Club U.S. Shows Steady Growth in Q4 Fiscal 2026

Sam’s Club, a division of Walmart Inc., maintained consistent momentum in the fourth quarter of fiscal 2026, fueled by robust transaction volumes and expanding digital engagement. Although overall sales growth appeared moderate, key performance indicators highlighted strong member participation and effective operational management.

During the quarter, Sam’s Club U.S. posted net sales of $23.8 billion, marking a 2.9% increase. When excluding fuel, net sales reached $21.7 billion, up 4%, with comparable sales (excluding fuel) also climbing 4%. The primary driver was increased customer visits, as transactions (excluding fuel) rose 5.3%, even though the average transaction value dipped by 1.3%. Grocery and general merchandise categories led the gains, while the Member’s Mark brand achieved high single-digit growth.

Digital sales continued to play a significant role. E-commerce revenue for Sam’s Club U.S. surged by 23%, contributing nearly 380 basis points to comparable sales growth (excluding fuel). Deliveries fulfilled by clubs accounted for about 40% of the e-commerce expansion, and express delivery sales handled by clubs jumped 80% year-over-year. Currently, express delivery is available to 60% of U.S. households, typically within three hours.

Membership performance also bolstered results. Revenue from membership fees increased by 6.1%, reflecting higher member numbers, improved renewal rates, and growth in Plus memberships. Operating income advanced 3.8% to $596 million. Inventory levels rose 1.6%, remaining below the pace of sales growth, with inventory turnover and seasonal clearance described as healthy.

The 2.9% sales growth for the quarter underscores a business increasingly driven by higher transaction counts, digital adoption, and membership strength. With traffic up 5.3% (excluding fuel) and e-commerce up 23%, Sam’s Club’s future expansion will likely hinge on maintaining these trends and further developing its club-based delivery services.

Walmart’s Recent Performance Compared to Competitors

Walmart, competing with Costco Wholesale Corporation and Target Corporation, has seen its stock price climb 31.1% over the past year, outpacing the retail supermarket industry’s 30.1% gain. In contrast, Costco and Target shares have declined by 3.4% and 5.8%, respectively, during the same period.

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From a valuation perspective, Walmart’s forward 12-month price-to-earnings (P/E) ratio stands at 44.1, which is above the industry average of 39.8. The company trades at a premium compared to Target (forward P/E of 14.53), but at a discount relative to Costco (forward P/E of 33.91).

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Analyst consensus from Zacks projects Walmart’s sales and earnings per share for the current fiscal year to grow by 4.6% and 8.7%, respectively. Walmart currently holds a Zacks Rank #3 (Hold).

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