Walmart Connect doesn’t seem to want to just be seen by the market as the best retail media network anymore, but a top overall ad business.
There are already indicators of this new posturing: Walmart has been aggressively pulling its ads business upstream with more off-site ad opportunities and conversational AI agents — à la Amazon Ads. Walmart’s latest earnings call proves its efforts are working.
Walmart Connect, its ads business, grew 41% in the U.S. as reported in Walmart’s Q4 2025 earnings on Feb 19. That figure is up from its reported 33% growth in Q3.
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