Walmart Inc.

The ECRs also provide that if we propose to sell a fueling store property or any portion thereof (other than in connection with the sale of all or substantially all of our properties that were purchased from Walmart or in connection with a bona fide financing), Walmart has a right of first refusal to purchase such property or portion thereof on similar terms.

Walmart, our largest customer, accounted for approximately 85% of our total revenue in the fiscal year ended September 27, 2025 and for a significant majority of our $22.5 billion backlog as of September 27, 2025.

Walmart (*) $ 47,700 34.3 % $ 33,320 28.0 % $ 74,807 30.4 % $ 69,999 30.1 %

Walmart (*) $ 27,107 25.4 % $ 36,679 32.4 %

Our two largest customers are Target® and Walmart®, which accounted for 26.6% and 26.1%, respectively, of our net sales in 2025.

In 2024, our three largest customers, Target®, Walmart® and Amazon®, accounted for 29.6%, 26.2% and 10.6%, respectively, of our net sales.

Our largest customer, Walmart Inc. (including Sam’s Club) accounted for 30.0%, 33.6% and 34.0% of net sales dollars for fiscal 2026, 2025, and 2024, respectively.

Sales to Wal-Mart® comprised 33.5% of revenues in fiscal year 2025 and 8.2% of total accounts receivable was due from Wal-Mart® as of October 31, 2025.

Sales to Wal-Mart® comprised 27.8% of revenues in fiscal year 2024 and 25.4% of total accounts receivable was due from Wal-Mart® as of November 1, 2024.

Other than Walmart, which accounted for approximately 31.0% of our fiscal 2025 net sales, no single customer accounted for 10.0% or more of our fiscal 2025 net sales.

Other than Walmart, which accounted for approximately 31.0%, 30.3% and 28.8% of our consolidated net sales in fiscal 2025, 2024 and 2023, respectively, no single customer accounted for more than 10.0% of our consolidated net sales in fiscal 2025, 2024 or 2023.

For example, the largest customer of our Post Consumer Brands segment, Walmart, accounted for 29.9% of Post Consumer Brands’s net sales in fiscal 2025.

Walmart Inc. and its global subsidiaries (“Walmart”) accounted for approximately 29%, 29% and 27% of our revenue in 2025, 2024 and 2023, respectively.

Our largest customer, Walmart Inc. and its affiliates, accounted for approximately 22% of our consolidated net sales in 2026, 21% in 2025, and 22% in 2024.

Our net product sales from Wal-Mart Stores, Inc. (“Wal-Mart”) aggregated approximately 22.0%, 23.2%, and 22.2% of net product sales during the years ended December 31, 2025, 2024 and 2023, respectively.

During Fiscal 2025, our largest customer, Walmart/Sam’s Club, represented 21.5% of the company’s sales.

Our largest customer, Walmart, accounted for 20% of our revenue excluding fuel surcharges in 2025 and 24% of our trade receivables as of December 31, 2025, 20% of our revenue in 2024 and 21% of our trade receivables as of December 31, 2024, and 19% of our revenue in 2023.

Walmart accounted for approximately 19% and 22%, respectively, of our gross revenues for the three months ended June 30, 2026 and 2025.

During 2026, 2025 and 2024, Walmart accounted for approximately 20%, 19% and 20%, respectively, of our gross revenues.

Walmart accounted for approximately 18% and 20%, respectively, of our gross revenues for the three and nine months ended December 31, 2025.

Walmart accounted for approximately 20% and 21%, respectively, of our gross revenues for the three and six months ended September 30, 2025.

Walmart accounted for approximately 19% and 20%, respectively, of our gross revenues for the three and six months ended September 30, 2024.

Walmart accounted for approximately 17.4% of our net sales in fiscal 2025.

During the years ended December 31, 2025, 2024 and 2023, Walmart accounted for 17%, 19% and 21% of consolidated net sales, respectively.

Our largest retailer, Walmart, represented approximately 16% of our consolidated net sales in 2025.

Major Customers: Sales to Walmart Inc. and its subsidiaries (Walmart) represented 15.6% or $2.0 billion, 15.6% or $2.0 billion, and 15.5% or $2.0 billion of the Company’s consolidated gross sales less returns and allowances in fiscal 2025, 2024, and 2023, respectively.

Walmart Inc., including its subsidiary Sam’s West, Inc. (collectively “Walmart”), is a customer of our Packaged Meats and Fresh Pork segments and accounted for approximately 15%, 16% and 15% of our consolidated sales in fiscal years 2025, 2024 and 2023, respectively.

In 2025, sales to Walmart Inc. (Walmart) and its affiliates, including Sam’s Club (Sam’s), represented approximately 14% of our consolidated net revenue, with sales reported across all of our segments, including concentrate sales to our independent bottlers, which were used in finished goods sold by them to Walmart.

Sales to Walmart Inc. represented 12.9% and 11.9% of our consolidated net sales in 2025 and 2024, respectively.

Our sales to Walmart, Inc. and its affiliates represented approximately 11% of our Net sales in 2025.

For the three month period ended June 30, 2026, the Company’s two largest customers accounted for approximately 57% of the Company’s net revenues, of which Amazon accounted for approximately 47% and Walmart accounted for approximately 10%.

During the fiscal year ended March 31, 2025 (“fiscal 2025”), Amazon accounted for approximately 39% and Walmart Inc. ("Walmart") accounted for approximately 31% of the Company’s net revenues.

For the three month period ended December 31, 2024, the Company’s three largest customers accounted for approximately 92% of the Company’s net revenues, of which Amazon accounted for approximately 43%, Walmart Inc. ("Walmart") accounted for approximately 25% and Big Lots Stores, Inc. ("Big Lots") accounted for approximately 24%.

For the three month period ended September 30, 2024, the Company’s three largest customers accounted for approximately 86% of the Company’s net revenues, of which Walmart accounted for approximately 42%, Amazon accounted for approximately 31% and Fred Meyer accounted for approximately 13%.

Our largest customers, Amazon.com, Inc. and Wal-Mart, Inc. together represented 20% of consolidated global net revenues, with each accounting for 11% and 9%, respectively.

Additionally, as a percentage of total operating revenues, operating revenues derived from products and services sold at the store locations of Walmart was approximately 8% and 7% for the three and nine months ended September 30, 2025, respectively.

Our operating revenues derived from the several products and services we offer through Walmart stores and other Walmart distribution avenues in aggregate represented approximately 7%, 10%, and 17% of our total operating revenues for the years ended December 31, 2025, 2024, and 2023, respectively.

Walmart 8 % 10 % 7 % 10 %

During 2025, one customer, Walmart, Inc. (including its affiliates), accounted for approximately 7% of our total net sales.

No customer other than Walmart accounted for 10 percent or more of our consolidated net sales.

We sell our products primarily through large national retail customers in the United States, including Costco and Walmart, with additional limited sales through private-label and ingredient customers.

Our largest customers, Walmart and its affiliates (which includes Sam’s Club), Costco and Amazon, accounted for approximately 74.0% of our net sales in our year ended September 30, 2025.

Our largest customer, Walmart, Inc. and its affiliates, accounted for approximately 29% of consolidated net sales for fiscal 2026 and 2025 and 28% for fiscal 2024, significantly impacting the Grocery & Snacks and Refrigerated & Frozen segments.

Costco, Lowe's and Amazon are also significant customers, and together with Walmart and Home Depot, accounted for approximately 54% of our net sales in fiscal 2025 and 2024.

Walmart is our largest customer, accounting for approximately 23% of net sales in each of 2025, 2024, and 2023.

Net sales to the Company’s largest customer, Walmart Stores, Inc. and its affiliates, were 26%, 27% and 25% of consolidated net sales for the fiscal years ended June 30, 2026, 2025 and 2024, respectively, and occurred across all of the Company’s reportable segments.

The Company’s largest customers, Walmart Inc. and The Kroger Co., accounted for approximately 36% of the Company’s 2025 total bottle/can sales volume to retail customers and approximately 29% of the Company’s 2025 total net sales.

Our Skip Hop brand wholesale customers in the United States include major retailers, such as Amazon, Target, and Walmart.

Our largest customers, Target, Walmart, Amazon and Sephora, accounted for 18%, 13%, 11% and 10%, respectively, of our net sales in the fiscal year ended March 31, 2026.

In 2025, our largest distributor by net sales accounted for less than 10% of our net sales and our largest customers, Walmart and Costco, accounted for 25% and 10% of our net sales, respectively.

Irwin’s largest customers include CVS, Walmart, Walgreens, and Costco Canada.

We derive product revenues primarily from the sales of our own inventory through two sales models, which are (i) product sales made to third-party ecommerce websites, or Product Sales to B, such as Wayfair, Amazon, Home Depot, Walmart and Overstock; and (ii) product sales to individual customers through third-party ecommerce websites, or Product Sales to C, such as Amazon, OTTO, Real and Target, where end customers can visit our online stores and purchase directly from us.

Sales to our second largest customer, Walmart, Inc., including its worldwide affiliates, accounted for approximately 13%, 11% and 9% of our consolidated net sales revenue in fiscal 2026, 2025, and 2024, respectively.

In 2025, our three largest retailers, Amazon, Target and Walmart accounted for approximately 39%, 28% and 8% of our total revenue, respectively.

As discussed in “Item 1- Business”, sales to Walmart and Target represented a majority of such sales to our five largest customers.

Both of our reportable segments have sales to Walmart Inc.

Our largest customer, Walmart Inc., represented approximately 21% of our net sales in 2025, 2024, and 2023.

Net sales to Walmart Inc. were primarily in the NA segment.

Sales to our ten largest customers accounted for 53% of total net revenues in 2025, and our top customer, Walmart, accounted for 30% of our total net revenues in 2025, 2024 and 2023.

We distribute our products to approximately 13,000 retail locations across 35 U.S. states, primarily through direct relationships with blue-chip retail customers, including Albertsons, Sam's Club, Kroger, Target, Walmart, Whole Foods, Brookshire's, and H-E-B.

In 2025, net sales to Walmart, Target, and Amazon were $1.08 billion, $0.63 billion, and $0.52 billion, respectively.

In 2024, net sales to Walmart, Target, and Amazon were $1.17 billion, $0.68 billion, and $0.51 billion, respectively.

In 2023, net sales to Walmart, Target, and Amazon were $1.13 billion, $0.67 billion, and $0.60 billion, respectively.

Sales to one of our Consumer segment customers, Wal-Mart Stores, Inc., accounted for approximately 12% of consolidated sales in 2025, 2024, and 2023.

Our net sales to Walmart represented 18% and 19% of consolidated net sales for the years ended June 30, 2026 and 2025, respectively.

The Company does not require collateral from its customers.As of December 31, 2025, Best Buy, Inc. and affiliates, Amazon and affiliates, and Wal-Mart Stores, Inc and affiliates, accounted for approximately 17%, 16% and 10% of the Company’s total accounts receivable, respectively.

Sales to Walmart, our largest customer, are included in our Retail and Wholesale Products Group.

A limited number of significant customers, including Amazon and Walmart, account for a substantial portion of our revenue and we may continue to derive a significant portion of our future revenues from a small number of customers.

Walmart Inc. accounted for approximately 8%, 8% and 6% of our revenues in 2025, 2024 and 2023, respectively.

Our largest customer, Walmart Inc. and its affiliates, accounted for consolidated net sales of approximately 16% in 2026, 2025 and 2024.

For the year ended December 31, 2025, our top ten wholesale channel customers, in no particular order, included: Nordstrom, Macy's, Dillard's, Designer Brands, The TJX Companies, Ross Stores, Burlington Stores, Amazon, Walmart, and Target.

Sales to Walmart Inc. and subsidiaries, including Sam’s Club, amounted to 34 percent of net sales in 2026 and 33 percent of net sales in both 2025 and 2024.

Sales to our largest retailer customer, Walmart Inc., represented approximately 31% of consolidated sales in fiscal year 2025, with approximately 24% through their mass retail channel and approximately 7% through their Sam’s Club and e-commerce channels.

Sales to Walmart Inc. were included in all the segments.