Walmart's Retail Media Business Posts 37% Ad Revenue Growth in Q1

Walmart's advertising division maintained robust growth in the first quarter, posting a 37% year-over-year increase in ad revenue, according to reporting from Adweek.

Steady Trajectory in a Competitive Market

The 37% growth figure reflects a continuing pattern of strong performance for Walmart Connect, the company's retail media network, as brands allocate larger portions of their digital advertising budgets to first-party, purchase-intent-driven inventory. The result arrives against a backdrop of intensifying competition across the retail media landscape, with rivals including Amazon Ads, Target's Roundel, and a growing roster of grocery and specialty retail networks all vying for the same brand dollars.

Scale as a Differentiator

Walmart's advertising business benefits from the scale of its physical store footprint alongside its growing e-commerce presence, giving advertisers access to a broad and diverse shopper audience. That combination of in-store and online data signals has been a consistent selling point as the retailer courts both endemic and non-endemic brand partners looking for measurable, closed-loop attribution.

Why It Matters

A 37% gain at Walmart's scale is a meaningful indicator of where brand investment is flowing — away from traditional channels and toward retail media environments with direct purchase signals. For the broader industry, sustained double-digit growth at one of the largest retail media networks suggests advertiser appetite remains strong even amid macroeconomic uncertainty. It also raises the competitive bar for emerging networks that must demonstrate comparable measurement and audience quality to win budget.