Walmart Connect’s full-funnel ambitions come into focus, with Amazon in its sights

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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