Morgan Stanley’s periodic survey of consumers indicated that Walmart+ membership accelerated to 28.4M in January, which is the highest level recorded in the survey’s history. On a three-month rolling basis, Walmart+ membership growth came in at ~12% year-over-year, as compared to ~10% in November 2025. “We believe these results align with management’s commentary regarding continued double-digit growth in Walmart+ membership fee income,” highlighted analyst Simeon Gutman.
Walmart+ is Walmart’s (WMT) paid membership program that was launched in 2020 as a direct response to the runaway success of Amazon Prime (AMZN). The service includes free shipping, local delivery, fuel discounts, and select streaming and partner perks for a flat monthly or annual fee. Walmart+ is priced at $98 per year or $12.95 per month, versus Amazon Prime at about $139 per year or $14.99 per month.
Walmart+ is expected to boost the e-commerce flywheel for Walmart (WMT) and help the retail giant leverage its leadership position in grocery to increase purchase frequency and customer retention. Gutman noted that Walmart+ also helps the company capture a larger portion of wallet share from affluent consumers who tend to purchase more general merchandise items while developing a stable, recurring income stream. Looking ahead, Walmart+ is expected to help Walmart (WMT) be positioned as a frontrunner in the development of agentic commerce.