Walmart Was 85% of Symbotic's Fiscal 2025 Revenue

Symbotic Depends on Walmart for Most of Its Revenue

Walmart accounted for approximately 85% of Symbotic's total revenue in fiscal 2025, according to Symbotic's Form 10-K annual report for the year ended Sept 27, 2025. Four other customers (UNFI, GreenBox, Southern Glazers and Albertsons) together made up about 13% of revenue. That leaves roughly 2% for every other customer combined (100% minus 85% minus 13%).

The same concentration shows up in future revenue. Symbotic reported a backlog of approximately $22.5 billion as of Sept 27, 2025, and the 10-K says agreements with Walmart and GreenBox make up the vast majority of it. Of that total, $11.6 billion is associated with GreenBox, the venture with SoftBank Group that does business as Exol.

The 10-K expects about 12% of the backlog to be recognized as revenue in fiscal 2026. That works out to roughly $2.7 billion (12% of $22.5 billion), with the remaining $19.8 billion falling after fiscal 2026.

Symbotic's results therefore track two relationships: Walmart and Exol. These figures are The Bot Scout's reading of Symbotic's filings with the U.S. Securities and Exchange Commission (SEC), published in the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) database. The Bot Scout did not test or measure any of them.

What a Symbotic System Contains

Symbotic sells robotic warehouse automation systems that move, store and sort cases and eaches (single items). Each system pairs hardware with the AI software that runs it, and the 10-K lists the following components.

• SymBot: an autonomous mobile robot, or Bot, that handles cases and totes and can travel above 20 miles per hour (mph), per the 10-K.
• MiniBot: the Bot that handles eaches.
• Storage structure: the levels, transfer decks and aisles listed among the 10-K components.
• Lifts: connect the levels of the storage structure vertically.
• De-palletizing and palletizing cells: AI-powered robotic cells that take in inbound pallets and build outbound pallets.
• BreakPack: opens cases and prepares eaches in totes for outbound pallets.
• Software: coordinates the movements of the system and gives real-time analytics on inventory, throughput and maintenance.

Throughput Claim and Published Pricing

Symbotic says its systems ship in excess of eight million cases per day without reported inaccurate fulfillments. That figure is a company claim in the 10-K, and The Bot Scout has not verified it.

Symbotic sells the components as systems with hardware and software. The 10-K and the third-quarter release give no system prices.

For the wider category, see The Bot Scout's warehouse automation section and its warehouse picking robots page.

Three Revenue Streams Behind Symbotic Sales

Symbotic's sales have three parts: the initial system sale, software maintenance and support services, and operation services. The 10-K says Symbotic typically operates a system for a limited time before transferring daily operations to the customer.

The system sale dominates current revenue. In the third quarter of fiscal 2026, systems revenue was $671.0 million out of $721 million in total revenue, or about 93%. The other revenue lines together brought in roughly $50 million ($721 million minus $671.0 million).

Walmart Relationship Timeline from 2015 to 2034

Symbotic has worked with Walmart since 2015, and the relationship has grown from regional distribution centers to store-level systems. The 10-K gives these dates.

• 2015: Symbotic begins working with Walmart.
• 2017: the first Master Automation Agreement is signed.
• December 2021: Walmart invests in Warehouse Technologies LLC, the entity named in the 10-K.
• May 2022: an amended and restated agreement covers systems for all 42 of Walmart's regional distribution centers and, per Symbotic, adds about $6.1 billion to backlog at that time.
• January 2025: Symbotic acquires Walmart's Advanced Systems and Robotics (ASR) business and signs the 2025 Walmart Master Automation Agreement.
• Sept 27, 2025: Walmart holds roughly 13% of Symbotic's common stock.
• End of 2029: the scheduled finish of the implementation the 10-K says began in 2021.
• May 2034: Walmart's initial term ends.

Walmart Micro-Fulfillment Commitment and Payments

The 2025 agreement added micro-fulfillment systems, which the 10-K also calls accelerated pickup and delivery systems, for store-level and online pickup and delivery. Walmart committed to purchase 400 of these systems, with an option for 200 more. The commitment is contingent on the systems meeting defined performance metrics.

Money moves in both directions under the ASR deal. Walmart pays Symbotic $520 million for the development program: $230 million at closing, $165 million at the first anniversary and $125 million at the second.

Symbotic pays Walmart $175 million on acceptance of the first system, plus another $175 million if Walmart exercises the option for 200 more.

Exol (Formerly GreenBox) and the SoftBank Venture

GreenBox is a warehouse-as-a-service venture that Symbotic formed in July 2023 with entities related to SoftBank Group. Symbotic owns 35% and SoftBank Group owns 65%. Symbotic's third-quarter fiscal 2026 results release says GreenBox Systems LLC is doing business as Exol.

GreenBox committed to spend at least $7.5 billion in aggregate on Symbotic systems over six years. The initial term of that commercial agreement expires July 23, 2027, and GreenBox can extend it by two years.

Symbotic sits on both sides of this relationship, as a 35% owner of GreenBox and as its system supplier. The 10-K warns that delays in GreenBox implementation could adversely affect Symbotic's business.

Third-Quarter Fiscal 2026 Results

Symbotic reported revenue of $721 million for the quarter ended June 27, 2026, up 22% year over year, in its third-quarter fiscal 2026 results release dated Aug 5, 2026. Net income was $55 million, compared with a net loss of $21 million a year earlier, a swing of $76 million.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose to $95 million from $45 million. Cash and cash equivalents were $1.7 billion, down from $2.0 billion at the end of the prior quarter.

For the fourth quarter, Symbotic guided to revenue of $760 million to $780 million and adjusted EBITDA of $100 million to $105 million. The release names Walmart, Exol and Nueva Wal Mart de México. It does not report a backlog figure, so the $22.5 billion from the 10-K, as of Sept 27, 2025, is the latest backlog number Symbotic has published in these two documents.

Risks Listed in Symbotic Filings

Symbotic names its own dependence on Walmart as a risk. The third-quarter fiscal 2026 release lists "dependency on Walmart" among its risks.

The filings name three conditions.

• Walmart's 400-system micro-fulfillment commitment depends on the systems meeting defined performance metrics.
• The 10-K ties $11.6 billion of backlog to GreenBox.
• The GreenBox commercial agreement's initial term expires July 23, 2027, unless GreenBox uses its two-year extension.

Customer Base Beyond Walmart and Exol

The filings name a handful of customers outside Walmart and Exol. The 10-K lists UNFI, Southern Glazers, Albertsons, C&S Wholesale Grocers (described as an affiliate) and Target, and it reports Symbotic's first healthcare-vertical customer, signed in the quarter ended Sept 27, 2025. The third-quarter fiscal 2026 release also names Nueva Wal Mart de México.

Who Should Consider Symbotic

For a reader sizing up warehouse automation suppliers, Symbotic is a large supplier whose revenue and backlog are concentrated in two relationships. Walmart supplied about 85% of fiscal 2025 revenue, and Walmart plus GreenBox account for the vast majority of the $22.5 billion backlog.

Symbotic does not suit a retailer outside its customer base that wants a quote-ready price, because the 10-K and the third-quarter release give no system prices. That buyer can start with The Bot Scout's top robots for warehouse buying guide or its Exotec Skypod review, then request quotes directly from the suppliers that fit your warehouse.

Two conditions would change this assessment. Walmart's 400-system micro-fulfillment commitment must meet its performance metrics for the full order to proceed. Exol deployments must ship on schedule for the $11.6 billion GreenBox backlog to turn into revenue as planned.