For many CPG companies, one customer is a fifth of sales
US accounting rules require public companies to disclose any customer worth 10% or more of revenue. Most CPG companies name that customer.
In filings since fiscal 2023, 34 of the companies here name Walmart. For 18 of them, Walmart is at least a fifth of sales.
Walmart’s share of sales, latest 10-K
Companies that name Walmart as a customer of 10% or more in a filing since fiscal 2023. Hover a bar for the sentence it comes from.
Includes Sam’s Club and other Walmart affiliates where the company reports them together, as most do. * See the note for that company in the table.
The biggest climbers make food
The four largest rises are all food companies.
John B. Sanfilippo sells nuts under its own brands and retailers’ store brands. B&G Foods, Bridgford and Conagra make shelf-stable and frozen food.
A rising share doesn’t always mean more Walmart sales. Conagra reported Walmart at 16% of sales for fiscal 2016 and 24% for fiscal 2017.
In between, Conagra sold its private-label business and spun off Lamb Weston. Its fiscal 2017 report restated fiscal 2016 at 23%.
Some large companies moved the other way. PepsiCo and Kellanova each lost about five points of Walmart share since 2009.
Walmart’s share of sales over time
A line breaks in any year a company didn’t state a figure. Below 10%, disclosure isn’t required. Years are labelled by the calendar year that contains most of the fiscal year.
Concentration sets the stakes on every deduction
When one retailer is a third of your sales, its compliance manual is your operating manual. A change to its on-time threshold or fine rate moves your margin.
Revenue share doesn’t measure bargaining power by itself. Contracts, category position and on-time performance matter too.
But a supplier with this much riding on one account has more to lose from every deduction it lets go unchallenged.
The payment-terms side of the same relationship is in The Float.
Not every big customer is Walmart
The same filings show other single-customer exposures. These figures come from each company’s own 10-K.
| Company | Largest named customer | Share | Filing |
|---|---|---|---|
| Hershey | McLane (distributor) | 27% | Fiscal 2025 10-K |
| Helen of Troy | Amazon | 20% | Fiscal 2026 10-K |
| Simply Good Foods | Amazon (after Walmart) | 18% | Fiscal 2025 10-K |
| Newell Brands | Amazon | 17% | Fiscal 2025 10-K |
| Celsius | PepsiCo (distribution partner) | 54.7% | Fiscal 2024 10-K |
How your concentration compares
Enter your largest customer’s share of your sales. Nothing leaves this page.
Every company, every year
Sort by any column. Each company name links to the filing its latest figure comes from.
| Company | Latest | Filing period | 2009 | Change (pts) | Peak |
|---|
Hover for the source sentence and any note. The 2009 column falls back to 2010 or 2008 where 2009 is missing.
How we built this
Under ASC 280-10-50-42, a public company must disclose each customer that accounts for 10% or more of revenue. Naming the customer is optional.
Companies under common control, such as Walmart and Sam’s Club, count as one customer.
- We pulled every 10-K since 2009 for 60 US-listed CPG manufacturers and distributors from SEC EDGAR.
- A script kept each sentence that names a customer next to a share of sales, then matched the figure to the fiscal year it describes.
- The script rejects combined figures, such as “Walmart, Home Depot and Lowe’s represented 38%,” and segment-only shares.
- We reviewed every company’s Walmart series by hand and corrected what the script got wrong. Each correction is logged with the dataset.
Limits
- A missing figure doesn’t mean zero. Below 10%, companies don’t have to disclose, and some describe a major customer without naming it.
- Share of sales is a measure of concentration, not bargaining power.
- A share can rise because the rest of a business shrank, through a spinoff or sale.
- Each year shows the figure the company reported in that year’s 10-K. Later filings sometimes restate it after a spinoff or sale.
- A few companies report gross rather than net sales. The table notes each one.
- Public companies only. Private brands don’t file 10-Ks.
Coverage
880 10-K filings from 60 companies, giving 498 company-years with a stated Walmart share.
| Walmart share | Companies |
|---|---|
| Stated in the latest 10-K (32) | Procter & Gamble, Colgate-Palmolive, Clorox, Kimberly-Clark, Church & Dwight, General Mills, Kellanova, WK Kellogg Co, Campbell's, Conagra Brands, J.M. Smucker, Hormel Foods, Kraft Heinz, PepsiCo, Keurig Dr Pepper, McCormick, TreeHouse Foods, Hain Celestial, B&G Foods, Marzetti (Lancaster Colony), Flowers Foods, Simply Good Foods, Central Garden & Pet, Edgewell, Energizer, Helen of Troy, Newell Brands, e.l.f. Beauty, Prestige Consumer Healthcare, Cal-Maine Foods, John B. Sanfilippo, Bridgford Foods |
| Stated in earlier years only (8) | Mondelez, Freshpet, Spectrum Brands, Reynolds Consumer, Coty, WD-40, Tootsie Roll, SunOpta |
| No company-level figure found (20) | Hershey, Coca-Cola, Post Holdings, J&J Snack Foods, Utz Brands, BellRing Brands, Vita Coco, Celsius, Monster Beverage, Estee Lauder, Lifeway Foods, Vital Farms, BRC Inc., Beyond Meat, Zevia, Mama's Creations, Laird Superfood, Seneca Foods, United Natural Foods, SpartanNash |
Companies in the second group usually fell below 10% or stopped naming the customer.
In the third, some name a different customer or give only segment or combined figures. Others disclose no 10% customer at all.
Use this data
The charts and data are free to use with a link to this page. Suggested citation:
Trace the deductions from your biggest account
When one retailer carries this much of your sales, every deduction it takes is worth a root cause. We find them in fourteen days, from $2,500.