Walmart Commits About $6B to Symbotic in an Expanded Deal That Could Add $6.92B to Backlog

Symbotic (SYM) and Walmart (WMT) expanded their warehouse automation agreement on Oct. 29, with Walmart making about $6 billion in initial spending commitments. The multiyear deal could add up to $6.92 billion to Symbotic's future backlog, though that amount is potential, not recognized revenue. Automated material-handling systems will roll out across multiple U.S. locations and select international sites in the Americas, building on agreements the companies signed in 2022 and 2025.

What the agreement includes

Against the $22.5 billion backlog Symbotic reported at its latest quarter, the $6.92 billion potential addition equals about 31%, by our calculation, if it were fully realized.

Building on earlier agreements

Walmart expanded its partnership with Symbotic in 2022. In January 2025, Symbotic agreed to acquire Walmart's Advanced Systems and Robotics business for $200 million in cash plus up to $350 million in contingent payments. Walmart agreed to pay Symbotic $520 million to fund a development program, and the companies signed a commercial agreement under which Walmart was committed to deploying systems for 400 store-based automated pickup and delivery units if performance criteria were met. That agreement was expected to add more than $5 billion to backlog.

Visibility, and dependence

The expansion strengthens multiyear revenue visibility and international growth opportunities, while increasing Symbotic's dependence on Walmart. Walmart accounted for about 85% of Symbotic's revenue in fiscal 2025, and Symbotic lists dependency on Walmart as a risk factor. Walmart is also one of its largest investors. The board rights tie the two companies more closely, and the observer seats depend on Symbotic meeting revenue thresholds.

Where the business stands

In fiscal third quarter, ended June 27, Symbotic reported revenue of $720.8 million, up 22%, and adjusted EBITDA of $95.2 million, more than double a year earlier. It had $1.75 billion of cash and 77 systems in deployment, and guided fourth-quarter revenue to $760 million to $780 million. Shares traded near $39 on Oct. 28, within a 52-week range of roughly $36 to $88. For another supplier-backlog story tied to AI buildouts, see our Amazon Jassy article.

Sources: Symbotic's fiscal third-quarter 2026 results (SEC filing) and its January 2025 announcement on Symbotic investor relations; agreement terms and market data are from company announcements and market data. This is informational, not a recommendation to buy or sell.