Walmart+ membership grew about 12% year over year on a three-month rolling basis, up from about 10% in November, according to the report.
Morgan Stanley did not immediately reply to PYMNTS’ request for comment.
Walmart+ costs $98 for an annual plan and provides free deliveries on orders over $35, free next-day and two-day shipping from the retailer’s website, a choice of Paramount+ or Peacock streaming service, gas savings of 10 cents per gallon at select service stations, free pharmacy delivery, a 5% cash-back credit card and other benefits, according to a web page devoted to the program. It also enables Scan & Go, which offers fast checkout using only a phone.
When Walmart reported its third quarter fiscal 2026 earnings in November, the retailer said membership and other income grew 7.6% in Walmart U.S., with double-digit Walmart+ fee income. Globally, membership income rose 17%.
Walmart Chief Financial Officer John David Rainey said during an earnings call that the third quarter delivered the best quarter Walmart+ had seen in terms of net additions since the company launched the program. Rainey credited faster delivery, improved accuracy and the launch of the OnePay credit card, which offers 5% back on Walmart purchases.
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The PYMNTS Intelligence report “Winning Both Carts: Millennials Drive Surge in Having Amazon Prime & Walmart+ Subscriptions” found that the number of consumers holding subscriptions for both retailers’ subscriptions nearly doubled between 2021 and early 2025.
The figure reached about 24% in February 2025, with millennials leading the way at 37%, according to the report.
Consumers are layering these services to shield themselves from higher prices and supply chain uncertainty, per the report. One month, they might use Walmart’s fuel discounts and grocery convenience; the next month, they may use Amazon’s streaming perks and fast delivery on electronics.
PYMNTS reported in July 2024 that at that point, 30% of consumers subscribed to or had access to a Walmart+ account. That share rose to 47% among millennials.
