SYM stock is the Nasdaq ticker for Symbotic Inc., a Wilmington, Massachusetts company that designs, installs and runs robotic warehouse systems. Almost all of its revenue comes from one customer, Walmart.
Per its FY2025 Form 10-K, Walmart accounted for about 85% of revenue in the year ended 27 September 2025 and for a significant majority of a $22.5 billion backlog.
How a Symbotic System Moves a Case
Cases enter at inbound cells and ride lifts to one of many storage levels. On each level, autonomous mobile robots called SymBots carry the case down an aisle and set it on a shelf.
The 10-K leans on underpicking: the bot slides fingers under a case and lifts it from the bottom instead of using grippers or suction cups. The company says a SymBot reaches any storage location and returns in under four minutes on average.
Video: Symbotic
Where the Revenue Comes From
The Q3 fiscal 2026 Form 10-Q reports $720.8 million of revenue for the quarter ended 27 June 2026, against $592.1 million a year earlier. Systems made up $671.0 million, software maintenance and support $12.8 million, and operation services $37.1 million.
Systems revenue is booked mostly during deployment, the stretch between a signed statement of work and customer acceptance. The filing ties the growth to 77 systems in deployment, up from 46.
The recurring lines are small but growing faster: software support rose 57% and operation services, where Symbotic staff run the site, rose 49%.
Walmart, Exol and the Other Named Customers
The 10-K names Walmart, Albertsons, affiliate C&S Wholesale Grocers, GreenBox and Target as customers. UNFI, GreenBox, Southern Glazer’s and Albertsons together made up about 13% of FY2025 revenue.
Walmart’s master automation agreement now covers all 42 of its regional distribution centers. A January 2025 deal added Walmart’s Advanced Systems and Robotics unit and a second agreement for store-level pickup systems.
GreenBox, the warehouse-as-a-service joint venture, now trades as Exol. Symbotic books it under the equity method, so Exol shows up as one line: a $9.6 million loss last quarter.
That site-by-site model separates Symbotic from the general-purpose machines on our list of humanoid robot stocks.
Symbotic vs AutoStore
Symbotic’s own 10-K names AutoStore as a competitor that focuses on individual order fulfillment and lacks case picking.
| Item | Symbotic (SYM) | AutoStore (AUTO) |
|---|---|---|
| Deployment model | Designs and installs systems directly, can also operate them, plus the Exol joint venture | All sales distributed, designed, installed and serviced by partner system integrators |
| Installed base disclosed | 56 operational systems under software contracts, 77 in deployment (Q3 FY2026) | About 1,950 systems in 65 countries |
| Unit handled | Cases and totes (SymBot), single items (MiniBot) | Storage bins in a grid |
| Exchange listing | Nasdaq | Oslo Stock Exchange |
| Fiscal year end | Late September (FY2025 ended 27 September 2025) | Calendar year (Q2 2026 half-year report) |
Sources: Symbotic FY2025 10-K and Q3 FY2026 10-Q; AutoStore Q2 2026 results page. All opened 28 September 2026.
What the Filings Say Can Go Wrong
Concentration is rising. One unnamed customer, Customer A, was 90.5% of Q3 revenue against 83.8% a year earlier.
Management concluded disclosure controls were not effective as of 27 June 2026 because of a previously reported material weakness in internal control.
The profit line needs splitting too. Q3 net income was $55.0 million, but $43.3 million belonged to noncontrolling interests under the Up-C structure, leaving $11.7 million, or $0.09 per diluted share, for Class A holders.
What to Watch in the FY2026 10-K
Fiscal 2026 closed in late September; last year’s 10-K arrived on 24 November. Watch whether backlog moves off $22.5 billion, how many deployments reach acceptance, and whether international revenue, 12% of Q3 against 1% a year earlier, keeps rising.
For the wider sector, see our robotics stocks overview and our look at Serve Robotics, which automates the sidewalk rather than the warehouse.
This page is general information drawn from public filings. It is not a recommendation to buy or sell any security.
SYM Stock FAQ
Who is Symbotic’s largest customer?
Walmart, at about 85% of FY2025 revenue per the 10-K.
Is Symbotic profitable?
In Q3 fiscal 2026, yes on a GAAP basis, with operating income of $32.9 million.
What is in the $22.5 billion backlog?
Mostly undelivered systems under the Walmart and Exol agreements, including Symbotic’s share of Exol’s contracts, per the 10-Q.
Daniel Reyes is a markets writer for S4Tips covering the AI infrastructure and semiconductor supply chain. He focuses on the companies that build and power the AI compute stack. His articles are for information only and are not financial advice.