Walmart beats Street on Q3 profits & sales, raises full-year outlook
Walmart Inc’s double-digit online growth contributed to another strong quarter, encouraging the retailer to boost its guidance for the second quarter in a row.
For the third quarter, the discount giant reported total revenues of $179.5 billion, up 5.8% from $169.6 billion for the same period last year. Adjusted earnings were $0.62, a 6.9% increase from $0.57 a year ago.
Comparable sales excluding fuel rose 4.5%, down year over year from 5.3%.
Total revenues came in ahead of Wall Street projections of $177.4 billion, while adjusted EPS beat estimates of $0.60.
Customer transactions rose 1.8% year over year and average ticket increased 2.7% in the U.S.
On the company's earnings call, Walmart CEO Doug McMillon said strong growth in e-commerce and among more affluent households helped drive the retailer’s strong performance as it experienced almost no “like-for-like” inflation in the U.S. and general merchandise prices deflated by 4% during the quarter.
“Transaction counts and unit volumes were positive across each segment, and we continue to gain market share in the US, both in grocery and general merchandise,” said McMillion.” Households earning more than $100,000 made up 75% of our share gains. In the U.S., in-store volumes grew, curbside pickup grew faster and delivery sales grew even faster than that.”
Globally, Walmart e-commerce sales rose 27% year-over-year. Membership income grew 16.7 year-over-year, and revenue from the retailer’s global advertising business (including Vizio and Walmart Connect in the U.S.) was up 53% from the prior-year quarter, including a 33% gain in the U.S.
In the international segment, net sales rose 10.8% to $33.5 billion from $30.3 billion year-over-year, led by Flipkart (India), China, and Walmex (Mexico). An uptick in both stores and e-commerce sales (up 26% including store-filled pickup and delivery) drove international growth.
In the Sam’s Club U.S. membership warehouse segment, net sales rose 3.1% to $23.6 billion from $22.9 billion. Comparable sales without fuel increased 3.8%, compared to a 7% hike in the third quarter of fiscal 2025.
“Consumers are looking to do business with those companies that are providing value, that are delivering the convenience that they’ve come to know and expect, and that are executing consistently well,” Walmart CFO John David Rainey said in an interview with CNBC, adding that the retailer is drawing customers seeking value across all income levels.
This release marked Walmart’s first quarterly earnings report since its surprise announcement on Nov. 14 that Doug McMillon, 59, will retire as CEO on Jan. 31. He will be succeeded by John Furner, 51, CEO of Walmart U.S. on Feb. 1. Furner has also been elected to the company’s board.
[READ MORE: Walmart Inc. CEO to retire; successor named]
"E-commerce was a bright spot again this quarter," McMillion said in the company’s official earnings release. "We’re gaining market share, improving delivery speed, and managing inventory well. We’re well-positioned for a strong finish to the year and beyond that, thanks to our associates."
Guidance increases
Based on its strong third-quarter results, Walmart has upped its guidance for the full 2026 fiscal year — this is Walmart’s second quarterly increase in a row. The company now expects net sales to increase 4.8% to 5.1%, compared to August 2025 guidance of 3.75% to 4.75% growth.
The company is also raising the quarterly outlook for fiscal 2026 adjusted earnings to $2.58 to $2.63, including a currency headwind of $0.01 to $0.02.
Walmart shifting listing to Nasdaq
Walmart announced it will transfer the listing of its common stock to The Nasdaq Stock Market LLC. The company expects its common stock to begin trading on the Nasdaq Global Select Market on Tuesday, Dec. 9, 2025, under its current ticker symbol "WMT".
In an official press release, the company said the move to Nasdaq “underscores the strong alignment between Walmart and Nasdaq's shared values: a technology-forward approach, delivering exceptional client value, and redefining their respective industries through innovation.”
In addition to its common stock listing, Walmart will also transfer the listing of nine bonds to Nasdaq.
Based in Bentonville, Ark., Walmart operates 10,750 stores and numerous e-commerce websites in 19 countries.
