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Wal-Mart de México (WALMEX) investor relations material
Wal-Mart de México Q3 2025 (Q&A) earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 (Q&A) earnings summary29 Oct, 2025
Executive summary
Leadership transition with a new CEO and key appointments, emphasizing renewed focus on execution and fundamentals.
Consolidated revenues grew 4.9% in 3Q25, with Mexico up 5.6% and Central America up 2.5%, driven by omnichannel leadership and eCommerce acceleration.
Same-store sales increased 3.9% in Mexico and 0.6% in Central America; eCommerce GMV rose 20% in Mexico and 38% in Central America.
EBITDA margin was 10.5% for the quarter, and net income margin was 4.9%, with net income impacted by a non-recurrent item.
The company maintained the highest gap versus ANTAD since mid-2021, outpacing the market.
Financial highlights
3Q25 consolidated revenues: $241,520M MXN, up 4.9% year-over-year; gross profit: $59,774M MXN (24.7% margin).
EBITDA: $25,266M MXN (10.5% margin), up 3.3% year-over-year; net income: $11,747M MXN (4.9% margin), down 9.2% year-over-year.
SG&A expenses: $40,946M MXN (17.0% of revenues), up 4.5% year-over-year; gross margin contracted 20 bps year-over-year.
Working capital improved, with inventory days reduced by 3.5 days year-over-year.
9M25 consolidated revenues: $728,749M MXN, up 6.6% year-over-year; EBITDA margin 10.1%.
Outlook and guidance
Store opening plan remains unchanged, targeting 1,500 new stores over five years.
Focus remains on cost control, pricing, availability, and eCommerce acceleration, aiming for a strong Q4.
Q4 growth expected to be in line with Q2 and Q3, with a focus on seasonal sales and continued margin stabilization.
SG&A to remain aligned with sales growth in the mid- to long-term, supporting margin stabilization.
Continued investment in omnichannel capabilities and new business models to support future performance.
What drove the 65.7% rise in financial expenses?
Assess the growth and impact of the bait program.
Address negative traffic trends in Mexico and Central America.
Private label strategy and Member's Mark growth?
Gross margin trajectory with EDLP and ecosystem?
One Hallway: cross-border marketplace acceleration?
OneHollway: What are key next steps for marketplace?
How will EDLP focus impact gross margin long-term?
Proximity formats: What is the expansion strategy?
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Next Wal-Mart de México earnings date
Q4 202511 Feb, 2026
Next Wal-Mart de México earnings date
Q4 202511 Feb, 2026
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Frequently asked questions
The Mexican Walmart
Wal-Mart de México de C.V., also known as Walmart Mexico, is the Mexican division of Walmart, the American multinational retail corporation. The company operates over 2,500 stores in Mexico, including Walmart Supercenters, Bodegas Aurrera, Sam's Club, and Suburbia. Walmart Mexico's business model mirrors its American division, centered around offering customers a diverse range of products, convenience, and competitive pricing.
Untapped market with vast potential
One of Walmart Mexico's main opportunities is its large and growing market in Mexico, with a population of over 130 million people. The company can also leverage its scale and global supply chain to offer low prices to its customers. Additionally, Walmart Mexico has been investing in e-commerce to keep up with changing consumer habits and capture more market share in online retail.
However, Walmart Mexico also faces several challenges. One of these challenges is competition from other large retailers such as Soriana and Chedraui. Additionally, Walmart Mexico has faced criticism for its labor practices and environmental impact, which could harm its reputation and customer loyalty.
Three listed peers to Walmart Mexico are Soriana, Chedraui, and Liverpool, all of which operates supermarket, retail chains, and department stores across Mexico.
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