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Wal-Mart de México (WALMEX) investor relations material
Wal-Mart de México Q2 2025 (Q&A) earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 (Q&A) earnings summary17 Jul, 2025
Executive summary
Achieved 8.3% consolidated revenue growth in 2Q25, reaching MXN 246.3 billion, with 6% growth in both Mexico and Central America, and eCommerce GMV up 20% in Mexico and 49% in Central America.
Same-store sales rose 4.4% in Mexico and 4.0% in Central America; private brand penetration reached 18.9% in Mexico and 16.7% in Central America.
Strategic focus on market share gains, price competitiveness, private brands, e-commerce acceleration, and omnichannel leadership.
Store count totaled 4,124 across Mexico and Central America, with 25 new stores opened in 2Q25 (20 in Mexico, 5 in Central America).
Committed to doubling the business faster than before, prioritizing growth and share gains while protecting margins.
Financial highlights
2Q25 net sales reached MXN 244.6 billion, up 8.3% year-over-year; gross margin held steady at 24.1%.
EBITDA margin was 9.5% in 2Q25; operating income declined 4.0% year-over-year.
Average ticket increased 6% year-over-year, driven by price and product mix, especially durables.
SG&A expenses rose 12.2% to 17.2% of revenues, driven by investments in new stores, remodels, tech, e-commerce, and labor costs.
Net income declined 10.3% to MXN 11.2 billion; EPS was 0.645 pesos, down from 0.717 pesos in 2Q24.
Outlook and guidance
Reaffirmed guidance for gross margin expansion for the full year, despite quarterly variations due to price investments.
High single-digit growth in SG&A expected in constant terms, with controls in place to align expense growth with revenue.
Store openings and remodels to accelerate in the second half, with benefits expected in growth and share gains.
Management remains focused on controllable factors and strategic goals, highlighting continued investment in technology, eCommerce, and new stores.
Future performance subject to risks and uncertainties, with guidance reflecting current management expectations.
Explain the flat gross margin in 2Q25.
Why did Mexico's traffic decrease?
Discuss the impact of new businesses.
Explain the lower days payable this quarter.
How did weather impact traffic across formats?
Detail AI integration in e-commerce/omnichannel.
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Next Wal-Mart de México earnings date
Q3 202529 Oct, 2025
Next Wal-Mart de México earnings date
Q3 202529 Oct, 2025
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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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