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Walmart (WMT) investor relations material
Walmart Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary20 Nov, 2025
Executive summary
Revenue grew 5.8% year-over-year to $179.5 billion, with global eCommerce up 27% and strong performance across all business segments.
Adjusted operating income rose 8% in constant currency to $7.2 billion, outpacing sales growth.
Adjusted EPS was $0.62, up 6.9% year-over-year, excluding gains on investments and legal settlements.
Leadership transition announced: John Furner to become CEO on Feb 1, 2026, succeeding Doug McMillon.
The company raised its FY26 outlook for net sales and adjusted operating income growth.
Financial highlights
Net sales reached $177.8 billion, up 5.8% year-over-year; membership and other income increased 9.0%.
Gross margin rate improved by 2 basis points to 24.2%, led by U.S. operations.
Operating cash flow for the year-to-date was $27.5 billion, up $4.5 billion year-over-year.
Free cash flow increased $2.6 billion to $8.8 billion, despite higher capital expenditures.
Nearly $13 billion returned to shareholders via dividends and share repurchases year-to-date.
Outlook and guidance
FY26 net sales growth expected at 4.8% to 5.1% in constant currency, with adjusted operating income growth of 4.8% to 5.5%.
Adjusted EPS forecasted at $2.58 to $2.63, including a $0.01 to $0.02 currency headwind.
Q4 sales growth guidance: 3.75%-4.75%; Q4 operating income growth: 8%-11%.
Capital expenditures projected at approximately 3.5% of net sales.
PhonePe charge impact on Q3 operating income
What caused the ROI decline despite operating income growth?
Walmart Connect U.S. sales growth in Q3?
AI's unique e-commerce advantage for Walmart
Shift in operating income profit drivers
Proactive pricing strategy for consumer shifts
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Q4 202619 Feb, 2026
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Frequently asked questions
One of the largest retailers in the world
Walmart is a multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores. The company was founded in 1962 by Sam Walton and has grown to become one of the largest retailers in the world.
A popular shopping destination for consumers around the world
Walmart generates revenue primarily through its retail sales. The company's hypermarkets and discount department stores offer a wide variety of products, including groceries, electronics, clothing, and household items. Walmart's low prices and vast selection have made it a popular shopping destination for consumers around the world.
An evolving e-commerce platform
Walmart has made significant investments in its e-commerce platform, allowing customers to shop online and have items delivered to their doorstep. The company's e-commerce segment has seen significant growth in recent years, particularly during the COVID-19 pandemic, where online shopping has become increasingly popular. Walmart's acquisition of online retailer Jet.com in 2016 has helped the company to expand its e-commerce capabilities further.
An ongoing global expansion
Walmart operates more than 10,500 stores in over 25 countries worldwide. Walmart has faced challenges in some international markets, particularly in Asia, where the company has struggled to compete with local retailers. However, Walmart's recent investments in India and China show the company's commitment to expanding its global footprint.
Further reading: The Walton Family: The Dynasty Behind the Walmart Empire
Walmart’s main competitors
Walmart operates in a highly competitive industry, with other public companies such as Amazon, Target, and Costco also competing for market share. Amazon is Walmart's primary competitor in the e-commerce space, while Target and Costco compete with Walmart's hypermarkets and discount department stores. These companies all offer a similar range of products to Walmart and are continually looking for ways to differentiate themselves and attract customers.
Interesting facts about Walmart
Walmart has a rich history and has had a significant impact on the retail industry. The company's founder, Sam Walton, was known for his innovative approaches to retail and his focus on providing customers with low prices.
Walmart's supply chain management is also impressive, with the company using advanced technology to track inventory and improve efficiency.
In addition to its retail operations, Walmart is also involved in philanthropy, with the Walmart Foundation donating billions of dollars to charitable causes around the world.
The company is also known for its role in shaping the economy of small towns and rural areas, with many Walmart stores serving as the primary source of employment and shopping for local residents.
Despite facing criticism over issues such as labor practices and worker compensation, Walmart remains one of the largest and most influential retailers in the world.
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