Wal-Mart de México (WALMEX) Q2 2026 earnings summary

Executive summary

• Consolidated revenues grew 1.9% (reported) and 3.2% (constant currency) in 2Q26, with Mexico up 3.1% and Central America up 3.6% in constant currency; new stores contributed 1.6% to total sales growth.

• E-commerce net sales in Mexico grew 16.2% and GMV 11.5% year-over-year, with on-demand up 21.1% and digital penetration reaching 9.5% of total GMV.

• New businesses like Walmart Connect (ad revenues +31%) and Bait (revenues +40%) contributed significantly to growth and profitability.

• Consumer spending remains soft, impacting top-line performance, but market share gains and improved value proposition are evident.

• Leadership changes include new CFO Camilo and board appointments, reinforcing digital focus.

Financial highlights

• 2Q26 consolidated revenues: MXN 250,948 million (+1.9% YoY); EBITDA: MXN 23,641 million (+0.6% YoY); net income: MXN 11,152 million (-0.7% YoY).

• Mexico gross margin expanded 10 bps to 24.1%; EBITDA margin flat at 9.6%; SG&A rose 20 bps to 17.3% of sales.

• Central America gross margin contracted 110 bps to 23.4%; EBITDA margin fell 80 bps to 8.4%.

• Net income margin contracted 20 bps to 4.4%.

• Cash from operations over 12 months was MXN 90.3 billion; capex MXN 39.3 billion; MXN 38.6 billion returned to shareholders.

Outlook and guidance

• Full-year sales growth expected at 3.5%-4.5% in constant currency, with EBITDA margin slightly below last year.

• Guidance revised downward due to slower-than-expected consumer recovery, but confidence in long-term strategy remains.

• Management remains focused on disciplined execution and sustainable long-term growth.