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

Executive summary

• Consolidated revenues grew 1.9% year-over-year in 2Q26, or 3.2% in constant currency, 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 rose 16.2%, with strong on-demand performance and improvements in delivery speed and assortment.

• New businesses like Bait and Walmart Connect delivered strong growth, contributing to profitability and ecosystem strength.

• Consumer spending remains soft, impacting top-line performance, but market share gains are building progressively.

• Leadership transition announced: Paulo Garcia's last quarter as CFO, with Camilo joining as new CFO; board and executive changes reinforce digital focus.

Financial highlights

• Consolidated 2Q26 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 2Q26 revenues: MXN 209,188 million (+3.1% YoY); EBITDA: MXN 20,122 million (+3.2% YoY); gross margin expanded 10 bps to 24.1%.

• Central America 2Q26 revenues: MXN 41,760 million (-3.7% YoY in pesos, +3.6% in constant currency); EBITDA: MXN 3,519 million (-11.9% YoY in pesos, 8.4% margin).

• SG&A as a percentage of revenues increased to 17.4% at the consolidated level and 17.3% in Mexico.

• Cash from operations over last 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 now 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.

• SG&A growth for full year expected to be high single digit in constant terms.

• Management remains focused on disciplined execution and sustainable long-term growth, despite ongoing soft consumption.

• Future performance is subject to risks and uncertainties, with guidance reflecting current expectations.