Wal-Mart de México (WALMEX) Q3 2026 (Q&A) earnings summary

Executive summary

• Q3’26 revenue rose 3.0% reported and 3.6% in constant currency; EBITDA increased 0.4%, while net income fell 6.1% and EPS declined to MXN 0.642.

• EBITDA margin fell 30 bps to 10.2%; management reaffirmed 3.5%–4.5% top-line growth guidance and slight EBITDA margin contraction.

• Priorities include price and product availability, strengthening core operations, accelerating digital, and productivity to support growth and offset rising costs.

Financial highlights

• Q3’26 total revenue was MXN 248,828M, operating income MXN 18,683M and net income MXN 11,027M; operating income fell 1.8% and net income 6.1% reported.

• Q3’26 gross profit rose 3.0% to MXN 61,555M; EBITDA was MXN 25,372M, up 0.4% reported and 1.0% in constant currency.

• 9M26 revenue was MXN 744,795M, up 2.2%; net income was MXN 34,679M, down 1.7%, and EBITDA was MXN 73,992M, up 0.2%.

• Q3 effective tax rate exceeded 30%, mainly due to adjustments finalizing prior-year tax calculations; FY rate expected at or below last year’s.

Outlook and guidance

• Top-line growth guidance was reaffirmed at 3.5%–4.5%, with slight EBITDA margin contraction expected.

• Minimum wages are expected to rise ~12% next year; labor hours shift from 48 to 46 under the reform, adding cost pressure.

• Gross profit is expected to remain stable through supplier negotiations, assortment mix and working-capital initiatives supporting price investments.

• Q4 promotions will focus on Buen Fin, El Fin Irresistible, Christmas and Reyes, with targeted offers in categories affected by discretionary pullback.

• Assortment transformation continues through 2027: 55 categories (~35% of sales) in Q1, then 120 categories (another ~35%) in Q2–Q3; digital, sourcing and productivity initiatives support growth and efficiency.