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

Executive summary

• Q3 revenue rose 3.0% reported and 3.6% in constant currency; EBITDA margin fell 30 bps to 10.2%, and net income declined 6.1%.

• Priorities included strengthening core retail and customer value, accelerating digital, improving execution and productivity, and sustaining everyday low costs.

Financial highlights

• Q3 revenue was MXN 248,828M, up 3.0%; gross profit rose 3.0% to MXN 61,555M, with gross margin flat at 24.7%.

• EBITDA was MXN 25,372M, up 0.4% reported and 1.0% in constant currency; operating income fell 1.8% to MXN 18,683M.

• Net income declined 6.1% to MXN 11,027M; EPS fell 5.2% to MXN 0.642.

• 9M revenue grew 2.2% to MXN 744.8bn; EBITDA grew 0.2%, net income fell 1.7% to MXN 34.7bn, and EPS was MXN 2.012.

Outlook and guidance

• FY2026 consolidated sales growth guidance was reaffirmed at 3.5%–4.5% in constant currency; EBITDA margin is expected to be slightly below last year.

• The effective tax rate is expected to normalize in Q4, bringing the FY rate broadly in line with original expectations.

• Priorities include consistent execution, digital acceleration, productivity gains, and customer value; Bajío and Tlaxcala distribution centers are expected to open next year.