Wal-Mart de México (WALMEX) Q4 2025 (Q&A) earnings summary

Executive summary

• Management expects a relatively soft environment in the first half of 2026 but anticipates improved GDP growth in Mexico compared to 2025, focusing on being well-prepared to capture market growth when it materializes.

• Consolidated revenues grew 3.0% in 4Q25 and 5.5% for FY25, with EBITDA margin expanding to 10.5% in 4Q25 and 10.2% for the year.

• Mexico outperformed the market with 4.9% revenue growth and 10.7% EBITDA margin in 4Q25, while Central America saw 2.4% revenue growth and 9.0% EBITDA margin.

• New store openings and eCommerce acceleration contributed to growth, with 115 new stores in 4Q25 and eCommerce GMV up 13.3%.

• Leadership transitions at regional and international levels, including new CEO appointments and retirements, were announced.

Financial highlights

• 4Q25 consolidated revenues: $282,849M MXN (+3.0% YoY); EBITDA: $29,595M MXN (+8.1% YoY); net income: $14,600M MXN (-3.9% YoY).

• FY25 consolidated revenues: $1,011,598M MXN (+5.5% YoY); EBITDA: $103,447M MXN (+3.4% YoY); net income: $49,891M MXN (-7.3% YoY).

• Mexico 4Q25: revenues $237,314M MXN (+4.9% YoY), EBITDA $25,489M MXN (+10.0% YoY), gross margin 24.0% (+40 bps YoY).

• Gross margin in Mexico improved by 15 basis points, mainly driven by contributions from new businesses such as BAIT and financial solutions.

• Private label penetration is targeted to reach at least the mid-20% range, especially in Bodega, with private brands generally delivering higher margins than A brands.

Outlook and guidance

• Management is still finalizing 2026 targets and guidance, with more details expected at the upcoming Walmex Day.

• Focus remains on fundamentals, accelerating execution, and leveraging omnichannel and new business streams for future growth.