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 benefits from improved GDP growth, internal preparedness, and a focus on EDLP, availability, and e-commerce acceleration.

• 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.

• E-commerce remains a key focus, with GMV in Mexico up 13.3% in 4Q25 and ongoing efforts to expand reach, speed, and assortment.

• New store openings and new businesses, including BAIT and financial solutions, contributed to growth and margin expansion.

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).

• Central America 4Q25: revenues $45,535M MXN (+2.4% YoY, constant currency), EBITDA $4,106M MXN (+6.5% YoY, constant currency), gross margin 24.0%.

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

Outlook and guidance

• Management is finalizing 2026 targets and guidance, to be shared at Walmex Day.

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

• The company expects to benefit from a potential economic upturn, aiming to accelerate growth above market rates if well-prepared.