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

Executive summary

• Fourth quarter and full year 2025 results showed solid execution amid a challenging macro environment, with disciplined focus on everyday low prices, product availability, and eCommerce acceleration.

• Consolidated revenues grew 3.0% in 4Q25 and 5.5% for FY25, with Mexico up 4.9% and Central America up 2.4% in Q4.

• EBITDA margin expanded to 10.5% in 4Q25 and 10.2% for FY25, both up year-over-year.

• Net income margin declined to 5.2% in 4Q25 and 4.9% for FY25, impacted by a higher effective tax rate.

• Management is acting urgently to improve performance, emphasizing execution of business fundamentals and leveraging best practices and automation.

Financial highlights

• 4Q25 consolidated revenues: $282,849M MXN (+3.0% YoY); FY25: $1,011,598M MXN (+5.5% YoY).

• 4Q25 EBITDA: $29,595M MXN (10.5% margin, +8.1% YoY); FY25 EBITDA: $103,447M MXN (10.2% margin, +3.4% YoY).

• 4Q25 net income: $14,600M MXN (-3.9% YoY); FY25 net income: $49,891M MXN (-7.3% YoY).

• Gross margin expanded to 24.0% in 4Q25 (+30 bps YoY); FY25 gross margin at 24.2% (+10 bps YoY).

• SG&A remained flat at 15.9% of revenues in 4Q25; FY25 at 16.6% (+30 bps YoY).

Outlook and guidance

• Management expects growth to accelerate in 2026, supported by execution of key priorities and continued physical expansion.

• Focus remains on fundamentals, accelerating omnichannel and eCommerce, and expanding new businesses.

• Effective tax rate forecasted between 25% and 26% for 2026.

• Details on capital return and growth strategy to be shared at Walmex Day in March.