Walmart Inc. · NASDAQ:WMT
Walmart — Q3 2026 Earnings Presentation
37 slides from Walmart's earnings presentation, Nov 20, 2025
Slide 1: Financial presentation
Financial presentation to accompany management commentary FY26 Q3
Slide 2: Guidance
Fiscal year 2026 The Company’s fiscal year guidance is based on the following FY25 figures: Net sales: $674.5 billion, adjusted Guidance operating income1: $29.5 billion, and adjusted EPS1: $2.51. Consolidated metric Original from 2.20.2025 As of 8.21.2025 As of 11.20.25 The following forward-lookin
Slide 3: Total revenues
Total revenues Total revenues (cc)1 $179.7 billion, up +6.0% Amounts in billions, except as noted. Dollar changes may not recalculate due to rounding. $180.6 $179.5 $177.4 $169.6 • Total revenues reached $179.5 $165.6 billion, including a negative impact of $0.2 billion from currency fluctuations •
Slide 4: Gross profit rate
Gross profit rate Gross profit rate +2 bps to 24.2% • Led by improvements in Walmart U.S. partially offset by pressure in 24.5% International 24.2% 24.2% 24.2% • Continued benefits from strong inventory management in the U.S. 23.9% and improved business mix; partially offset by merchandise category
Slide 5: Operating expenses as a percentage of net sales
Operating expenses as a percentage of net sales Adjusted operating expenses as a percentage of net sales1, -4 bps to 21.1% • Operating expenses on a Operating expenses as a Adjusted operating expenses as reported basis deleveraged percentage of net sales a percentage of net sales1 28 bps reflecting:
Slide 6: Operating income
Operating income Adjusted operating income (cc)1 of $7.2 billion, up +8.0% Amounts in billions, except as noted. Dollar changes may not recalculate due to rounding. Operating income Adjusted operating income (cc)1 • Operating income declined 0.2% $7.9 $7.9 $8.0 relative to +5.8% net sales growth; af
Slide 7: EPS
EPS Adjusted EPS1 of $0.62, up 6.9% EPS Adjusted EPS1 $0.88 $0.77 • Adjusted EPS1 of $0.62; an $0.66 $0.68 increase of 6.9% $0.65 $0.61 $0.62 $0.57 $0.58 $0.56 • Adjusted EPS excludes the effects, net of tax, of the following: $0.20 from gain on equity and other investments and $0.02 related to sett
Slide 8: Cash flow
Cash flow Amounts in billions, except as noted. Dollar changes may not recalculate due to rounding. Operating cash flow Free cash flow1 $36.4 • Operating cash flow increased $12.7 $4.5 billion primarily due to timing of certain payments, $27.5 increased cash provided by $22.9 $8.8 operating income a
Slide 9: Returns to shareholders
Returns to shareholders Dividends and share repurchases Amounts in billions, except as noted. Dollar amounts may not recalculate due to rounding. • Share repurchases during the quarter totaled $0.8 billion representing 7.9 million shares, at an average price of $4.6 $1.6 $0.8 $101.57 per share $1.0
Slide 10: Returns
Returns Return on assets (ROA) Return on investment (ROI)1 8.3% 8.4% • ROI1 at 14.8% 15.5% 7.9% 15.3% 7.8% 15.1% 7.5% 15.1% • Reflects an increase in average 14.8% invested capital due to higher purchases of property and equipment • Increased operating income2 from improved business performance larg
Slide 11: Walmart U.S. revenues
Walmart U.S. revenues Net sales $120.7 billion, +5.1%; eCommerce +28% • Continued sales strength led by momentum in eCommerce; seventh consecutive quarter with eCommerce growth above 20% Walmart U.S. comp sales1 • Comp sales +4.5% includes growth in transactions and unit volumes ◦ Transactions ex fu
Slide 12: Walmart U.S.
Gross profit $33.3 billion, +5.8% Gross profit rate 27.6%, +19 bps Walmart U.S. • Increase reflects continued benefits from strong inventory management • Improved business mix primarily from growth of digital advertising • Offset by product mix headwinds as grocery and health & wellness sales outgre
Slide 13: Walmart U.S. merchandise category performance details
Walmart U.S. Merchandise category performance details Category Comp Comments • Continued broad-based strength despite lapping LY port strike, led by fresh food sales, as price Rollbacks and delivery convenience resonate with customers; reflects growth in unit volumes and share gains Grocery + low si
Slide 14: Walmart International revenues
Walmart International revenues Net sales (cc)1 $33.7 billion, +11.4% Amounts in billions, except as noted. Dollar changes may not recalculate due to rounding. Walmart International net sales $33.5 • Sales growth (cc)1 led by Flipkart, $32.2 China, and Walmex $31.2 $30.3 • eCommerce sales grew 26%, l
Slide 15: Walmart International
Gross profit $7.0 billion, +7.2% Walmart Gross profit rate 20.9%, -68 bps International • Decrease driven by channel & format mix changes, including timing from BBD • Benefited by business mix changes We bring Walmart to Operating expenses $6.7 billion, +17.6% Operating expense rate 19.9%, +115 bps
Slide 16: Walmex
Walmex1,2 Net sales (cc): $12.7 billion, +5.1% Comparable sales growth Sales • In Mexico, comp sales grew 3.9%, led by Supercenter and Sam’s Club • Double-digit eCommerce growth, driven 4.4% 4.4% by store-fulfilled pickup & delivery 4.1% • Growth across all categories, led by food 3.3% & consumables
Slide 17: Canada
Canada1 Net sales (cc): $6.1 billion, +5.1% Comparable sales growth Sales • Strong eCommerce sales growth of 28%, led by store-fulfilled pickup & 5.8% delivery 5.0% • Continued strength in food & consumables, with growth in general 4.0% merchandise 3.1% • Opened 1 new Supercenter in the quarter Gros
Slide 18: China
China1 Net sales (cc): $6.1 billion, +21.8% Comparable sales growth Sales • Strong eCommerce growth of 32%, with 23.1% digital mix more than 50% of total sales, 21.5% up over 390 bps vs LY • Continued strength in Sam’s Club, with 16.8% double-digit growth in transactions 15.0% 13.8% • Opened 8 new c
Slide 19: Sam's Club U.S. revenues
Sam’s Club U.S. revenues Net sales $23.6 billion, +3.1%, Net sales without fuel +4.4%, eCommerce +22% Sam's Club U.S. comp sales1 • Sales growth led by grocery and general 7.0% 6.8% merchandise 6.7% 5.9% • Comp sales driven by increased 5.3% transactions and unit volumes 4.0% ◦ Transactions ex fuel:
Slide 20: Sam's Club U.S.
Membership and other income +13.1% • Membership income +7.1% driven by increased counts, renewal rates, and Plus members • Other income includes ~$40M in breakage from unredeemed Sam's Cash rewards Sam's Club U.S. eCommerce sales growth 22%, now Gross profit $2.7 billion, +4.0% comprising 18% of net
Slide 21: Sam's Club U.S. category comparable sales
Sam’s Club U.S. Category comparable sales Category Comp Comments Fresh / Freezer / Cooler • Driven by fresh meat, produce and floral, and cooler + high single-digit Grocery and Beverage Grocery • Led by snacks, drinks, and dry grocery + low single-digit Consumables • Strength in pet supplies and lau
Slide 22: Supplemental Information - FY26 and FY27 Comparable Sales 4-5-4 Reporting Calendars
Supplemental Information - FY26 and FY27 Comparable Sales 4-5-4 Reporting Calendars We report U.S. comparable sales on a 13-week and 52-week retail calendar — commonly referred to as a "4-5-4" calendar — which uses 364 days in a year. In certain years, it becomes necessary to add a 53rd week to our
Slide 23: Safe harbor and non-GAAP measures
Safe harbor and non-GAAP measures This presentation and related management commentary contains statements that may be "forward-looking statements" as defined in, and are intended to enjoy the protection of the safe harbor for forward-looking statements within the meaning of Section 21E of the Securi
Slide 24: Non-GAAP measures – ROI
Non-GAAP measures – ROI We include return on assets ("ROA") and return on investment (“ROI”) as metrics to assess our return on capital. ROA is the most directly comparable measure based on our financial statements presented in accordance with GAAP, while ROI is considered a non-GAAP financial measu
Slide 25: ROI (cont.)
Non-GAAP measures – ROI (cont.) The calculation of ROA and ROI, along with a reconciliation of ROI to the calculation of ROA, is as follows: CALCULATION OF RETURN ON ASSETS Trailing Twelve Months Ended Oct 31, Jan 31, Apr 30, July 31, Oct 31, (Dollars in millions) 2024 2025 2025 2025 2025 Numerator
Slide 26: ROI (cont.)
Non-GAAP measures – ROI (cont.) The calculation of ROA and ROI, along with a reconciliation of ROI to the calculation of ROA, is as follows: CALCULATION OF RETURN ON INVESTMENT Trailing Twelve Months Ended Oct 31, Jan 31, Apr 30, Jul 31, Oct 31, (Dollars in millions) 2024 2025 2025 2025 2025 Numerat
Slide 27: Non-GAAP measures – free cash flow
Non-GAAP measures – free cash flow We define free cash flow as net cash provided by operating activities in a period minus payments for property and equipment made in that period. Net cash provided by operating activities was $27.5 billion for the nine months ended October 31, 2025, which represents
Slide 28: free cash flow (cont.)
Non-GAAP measures – free cash flow (cont.) The following table sets forth a reconciliation of free cash flow, a non-GAAP financial measure, to net cash provided by operating activities, which we believe to be the GAAP financial measure most directly comparable to free cash flow, as well as informati
Slide 29: Non-GAAP measures – constant currency
Non-GAAP measures – constant currency In discussing our operating results, the term currency exchange rates refers to the currency exchange rates we use to convert the operating results for countries where the functional currency is not the U.S. dollar into U.S. dollars. We calculate the effect of c
Slide 30: constant currency (cont.)
Non-GAAP measures – constant currency (cont.) The table below reflects the calculation of constant currency for total revenues, net sales and operating income for the trailing five quarters. Three Months Ended Consolidated (Dollars in millions) Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Total revenues:
Slide 31: Non-GAAP measures – adjusted operating expenses as a percentage of net sales
Non-GAAP measures – adjusted operating expenses as a percentage of net sales Adjusted operating expenses as a percentage of net sales is considered a non-GAAP financial measure under the SEC’s rules because it excludes certain charges included in operating, selling, general and administrative expens
Slide 32: Non-GAAP measures – adjusted operating income
Non-GAAP measures – adjusted operating income Adjusted operating income is considered a non-GAAP financial measure under the SEC’s rules because it excludes certain charges included in operating income calculated in accordance with GAAP. Management believes that adjusted operating income is a meanin
Slide 33: adjusted operating income (cont.)
Non-GAAP measures – adjusted operating income (cont.) The table below reflects the calculation of adjusted operating income for the three months ended October 31, 2025 and October 31, 2024 for the Walmart International segment. Three Months Ended Walmart International (Dollars in millions) Q3 FY26 Q
Slide 34: Non-GAAP measures – adjusted EPS
Non-GAAP measures – adjusted EPS Adjusted diluted earnings per share attributable to Walmart (adjusted EPS) is considered a non-GAAP financial measure under the SEC’s rules because it excludes certain amounts included in the diluted earnings per share attributable to Walmart calculated in accordance
Slide 35: adjusted EPS (cont.)
Non-GAAP measures – adjusted EPS (cont.) Percent Three Months Ended July 31, 2025 Three Months Ended July 31, 2024 Change Diluted earnings per share: Reported EPS $0.88 $0.56 +57.1% Pre-Tax Tax NCI Net Pre-Tax Tax NCI Net Adjustments: Impact Impact Impact Impact Impact Impact Impact Impact Unrealize
Slide 36: adjusted EPS (cont.)
Non-GAAP measures – adjusted EPS (cont.) Percent Three Months Ended January 31, 2025 Three Months Ended January 31, 2024 Change Diluted earnings per share: Reported EPS $0.65 $0.68 (4.4%) Pre-Tax Tax NCI Net Pre-Tax Tax NCI Net Adjustments: Impact Impact Impact Impact Impact Impact Impact Impact Unr
Slide 37: adjusted EBITDA and adjusted EBITDA margin
Non-GAAP measures – adjusted EBITDA and adjusted EBITDA margin The calculation of net income margin and adjusted EBITDA margin, along with a reconciliation of adjusted EBITDA margin to the calculation of net income margin, is as follows: We include net income and net income margin, which are calcula