Walmart Inc.

11/20/2025 | Press release | Distributed by Public on 11/20/2025 06:03

Walmart Releases Q3 FY26 Earnings

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Walmart Releases Q3 FY26 Earnings

Walmart Releases Q3 FY26 Earnings

We are innovating new experiences for our customers and members, delivering solid financial results

Total revenues
Q3 FY26
5.8%
Q3 FY26 (constant currency)1
6.0%
Operating income
Q3 FY26
0.2%
Q3 FY26 adjusted2 (constant currency)1
8.0%

We grew sales, while driving growth in our higher-margin businesses, such as advertising. We're deploying capital toward the highest returns, enhancing customer and member experience through our strengths in tech-powered omnichannel innovation.

Building
customer trust

Value and convenience of our omnichannel strategy continues to resonate with customers and members.

Global eCommerce
27%
Driven by strong demand for convenient, fast delivery

Diversifying
business mix

Evolving our business model, growing our omnichannel leadership position.

Global advertising3
53%
Includes VIZIO. Walmart Connect
in the U.S. grew 33%.

Driving
higher returns

Targeting growth investments toward areas of higher return, while controlling costs through disciplined execution.

Return on assets
8.4%
Return on investment4
14.8%

Investing
in our future

Increasing competitive advantages, innovating new customer and member experiences.

eCommerce includes
>20%
growth in each segment

We continued to show up for customers and members, providing value and convenience. We delivered continued sales momentum across the company in Q3 FY26, enabled by our competitive advantages.

Comp sales growth5
4.5%
(excluding fuel)
Comp sales growth5
3.8%
(excluding fuel)
Net sales growth
11.4%
(constant currency)1

We delivered solid results in Q3 FY26. Transactions and units drove top-line performance globally. We demonstrated the strength and resilience of our business model by managing inventory levels and costs, while driving eCommerce growth across each segment.

Walmart U.S.

Sales growth in Walmart U.S. reflects acceleration in eCommerce, led by store-fulfilled delivery and advertising. Q3 FY26 represented the seventh consecutive quarter of eCommerce growth above 20%. Approximately 35% of store-fulfilled orders were delivered in under three hours. Sales through these expedited channels increased nearly 70%.

28%
Walmart U.S. eCommerce growth

Sam's Club U.S.

Members continue to engage more with our digital solutions, both inside the club using Scan & Go, as well as through the convenience of curbside pickup and delivery options. Member adoption of Scan & Go and club-fulfilled delivery both grew in Q3 FY26.

22%
Sam's Club U.S. eCommerce growth

Membership

Membership income growth across the enterprise was led by 34% growth in Walmart International primarily due to growth in Sam's Club China membership. In the U.S., Walmart+ membership income continued to grow at a double-digit pace, as membership growth accelerated across all income cohorts. Sam's Club U.S. continued to see steady growth in member counts and renewal rates, contributing to 7.1% membership income growth for the segment.

17%
Membership income globally

Walmart International

Walmart International delivered solid top-line results, led by strength in Flipkart, China and Walmex. We saw strong engagement in Flipkart's Big Billion Days event. At our peak, we delivered 87 orders per second, with the fastest delivery in about three minutes. Contributions from business mix, improved eCommerce economics, and growth of membership income drove strong adjusted operating income2 growth of nearly 17% for the segment.

26%
Walmart International
eCommerce growth

Delivering value
and convenience

Our strategy of offering Every Day Low Prices while leveraging our physical and digital assets to provide greater convenience is resonating with customers. We continue to invest in supply chain automation and see improved efficiency. In Walmart U.S., >60% of our stores receive some freight from automated distribution centers and >50% of our eCommerce fulfillment center volume is automated, which is driving better unit productivity and helping to lower the cost to serve.

Operating
with discipline

The company continues to generate strong cash flow, which provides flexibility to reinvest in long-term strategic value drivers for the business, all while returning significant capital to shareholders.

$27.5B
Operating cash flow
$8.8B
Free cash flow6

Q3 FY26 earnings resources

  • Q3 FY26 Earnings Release
  • Q3 FY26 Earnings Presentation

Related financial news

Find out more about previous earnings announcements, investments and other news from FY26.

  • Press releases
  • Investor relations

Our results in Q3 FY26 illustrate the underlying strength and resilience of our business. We continue to balance our ongoing investments with improved, tech-powered experiences for customers, members and associates that we expect to expand margins and increase returns for shareholders in the years ahead.

Saving customers
time and money

Next-gen tools, new services and bigger savings mean more joy in every aisle.

Read more

Transforming
customer experience

OpenAI is helping us build shopping experiences that meet customers' evolving needs.

Read more

Strengthening communities

Supporting entrepreneurs whose products - and passions - are made in America.

Read more

  1. Constant Currency is a non-GAAP measure. See additional information at the end of the release regarding non-GAAP financial measures.

  2. Adjusted Operating Income is a non-GAAP measure. See additional information at the end of the release regarding non-GAAP financial measures.

  3. Our global advertising business is recorded in either net sales or as a reduction to cost of sales, depending on the nature of the advertising arrangement.

  4. Calculated for the trailing-twelve months ended October 31, 2025. ROI is considered a non-GAAP financial measure. See additional information at the end of the release regarding non-GAAP financial measures.

  5. Comp sales for the 13-week period ended October 31, 2025 compared to the 13-week period ended October 25, 2024 and excludes fuel. See Supplemental Financial Information for additional information.

  6. Free cash flow is a non-GAAP measure. See additional information at the end of the release regarding non-GAAP financial measures.

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Walmart Inc. published this content on November 20, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on November 20, 2025 at 12:03 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]