Walmart Inc
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +0.14%.
Did WMT Beat Earnings? Q3 2025 Results
Walmart delivered a strong fiscal third quarter, posting adjusted earnings of $0.58 per share against a consensus estimate of $0.53, an 8.84% beat, while revenue of $169.59 billion grew 5.5% year over year and edged past forecasts by 1.78%. The headline driver was broad operational momentum, with global eCommerce sales climbing 27% and operating income rising 8.2% to $6.71 billion, reflecting improved gross margins and growing membership income. Walmart U.S. comparable sales grew 5.3%, fueled by transaction count gains and a four-year high in food unit volumes, while Sam's Club delivered 7.0% comp growth alongside a 15.1% surge in membership income. The results stand in sharp contrast to peers struggling with cautious consumers, as Walmart continued to attract upper-income households trading into its stores. Encouraged by the momentum, management raised its full-year adjusted EPS guidance to $2.42 to $2.47 and lifted its constant currency net sales growth outlook to 4.8% to 5.1%, signaling continued confidence heading into the critical holiday quarter.
- Global eCommerce sales grew 27%, led by store-fulfilled pickup and delivery and marketplace
- Walmart U.S. comp sales up 5.3% excluding fuel, driven by transaction counts and unit volumes
- Share gains across income cohorts, led by upper-income households
- Global advertising business grew 28%, including Walmart Connect up 26% in the U.S.
- Net delivery cost per order decreased ~40% for the third consecutive quarter
- Membership income grew 22% globally
- Positive growth in general merchandise for Walmart U.S.
- GLP-1 drug sales contributed approximately 100bps to Walmart U.S. segment comp
- Flipkart Big Billion Days timing shift benefited Q3 International growth
- Improved eCommerce margins and reduced eCommerce losses across segments
- Food units at Walmart U.S. reached highest level in four years
- Sam's Club comp sales up 7.0% excluding fuel with transactions up 6.4%
“We had a strong quarter, continuing our momentum. Our associates are working hard to save people time and money and to transform our business. In the U.S., in-store volumes grew, pickup from store grew faster, and delivery from store grew even faster than that. Our teams are executing and delighting our customers and members with the value and convenience they expect from Walmart.”
Walmart CEO, on the earnings call
Forward Guidance & Outlook
Walmart raised its FY25 guidance across all key metrics. Net sales (constant currency) are now expected to grow 4.8% to 5.1% (up from 3.75% to 4.75%). Adjusted operating income (constant currency) is expected to grow 8.5% to 9.25% (up from 6.5% to 8.0%). Adjusted EPS is now expected to be $2.42 to $2.47 (up from $2.35 to $2.43). Net interest expense is expected to be approximately flat to last year. The effective tax rate is expected to be approximately 24.5%. Capital expenditures guidance is unchanged from original guidance of approximately 3.0% to 3.5% of net sales. The guidance assumes a generally stable consumer and continued pressure from its mix of products and formats globally. The timing shift of Flipkart's Big Billion Days event from Q4 to Q3 will impact Q4 growth. Sam's Club associate wage investments effective November 2 will impact Q4 operating income growth.
WMT YoY Financials
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WMT Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.