Walmex Q3 2026 slides: operational gains offset by margin pressure

Walmart de México y Centroamérica disclosed its Q3 2026 earnings on October 27, 2026, highlighting that operational gains were offset by margin pressures. The stock slid 3.71% to $26.10 following the announcement, as investors focused on profitability concerns despite positive traffic trends and competitive positioning. The retailer reported 3.0% revenue growth on a reported basis and 3.6% growth in constant currency, with same-store sales improving in both Mexico and Central America.

For the first time in nine quarters, Mexico traffic stabilized. The company showcased progress in customer value proposition and digital capabilities, with Mexico same-store sales growing 1.7%, surpassing the ANTAD benchmark by 230 basis points. Central America demonstrated stronger growth, with same-store sales up 4.8% and revenue increasing 6.0% in constant currency.

Walmex's digital channels accelerated, with Mexico eCommerce GMV rising 14.8% and net sales growing 15.8%. Store-fulfilled GMV accelerated by 20.8%, while eCommerce penetration reached 8.6% of total GMV. Despite revenue growth in Mexico, EBITDA margin contracted 30 basis points to 10.4%, pressured by price investments and growth investments. SG&A expenses increased by 50 basis points to 17.2% of sales, driven by business expansion.