Walmex cut 2026 sales guidance: HSBC targets Walmex stock at MXN 42

Published on 10/09/2026 at 16:00 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Walmex reported MXN 250.95 billion of Q2 revenue, up 1.90 percent year over year. Walmex stock costs EUR 2.31 on October 9, 2026 after EUR 2.32, down 0.43 percent.

Key points in brief

Walmex cut its 2026 constant-currency sales growth guidance to 3.50%-4.50% on September 16, 2026.
Second-quarter 2026 revenue rose 1.90% year over year to MXN 250.95 billion, while net income fell 0.70%.
The Lang & Schwarz quote was EUR 2.31 on October 9, 2026, down 0.43% from EUR 2.32.
HSBC assigned Walmex a Reduce rating and a MXN 42 target, according to a September 25, 2026 report.

Walmex, MX01WA000038, Illustration mit AI erstellt.

Walmex cut its 2026 constant-currency sales growth guidance to 3.50%-4.50% on September 16, 2026, while HSBC assigned Walmex stock a Reduce rating and a MXN 42 target in a September 25, 2026 report. The guidance revision followed slower consumer demand, making margin protection the central issue before the next results.

Three events changed the picture

On April 28, 2026, Walmex reported first-quarter revenue of MXN 245.02 billion through its earnings coverage. On July 22, 2026, the company reported second-quarter revenue of MXN 250.95 billion, up 1.90 percent year over year, while net income declined 0.70 percent to MXN 11.15 billion, according to Merca2.0. On September 16, 2026, Walmex cut its full-year sales growth outlook to 3.50%-4.50% in constant currency, as El Fondo reported.

What does slower growth mean for margins?

The second-quarter figures show why the guidance cut matters. Consolidated EBITDA reached MXN 23.64 billion, up 0.60 percent year over year, but the EBITDA margin fell 10 basis points to 9.40 percent, according to Merca2.0. Operating income fell 1.40 percent to MXN 17.02 billion, while the net margin ended at 4.40 percent.

Customer behavior also puts pressure on the sales mix. The average ticket rose 2.90 percent in the second quarter of 2026, but transactions fell 1.10 percent year over year, according to Merca2.0. That combination can preserve nominal revenue while limiting traffic-led operating leverage.

Analysts remain divided

HSBC moved to Reduce with a MXN 42 target, while Barclays kept Equal Weight and cut its target from MXN 66 to MXN 63, according to Yahoo Finance. The split reflects a tension between margin resilience and weaker Mexican consumer traffic rather than a single market view.

Dates investors can track

Walmex is scheduled to report third-quarter 2026 results on October 27, 2026, and its next ex-dividend date is November 17, 2026, according to Yahoo Finance. The October report will test whether the lower sales outlook is accompanied by further margin pressure.

Walmex stock remains under pressure

Walmex was trading at EUR 2.31 at Lang & Schwarz on October 9, 2026 at 3:45 p.m. CEST, down 0.43 percent versus the prior close of EUR 2.32. On the BMV, the stock was quoted in MXN, with the October 9, 2026 market context showing a 52-week range of MXN 44.80 to MXN 63.97 and market capitalization of MXN 816.7 billion.

The further course of trading is shown by the continuously updated real-time quote of Walmex stock.