Walmex stock weighs digital growth against third-quarter profit pressure
Published on 11/10/2026 at 15:02 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSDigital growth meets margin pressure
- Third-quarter revenue rose 3.0 percent year on year, while net profit fell 6.1 percent.
- Mexico e-commerce net sales increased 15.8 percent, supported by 20.8 percent growth in store-fulfilled sales.
- Management retained its 2026 constant-currency sales outlook of 3.5 percent to 4.5 percent.
Walmart de México y Centroamérica delivered stronger sales but weaker earnings in the quarter ended September 30, 2026. The figures keep digital expansion and margin recovery at the center of the investment case. ESM Magazine reported the results on November 2.
Sales growth outpaces profit
Consolidated revenue increased 3.0 percent year on year to MXN 248.8 billion, or 3.6 percent at constant exchange rates. Mexico revenue rose 3.1 percent to MXN 206.7 billion, while Central America advanced 6.0 percent to MXN 42.1 billion.
Net sales grew 3.0 percent to MXN 247.0 billion. Same-store sales increased 1.7 percent in Mexico and 4.8 percent in Central America. In Mexico, the average ticket rose 1.6 percent while customer traffic remained broadly flat, leaving the retailer dependent on basket growth and new sources of demand.
Profit conversion was weaker. Consolidated EBITDA increased 0.4 percent to MXN 25.4 billion, but the EBITDA margin contracted by 30 basis points to 10.2 percent. Gross margin held at 24.7 percent as higher-margin commerce solutions offset investments to narrow price gaps. Quarterly net profit reached MXN 11.0 billion, below the year-earlier level.
Digital commerce remains the growth engine
Mexico e-commerce net sales advanced 15.8 percent, while store-fulfilled sales grew 20.8 percent. The figures show that Walmex is expanding its digital reach even as physical-store traffic remains subdued.
Management said it was encouraged but not satisfied with the performance and emphasized the need for more consistent results across the business. The retailer operated 4,346 units across Mexico and Central America at September 30, after opening 39 stores in Mexico and three in Central America during the quarter.
Guidance keeps execution in focus
Walmex retained its 2026 outlook for consolidated sales growth of 3.5 percent to 4.5 percent at constant exchange rates. Management also expects the EBITDA margin to finish slightly below the prior year's level.
For investors, the key issue is whether digital growth, price investments and new-store expansion can eventually produce stronger operating leverage. The current results show sales momentum, but the decline in net profit indicates that investment and operating costs are still absorbing much of that progress.
Walmex stock traded at 2.63 euros on Lang & Schwarz at 14:58 CET on Tuesday, November 10, 2026.
Walmart de México y Centroamérica
- ISIN: MX01WA000038
- Latest quote: 2.63 euros on Lang & Schwarz, November 10, 2026, at 14:58 CET
- Third-quarter revenue: MXN 248.8 billion
- Third-quarter net profit: MXN 11.0 billion
- 2026 sales outlook: 3.5 percent to 4.5 percent growth at constant exchange rates
Mexico's broader market context can be followed in the Current market reports.
