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- **Revenue Growth**: 5.9% constant currency sales growth, 8% adjusted operating income growth, driven by e-commerce (27% global) and strong U.S. comps (4.5%).
- **AI and Tech**: Expanding AI in supply chain and customer experience; Flipkart's BBD event saw 87 orders/sec, reducing e-commerce losses by 50%.
- **Financial Strength**: Non-GAAP EPS of $1.08, operating income up 8%, with advertising (53% growth) and membership (17% growth) driving diversification.
- **Tariff Resilience**: 7,400 active price rollbacks, 2,000 becoming permanent EDLP; disciplined mix management offsets tariff pressure.
- **Leadership Transition**: John Furner succeeds Doug McMillon, with focus on AI, omnichannel retail, and global expansion (e.g., China e-commerce at 50% penetration).
- **Risks**: U.S. max fare pricing law may cap pharmacy sales growth in 2026; low-income households face cost pressure, but Walmart's value proposition remains strong.

**【CEO Summary Section】**
- **Revenue Growth**: Overall sales grew 5.9% in constant currency, with adjusted operating income up 8%. U.S. comps rose 4.5%, driven by e-commerce (28% growth) and strong performance in fashion, grocery, and health categories.
- **Leadership Transition**: John Furner succeeds Doug McMillon as CEO, with confidence in his ability to lead through AI and omnichannel strategies.
- **Segment Highlights**: International segment led growth with 11.4% sales increase, Flipkart's Big Billion Days event driving record sales. Sam's Club U.S. saw 3.8% comp growth, with e-commerce up 22%.
- **AI and Tech Investments**: Expanding AI in supply chain, e-commerce, and customer experience; partnership with OpenAI for seamless shopping via ChatGPT.

**【CFO Financial Commentary】**
- **Financial Performance**: GAAP net income of $420 million, Non-GAAP EPS of $1.08 (vs. $0.95 prior). Operating income grew 8% in constant currency, outpacing sales.
- **E-commerce Momentum**: Global e-commerce sales up 27%, with U.S. e-commerce contributing 1/3 of adjusted operating income. Advertising revenue rose 53%, membership income 17%.
- **Guidance Update**: Full-year sales growth revised to 4.8-5.1% (prev. 3.75-4.75%), operating income growth 4.8-5.5%. Q4 EPS expected $0.67-0.72.
- **Tariff Management**: Despite tariffs, disciplined pricing and mix management maintained margins; 7,400 active rollbacks in U.S., 2,000 becoming permanent EDLP.

**【Q&A Highlights】**
- **Agentic AI**: Walmart's digital agent (Sparky) enhances personalization, with 20% of Chilean e-commerce orders generated by AI recommendations. Global e-commerce losses reduced by 50%.
- **Consumer Trends**: Consistent Q3 performance across income cohorts, with higher-income households driving growth. Low-income households face pressure, but Walmart's value proposition mitigates risk.
- **Tariff Impact**: Tariffs on key categories (e.g., electronics) offset by cost control and business mix shifts. Pharmacy business may face $100M+ impact from U.S. max fare pricing law in 2026.
- **International Strength**: China e-commerce penetration at 50%, with 80% of digital orders delivered in under an hour. Flipkart's BBD event drove 87 orders/sec, 34% growth in international advertising.
- **Membership Growth**: Walmart+ net adds strongest on record, Sam's Club U.S. membership income up 7%. OnePay credit card and streaming benefits drive engagement.


Walmart Inc. (WMT) Q3 2026 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

WMT

WMT fundamentals

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