Walmex profit falls 6% to 11.03 billion pesos, missing analyst estimates
Key Facts
Walmex’s net profit fell 6% in the third quarter of 2026 to 11.03 billion pesos, compared with analysts’ forecast of 12.26 billion pesos, according to LSEG polling cited by Reuters. Revenue reached 248.83 billion pesos in the July-to-September period, up 3% year over year, but below analysts’ estimate of 250.44 billion pesos. Sales growth that fell short of expectations reflected the difficulty of converting increased activity into stronger profit growth. Earnings before interest, taxes, depreciation and amortization rose just 0.4% to 25.37 billion pesos. Its margin contracted 30 basis points to 10.2%, according to Reuters.
The company’s results showed that revenue growth was uneven across its markets, rising 3.1% in Mexico and 6.0% in Central America. Same-store sales increased 1.7% in Mexico, compared with 4.8% in Central America, according to Walmex’s report. In Mexico, same-store sales rose about 2%, Reuters reported, as the average basket value increased 1.6% and customer traffic was broadly stable. The figures suggest Mexican sales growth relied on shoppers spending more per purchase, while the number of shoppers changed little. Higher revenue growth in Central America did not prevent the group’s net profit from falling in the quarter.
Expenses weighed on results: consolidated general expenses rose 5.7% to 43.294 billion pesos, increasing to 17.4% of sales from 17.0% in the same period last year. In Mexico alone, general expenses rose 6.4% to 35.533 billion pesos, while operating profit fell 2.6% to 15.979 billion pesos. Reuters also reported that selling expenses increased by more than 6% alongside growth investments. Chief Financial Officer Camilo Cañedo attributed the higher spending to investment in new stores, e-commerce, technology and staffing. The consolidated gross margin held at 24.7%, and the company said the contribution from its higher-margin commercial solutions partly offset investments to improve its price gap.
E-commerce continued to expand across the company’s markets. The value of merchandise sold online rose 15% in Mexico and 23% in Central America during the quarter. Cañedo said 75% of online orders were delivered the same day, up 1,500 basis points from a year earlier. He added that about 30% of orders arrived in less than two hours and nearly 10% in less than an hour. The delivery figures point to faster service alongside the company’s investments in e-commerce, technology and employees. Chief Executive Christian Barrientos described the company’s priorities as “strengthening our core business, accelerating our digital transformation and operating with greater efficiency.”
Walmex reaffirmed its 2026 guidance, forecasting consolidated sales growth of between 3.5% and 4.5% in constant currency. It expects its EBITDA margin to be slightly below the previous year’s level of 10.2%. In the second quarter, the company said consumption remained weak and that it was focused on executing its above-market growth priorities and laying the foundations for sustainable long-term growth. The company is scheduled to hold a live session to discuss its third-quarter results on October 28 at 6:30 a.m. Mexico City time. Mexico’s National Institute of Statistics and Geography will then release its preliminary estimate of third-quarter GDP on October 30; the economy grew 1.5% quarter over quarter and 2.1% year over year in the second quarter, according to its preliminary estimate.