Walmex stock faces margin pressure despite digital growth

Published on 11/04/2026 at 15:11 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Walmex stock is balancing stronger digital sales against weaker profitability after its third-quarter results. Management kept its 2026 outlook unchanged.

Walmex weighs growth against margins

Third-quarter revenue increased 3%, while net income fell 6.1% as expenses and investments outpaced sales growth.
Mexico e-commerce GMV rose 15%, and management reaffirmed its 2026 constant-currency sales outlook.
Digital expansion and productivity investments remain central to the retailer's strategy.

Walmex, MX01WA000038, Illustration mit AI erstellt.

Walmart de México y Centroamérica reported its third-quarter results on Tuesday, October 27, 2026, showing a widening gap between sales growth and profitability. Reuters reported that higher costs and investments weighed on earnings, despite continued double-digit e-commerce growth.

Sales advance as earnings retreat

Consolidated revenue for the July-September period rose 3% year over year to MXN 248.83 billion, below the MXN 250.44 billion analyst estimate cited by Reuters. EBITDA increased 0.4% to MXN 25.37 billion, but the EBITDA margin narrowed by 30 basis points to 10.2%.

Net income fell 6% to MXN 11.03 billion, compared with the MXN 12.26 billion expected by analysts polled by LSEG. The earnings pressure reflected expenses that grew faster than sales, with finance chief Camilo Canedo pointing to spending on new stores, e-commerce, technology and staffing.

Digital commerce remains the bright spot

Mexico same-store sales rose nearly 2%, supported by a 1.6% increase in ticket size while customer traffic remained broadly flat. Online gross merchandise value increased 15% in Mexico and 23% in Central America, keeping digital commerce as one of the strongest growth areas in the quarter.

Canedo said 75% of online orders were delivered on the same day, up 1,500 basis points from a year earlier. Nearly 30% arrived within two hours and close to 10% within one hour, highlighting the operational role of the retailer's store network in its digital proposition.

Guidance stays unchanged

Walmex reaffirmed its 2026 outlook for consolidated sales growth of 3.5% to 4.5% in constant currency. Management expects the EBITDA margin to finish slightly below the prior year's 10.2% level, leaving cost control and productivity gains as important markers for investors.

The company has framed its next steps around strengthening the customer value proposition, accelerating digital capabilities and sustaining everyday-low-cost operations through automation. The third-quarter figures suggest that these investments are supporting growth, but are also limiting near-term earnings conversion.

Walmex stock traded at 2.39 euros on Lang & Schwarz at 15:04 CET on Wednesday, November 4, 2026. Investors can follow the real-time quote of Walmex stock.