Walmart Q3 Earnings Lift Outlook, Move to Nasdaq
Walmart Q3 earnings had $179.5 billion revenue and 27% e-commerce growth; the company raised FY26 guidance and Nasdaq transfer may shift positioning.
KEY TAKEAWAYS
- Q3 revenue was $179.5 billion, up 5.8% year-over-year.
- Global e-commerce sales rose 27% and Walmart Connect grew 53%.
- Raised fiscal 2026 guidance and will transfer stock and nine bonds to Nasdaq Dec 9, 2025.
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Walmart Inc. (WMT) reported third-quarter fiscal 2025 revenue of $179.5 billion, up 5.8% year-over-year (6.0% in constant currency), driven by strong food, health, and online sales. The company raised its fiscal 2026 outlook and said it will transfer its stock and nine bond listings from the New York Stock Exchange to Nasdaq in December 2025.
Quarter Results and Digital Growth
Walmart’s U.S. business generated $120.7 billion in sales, a 5.1% increase year-over-year. Comparable sales rose 4.5%, supported by a 1.8% rise in transactions and a 2.7% increase in average ticket, reflecting higher store traffic and spending per visit. Global e-commerce sales surged 27.0%, led by store-fulfilled pickup, delivery, and marketplace activity.
The company’s global advertising business grew 53.0%, with Walmart Connect U.S. up 33.0%. Membership and other income increased 9.0%, while membership income rose 16.7%. Reported operating income declined 0.2% year-over-year, but adjusted operating income rose 8.0% on a constant-currency basis, driven mainly by Walmart U.S. The gross margin rate improved by two basis points. Walmart reported GAAP earnings per share of $0.77 and adjusted earnings per share of $0.62 for the quarter.
Nasdaq Transfer and Fiscal 2026 Outlook
Walmart announced it will transfer its common stock and nine bond listings from the NYSE to the Nasdaq Global Select Market, effective December 9, 2025, retaining the ticker "WMT." Chief Financial Officer John David Rainey said, "Moving to Nasdaq aligns with the people-led, tech-powered approach to our long-term strategy."
The company raised its fiscal 2026 guidance, projecting net sales growth of 4.8% to 5.1%, adjusted operating income growth of 4.8% to 5.5%, and adjusted earnings per share between $2.58 and $2.63. Planned capital expenditures for fiscal 2026 are about 3.5% of net sales, focused on operational enhancements amid continued momentum in omnichannel retail, e-commerce growth, and value-driven consumer behavior.
