Wal-Mart de México (WALMEX) Q1 2026 earnings summary

Executive summary

• Consolidated revenues grew 1.7% year-over-year (4.1% in constant currency), with Mexico up 4.4% and Central America up 2.5% in constant currency; new stores contributed 1.6% to total sales growth.

• Same-store sales in Mexico rose 3.1%, outpacing ANTAD by 170 basis points; Central America same-store sales grew 0.9%, with Costa Rica underperforming due to deflation and competition.

• E-commerce net sales in Mexico increased 14.4%, with On Demand up nearly 20%; eCommerce penetration reached 7.7% of GMV, and Central America eCommerce GMV grew 24%.

• Walmart Connect revenues grew 33% year-over-year, and Bait reached 26.6 million active users with revenues up 48%.

• Investments in automation, digital shelf labels, and AI are driving operational improvements and efficiency gains.

Financial highlights

• Consolidated EBITDA margin was 10.2%, down 20 basis points year-over-year; EBITDA was MXN 24,979 million, a 0.4% decrease.

• Mexico EBITDA margin was 10.4%, down 30 basis points; gross margin expanded 40 basis points to 24.4%.

• Central America EBITDA margin was 9.2%, down 20 basis points; gross margin contracted 40 basis points to 24.1%.

• Net income rose 1.5% to MXN 12.5 billion, margin remained flat at 5.1%, supported by a lower tax rate.

• Cash from operations over the last 12 months was MXN 89.5 billion; capital expenditures were MXN 38 billion, and MXN 36 billion was returned to shareholders.

Outlook and guidance

• Focus remains on accelerating omni-channel share gains, improving price perception, and expanding e-commerce.

• Targeting tripling e-commerce business over five years and reaching 99% household coverage in Mexico.

• Management expects operational improvements to drive higher traffic and share gains in coming quarters, maintaining strong financial discipline.