Walmart Wow FY 2026 Q3 Earnings
TL;DR – What You Need to Know
* eCommerce the Growth Engine: Global eCommerce was up 27%,
* Ads + Membership is the Profit Engine: Fully 33% of adjusted operating income is from ads and membership and growing.
* Predictive Agentic Makes an Appearance: From OpenAI-powered shopping through ChatGPT to predictive, auto-built baskets in Chile.
eCommerce Update
* Walmart US eCommerce sales up 28%
* 7th consecutive quarter above 20% growth.
* Pickup, delivery, and advertising a key strength.
Agentic Note from Chile
* One killer call-out on the call was Walmart Chile eCommerce has created this predictive cart feature that works with WhatsApp which is now driving fully 20% of eCommerce sales in the country.
Walmart US
* Comp sales up 4.5%.
* eCommerce up 28%.
* 35% of digital orders delivered in under 3 minutes.
* 7,400 active rollbacks, half in grocery. 2,000+ rollbacks this year have become the new everyday low price (EDLP).
* Walmart+ grew double digits. Q3 net adds strongest on record.
Advertising
* Growth at 53% globally (is this mostly due to Big Billions in India?)
* Walmart Connect in the US ex-Vizio grew 33%.
Supply Chain
* 35% of store fulfilled orders expedited to under 3 hours.
* Sales using expedited fulfillment are up 70% this year.
* 60% of stores are receiving at least some fulfillment center freight from automated distribution centers.
* More than 50% of eCommerce fulfillment center volume is now automated.
Consumer & Tariffs
* Inflation steady at 1.3%
* Less impact from tariffs than expected
Financials
* 3Q Revenue up 6% to $10B.
* Ads and membership are now 33% of consolidated adjusted operating income.
* YTD operating cashflow at $27B, up $4.5B compared to last year.
Inventory levels up 3% overall. In the US, inventory grew 2.6%.
Walmart leadership mentioned on the call that they feel they are setting a new standard for omnichannel retail. I would tend to agree. The biggest worry from analysts on the call was “are you investing too much of the profit back in the business”. Which from where I sit, seems to be paying returns.
