Operating income decreased 0.2%, up 8.0% adjusted (cc)

eCommerce up 27% globally

GAAP EPS of $0.77; Adjusted EPS of $0.62

Company raises outlook for FY26

Walmart Inc. (NYSE: WMT):

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Third Quarter Highlights:

• Revenue of $179.5 billion, up 5.8%, or 6.0% (cc)
• Global eCommerce sales grew 27%, led by store-fulfilled pickup & delivery and marketplace
• Global advertising business up 53%, including VIZIO; Walmart Connect in the U.S. up 33%
• Membership and other income up 9.0%, including 16.7% growth in membership income
• Gross margin rate up 2 bps, led by Walmart U.S, partially offset by International due to the timing of Flipkart's Big Billion Days event
• Operating income decreased 0.2%, primarily due to a non-cash share-based compensation charge at PhonePe in anticipation of a potential IPO; adjusted operating income up 8.0% (cc)
• Adjusted EPS of $0.62 excludes the effect, net of tax, of $0.20 gain on equity and other investments and $0.02 related to settlement of a certain legal matter, partially offset by $0.07 of incremental share-based compensation expense at PhonePe
• ROA at 8.4%; ROI at 14.8%, negatively affected approximately 30 bps from discrete items in the comparative trailing twelve month periods, including 25 bps from charge at PhonePe

The company will hold a live conference call with the Investment Community at 7 a.m. CST Thursday, November 20th, 2025, to discuss the company’s third quarter earnings results for fiscal year 2025. The event will be webcast live and is accessible by visiting https://corporate.walmart.com/news/events and selecting the Third Quarter Earnings Release event. The webcast will be archived and available on the company website.

About Walmart

Walmart Inc. (NYSE: WMT) is a people-led, tech-powered omnichannel retailer helping people save money and live better - anytime and anywhere - in stores, online, and through their mobile devices. Each week, approximately 255 million customers and members visit approximately 10,500 stores and numerous eCommerce websites in 19 countries. With fiscal year 2024 revenue of $648 billion, Walmart employs approximately 2.1 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy, and employment opportunity. Additional information about Walmart can be found by visiting https://corporate.walmart.com, on Facebook at https://facebook.com/walmart, on Twitter at https://twitter.com/walmart, and on LinkedIn at https://www.linkedin.com/company/walmart/.

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