Wal-Mart de México (WALMEX) Q4 2025 earnings summary

Executive summary

• Consolidated revenue for 4Q25 increased 3.0% year-over-year, with 4.9% growth in Mexico and 2.4% in Central America; same-store sales in Mexico grew 3.3% year-over-year.

• eCommerce GMV in Mexico rose 13.3% in Q4 and 17.1% for the year, with on-demand and marketplace segments both showing double-digit growth; penetration reached 9.1% of total GMV in Q4.

• EBITDA margin expanded to 10.5% in 4Q25 (+50 bps YoY), with net income margin at 5.2% in 4Q25 and 4.9% for the year, impacted by a higher effective tax rate.

• Health & Wellness led merchandise divisions, followed by Food & Consumables; the Northern Region was the top-performing region.

• Buen Fin campaign returned after six years, delivering over 76 million transactions and setting a new single-day sales record.

Financial highlights

• 4Q25 consolidated revenues: $282,849M MXN (+3.0% YoY); FY25: $1,011,598M MXN (+5.5% YoY).

• 4Q25 EBITDA: $29,595M MXN (10.5% margin, +8.1% YoY); FY25: $103,447M MXN (10.2% margin, +3.4% YoY).

• 4Q25 net income: $14,600M MXN (-3.9% YoY); FY25 net income: $49,891M MXN (-7.3% YoY).

• Gross margin expanded to 24.0% in 4Q25 (+30 bps YoY); FY25 gross margin at 24.2% (+10 bps YoY).

• SG&A remained flat at 15.9% of revenues in 4Q25; FY25 at 16.6% (+30 bps YoY).

Segment performance

• Sam's Club improved in-stock levels and member experience, with NPS up 1,100 basis points and orders up nearly 25% year-over-year.

• Walmart Supercenter advanced its Store of the Future concept, optimizing space and piloting new layouts.

• Bait generated MXN 3.5 billion in Q4 revenue (up 44% YoY in active users) and MXN 11.5 billion for the year (up 60% YoY).

• New businesses (advertising, benefits, connectivity) delivered 17% revenue growth YoY.

• Central America saw 2.4% revenue growth in constant currency and 0.6% same-store sales growth in 4Q25.