Walmart Q3: Leadership transition, fashion momentum and Nasdaq shift

Walmart reported solid performance in the third quarter of the current financial year as the US retail giant prepares for a change in leadership and a shift in its stock exchange listing.

Long-serving president and CEO Doug McMillon announced his planned departure earlier this month, with John Furner due to succeed him in early 2026. In the results release, McMillon emphasised the strength of the team and the company’s momentum as he prepares to transition out of the role.

“The team delivered another strong quarter across the business,” he said. “It’s been an honour to serve them as CEO, and I’m as excited about the future of this company as I’ve ever been.”

Q3 sales up across international and US business

Furner, who currently leads Walmart US, will take on the helm position at a time of continued growth across key categories. During the quarter, its US business delivered 120.7 billion dollars in net sales for the quarter, a 5.1 percent increase compared to the same period of the year prior, supported by steady gains in apparel and other discretionary categories.

The company noted that it is gaining share across categories in the US, with comp sales excluding fuel up 4.5 percent. Walmart highlighted improvements in delivery speed and inventory management, both of which have supported growth in fashion basics and seasonal apparel.

International net sales rose 10.8 percent to 33.5 billion dollars, led by performance among Flipkart, Walmex and the China region. Global e-commerce sales rose 27 percent, helped by marketplace expansion, where fashion remains one of the most visited segments.

Across the business as a whole, total revenues reached 179.5 billion dollars, an increase of 5.8 percent, or 6 percent in constant currency. Adjusted operating income grew 8 percent on a constant-currency basis, while overarching operating income fell 0.2 percent. Walmart US operating income rose 6.3 percent, while the international business saw operating income increase 16.9 percent.

Walmart raises full-year guidance on robust performance

Alongside the financials, Walmart confirmed plans to transfer its stock listing from the New York Stock Exchange to Nasdaq, a move the company described as aligned with its long-term strategy. While further detail was not included in the earnings release, executives said in a Q3 conference call the change reflects the retailer’s evolution as a “people-led tech-powered” business.

As Walmart enters the final quarter of the fiscal year, the retailer said it is “well-positioned for a strong finish,” supported by stable demand across categories and ongoing omnichannel expansion. With a new CEO incoming, consistent momentum in fashion, and a shift to Nasdaq ahead, the company is preparing for what it describes as its next phase of growth.

Looking ahead, Walmart raised its guidance for the full year, citing strong year-to-date performance and confidence in demand trends. The retailer now expects full-year sales growth of 4.8 to 5.1 percent in constant currency, up from its prior outlook of 3.75 to 4.75 percent. Full-year operating income is expected to sit between 4.8 and 5.5 percent, also higher than previous expectations.