沃尔玛Q3业绩超预期，再次上调全年指引！股价盘前涨超3%

Core Viewpoint - Walmart reported strong Q3 earnings, exceeding expectations in both profit and sales, and raised its full-year guidance [1][9]. Financial Performance - Q3 revenue reached $179.5 billion, a year-over-year increase of 5.8%, surpassing the expected $177.43 billion [3]. - Adjusted operating income was $7.2 billion, with adjusted earnings per share at $0.62, exceeding analyst expectations of $0.60 [3]. - Net income attributable to the company was $6.143 billion, reflecting a 34.2% year-over-year growth [3]. E-commerce and Sales Growth - Global e-commerce sales grew by 27%, up from 25% in Q2 and 22% in Q1 [6]. - U.S. sales increased by 5.1% to $120.7 billion, with comparable sales (excluding fuel) rising approximately 4.5% [6]. - International sales reached $33.5 billion, a 10.8% year-over-year increase, with e-commerce sales growing by 26% [6]. Segment Performance - Sam's Club sales were approximately $23.6 billion, up 3.1%, with comparable sales (excluding fuel) increasing by about 4.4% [6]. - E-commerce contributed approximately 28% to U.S. comparable sales [6]. Guidance Update - The company raised its full-year net sales growth forecast to 4.8%–5.1%, up from the previous range of 3.75%–4.75% [9]. - Adjusted earnings per share for the full year are now expected to be between $2.58 and $2.63, an increase from the prior estimate of $2.52 to $2.62 [10]. - Capital expenditures are projected to reach 3.5% of net sales, at the upper end of the previous forecast range [11]. Strategic Insights - CEO Doug McMillon noted that consumer habits remain unchanged, with shoppers selectively spending and seeking value [6]. - CFO John David Rainey mentioned that Walmart has raised prices on some goods to offset increased tariff costs, while also finding ways to absorb some of these costs to lessen the impact on customers [8]. Stock Market Reaction - Following the earnings report, Walmart's stock rose over 3% in pre-market trading [1]. Corporate Changes - Walmart announced plans to move its stock listing from the New York Stock Exchange to NASDAQ, retaining the ticker symbol WMT [12].