Walmart(US:WMT) 美股IPO·2025-11-20 13:09Core Viewpoint - Walmart's Q3 performance highlights strong growth in e-commerce and overall sales, leading to an upward revision of its fiscal 2026 earnings forecast, reflecting resilience amid economic uncertainty [3][4]. Financial Performance - Q3 revenue reached $179.5 billion, a 5.8% year-over-year increase, surpassing market expectations of $177.57 billion [4] - Adjusted operating income was $7.2 billion, exceeding analyst predictions of $7.03 billion [4] - Adjusted earnings per share (EPS) were $0.62, above the expected $0.60 [4] - Walmart raised its full-year net sales growth forecast to 4.8%-5.1%, up from the previous 3.75%-4.75% [4] E-commerce Growth - Global e-commerce sales grew by 27%, with U.S. e-commerce sales increasing by 28%, driven by in-store delivery orders and advertising [7][8] - International e-commerce sales surged by 26%, while Sam's Club saw a 22% increase [7] Advertising Business - Walmart's advertising business grew by 53% globally, with U.S. advertising revenue from Walmart Connect increasing by 33% [8] Customer Trends - High-income customers are increasingly turning to Walmart for price advantages amid rising grocery prices due to inflation [9] - The company noted that delivery speed is a key factor in attracting customers, with 95% of U.S. households able to receive deliveries within three hours [10] Holiday Season Outlook - Walmart is optimistic about the holiday season, preparing competitive pricing strategies, contrasting with the cautious outlook of competitors like Target and Home Depot [12][13]