Walmart Inc.

Strong Q3 performance & operating momentum (good) - Sales up 5.9% in constant currency; adjusted operating income up 8%, i.e., profits growing faster than sales. - E-commerce up 27% globally; each segment delivered >20% e-commerce growth. - Advertising +53% (incl. VIZIO), and membership income +17%—together ~1/3 of consolidated adjusted operating income. - Continued share gains (notably grocery & general merchandise; fashion strength especially in Walmart U.S.).

Customer demand, convenience, and share gains continue (good/surprising) - Walmart U.S. comp +4.5%; e-commerce +28% with marketplace +17%. - Delivery speed improvements: 35% of digital orders delivered in under 3 hours (and for store-fulfilled orders, approx. 35% expedited/delivered <3 hours), with fastest channels growing rapidly. - Sam’s Club U.S. comp +3.8% ex-fuel, comp driven by transaction counts; gaining share in grocery & general merchandise. - Remarkable digital engagement: Scan & Go adoption 36% (+450 bps YoY) and club-fulfilled delivery triple digits growth.

International is the key growth engine (good) - International sales +11.4% constant-currency; adjusted operating income +16.9%. - E-commerce up 26% internationally; China digital is advanced (about 50% penetration, ~80% of digital orders under an hour). - Flipkart benefited from timing of Big Billion Days (BBD); Flipkart peak execution cited as extremely fast delivery.