Walmart Inc.

Strong Q3 performance & broad momentum (with e-commerce leading): Consolidated revenue grew ~6% in constant currency (>$10B). Adjusted operating income grew 8% (faster than sales). E-commerce up 27% overall, with every segment delivering >20% e-comm growth. Walmart also highlighted positive transaction counts and unit volumes and market share gains (notably grocery + general merchandise, including fashion momentum in Walmart U.S.).

Bottom-line drivers: diversified profit streams (ads + membership) and improving economics: Gross profit was relatively flat YoY, but operating income growth was supported by improved mix and profit streams. Advertising grew 53% (including VIZIO; Walmart Connect ex-VIZIO +33%). Membership income grew 17% enterprise-wide (international +34%), and the call emphasized e-commerce economics improving across markets (especially Walmart U.S. and Flipkart).

International strength + tech/automation execution: International delivered +11.4% sales in constant currency and +16.9% adjusted operating income, supported by business mix improvements, lower e-commerce losses, and share gains. E-commerce International +26%; Flipkart benefited from timing of Big Billion Days (BBD). Walmart also pointed to operational improvements: ~35% of U.S. digital orders delivered in under 3 hours; automated fulfillment growth (e.g., >50% of e-comm fulfillment center volume automated) improving unit productivity and cost-to-serve.