Why Walmart is the New Amazon
The Convergence of Value Leadership and High‑Margin Diversification
The Omnichannel Acceleration and Profit Diversification Thesis
Walmart Inc. delivered strong performance in the third quarter of fiscal year 2026, reinforcing its shift from a large‑scale retailer to a technology‑driven omnichannel ecosystem aimed at structurally improving earnings quality. The results show the company consolidating market share across consumer income cohorts while scaling high‑margin, capital‑light segments such as advertising and membership services.
A Premium Double Beat
Walmart’s Q3 report delivered a clear “double beat” by exceeding expectations on both revenue and profits. Consolidated revenue reached $179.5 billion, up 5.8% year‑on‑year and 6.0% on a constant‑currency basis. This outpaced the average analyst estimate by approximately 1.1 %.
Management translated this underlying momentum into stronger forward guidance. The midpoint for full‑year adjusted EPS was raised to $2.61, and net‑sales growth for FY26 was upgraded to a range of 4.8 to 5.1%, up from the prior 3.75 to 4.75 % forecast.
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