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Company delivers strong revenue growth of 8.7% with strength across segments; Q3 FY23 GAAP EPS of ($0.66); Adjusted EPS of $1.50; Company raises full-year outlook on strong results for Q3

Walmart Inc. (NYSE: WMT):

This press release features multimedia. View the full release here:

Third-quarter highlights:

  • Company delivered strong revenue growth globally, with strength in Walmart U.S., Sam’s Club U.S., Flipkart, and Walmex. Total revenue was $152.8 billion, up 8.7%, or 9.8% in constant currency.
  • Walmart U.S. comp sales grew 8.2% and 17.4% on a two-year stack. eCommerce growth was 16% and 24% on a two-year stack. Continued to gain market share in grocery.
  • Sam’s Club comp sales increased 10.0%, and 23.9% on a two-year stack. Membership income increased 8.0% with member count reaching an all-time high.
  • Walmart International net sales were $25.3 billion, an increase of $1.7 billion, or 7.1%, negatively affected by $1.5 billion from currency fluctuations. Segment operating income led by double-digit growth for Walmex.
  • Global advertising business grew over 30%, led by 40% at Walmart Connect in the U.S. and strength in Flipkart Ads.
  • Consolidated gross profit rate declined 89 basis points, primarily due to markdowns and mix of sales in the U.S., an inflation-related LIFO charge at Sam’s Club, and the timing of Flipkart’s annual event, The Big Billion Days.
  • Consolidated operating expenses as a percentage of net sales increased 144 basis points due to charges of $3.3 billion related to opioid legal settlements. Adjusted operating expenses as a percentage of net sales decreased 75 basis points, primarily due to strong sales growth and lower Covid-related costs.
  • Consolidated operating income was $2.7 billion, a decrease of 53.5%, including the legal charges described above. Adjusted operating income was $6.0 billion, an increase of 3.9%.
  • Adjusted EPS of $1.50 excludes the effects, net of tax, of $1.11 from net losses on equity and other investments and $1.05 from charges related to opioid legal settlements.
  • Subsequent to the third quarter the Company approved a new $20 billion share repurchase authorization replacing its existing authorization, which had approximately $1.9 billion remaining at the end of Q3.

The company will hold a live conference call with the Investment Community at 7 a.m. CST Tuesday, Nov. 15, 2022, to discuss the company’s third quarter earnings results for fiscal year 2023. The event will be webcast live and is accessible by visiting and selecting the Third Quarter Earnings Release event. The webcast will be archived and available beginning at approximately noon CST Nov. 15.

About Walmart

Walmart Inc. (NYSE: WMT) helps people around the world save money and live better - anytime and anywhere - in retail stores, online, and through their mobile devices. Each week, approximately 230 million customers and members visit more than 10,500 stores and numerous eCommerce websites under 46 banners in 24 countries. With fiscal year 2022 revenue of $573 billion, Walmart employs approximately 2.3 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting, on Facebook at, on Twitter at, and on LinkedIn at


Investor Relations Contacts

Steph Wissink

Senior Vice President, Investor Relations

Kary Brunner

Sr. Director II, Investor Relations

Media Relations Contact

Jacquelyn Cook

Sr. Manager, Global Communications


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