{"id":5468,"date":"2025-11-20T07:06:00","date_gmt":"2025-11-20T07:06:00","guid":{"rendered":"https:\/\/readtrends.com\/en\/walmart-q3-earnings-preview\/"},"modified":"2025-11-20T07:06:00","modified_gmt":"2025-11-20T07:06:00","slug":"walmart-q3-earnings-preview","status":"publish","type":"post","link":"https:\/\/readtrends.com\/en\/walmart-q3-earnings-preview\/","title":{"rendered":"Walmart will report earnings before the bell. Here&#8217;s what to expect &#8211; CNBC"},"content":{"rendered":"<article>\n<h2>Lead<\/h2>\n<p>Walmart will release results for its fiscal third quarter before the opening bell on Thursday, Nov. 20, 2025, providing a fresh snapshot of U.S. consumer spending as retailers head into the holiday season. Analysts polled by LSEG expect earnings per share of $0.60 and revenue of $177.43 billion. The report will test whether mixed signals from other big retailers\u2014some trimming profit forecasts, others raising them\u2014hold across grocery and discretionary categories. Investors will also watch for commentary on short-term factors such as SNAP benefit changes and the company\u2019s recent U.S. leadership transition.<\/p>\n<h2>Key Takeaways<\/h2>\n<ul>\n<li>Analysts expect Walmart to report $0.60 in adjusted EPS for the fiscal third quarter, per an LSEG survey.<\/li>\n<li>Street guidance for revenue centers on $177.43 billion for the quarter, reflecting Walmart\u2019s broad merchandise mix.<\/li>\n<li>Walmart serves a wide income spectrum, including many SNAP recipients; benefit disruptions during the recent government shutdown are a short-term variable for grocery sales.<\/li>\n<li>In August Walmart raised its full-year net sales outlook to a 3.75%\u20134.75% increase and projected adjusted EPS of $2.52\u2013$2.62.<\/li>\n<li>Walmart announced a U.S. leadership succession: John Furner will succeed Doug McMillon as CEO of Walmart Inc. effective Feb. 1.<\/li>\n<li>Peers painted a mixed retail picture this week\u2014Target, Home Depot and Lowe\u2019s trimmed profit targets while TJX said it\u2019s seeing a \u201cstrong start\u201d to the holidays.<\/li>\n<li>During Doug McMillon\u2019s tenure, Walmart shares have risen by more than 300%, underscoring the stock\u2019s long-term outperformance.<\/li>\n<\/ul>\n<h2>Background<\/h2>\n<p>The retail sector enters the holiday period highly scrutinized for signs of persistent strength or softening in consumer demand. Grocery and general merchandise chains are uniquely positioned to read U.S. household spending because they span necessities and discretionary items. Walmart, as the nation\u2019s largest grocer and a general merchandise leader, captures purchases from low-income consumers using SNAP benefits to high-income shoppers drawn by remodels and faster delivery options.<\/p>\n<p>Macro factors\u2014food inflation, a recent government shutdown that disrupted benefit flows for some households, and lingering concerns about big-ticket discretionary spending\u2014have produced mixed guidance across the sector. Several large-format retailers have scaled back profit expectations this week, while value-oriented chains report stronger starts to holiday sales. Walmart\u2019s prior guidance update in August increased its full-year sales and profit targets, setting a higher bar for the quarter.<\/p>\n<h2>Main Event<\/h2>\n<p>Walmart will deliver its fiscal third-quarter financials before markets open on Nov. 20, followed by management remarks and an earnings release. The LSEG analyst survey sets the consensus near $0.60 in adjusted EPS and $177.43 billion in revenue; investors will compare those figures to internal comps and seasonal trends. Management commentary on revenue mix, gross margins, and inventory will be essential to interpreting the headline numbers.<\/p>\n<p>Grocery trends will be watched closely because SNAP recipients represent a meaningful shopper cohort; any lingering effects from the government shutdown or seasonally higher food prices could show up in comps. Walmart\u2019s ability to attract higher-income customers\u2014credited in part to remodels and faster delivery\u2014could offset weakness in other segments, especially if consumers trade down for savings on everyday items but still splurge on targeted discretionary purchases.<\/p>\n<p>The earnings release follows a leadership change announced last week: John Furner, currently CEO of Walmart U.S., will assume the top role at the company on Feb. 1. Markets will assess whether the succession signals continuity or a shift in priorities, particularly around e-commerce, store experience and price investments ahead of the holidays.<\/p>\n<h2>Analysis &#038; Implications<\/h2>\n<p>Walmart\u2019s Q3 print will be treated as a bellwether for U.S. consumer health because the company spans staples and discretionary categories while serving a broad income mix. A beat in revenue or EPS could signal resilience among core shoppers and validate Walmart\u2019s pricing and assortment strategies. Conversely, a miss\u2014particularly in comparable grocery sales\u2014would add weight to recent cautious outlooks from other large retailers.<\/p>\n<p>Short-term policy disruptions, like the pause in SNAP distributions tied to the government shutdown, create noise in quarter-to-quarter comps. While Walmart\u2019s scale helps smooth localized or programmatic shocks, the company\u2019s grocery margin profile and traffic trends will reveal how much of the quarter\u2019s performance reflects structural demand versus transitory events. Investors will parse same-store sales, ticket size, and basket composition to separate price-driven inflation effects from volume changes.<\/p>\n<p>Walmart\u2019s August hike to its full-year guidance suggests management expects continued top-line momentum; this quarter will test that assumption. E-commerce growth, fulfillment efficiency, and in-store remodels all factor into Walmart\u2019s competitive position versus discounters and specialty retailers. The leadership transition may not produce immediate strategic changes, but any forward-looking comments from incoming CEO John Furner will be read for emphasis on price, tech investment, or international focus.<\/p>\n<h2>Comparison &#038; Data<\/h2>\n<figure>\n<table>\n<thead>\n<tr>\n<th>Metric<\/th>\n<th>Consensus \/ Guidance<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Q3 adjusted EPS (consensus)<\/td>\n<td>$0.60<\/td>\n<\/tr>\n<tr>\n<td>Q3 revenue (consensus)<\/td>\n<td>$177.43 billion<\/td>\n<\/tr>\n<tr>\n<td>Full-year net sales guidance (Aug. update)<\/td>\n<td>+3.75% to +4.75%<\/td>\n<\/tr>\n<tr>\n<td>Full-year adjusted EPS guidance<\/td>\n<td>$2.52 to $2.62<\/td>\n<\/tr>\n<tr>\n<td>Share performance under Doug McMillon<\/td>\n<td>+300%+ since tenure began<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n<p>The table summarizes consensus expectations and prior guidance referenced by management in August. Comparing headline EPS and revenues against these reference points will clarify whether Walmart is tracking above or below its own outlook and the broader retail cohort that has shown mixed signals this week.<\/p>\n<h2>Reactions &#038; Quotes<\/h2>\n<p>Walmart\u2019s finance chief offered a measured assessment of consumer behavior earlier in the cycle; his line is often cited to frame quarterly results.<\/p>\n<blockquote>\n<p>\u201cShoppers continue to be very resilient.\u201d<\/p>\n<p><cite>John David Rainey, CFO, Walmart (Aug. comments to CNBC)<\/cite><\/p><\/blockquote>\n<p>Retail peer reactions this season have varied, highlighting the unevenness across categories. Off-price retailer TJX pointed to early holiday strength among value-focused shoppers.<\/p>\n<blockquote>\n<p>\u201cA strong start\u201d<\/p>\n<p><cite>TJX Companies (public commentary)<\/cite><\/p><\/blockquote>\n<p>Other large retailers\u2014Target, Home Depot and Lowe\u2019s\u2014issued more cautious near-term profit outlooks this week, citing selective weakness in big-ticket spending and a higher emphasis on promotions.<\/p>\n<h2>\n<aside>\n<details>\n<summary>Explainer: SNAP, &#8220;before the bell&#8221; and fiscal quarters<\/summary>\n<p>SNAP refers to the Supplemental Nutrition Assistance Program, the largest federal nutrition assistance program in the U.S.; fluctuations in benefit distribution can materially affect grocery traffic at large chains. &#8220;Before the bell&#8221; means the company will release results prior to the stock market\u2019s opening, which allows investors to digest results ahead of intraday trading. A fiscal quarter is a three-month reporting period; retailers frequently compare sales to the same quarter a year earlier to control for seasonality and holiday timing.<\/p>\n<\/details>\n<\/aside>\n<\/h2>\n<h2>Unconfirmed<\/h2>\n<ul>\n<li>Whether the temporary lapse in SNAP benefits had a measurable, sustained impact on Walmart\u2019s quarterly comps remains unconfirmed pending detailed company comps.<\/li>\n<li>The permanence of higher-income shoppers shifting to Walmart as a structural trend is not yet verified and requires multiple quarters of data to confirm.<\/li>\n<\/ul>\n<h2>Bottom Line<\/h2>\n<p>Walmart\u2019s fiscal third-quarter report on Nov. 20 will be a pivotal data point for gauging consumer resilience as the holiday season ramps up. The consensus $0.60 EPS and $177.43 billion revenue set clear expectations; how the company explains traffic, price, and mix will matter more than the headline numbers alone.<\/p>\n<p>Beyond the quarter, investors will watch for signals about strategy under the incoming CEO and whether Walmart\u2019s investments in stores and fulfillment continue to attract a broader customer base. In short, the print will shape near-term retail sentiment and provide a clearer lens on whether consumer behavior is stabilizing or shifting ahead of the most important sales period of the year.<\/p>\n<h2>Sources<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.cnbc.com\/2025\/11\/20\/walmart-wmt-q3-2026-earnings.html\" target=\"_blank\" rel=\"noopener\">CNBC<\/a> (news report summarizing expectations and company remarks)<\/li>\n<li><a href=\"https:\/\/corporate.walmart.com\/\" target=\"_blank\" rel=\"noopener\">Walmart Corporate<\/a> (official company site and newsroom)<\/li>\n<li><a href=\"https:\/\/investor.tjx.com\/\" target=\"_blank\" rel=\"noopener\">TJX Companies Investor Relations<\/a> (official investor commentary)<\/li>\n<li><a href=\"https:\/\/www.lseg.com\/\" target=\"_blank\" rel=\"noopener\">LSEG<\/a> (financial data provider cited for analyst consensus)<\/li>\n<\/ul>\n<\/article>\n","protected":false},"excerpt":{"rendered":"<p>Lead Walmart will release results for its fiscal third quarter before the opening bell on Thursday, Nov. 20, 2025, providing a fresh snapshot of U.S. consumer spending as retailers head into the holiday season. Analysts polled by LSEG expect earnings per share of $0.60 and revenue of $177.43 billion. The report will test whether mixed &#8230; <a title=\"Walmart will report earnings before the bell. Here&#8217;s what to expect &#8211; CNBC\" class=\"read-more\" href=\"https:\/\/readtrends.com\/en\/walmart-q3-earnings-preview\/\" aria-label=\"Read more about Walmart will report earnings before the bell. Here&#8217;s what to expect &#8211; CNBC\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":5460,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_title":"Walmart Q3 earnings preview \u2014 What to expect | Daily Analysis","rank_math_description":"Walmart reports fiscal Q3 earnings before the bell on Nov. 20. Analysts expect $0.60 EPS and $177.43B revenue \u2014 a key read on U.S. consumer health and holiday trends.","rank_math_focus_keyword":"walmart,earnings,q3,consumer-spending,snap","footnotes":""},"categories":[2],"tags":[],"class_list":["post-5468","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-stories"],"_links":{"self":[{"href":"https:\/\/readtrends.com\/en\/wp-json\/wp\/v2\/posts\/5468","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/readtrends.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/readtrends.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/readtrends.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/readtrends.com\/en\/wp-json\/wp\/v2\/comments?post=5468"}],"version-history":[{"count":0,"href":"https:\/\/readtrends.com\/en\/wp-json\/wp\/v2\/posts\/5468\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/readtrends.com\/en\/wp-json\/wp\/v2\/media\/5460"}],"wp:attachment":[{"href":"https:\/\/readtrends.com\/en\/wp-json\/wp\/v2\/media?parent=5468"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/readtrends.com\/en\/wp-json\/wp\/v2\/categories?post=5468"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/readtrends.com\/en\/wp-json\/wp\/v2\/tags?post=5468"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}