Walmex Q1 2026 Profit Rises as Mexico and E-Commerce Offset Central America Weakness

Wal-Mart de México, S.A.B. de C.V. reported a modest but important profit increase in the first quarter of 2026, supported by stronger sales in Mexico and fast-growing digital demand. The company, widely known as Walmex, posted net profit of 12.5 billion pesos, up 1.5% year over year, while revenue rose 1.7% to 245.02 billion pesos. Reuters reported that profit came in above analyst expectations, even though revenue missed forecasts.

Mexico Remains the Main Growth Engine

Walmex’s Mexican business continued to lead the company’s performance. Total revenue in Mexico increased 4.4%, while same-store sales rose 3.1%, according to Walmex’s first-quarter materials. The strongest formats included Sam’s Club and Walmart, helped by steady demand for groceries, consumables, and everyday products.

This performance shows that Walmex still has a strong position in Mexico’s retail market. Even with softer consumer traffic, the company benefited from higher average tickets, disciplined pricing, and its broad store network.

E-Commerce Delivers Strong Momentum

One of the brightest points in the quarter was digital commerce. Walmex said Mexico e-commerce net sales grew 14.4%, driven by a 20% rise in on-demand sales. Reuters also noted that online sales helped balance weaker Central American performance and higher operating costs.

The company is using its stores as fulfillment points, which allows faster delivery and pickup options. This omnichannel model is becoming more important as customers expect convenience, speed, and competitive prices in one shopping experience.

Central America Weighs on Results

Central America remained a challenge. Walmex reported same-store sales growth of only 0.9% in constant currency in the region, with Costa Rica affected by weaker market-share performance and deflation in key categories. Reuters reported that Central American revenue reached 40.66 billion pesos, while operating income in the region declined sharply.

The company said other Central American markets showed better growth, but the overall regional picture remained mixed. Currency movements also reduced the reported results when converted into Mexican pesos.

Margins Face Pressure From Costs

Although gross profit improved, operating pressure remained visible. EBITDA slipped 0.4% to 24.98 billion pesos, according to Reuters. Retail Insight Network also reported that operating income fell as expenses rose faster than sales.

These pressures reflect a common retail challenge: companies must invest in wages, logistics, digital tools, remodeling, and new services while still protecting low prices for customers.

Management Looks for a Stronger Second Quarter

CEO Cristian Barrientos described the quarter as softer than desired, but said Walmex is working to recover sales momentum. The company expects major commercial events, including Mexico’s “Hot Sale” season and preparations around the FIFA World Cup, to support demand in the coming months.

This strategy could help boost online orders, general merchandise sales, and customer engagement, especially as football-related shopping increases in Mexico.

Investment and Shareholder Returns

Walmex plans to invest about 43 billion pesos in 2026, around 10% more than the previous year. The company also received shareholder approval for a 10 billion peso share buyback program and a dividend of 1.16 pesos per share.

These plans show that management is balancing growth investment with shareholder returns. Capital spending is expected to support store improvements, supply chain capacity, technology, and omnichannel expansion.

Outlook

Walmex’s first-quarter 2026 results were not perfect, but they showed resilience. Mexico remains the company’s key profit center, e-commerce is growing quickly, and management is preparing several initiatives to regain stronger sales momentum.

Still, the company must improve Central America, protect margins, and prove that its digital growth can become more profitable over time. For investors and retail watchers, the next few quarters will be important as Walmex tries to turn steady progress into stronger earnings growth.

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