Walmart reported Q3 FY2026 revenue of approximately $169 billion, with US comparable sales growing in the mid single digits and the platform business contributions (marketplace, advertising, membership) continuing to grow at multiples of the retail core. The quarter captures the holiday window dynamics and sets up the Q4 fiscal year close, which will be the second consecutive year of accelerating growth in the alternative revenue lines that increasingly define Walmart's margin story.
The headline composition. Walmart US comparable sales growth was approximately five percent. Sam's Club continued to outperform with comp growth in the high single digits, supported by membership growth and the warehouse channel's strong holiday performance. Walmart International posted constant currency growth in the low double digits. Consolidated operating income grew faster than revenue, reflecting the margin contribution of the alternative revenue lines.
| Total revenue | ~$169 billion |
| Walmart US comp sales growth | ~5 percent |
| Sam's Club comp growth (ex fuel) | high single digits |
| Walmart Connect (advertising) growth | ~30 percent year over year |
| Marketplace GMV growth | ~25 percent year over year |
| Walmart Plus membership growth | strong double digits |
| Operating income growth | ~10 percent |
The holiday quarter read. The holiday quarter for Walmart US showed continued strength in grocery, household essentials, and entry level apparel and home, with selective strength in discretionary categories like consumer electronics and seasonal goods. The shopper base continued to value the price competitive position, and the Walmart Plus membership benefits drove incremental member engagement during the holiday window. The data confirms the structural shopper preference for Walmart in the value oriented holiday shopping cycle.
The Sam's Club holiday outperformance. Sam's Club's holiday quarter outperformance reflected the club channel's structural strength during the holiday cycle, with members concentrating spend on bulk purchases for entertaining, gifting, and household stocking. The Sam's Club Plus membership tier continued to grow, with member trip frequency and basket size both expanding. For brands in club channel relevant categories, Sam's continued to be the strongest growth channel inside the Walmart Inc. portfolio.
The Walmart Connect Q3 acceleration. Walmart Connect grew approximately thirty percent in Q3 FY2026, with continued expansion of advertiser adoption and the platform's measurement infrastructure. The holiday window typically delivers strong retail media performance as brands invest behind holiday programs, and Q3 FY2026 followed this pattern with brand spend increasingly concentrated on the Walmart Connect platform for shopper acquisition and conversion.
The marketplace continued expansion. Marketplace GMV grew approximately twenty five percent, with the seller base expanding and the categories with strongest marketplace growth including apparel, home, and selected hardlines. For 1P vendors, the marketplace expansion continues to reshape the buyer conversation around category planogram strategy and the role of 1P versus 3P in category coverage.
The Q4 setup and the FY2026 close. The Q4 setup positions Walmart for a strong fiscal year close, with the platform business contributions on track to deliver meaningful incremental margin contribution. The full year FY2026 narrative will likely emphasize the structural shift toward platform revenue as the durable growth story, with retail core comp sales as the supporting layer rather than the headline.
The vendor implications for FY2027 planning. Three takeaways for brands planning FY2027 at Walmart. First, the Walmart Connect investment should continue to scale as a foundational marketing line, not a supplementary line. Second, the marketplace evaluation deserves explicit attention for adjacent assortment and category extension opportunities. Third, the Sam's Club opportunity remains the strongest organic growth channel inside the Walmart portfolio for brands with the right pack out and price math.
MOART perspective. Walmart Q3 FY2026 reinforces the platform business story that the past several quarters have established. The retail core continues to deliver, but the most consequential growth and margin contribution is coming from the businesses that bill vendors and members for value. For brands planning their Walmart engagement for FY2027, the strategic conversation should center on the platform business participation alongside the traditional trade relationship.
