Walmart Earnings Call on November 20, 2025: Key Metrics, Growth Drivers, and Market Expectations

Walmart Prepares to Report Q3 2025 Earnings on November 20

Walmart Inc. will announce its financial results for the third quarter of fiscal year 2025 on November 20, drawing close attention from investors and analysts. The company’s performance is seen as a key indicator of U.S. retail health and overall consumer spending as the holiday season approaches.

Analyst Expectations and Guidance

Wall Street analysts expect Walmart to post single-digit revenue growth for the quarter, with consensus estimates placing revenues near $166 billion, according to Refinitiv data. Earnings per share (EPS) are projected at around $1.57. The market will closely examine any guidance updates for the crucial holiday quarter.

"We’re looking for Walmart to report steady growth, driven by both grocery strength and digital expansion," said Robert Marcus, retail analyst at Evercore ISI. He added that investors will monitor any commentary on resilient customer spending and operating margin trends.

Key Metrics to Watch

• Same-Store Sales: A benchmark for retail performance, same-store sales growth is expected at 3.1%, according to FactSet.
• E-commerce Revenue: Online sales are projected to see double-digit increases as Walmart invests in digital capabilities.
• Operating Margin: Changes in supply chain costs and product mix could affect the operating margin, which was most recently reported at 4.64%.
• Membership and Delivery Services: Subscription revenues from Walmart+ and fulfillment capabilities remain under scrutiny as the retailer challenges Amazon’s market share.

Context: Consumer Trends and Macroeconomic Conditions

The earnings report comes amid shifting consumer dynamics. U.S. inflation rates have moderated in recent months, but household budgets remain pressured, impacting discretionary categories. Analysts say Walmart’s strong grocery segment and value proposition may help it capture price-sensitive shoppers.

“Walmart continues to benefit from trading-down behavior, as higher-income consumers seek value,” according to a recent JP Morgan research note. Observers will assess whether these trends persist into the end of the year.

Strategic Initiatives and Investments

Walmart has emphasized technology investments, supply chain modernization, and expansion of its healthcare and advertising services. The company recently announced an additional $3.5 billion capital expenditure for expanding its distribution network ahead of the 2025 holiday rush.

Executives may provide further updates on cost optimization efforts and the integration of automation across U.S. and international stores. Walmart’s investments are seen as crucial in maintaining its cost leadership amid a competitive retail landscape.

Stock Performance and Investor Outlook

Walmart shares have gained nearly 12% year-to-date on the New York Stock Exchange, outpacing the S&P 500 Retail index. Market participants will listen for signals regarding inventory levels, liquidity, and management’s approach to balancing price investments with profitability.

The November 20 earnings call will be webcast on Walmart’s investor relations site. The company typically posts a transcript and press materials after the event.