Walmart U.S. drove a 4.5% rise in comparable sales excluding fuel in Q3 FY2026, powered by a 1.8% uptick in transactions and a 2.7% increase in ticket size. The retailer maintains price leadership with roughly 7,400 active rollbacks and converted over 2,000 temporary price cuts into permanent everyday low prices.

Global e-commerce revenues surged 27% in the quarter, with U.S. online sales up 28%, marking the seventh straight quarter above 20% growth. Expedited channel sales jumped 70%, and 35% of store-fulfilled orders were delivered in under three hours, underscoring faster fulfillment.

Total inventory rose 3.2% to $65.4 billion, while Walmart U.S. inventory increased 2.6%, roughly half the pace of sales growth. This disciplined inventory build supports healthy margins and reduces markdown risk amid ongoing cost pressures.

Walmart’s shares have rallied 28.7% over the past year versus the industry’s 27.9% gain. The forward 12-month P/E ratio stands at 45.3, above the industry average of 41.2, trading at a premium to Target and a discount to Costco.