Walmart’s U.S. segment delivered a 4.5% increase in same-store sales for the fiscal third quarter ended October 31, 2025, driven by a 1.8 percentage-point gain in traffic and a 2.7 percentage-point rise in average basket size. Management noted an influx of higher-income shoppers, a pattern that dates back to the 2008–2009 downturn, as consumers across income brackets seek value and convenience through initiatives such as same-day pickup, home delivery and expanded private-label offerings.

In its November earnings report, Walmart surpassed expectations with revenue of $179.5 billion, up 5.8% year-over-year, and adjusted earnings per share of $0.62, $0.02 above consensus. Net margin of 3.26% and return on equity of 21.3% reinforced operational efficiency. The company reaffirmed full-year guidance of $2.58 to $2.63 in adjusted EPS, positioning it ahead of the average analyst forecast of $2.55 for fiscal 2026.

During the third quarter, Howland Capital Management increased its position by 1.5%, acquiring 5,570 additional shares to bring its total to 365,781 shares, representing $37.7 million in market value. Evergreen Capital Management grew its stake by 13.8%, adding 6,856 shares for a $5.8 million holding. These moves follow smaller allocations by Access Investment Management, PFS Partners and Ridgewood Investments, underscoring growing confidence among hedge funds and asset managers.

Walmart shares have outperformed the broader market, posting a 31.2% gain over the past year versus a 19% advance in the S&P 500. The stock trades at a forward price-to-earnings ratio of approximately 42, above the market’s 31 multiple, reflecting investors’ willingness to pay up for defensive growth, robust free-cash-flow generation and continued investments in supply-chain technology and omnichannel capabilities.