Image Source:Mike Mozart, Flickr

Walmart (WMT) is scheduled to report results of its third quarter before the market open on Thursday, November 20, with a conference call scheduled for 8:00 am EDT. What to watch for:

GUIDANCE: After reporting Q2 results, Walmart raised its fiscal 2026 guidance, and is now calling for adjusted earnings per share of $2.52-$2.62 on revenue up 3.75%-4.75% and adjusted operating income up 3.5%-5.5%. Walmart previously forecast adjusted EPS for the fiscal year of $2.50-$2.60 on revenue up 3%-4%. Analysts currently expect EPS of $2.61 on revenue of $701.24B. For the third quarter, Walmart predicted adjusted EPS of 58c-60c on revenue up 3.75%-4.75% and operating income up 3%-6%. Analysts expect EPS of 60c on revenue of $175.17B. In its Q2 report, Walmart said "The top-line momentum we have in our business comes from how we're innovating and executing. Connecting with our customers and members through digital experiences is helping to drive our business, and the way we're deploying AI will make these experiences even better. We're people-led and tech-powered, and I love how our associates continue to drive change and results for our company."

UBS thinks Walmart's Q3 print will point to consistency of comps, less noise from external factors, and a return to healthier flow-through. RBC Capital hosted the company's IR team for a series of investor meetings and walked away with increased conviction in its leadership position and long-term earnings potential, the analyst tells investors in a research note. The discussion focused on the overall consumer health, inflation/price gaps, the OpenAI partnership and Snap benefits, RBC added.

CEO TRANSITION: Last week, Walmart announced that its board of directors has elected John Furner to succeed Doug McMillon as president and CEO of Walmart, effective February 1, 2026. Furner was also elected to the company's board of directors, effective immediately. McMillon will retire on January 31, 2026, but remain on the board of directors until the next annual shareholders' meeting and help ensure a transition.

Morgan Stanley said that Walmart CEO Doug McMillon's retirement marks the end of over a decade of transformational leadership and the transition from omni-channel to agentic commerce. John Furner, the chosen successor, is well-positioned to lead Walmart into its next phase, the firm says. BofA believes the timing of the transition underscores the company's confidence in its strong positioning and the current momentum for the business. The firm thinks Furner's extensive leadership history at Walmart supports continuity and expects no major strategic changes.

WALMART+ MEMBERSHIP: Morgan Stanley said that the firm's latest survey work suggests Walmart+ membership declined by 2.1M month-over-month to an implied 25.7M current members as of October, or about 16.7M adjusted for survey response error. While stating that the membership drop "remains within normal sampling variation and count is directionally building," the firm calls the step-down "something to monitor."

SNAP BENEFITS: The government shutdown during the quarter temporarily halted federal food assistance, money that typically flows straight into grocery stores and big-box retailers. The U.S. Department of Agriculture announced that November food stamp payments would not be made to some 42 million Americans due to the federal government shutdown, while President Donald Trump threatened in a Truth Social post on November 4: "SNAP BENEFITS, which increased by Billions and Billions of Dollars (MANY FOLD!) during Crooked Joe Biden's disastrous term in office (Due to the fact that they were haphazardly "handed" to anyone for the asking, as opposed to just those in need, which is the purpose of SNAP!), will be given only when the Radical Left Democrats open up government, which they can easily do, and not before! Thank you for your attention to this matter. President DJT" While SNAP benefits have been reinstated, millions of Americans could lose benefits due to new restrictions.

Walmart accepts EBT SNAP cards for online purchases in all states for shipping, pickup, or delivery where available, and Walmart receives a substantial portion of SNAP dollars spent on groceries, making them a key player in the SNAP ecosystem.

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