Walmart Inc. reported a 17% increase in membership income for Q3 of fiscal 2026, emphasizing the growing significance of fee-based revenues. Overall membership and other income rose by 9%, driven by a 34% surge in international membership income, primarily from Sam’s Club China. In the U.S., Walmart Plus membership income grew at a double-digit rate, supported by strong net additions and enhanced service offerings.
Management indicated that membership fees and advertising income collectively accounted for approximately one-third of the company’s consolidated adjusted operating income for the quarter. Notably, Walmart Plus experienced its strongest net additions since the program’s launch, aided by improvements in delivery speeds and member benefits.
For the current fiscal year, analysts project a 4.6% growth in Walmart’s sales and a 4.8% increase in earnings per share. Walmart’s shares have risen 23.9% over the past year, outpacing the industry growth of 23.5%, with a forward price-to-earnings ratio of 38.45, higher than the industry average of 35.09.
