Walmart Inc
Q2 2027 Earnings
Adjusted EPS excludes the impact, net of tax, from a net loss of $0.12 on equity and other investments (primarily driven by a decrease in the underlying stock price of investment in Symbotic) and net benefit of $0.11 from a certain tax matter
Market Reaction
Did WMT Beat Earnings? Q2 2027 Results
Walmart delivered a standout second quarter for fiscal year 2027, beating Wall Street expectations on both top and bottom lines as tariff refunds powered an outsized profit surge. The retail giant posted adjusted EPS of $0.81, clearing the $0.74 consensus estimate by 9.27%, while revenue of $187.94 billion edged past the $186.82 billion forecast and grew 5.9% year-over-year. The single biggest driver behind the earnings beat was a 96 basis point improvement in gross profit rate to 25.4%, fueled by tariff refunds that flowed directly into margins; management was candid that those gains will be reinvested into customer pricing and experience in the second half, making Q2 and Q3 best read together. Global eCommerce grew 23%, representing 24% of total net sales, underscoring Walmart's broadening digital reach. Looking ahead, the company raised its full-year FY27 adjusted EPS outlook to $2.80-$2.87 and lifted constant-currency sales growth guidance to 4.0%-5.0%, signaling confidence despite a projected Q3 headwind tied to the timing of Flipkart's Big Billion Days event.
- Global eCommerce sales grew 23%, representing 24% of total net sales
- Store-fulfilled pickup and delivery driving eCommerce growth across segments
- Global advertising business up 38%, Walmart Connect up 43% (ex-VIZIO)
- Tariff refunds drove significant gross margin expansion, particularly in Walmart U.S. (+158 bps)
- Membership fee revenue grew 17% globally; Walmart+ achieved record Q2 net adds
- Walmart U.S. comp sales +2.6% driven by transaction growth and unit volumes
- Sam's Club U.S. comp sales +4.4% (ex-fuel) with transaction growth of 7.0%
- Marketplace sales up 52% in Walmart U.S.
- China net sales grew 20.7% cc with comp sales of 9.7%
- Share gains continued across categories and income tiers, led by upper-income households
“Our team delivered another good quarter, and we continue to make steady progress on the long-term value drivers of our business. Our multi-year growth in eCommerce is evidence that customers are choosing Walmart because we deliver price, speed, and convenience across a broad assortment. At Walmart, they can have it all.”
Walmart CEO, on the earnings call
Forward Guidance & Outlook
Walmart raised its full-year FY27 guidance: net sales growth of 4.0%-5.0% in constant currency (up from 3.5%-4.5%), adjusted operating income growth of 7.0%-8.5% cc (up from 6.0%-8.0%), and adjusted EPS of $2.80-$2.87 (up from $2.75-$2.85). Capital expenditures guidance raised to approximately 4.0% of net sales (from 3.5%). Adjusted interest, net expected to increase approximately $200M-$300M, and effective tax rate approximately 23.5%-24.5% (both unchanged). For Q3 FY27, net sales expected to grow 3.0%-3.75% cc, operating income to grow 2.0%-4.0% cc, and adjusted EPS of $0.62-$0.64. Q3 sales guidance includes an expected headwind of over 100 basis points from a timing shift of Flipkart's Big Billion Days between Q3 and Q4. The company's operating income outlook reflects continued prioritization of tariff refunds received in Q2 into customer experience and price investments in the second half.
WMT YoY Financials
WMT Revenue by Segment
WMT Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.