Jul 2026 (Q2 FY27) — Aug 20, 2026
Walmart Q2 FY27 — Strong Omni-Channel Growth and Strategic Investments Drive Share Gains
Read the full callWalmart (WMT) earnings
- Jul 2026
- Jul 2026 (Q2 FY27)
- Jan 2026
Walmart earnings: last reported Thu, 20 Aug 2026, for the quarter ended Jul 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 187,937 | +5.9% YoY | Quarterly, as filed | Quarter to Jul 2026 | Revenue from operations as filed. |
| Operating margin | 5.0 | +0.9 pts YoY | Operating profit / revenue | Quarter to Jul 2026 | For the quarter; a change is in percentage points. |
| Net profit | 6,366 | −9.4% YoY | Quarterly, as filed | Quarter to Jul 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
24 of 30 judged targets kept · 20 open · verdicts reflect calls analysed to Apr 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Consolidated adjusted operating income growth | 4% to 6% | Jan 2026 | First quarter adjusted operating income growth in constant currency of approximately 5% was in line with our guidance | Achieved |
| Adjusted EPS | $0.63 to $0.65 | Jan 2026 | The Q1 FY27 call gives Q1 sales and operating income growth against guidance and forward EPS guidance ($0.72-$0.74 for Q2), but never states the Q1 adjusted EPS actually delivered. | Ghosted |
| Adjusted EPS | $2.75 to $2.85 | Jan 2026 | For Q2, we expect EPS of $0.72 to $0.74 and full year EPS in the range of $2.75 to $2.85. | On Track |
6 of Walmart Inc.'s 50 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 47 more targets are in the full ledger.
Claimed
- Enterprise net sales grew 5% in constant currency, reaching the top end of guidance.
- Global e-commerce net sales increased 23%, marking the tenth consecutive quarter of over 20% growth for Walmart U.S.
- Adjusted operating income grew 17.4% in constant currency, with underlying growth at the top end of 7%-10% guidance excluding tariff benefits.
- Walmart U.S. e-commerce achieved double-digit incremental margins for the first half of the year.
- Membership fee revenue reached an all-time high, up 17% globally, with Walmart+ seeing its best first half of membership growth.
Qualified
- Walmart U.S. comp sales were negatively impacted by 125 basis points due to maximum fair pricing regulation on certain drugs.
- Inventory increased 6% in constant currency, slightly higher than total enterprise sales growth.
- More than $2 billion of incremental fuel-related costs are expected for the year, exceeding original guidance assumptions.
- Cost related to the acquisition and integration of Vibe are expected to be an approximate 20 basis points headwind to OI growth.
- In-store comps were down low single digits in Q2, consistent with a trend that began in late Q4 last year, primarily due to health and wellness impacts.
Price
$118.7 −0.09% · −$0.11
Performance +10.2% 1Y
1Y: $107.73 on 17 Oct 2025 → $118.7. High $134.2 (19 May 2026), low $100.61 (19 Nov 2025).
- Previous close
- $118.81
- 52-week range
- $100.61 – $134.2
- One year
- +10.88%
Overview
- Symbol
- WMT
- Sector
- Consumer Staples
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
24 of 30 judged targets kept · 20 open · verdicts reflect calls analysed to Apr 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Consolidated adjusted operating income growth | 4% to 6% | Jan 2026 | First quarter adjusted operating income growth in constant currency of approximately 5% was in line with our guidance | Achieved |
| Adjusted EPS | $0.63 to $0.65 | Jan 2026 | The Q1 FY27 call gives Q1 sales and operating income growth against guidance and forward EPS guidance ($0.72-$0.74 for Q2), but never states the Q1 adjusted EPS actually delivered. | Ghosted |
| Adjusted EPS | $2.75 to $2.85 | Jan 2026 | For Q2, we expect EPS of $0.72 to $0.74 and full year EPS in the range of $2.75 to $2.85. | On Track |
Claimed
- Enterprise net sales grew 5% in constant currency, reaching the top end of guidance.
- Global e-commerce net sales increased 23%, marking the tenth consecutive quarter of over 20% growth for Walmart U.S.
- Adjusted operating income grew 17.4% in constant currency, with underlying growth at the top end of 7%-10% guidance excluding tariff benefits.
- Walmart U.S. e-commerce achieved double-digit incremental margins for the first half of the year.
- Membership fee revenue reached an all-time high, up 17% globally, with Walmart+ seeing its best first half of membership growth.
Qualified
- Walmart U.S. comp sales were negatively impacted by 125 basis points due to maximum fair pricing regulation on certain drugs.
- Inventory increased 6% in constant currency, slightly higher than total enterprise sales growth.
- More than $2 billion of incremental fuel-related costs are expected for the year, exceeding original guidance assumptions.
- Cost related to the acquisition and integration of Vibe are expected to be an approximate 20 basis points headwind to OI growth.
- In-store comps were down low single digits in Q2, consistent with a trend that began in late Q4 last year, primarily due to health and wellness impacts.
The full ledger
Open Walmart Inc.’s full ledger
A free account opens 5 company ledgers a month. All 50 tracked commitments, with each call’s wording and source.
Call summaries
Apr 2026 (Q1 FY27) — May 21, 2026
Walmart Q1 FY27 — Transaction-led share gains and platform profits absorb a fuel-cost shock
Read the full callJan 2026 (Q4 FY26) — Feb 19, 2026
Walmart Q4 FY26 — Strong Omnichannel Growth and Profitability
Read the full callEvery analysed call
Walmart earnings calls (WMT)
Financials
What the filings say
Net profit, year on year: −9% (quarter to jul 2026 against jul 2025).
| Line item | Oct 2024 | Jan 2025 | Apr 2025 | Jul 2025 | Oct 2025 | Jan 2026 | Apr 2026 | Jul 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 169,588 | 180,554 | 165,609 | 177,402 | 179,496 | 190,656 | 177,751 | 187,937 |
| Operating profit | 6,708 | 7,859 | 7,135 | 7,286 | 6,696 | 8,708 | 7,493 | 9,383 |
| Operating margin | 4.0% | 4.3% | 4.3% | 4.1% | 3.7% | 4.6% | 4.2% | 5.0% |
| Other income | -132 | -294 | -597 | 2,708 | 2,081 | -2,117 | 275 | -1,200 |
| Profit before tax | 6,098 | 6,963 | 5,994 | 9,319 | 8,186 | 5,970 | 7,148 | 8,012 |
| Tax rate | 22.7% | 22.1% | 22.6% | 23.3% | 25.6% | 26.4% | 23.2% | 18.5% |
| Net profit | 4,577 | 5,254 | 4,487 | 7,026 | 6,143 | 4,237 | 5,330 | 6,366 |
| EPS ($ per share) | 0.57 | — | 0.56 | 0.88 | 0.77 | — | 0.67 | 0.80 |
| Line item | Jan 2019 | Jan 2020 | Jan 2021 | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 288 | 284 | 282 | 276 | 808 | 805 | 802 | 797 |
| Reserves | 80,785 | 83,943 | 88,763 | 86,904 | 83,135 | 89,814 | 98,313 | 104,774 |
| Total liabilities | 139,661 | 154,943 | 164,965 | 152,969 | 159,443 | 162,050 | 163,402 | 178,781 |
| Fixed assets | 104,317 | 105,208 | 92,201 | 94,515 | 100,760 | 110,810 | 119,993 | 136,083 |
| Total assets | 219,295 | 236,495 | 252,496 | 244,860 | 243,197 | 252,399 | 260,823 | 284,668 |
| Line item | Jan 2019 | Jan 2020 | Jan 2021 | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 27,753 | 25,255 | 36,074 | 24,181 | 28,841 | 35,726 | 36,443 | 41,565 |
| Cash from investing | -24,036 | -9,128 | -10,071 | -6,015 | -17,722 | -21,287 | -21,379 | -26,350 |
| Cash from financing | -2,537 | -14,299 | -16,117 | -22,828 | -17,039 | -13,414 | -14,822 | -13,553 |
| Net cash flow | 742 | 1,759 | 10,121 | -4,802 | -5,993 | 1,094 | -399 | 1,785 |
| Capital expenditure | -10,344 | -10,705 | -10,264 | -13,106 | -16,857 | -20,606 | -23,783 | -26,642 |
| Free cash flow | 17,409 | 14,550 | 25,810 | 11,075 | 11,984 | 15,120 | 12,660 | 14,923 |
WMT revenue by segment
| Segment | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | Q4 FY2026 | Q1 FY2027 | Q2 FY2027 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Walmart US | — | 69% | 68% | 69% | 68% | 69% | 67% | 67% | +3.5% |
| Walmart International | — | 18% | 18% | 18% | 19% | 19% | 20% | 19% | +12.8% |
| Sams Club US | — | — | 14% | 13% | 13% | 12% | 13% | 14% | +8.8% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
WMT operating KPIs by quarter
| KPI | Oct 2025 Q3 FY26 | Jan 2026 Q4 FY26 | Change vs prior quarter |
|---|---|---|---|
| Employees | 2.1MJohn, you have 2.1 million associates standing behind you as you lead us in this next chapter.Source: earnings call transcript | 2M+And then finally, I just want to thank our associates all around the world, over 2 million people who are working really hard each and every day to serve our customers.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2027 · share of revenue
- Mexico and Central America 8% ↓ 1 pt
- CN 4% ↑ 1 pt
- Other 4%
- CA 3%
As WMT cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
271 filings between Oct 20, 2025 and Oct 15, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$2.95B
111 sales by 12 insiders
61% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 69
- Award — granted as compensation
- 67
- Tax withheld — shares kept back by the company to cover tax
Also filed: 18 other filings, 6 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Walton Family Holdings Trust | — | $2.88B | Jun 16, 2026 |
| McMillon C Douglas | — | $18.42M | May 28, 2026 |
| Furner John R. | — | $14.00M | Oct 15, 2026 |
| Morris Donna | — | $10.56M | Feb 3, 2026 |
| Nicholas Christopher James | — | $6.52M | Oct 15, 2026 |
| Danker Daniel | — | $5.86M | Aug 26, 2026 |
| Rainey John D | — | $5.47M | Mar 2, 2026 |
| Watkins Latriece | — | $3.10M | Oct 14, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 15, 2026 | Nicholas Christopher James Executive Vice President | Sale 10b5-1 plan | 1,600 | $192.5K |
| Oct 15, 2026 | Furner John R. President & CEO | Sale 10b5-1 plan | 6,036 | $729.9K |
| Oct 15, 2026 | Furner John R. President & CEO | Sale 10b5-1 plan | 7,089 | $853.0K |
| Oct 15, 2026 | Nicholas Christopher James Executive Vice President | Sale 10b5-1 plan | 1,300 | $157.2K |
| Oct 14, 2026 | Watkins Latriece Executive Vice President | Sale 10b5-1 plan | 5,000 | $575.0K |
| Oct 6, 2026 | Milum Dwayne M SVP & Controller | Tax withheld | 122 | $12.8K |
| Oct 6, 2026 | Guggina David W Executive Vice President | Tax withheld | 118 | $12.4K |
| Oct 6, 2026 | Watkins Latriece Executive Vice President | Tax withheld | 227 | $23.9K |
| Oct 6, 2026 | Dallaire Seth Executive Vice President | Tax withheld | 387 | $40.6K |
| Oct 1, 2026 | Bartlett Daniel J Executive Vice President | Sale 10b5-1 plan | 3,990 | $416.6K |
| Sep 30, 2026 | Mehrotra Shishir Director | Award | 277 | $0 |
| Sep 30, 2026 | Moritz Robert Edward Jr. Director | Award | 361 | $0 |
| Sep 30, 2026 | Harris Carla A Director | Award | 168 | $0 |
| Sep 30, 2026 | Walton Steuart L Director | Award | 337 | $0 |
| Sep 30, 2026 | MAYER MARISSA A Director | Award | 277 | $0 |
| Sep 30, 2026 | Conde Cesar Director | Award | 277 | $0 |
| Sep 30, 2026 | STEPHENSON RANDALL L Director | Award | 457 | $0 |
| Sep 30, 2026 | Friar Sarah Director | Award | 337 | $0 |
| Sep 30, 2026 | Penner Gregory Boyd Director | Award | 547 | $0 |
| Sep 17, 2026 | Furner John R. President & CEO | Sale 10b5-1 plan | 7,080 | $754.0K |
| Sep 17, 2026 | Furner John R. President & CEO | Sale 10b5-1 plan | 6,045 | $645.9K |
| Sep 17, 2026 | Nicholas Christopher James Executive Vice President | Sale 10b5-1 plan | 1,505 | $160.3K |
| Sep 17, 2026 | Nicholas Christopher James Executive Vice President | Sale 10b5-1 plan | 1,395 | $149.0K |
| Sep 8, 2026 | Guggina David W Executive Vice President | Tax withheld | 118 | $12.6K |
| Sep 8, 2026 | Milum Dwayne M SVP & Controller | Tax withheld | 121 | $13.0K |
| Sep 8, 2026 | Watkins Latriece Executive Vice President | Tax withheld | 227 | $24.3K |
| Sep 8, 2026 | Dallaire Seth Executive Vice President | Tax withheld | 387 | $41.4K |
| Sep 1, 2026 | Bartlett Daniel J Executive Vice President | Sale 10b5-1 plan | 3,950 | $415.3K |
| Aug 26, 2026 | Danker Daniel Executive Vice President | Sale 10b5-1 plan | 50,644 | $5.34M |
| Aug 25, 2026 | Danker Daniel Executive Vice President | Tax withheld 10b5-1 plan | 52,459 | $5.59M |
| Aug 20, 2026 | Nicholas Christopher James Executive Vice President | Sale 10b5-1 plan | 2,900 | $308.4K |
| Aug 11, 2026 | Watkins Latriece Executive Vice President | Tax withheld | 227 | $25.6K |
| Aug 11, 2026 | Dallaire Seth Executive Vice President | Tax withheld | 387 | $43.6K |
| Aug 11, 2026 | Milum Dwayne M SVP & Controller | Tax withheld | 121 | $13.7K |
| Aug 11, 2026 | Guggina David W Executive Vice President | Tax withheld | 118 | $13.3K |
| Aug 3, 2026 | Bartlett Daniel J Executive Vice President | Sale 10b5-1 plan | 3,710 | $419.6K |
| Jul 16, 2026 | Nicholas Christopher James Executive Vice President | Sale 10b5-1 plan | 1,639 | $186.6K |
| Jul 16, 2026 | Nicholas Christopher James Executive Vice President | Sale 10b5-1 plan | 1,261 | $144.4K |
| Jul 14, 2026 | Milum Dwayne M SVP & Controller | Tax withheld | 121 | $13.9K |
| Jul 14, 2026 | Guggina David W Executive Vice President | Tax withheld | 118 | $13.5K |
| Jul 14, 2026 | Dallaire Seth Executive Vice President | Tax withheld | 387 | $44.4K |
| Jul 14, 2026 | Watkins Latriece Executive Vice President | Tax withheld | 227 | $26.1K |
| Jul 1, 2026 | Bartlett Daniel J Executive Vice President | Sale 10b5-1 plan | 3,775 | $413.9K |
| Jun 30, 2026 | Penner Gregory Boyd Director | Award | 502 | $56.9K |
| Jun 30, 2026 | Walton Steuart L Director | Award | 309 | $35.0K |
| Jun 30, 2026 | Moritz Robert Edward Jr. Director | Award | 276 | $31.3K |
| Jun 30, 2026 | Conde Cesar Director | Award | 254 | $28.8K |
| Jun 30, 2026 | Harris Carla A Director | Award | 155 | $17.6K |
| Jun 30, 2026 | STEPHENSON RANDALL L Director | Award | 419 | $47.5K |
| Jun 30, 2026 | Friar Sarah Director | Award | 309 | $35.0K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
Your own record
Start an Inve Case for Walmart Inc.
Free account. Everything above stays public.
Write why you follow Walmart Inc. and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
Keep reading
Other companies in Consumer Staples
Nearest to Walmart by market cap among the sector's top 20 companies at Q2 2026.