Walmart Inc. reported second-quarter results Aug. 20, showing revenue growth of 5.9 percent, or 5.1 percent in constant currency, and highlighting global e-commerce sales growth of 23 percent, with strength across segments.
Walmart U.S. comparable sales grew 2.6 percent, led by growth in transactions and including an 80 basis point headwind from health and wellness. The company issued guidance for the third quarter and raised its outlook for the fiscal year. For the third quarter, net sales are expected to grow 3.0 percent to 3.75 percent and adjusted operating income to grow 2.0 percent to 4.0 percent, in constant currency.
Net sales for fiscal year 2027 are expected to grow 4.0 percent to 5.0 percent and adjusted operating income to grow 7.0 percent to 8.5 percent, also in constant currency. Adjusted earnings per share are expected to be 62 cents to 64 cents for the third quarter and $2.80 to $2.87 for fiscal year 2027.
“Our team delivered another good quarter, and we continue to make steady progress on the long-term value drivers of our business,” said John Furner, president and CEO of Walmart. “Our multi-year growth in e-commerce 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.”
Second-quarter highlights:
- Revenue of $187.9 billion, up 5.9 percent, or 5.1 percent in constant currency
- Global e-commerce sales grew 23 percent, led by store-fulfilled pickup and delivery and marketplace
- Global advertising business up 38 percent, with strength across segments; Walmart U.S. advertising up 38 percent
- Membership fee revenue grew 17 percent globally
- Gross profit rate up 96 basis points, led by Walmart U.S., primarily impacted by tariff refund impacts noted below
- Operating income up $2.1 billion, or 28.8 percent, up 17.4 percent adjusted in constant currency, which includes the impact of tariff refunds received, partially offset by price investments in the quarter. Setting aside this net impact, underlying operating income growth was at the top end of guidance. The outlook reflects the continued prioritization of remaining tariff refunds into price investments
- Adjusted earnings per share of 81 cents excludes the impact, net of tax, from a net loss of 12 cents on equity and other investments, and a net benefit of 11 cents from a certain tax matter
- Return on assets at 8.0 percent; return on investment at 15.4 percent
- Global inventory up 6.7 percent, up 6.0 percent in constant currency, due to strategic initiatives and inflation
About Walmart
Bentonville, Arkansas-based Walmart is an omnichannel retailer helping approximately 280 million customers and members each week visit more than 10,900 stores and numerous e-commerce websites in 19 countries. With fiscal year 2026 revenue of $713 billion, Walmart employs approximately 2.1 million associates worldwide.