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DTSTART;TZID=America/New_York:20260820T120000
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DTSTAMP:20260825T104626Z
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UID:1326-1787227200-1787230800@www.financecalendar.com
SUMMARY:WMT Earnings August 2026
DESCRIPTION:WMT Quarterly Earnings: Adj. EPS $0.81 (beat $0.75 consensus); Revenue $187.9bn (beat $186.94bn guidance); Walmart US comp sales +2.6% (missed ~3.7% estimate); Operating income +28.8% (incl. ~$2.9bn one-time tariff refund); FY2027 EPS guidance raised to $2.80-$2.87 (Thursday\, August 20\, 2026 at 12:00 pm ET (5:00 pm London)). \n\nConsensus\nEPS $0.72-$0.74 (company guidance)\, analyst consensus $0.75; Revenue ~$186.9bn\nActual\nAdj. EPS $0.81 (beat $0.75 consensus); Revenue $187.9bn (beat $186.94bn guidance); Walmart US comp sales +2.6% (missed ~3.7% estimate); Operating income +28.8% (incl. ~$2.9bn one-time tariff refund); FY2027 EPS guidance raised to $2.80-$2.87\n\nUpdated August 25\, 2026 \n\nWalmart (NYSE: WMT) published its Q2 FY2027 earnings results on Thursday\, 20 August 2026\, before market open\, reporting adjusted earnings per share of $0.81 against an analyst consensus of $0.75. Total revenue of $187.9 billion exceeded guidance\, though Walmart US comparable store sales grew just 2.6% (excluding fuel)\, falling short of the approximately 3.7% estimate. WMT shares fell 9.1% on the day as investors focused on the quality of the earnings beat and soft Q3 guidance. Full results\, market reaction\, and analysis are set out below. \nAt a Glance\n\n\n\nEarnings Date\nThursday\, August 20\, 2026\n\n\nRelease Time\nBefore market open (7:00 AM CT)\n\n\nFiscal Quarter\nQ2 FY2027 (ended July 31\, 2026)\n\n\nAnalyst EPS Consensus\n$0.75\n\n\nCompany Revenue Guidance\n$186.94bn\n\n\nMarket Impact\nMedium\n\n\n\nWhat Is the Walmart Q2 FY2027 Earnings Report?\nWalmart Inc. is the world’s largest retailer by revenue\, operating over 10\,500 stores across 19 countries under banners including Walmart\, Sam’s Club\, and Flipkart. Its fiscal year runs from February 1 to January 31\, meaning Q2 FY2027 covers the three months from May 1 to July 31\, 2026. Walmart reports quarterly earnings four times per year\, with results typically released before market open followed by a management conference call for investors and analysts. \nAs the largest single employer in the United States and a dominant force in consumer staples and grocery retail\, Walmart’s earnings are widely treated as a barometer for the health of the American consumer. The company’s ability to maintain or grow comparable store sales across income segments provides a direct read on spending patterns that neither government data nor any other single retailer can match. Walmart has increasingly disclosed granular data on customer income demographics\, making its commentary on consumer behaviour a data source that economists\, policymakers\, and market strategists analyse closely. \nThe Q2 FY2027 report will cover a quarter that spans the late-spring to early-summer period of 2026\, capturing both back-to-school pre-planning spending and the ongoing effects of tariff-driven goods price inflation on consumer purchasing decisions. With fuel costs elevated throughout the quarter and consumer confidence at or near record lows according to the University of Michigan survey\, the interplay between volume and price across Walmart’s categories will be a central focus of the August 20 release. \nWalmart Q2 FY2027: What to Expect\nWalmart provided guidance for Q2 FY2027 during its Q1 FY2027 earnings call in May 2026. The company guided for adjusted earnings per share of $0.72 to $0.74 (USD) for Q2\, compared to the analyst consensus estimate of $0.75. Revenue guidance was set at approximately $186.94 billion. This guidance came slightly below analyst expectations\, with Walmart citing higher fuel costs in distribution and fulfilment as a 250 basis point drag on operating income and expressing caution about whether lower-income consumers would pull back further as gas prices remained elevated. \nIn Q1 FY2027\, Walmart delivered revenue of $177.8 billion (a 7.3% year-over-year increase that beat analyst expectations of $174.98 billion)\, with adjusted EPS of $0.66 in line with consensus. Comparable US store sales rose 4.1%\, excluding fuel\, ahead of the expected 3.85%. E-commerce volume grew 26% and the advertising segment expanded 37%. The Q1 result demonstrated that Walmart’s scale and everyday-low-price positioning allow it to attract cost-conscious consumers even in a high-inflation environment. \nFor Q2\, analysts will assess whether Walmart can sustain the revenue momentum while managing fuel\, labour\, and tariff-related cost pressures. The company’s pharmacy division\, membership-based Sam’s Club\, and high-growth Walmart+ subscription service will all be scrutinised for signals of structural revenue diversification beyond core grocery and general merchandise. \nWhat to Watch For\nThe Q2 FY2027 earnings report will be evaluated across several key dimensions: \n\nBeat on EPS and Revenue: If Walmart reports adjusted EPS above $0.75 and revenue above $186.94 billion\, the market is likely to react positively. A beat would signal that Walmart’s cost management is effective and that consumer demand remains robust enough to absorb higher prices. Shares could rise 2% to 4% in early trading\, and other large-cap retailers may benefit from read-across sentiment.\nIn Line with Guidance: EPS in the $0.72 to $0.74 range with revenue near $186.94 billion would confirm guidance but fall short of analyst consensus\, likely producing a muted or slightly negative share price reaction. Attention would shift to FY2027 full-year guidance and management commentary on the consumer outlook.\nMiss on EPS or Revenue: A miss below guidance would be a significant negative signal. Given that Walmart had already set conservative guidance\, a miss would raise concerns that consumer demand is weakening more sharply than expected. Shares could fall 3% to 6%\, and the negative read-across to other consumer-facing companies could pressure the broader retail sector.\n\nOutcome: Walmart beat on both adjusted EPS ($0.81 vs $0.75 consensus) and revenue ($187.9bn vs $186.94bn guided)\, placing the result closest to the “Beat on EPS and Revenue” scenario. However\, the stock did not rise as the scenario anticipated. Instead WMT fell 9.1%\, because markets focused on the soft Walmart US comparable store sales (+2.6% vs ~3.7% expected)\, the non-recurring tariff refund that inflated operating income\, and Q3 adjusted EPS guidance of $0.62-$0.64 that was below consensus. The 9.1% decline exceeded even the “Miss” scenario’s projected 3%-6% fall\, illustrating that guidance quality and earnings mix mattered more than the headline beat. \nBeyond the headline numbers\, the conference call commentary from Walmart’s management team on consumer behaviour will be of particular value. Any changes in the mix of spending between grocery and general merchandise\, signals of lower-income consumer stress\, or updates to the trajectory of fuel and logistics costs will influence market interpretation of the results and of the broader consumer spending outlook for Q3 2026. \nResults: WMT Earnings August 2026\nWalmart reported adjusted earnings per share of $0.81 for Q2 FY2027\, beating the analyst consensus of $0.75 and comfortably above the company’s own guidance range of $0.72 to $0.74. Total revenue reached $187.9 billion\, up 5.9% year-on-year and above the guided figure of $186.94 billion. Reported operating income rose 28.8% to $9.4 billion\, though analysts noted this included an estimated $2.9 billion one-time benefit from tariff refunds\, a figure that is not expected to recur in subsequent quarters. \nWalmart US comparable store sales grew 2.6% (excluding fuel)\, missing the analyst estimate of approximately 3.7%. Transaction growth was +1.5% and average ticket growth +1.1%. Sam’s Club US comparable sales grew 4.4% (excluding fuel)\, driven by 7.0% transaction growth. E-commerce growth and advertising revenue expansion continued at elevated rates. Walmart raised its FY2027 full-year guidance: net sales growth of 4.0% to 5.0% (from 3.5% to 4.5%)\, adjusted operating income growth of 7.0% to 8.5% (from 6.0% to 8.0%)\, and adjusted EPS of $2.80 to $2.87 (from $2.75 to $2.85). Q3 adjusted EPS guidance was set at $0.62 to $0.64\, a figure below consensus that became the primary driver of the negative market reaction. \nSources: Walmart Inc. Q2 FY2027 earnings press release\, corporate.walmart.com\, 20 August 2026; SEC Form 8-K\, earningsreleasefy27q2.htm; CNBC earnings analysis\, 20 August 2026. \nMarket Reaction\nWMT shares fell 9.1% on 20 August 2026\, declining from approximately $114 at the prior close to around $103.84 by the end of the session. This was Walmart’s worst earnings-day stock reaction in 10 consecutive quarters and the fourth consecutive negative share price response on an earnings day. Three factors drove the decline: the comparable store sales miss in the US core business\, market scepticism about the tariff-refund component of operating income\, and Q3 EPS guidance of $0.62 to $0.64 that signalled the outsized boost was not repeating. Notably\, Walmart had repurchased 25.7 million shares at an average price of $117.61 during Q2\, meaning the buyback occurred at prices well above the post-results market level. \nThe broader equity market declined. The Dow Jones Industrial Average fell 1.3% (approximately 700 points)\, the Nasdaq Composite fell 1.0%\, and the S&P 500 fell 0.8%. The 10-year US Treasury yield rose 4 basis points to 4.69% and the 30-year yield rose 4 basis points to 5.24%. Retail sector stocks broadly fell in sympathy with Walmart. Markets partially recovered the following day\, with the S&P 500 gaining 0.43%\, the Nasdaq 0.43%\, and the Dow 0.98%. \nKey Takeaways From the Statement\nChief executive John Furner said Walmart had seen “unprecedented growth” in advertising\, membership\, and data services over the past two decades\, highlighting the diversification of revenue beyond core retail. Chief financial officer John David Rainey described the business model as “only getting stronger and more durable.” Management cited elevated fuel prices (Brent crude near $93 per barrel during the quarter) as a headwind for lower-income consumers and noted customers were making “trade-offs” in discretionary purchasing. \nThe company confirmed it has continued to attract higher-income consumers (households earning above $100\,000 annually)\, a demographic shift that analysts at Coresight Research described as a structural positive. The Q3 guidance\, however\, made clear that the tariff-refund benefit was a one-time item and that full-year EPS guidance\, while raised\, reflected a more modest underlying trajectory than the headline Q2 beat suggested. Management did not signal any change in the pace of store openings or capital investment programmes. \nWhat It Means for Your Money\nThe Q2 FY2027 result illustrates how earnings quality can matter as much as headline numbers. Walmart beat on both EPS and revenue\, and raised full-year guidance\, yet the stock fell more sharply than it would have on an outright miss. The core issue is that the $2.9 billion tariff-refund benefit was non-recurring: strip it out\, and the operating income picture looks more modest. The Walmart US comparable store sales reading of +2.6% pointed to a US consumer that is still spending\, but with growing selectivity\, particularly at lower income levels where fuel costs are a proportionally larger burden. \nFor investors in Walmart specifically\, UBS analyst Michael Lasser argued the decline represented “a good opportunity\,” noting the underlying EBITDA met the high end of guidance even excluding the tariff refund\, and that structural advantages in grocery\, e-commerce\, and advertising remain intact. For those watching the broader economy\, Walmart’s result is consistent with a picture of cautious but resilient US consumer spending\, with meaningful divergence between income cohorts. With the Jackson Hole Economic Symposium beginning on 27 August\, this consumer data point will form part of the backdrop against which central bankers assess the economic outlook. \nKey Metrics to Monitor\nComparable store sales (comp sales) in the United States\, excluding fuel\, are the single most closely watched sub-metric. Comp sales measure year-over-year revenue growth at stores open for at least one year\, stripping out the effect of new store openings. A reading of 3% or above would generally be considered solid; a reading below 2% would raise concern. Sam’s Club comparable sales and the membership fee revenue trend will also be relevant signals for the premium consumer segment. \nOperating margin is another key focus. Walmart has been navigating elevated distribution costs\, minimum wage increases\, and tariff-driven supply chain expense. Any improvement in operating margin year-over-year would be a positive signal for future earnings sustainability. E-commerce as a share of total sales continues to grow and will be watched for its impact on profitability\, since online fulfilment remains more expensive per unit than in-store sales for most categories. \nHistorical Results\n\n\n\nQuarter\nRevenue\nAdj. EPS\nUS Comp Sales (ex-fuel)\n\n\n\n\nQ1 FY2027 (May 2026)\n$177.8bn\n$0.66\n+4.1%\n\n\nQ2 FY2027 (Aug 2026)\n$187.9bn\n$0.81\n+2.6%\n\n\n\nSource: Walmart Inc. official earnings releases and investor relations communications. Historical quarterly series for prior FY2026 quarters not fully available in verified sources at time of writing. \nMarket Positioning\nWalmart shares tend to trade with relatively low volatility compared to other large-cap earnings events\, given the company’s defensive positioning and predictable business model. However\, in an environment where consumer spending signals are actively scrutinised\, the Q2 results could have broader market implications. The earnings report will arrive one week before the Jackson Hole Economic Symposium (August 27-29)\, meaning Walmart’s consumer commentary could shape the market’s economic narrative heading into the most important central banking event of the summer. \nInstitutional investors will also watch for any update to Walmart’s FY2027 full-year guidance. The company’s full-year EPS guidance of $2.75 to $2.85 fell below the analyst consensus of $2.92\, creating a potential upside catalyst if Q2 performance enables a guidance raise. A narrowing of the gap between company guidance and consensus\, or an outright upgrade\, would be a meaningful positive signal for Walmart shares and the consumer sector broadly. \nRelated Events\n\nUS Retail Sales August 2026 – Released August 14\, providing the official government retail spending data for July that will form part of the backdrop for Walmart’s Q2 report.\nUS Employment Situation August 2026 – Released August 7\, the labour market data provides context for consumer purchasing power ahead of Walmart’s results.\nJackson Hole Economic Symposium 2026 – The August 27-29 gathering will incorporate Walmart’s consumer commentary as part of the broader economic picture discussed by central bankers.\n\nFrequently Asked Questions\nWhen does Walmart report Q2 FY2027 earnings?\nWalmart will release its Q2 FY2027 earnings results on Thursday\, August 20\, 2026\, before market open at 7:00 AM CT (8:00 AM ET). The quarterly earnings materials will be available at approximately 6:00 AM CT on the date of release. A live investor conference call will begin at 7:00 AM CT and will be accessible via the Walmart investor relations website at stock.walmart.com. \nWhat fiscal quarter does the August 2026 report cover?\nThe August 20 report covers Walmart’s Q2 FY2027\, which is the three-month period from May 1\, 2026\, to July 31\, 2026. Walmart’s fiscal year runs from February 1 to January 31\, so the August report is the second of the four quarterly reports for Walmart’s FY2027 financial year. \nWhy is Walmart’s earnings report treated as a consumer spending indicator?\nWalmart is the largest retailer in the United States by sales volume and serves customers across all income groups\, including a disproportionately large share of lower- and middle-income households. Because Walmart’s sales capture a broad cross-section of consumer spending on groceries\, general merchandise\, healthcare\, and fuel\, its results provide a real-time signal of US consumer health that complements official government data. The company’s management commentary on customer behaviour and spending patterns is closely analysed by economists and policymakers as a high-frequency consumer barometer.
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