Walmart Inc.

08/20/2026 | Press release | Distributed by Public on 08/20/2026 05:11

Walmart Releases Q2 FY27 Earnings

Walmart Releases Q2 FY27 Earnings

We are delivering on our strategy, powered by speed and scale.

Total revenues
Q2 FY27
5.9%
Q2 FY27 (constant currency)1
5.1%
Operating income
Q2 FY27
28.8%
Q2 FY27 adjusted2 (constant currency)1
17.4%
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We drove strong sales globally, led by digital. We're growing faster, strengthening the economics of the business, and building a Walmart that's even more durable for the future.

Building
customer trust

Delivering value and convenience to customers and members through our omnichannel strategy.

Global eCommerce
23%
Driven by strong demand for convenient, fast delivery

Evolving
business mix

Diversifying revenue and profit sources, while strengthening our omnichannel leadership position.

Global advertising3
38%
Walmart Connect in the
U.S. grew 43% (excluding VIZIO)

Driving
higher returns

Targeting growth investments toward areas of higher return, while managing costs through disciplined execution.

Return on assets
8.0%
Return on investment4
15.4%

Investing
in our future

Increasing competitive advantages, innovating new customer and member experiences while deploying productivity-enabling technologies.

~23%
Mix represented by
eCommerce sales in Walmart U.S.
Comp sales growth5
2.6%
(excluding fuel)
Comp sales growth5
4.4%
(excluding fuel)
Net sales growth
7.9%
(constant currency)1

Walmart U.S.

Q2 FY27 performance in Walmart U.S. reflected the strength of our strategy, with strong growth across digital and sustained eCommerce momentum. Store-fulfilled delivery increased 40% in the quarter, alongside more than 50% growth in marketplace net sales during the same period. Core merchandise categories continued to grow consistently with prior trends, with market share gains across income cohorts. Comp sales, setting aside a negative 125bps impact from Maximum Fair Pricing legislation in pharmacy, were steady with prior periods.

24%
Walmart U.S. eCommerce growth

Sam's Club U.S.

Sam's Club U.S. delivered solid momentum in Q2 FY27 with sales strength in key categories, increased transactions, and steady membership growth. Members leaned into speed and convenience options - demonstrated by strong eCommerce growth, including club-fulfilled delivery, along with increased adoption of Scan and Go. Membership growth reflects steady growth in member accounts and Plus membership penetration.

26%
Sam's Club U.S. eCommerce growth

Walmart International

Walmart International delivered strong top-line results, with double-digit sales increases across key merchandise categories. Digital was an enabler this quarter, with digital mix up across markets. Operating income growth was driven by strong improvements in eCommerce economics led by China, India, and Canada. Membership fee revenue grew with strength in key markets. Sam's Club China hit record highs in member counts in Q2 FY27, with strong relative performance in the Sam's Club format in Mexico. Advertising business grew 20%, led by Flipkart Ads.

19%
Walmart International
eCommerce growth

Business model getting
stronger, more durable

We continue to evolve our business mix, while building capabilities that are scalable across markets. Marketplace, fulfillment services, membership, advertising and other commerce solutions are strengthening our business and improving the economics of the company. In Q2 FY27, momentum in marketplace and fulfillment services continued, as nearly 50% of the marketplace business flowed through fulfillment services. In Q2 FY27, we expanded our marketplace platform into markets outside the U.S.

17%
Global membership fee revenue

Delivering value
and convenience

Everything we do starts with serving customers and members. We are building trust through having the best prices on a basket of goods. The Walmart U.S. team delivered more than 11,000 rollbacks during Q2 FY27. The company received nearly $2.9B in IEEPA tariff refunds and prioritized investment in price during the period. We're investing in prices because customers are looking to us for value. At the same time, we're investing in technology and tech-powered solutions that help make the Walmart experience faster, more convenient and personalized - while expanding the number of occasions where Walmart can serve customers.

Operating
with discipline

Our long-term growth strategy is clear and we continue to execute. We remain focused on serving customers and members better, while managing the economics of the business and reinvesting in long-term strategic value drivers that position us for sustained growth over the long term. Adjusted operating income2 growth in constant currency1 of ~17% in Q2 included a 750bps net benefit from tariff refunds received. Setting aside this benefit, underlying operating income growth was at the top end of our 7-10% guidance. Our business model is only getting stronger and more durable - and this gives us confidence to raise our sales and operating income growth guidance for the year.

$19.7B
Operating cash flow
$5.5B
Free cash flow6

Related financial news

Find out more about previous earnings announcements, investments and other news from FY27.

Transforming
customer experience

Walmart opens Walmart.com to International Customers, unlocking access to hundreds of thousands of items with shipping available to Mexico. This milestone expands marketplace assortment - delivering greater convenience, value and choice to more customers around the world.

Saving members
time and money

Walmart and Sam's Club lower prices to help customers and members make the most out of summer. Lower prices on beef, grilling essentials and thousands of summer favorites help customers and members save on everything from weekly groceries to family road trips.

Expanding customer
and member choice

In service of our communities, we delivered on new ways to bring a wider assortment of items to customers' doorsteps - quickly. Walmart added express delivery from in-store restaurants, starting with Subway.

  1. Constant Currency is a non-GAAP measure. See additional information at the end of the release regarding non-GAAP financial measures.

  2. Adjusted Operating Income is a non-GAAP measure. See additional information at the end of the release regarding non-GAAP financial measures.

  3. Our global advertising business is recorded in either net sales or as a reduction to cost of sales, depending on the nature of the advertising arrangement.

  4. Calculated for the trailing 12 months ended July 31, 2026. ROI is considered a non-GAAP financial measure. See additional information at the end of the release regarding non-GAAP financial measures.

  5. Comp sales for the 13-week period ended July 31, 2026, compared to the 13-week period ended August 1, 2025, and excludes fuel. See Supplemental Financial Information for additional information.

  6. Free cash flow is a non-GAAP measure. See additional information at the end of the release regarding non-GAAP financial measures.

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Walmart Inc. published this content on August 20, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on August 20, 2026 at 11:12 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]