WALMART · NASDAQ: WMT
Walmart (WMT) Stock Research
Walmart’s latest released quarter is Q2 FY2027, ended July 31, 2026. Revenue rose 5.9% to $187.937 billion and operating income grew strongly, while GAAP EPS fell. Tariff refunds, pricing investment and non-operating items make the earnings bridge important.
- Latest financial period
- Q2 FY2027
- Latest filing
- Aug 28, 2026
- Research updated
- Oct 29, 2026
01
Reported evidence
Latest WMT financial snapshot
Q2 FY2027 · filed Aug 28, 202602
Latest filing analysis
What changed in the latest reported period
Q2 FY2027, ended July 31, 2026, generated $187.937 billion of revenue, up 5.9%. Net sales were $186.100 billion and membership/other income $1.837 billion.
Operating income rose 28.8% to $9.383 billion, helped by tariff refunds, partly reinvested in pricing. The release reports 17.4% adjusted constant-currency growth, a different comparison.
Net income attributable to Walmart fell 9.4% to $6.366 billion and GAAP diluted EPS was $0.80. Operating profit growth and shareholder earnings therefore moved in different directions.
Global eCommerce grew 23%, while Walmart U.S. comparable sales excluding fuel rose 2.6%. First-half operating cash flow of $19.710 billion minus $14.181 billion of cash capex gives $5.529 billion of free cash flow; this covers six months.
03
BasisPilot
Retail demand and the quality of margin growth
Sales mix and consumer demand
U.S. comparable sales excluding fuel increased 2.6%, while global eCommerce grew 23%. These use different scopes and denominators; neither is the growth rate of total group revenue.
Tariff refunds and pricing
Operating income grew 28.8%, supported by refunds partly reinvested in customer prices. The release’s 17.4% adjusted constant-currency growth is a separate measure. Neither growth rate should automatically be treated as a recurring run rate.
Operating profit versus EPS
$9.383 billion operating income led to $6.529 billion consolidated net income and $6.366 billion attributable to Walmart after minority interests. Non-operating gains/losses and taxes help explain why EPS fell while operating income rose.
04
Revenue mix
How Walmart makes money
The bars show net sales $186.100 billion and membership/other income $1.837 billion, reconciling to revenue. They are income-statement categories, not reporting segments. U.S., International and Sam’s Club sales are a different breakdown. Advertising can be recorded in sales or as reduced cost of sales.
05
Cash flow and capital allocation
First-half cash flow and investment intensity
Six months, not a single quarter
$19.710 billion first-half operating cash flow minus $14.181 billion payments for property/equipment equals $5.529 billion free cash flow. Working capital and the timing of inventory payments can affect this measure.
Investment and outlook
The August 20 FY2027 outlook puts capex at approximately 4% of net sales. Stores, fulfillment and technology must earn a return through demand, productivity or mix. The November 19 Q3 earnings event remains future at this review.
06
Historical filings
WMT earnings history
| Period | Revenue | YoY | EPS | Filed |
|---|---|---|---|---|
| Q2 FY2027 | $187.9B | 5.9% | 0.8 | Aug 28, 2026 |
| CY2026Q1 | $175.7B | 7.1% | 0.67 | May 29, 2026 |
The older CY2026Q1 row retains its original standardized snapshot label. Its April 30, 2026 period end belongs to Walmart’s Q1 FY2027. Current labels follow the issuer’s fiscal calendar.
07
Valuation context
What would sustain WMT’s earnings multiple?
Judge recurring retail earnings and investment returns using comparable accounting. No price target or live quote is supplied.
Recurring margin
Separate temporary tariff benefits from repeatable delivery efficiency, advertising and membership economics. Apply growth assumptions to the appropriate business base rather than to every dollar of sales.
Cash after reinvestment
A valuation should allow for inventory needs and continuing store and technology investment. First-half cash flow is useful evidence but not an annual forecast.
08
SEC 13F
Institutional ownership
No matching position is available in BasisPilot's current 13F manager coverage.
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BasisPilot Insights
Latest Walmart research
Peer comparisons: which businesses are comparable?
No matching BasisPilot Insight has been published yet.
10
Decision support
WMT: what could weaken the investment case?
Consumer weakness, pharmacy pricing and merchandise mix can slow comparable sales.
Tariff outcomes and price reinvestment can change reported margins and cash timing.
Delivery costs, competition and capital spending can offset digital and membership growth.
11
FAQ
WMT investor questions
What is Walmart’s latest released quarter?
Q2 FY2027, ended July 31, 2026. Revenue was $187.937 billion and GAAP diluted EPS $0.80. The release was August 20 and the 10-Q August 28.
Why did Walmart operating profit rise faster than sales?
The release identifies tariff-refund benefits, partly reinvested in prices, alongside business-mix changes. Reported operating growth of 28.8% differs from adjusted constant-currency growth of 17.4%.
What period does Walmart’s free cash flow cover?
The $5.529 billion figure is for the six months ended July 31: $19.710 billion operating cash less $14.181 billion cash capital expenditure.
Has Walmart released Q3 FY2027 results?
As of October 29, no. The issuer’s event calendar lists November 19, 2026. Monthly business updates or guidance are not full Q3 financial results.
Are WMT 13F holdings real time?
No. They reflect reporting managers’ historical quarter-end positions with disclosure delays. Linked coverage is not all institutional ownership, current trading or historical acquisition cost.
Does this page give a live WMT price or target?
No. It discusses business assumptions relevant to valuation. Research needs a dated market price, consistent earnings and appropriate risk assumptions.
How can the financial figures be checked?
Use the dated SEC quarterly report and issuer release below. Distinguish quarters from cumulative periods, GAAP from adjusted measures, and revenue from customer assets and forward guidance.
Is Walmart’s Q2 FY2027 the second quarter of calendar 2027?
No. It is Walmart’s fiscal quarter ended July 31, 2026, within the fiscal year ending January 31, 2027. Fiscal labels and calendar dates should be read together.
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Provenance
Sources and methodology
Primary SEC filings and issuer releases take precedence. Financial, market, ownership and page-update dates are shown separately, while historical values retain their original reporting period.