Walmart reported fiscal 2027 second-quarter revenue of $187.9 billion, up 5.9%, with global e-commerce sales up 23%. It raised its full-year constant-currency net-sales growth outlook to 4.0%-5.0% and adjusted operating-income growth outlook to 7.0%-8.5%. The company also said tariff refunds boosted the quarter's profit growth and that remaining refunds would be directed partly into price investments.
Key facts
- Revenue: $187.9 billion, up 5.9%
- Global e-commerce sales: up 23%
- Walmart U.S. comparable sales excluding fuel: up 2.6%
- Adjusted EPS: $0.81; FY27 outlook: $2.80-$2.87
- FY27 constant-currency net-sales growth outlook: 4.0%-5.0%
Timeline
July 31, 2026 — Walmart's second quarter ends. Aug. 13 — the company announces the earnings-call schedule. Aug. 20 at 6:59 a.m. ET — Walmart files the results on Form 8-K with the SEC. Later Aug. 20 — management discusses results and guidance on its investor call. Nov. 19 — Walmart's calendar lists the fiscal 2027 third-quarter earnings release.
Walmart's scale makes its sales mix, pricing and inventory signals relevant well beyond one company. The quarter combined continued digital growth with a slower U.S. comparable-sales rate than a year earlier. It also included a material tariff-refund effect, so the headline increase in operating income is not a clean measure of underlying retail momentum by itself.
The company raised its FY27 adjusted-EPS range to $2.80-$2.87 from $2.75-$2.85 and increased its capital-expenditure expectation to about 4.0% of net sales from about 3.5%. For the third quarter, it guided to 3.0%-3.75% constant-currency net-sales growth, 2.0%-4.0% adjusted operating-income growth and adjusted EPS of $0.62-$0.64. These are management forecasts, not guaranteed outcomes.
What happened?
Walmart filed an Aug. 20 Form 8-K with its earnings release and presentation for the quarter ended July 31. Reported operating income rose 28.8%, while adjusted operating income increased 17.4% in constant currency. GAAP diluted earnings per share were $0.80 and adjusted EPS was $0.81. Walmart U.S. comparable sales excluding fuel increased 2.6%, global advertising grew 38%, and global membership-fee revenue rose 17%.
Why it matters
Walmart's scale makes its sales mix, pricing and inventory signals relevant well beyond one company. The quarter combined continued digital growth with a slower U.S. comparable-sales rate than a year earlier. It also included a material tariff-refund effect, so the headline increase in operating income is not a clean measure of underlying retail momentum by itself.
Background
Walmart reported fiscal 2027 second-quarter revenue of $187.9 billion, up 5.9%, with global e-commerce sales up 23%. It raised its full-year constant-currency net-sales growth outlook to 4.0%-5.0% and adjusted operating-income growth outlook to 7.0%-8.5%. The company also said tariff refunds boosted the quarter's profit growth and that remaining refunds would be directed partly into price investments.
What each side says
Walmart says its business model is becoming stronger and more durable, pointing to 23% global e-commerce growth, 38% advertising growth and higher annual guidance. Management also explicitly cautions that Q2 and Q3 should be considered together because tariff refunds benefited Q2 and are being reinvested later. The SEC filing presents the release as company-supplied results and includes forward-looking-statement and non-GAAP reconciliations; it does not independently validate management's forecasts.
What happens next
Investors should watch whether third-quarter sales and adjusted operating income land within the issued ranges, how much pricing investment follows the tariff refunds, and whether inventory growth normalizes. Walmart scheduled its fiscal 2027 third-quarter earnings release for Nov. 19. The next Form 10-Q and future 8-K filings will provide the controlling financial statements and any material guidance changes.
Nivegu analysis
Three effects need to be kept separate. First, revenue and e-commerce expanded across the enterprise. Second, Walmart U.S. comparable sales grew 2.6%, down from 4.6% in the prior-year quarter. Third, tariff refunds increased gross profit and operating income, while management said remaining refunds would be prioritized for price and customer-experience investment in the second half. That makes the raised annual outlook meaningful, but it also makes the reported 28.8% operating-income increase a poor standalone proxy for the run rate.
Different viewpoints
Walmart's digital, advertising and membership businesses delivered growth that can diversify earnings beyond store merchandise margins. Customers may benefit if the company follows through on directing remaining tariff refunds into price investments and customer experience.
The company reported higher claims, depreciation and associate-healthcare costs in Walmart U.S., while global inventory rose 6.7%. Investors and suppliers must also separate recurring operating performance from the quarter-specific tariff-refund benefit and other adjusted items.
What are you still wondering?
Answers will use this briefing and its cited sources.Sources and further reading
01SEC EDGAR — Walmart Aug. 20 Form 8-K↗02SEC EDGAR — Walmart Q2 FY27 earnings release↗03Walmart Investor Relations — FY2027 Q2 event↗Questions, answered.
What is the short version?
Walmart reported fiscal 2027 second-quarter revenue of $187.9 billion, up 5.9%, with global e-commerce sales up 23%. It raised its full-year constant-currency net-sales growth outlook to 4.0%-5.0% and adjusted operating-income growth outlook to 7.0%-8.5%. The company also said tariff refunds boosted the quarter's profit growth and that remaining refunds would be directed partly into price investments.
Why does this matter now?
Walmart's scale makes its sales mix, pricing and inventory signals relevant well beyond one company. The quarter combined continued digital growth with a slower U.S. comparable-sales rate than a year earlier. It also included a material tariff-refund effect, so the headline increase in operating income is not a clean measure of underlying retail momentum by itself.
What should readers watch next?
The company raised its FY27 adjusted-EPS range to $2.80-$2.87 from $2.75-$2.85 and increased its capital-expenditure expectation to about 4.0% of net sales from about 3.5%. For the third quarter, it guided to 3.0%-3.75% constant-currency net-sales growth, 2.0%-4.0% adjusted operating-income growth and adjusted EPS of $0.62-$0.64. These are management forecasts, not guaranteed outcomes.
