MSX US Stock Daily Observation: Walmart FY2027 Q2 Earnings Report: Revenue and Profit Beat Expectations, US Same-Store Growth Hits Over Six-Year Low

Odaily星球日报Publicado a 2026-08-21Actualizado a 2026-08-21

Resumen

Walmart's FY2027 Q2 earnings report presents a mixed picture. While revenue of $187.9B and adjusted EPS of $0.81 both surpassed consensus estimates, a significant slowdown in the core U.S. business dominated the narrative. U.S. comparable store sales grew only 2.6%, the lowest rate in over six years, missing expectations of 3.5%. The company attributed approximately 125 basis points of this drag to pharmacy price deflation. Despite the weak comps, high-margin segments showed robust growth: global e-commerce rose 23%, global advertising jumped 38%, and the U.S. third-party marketplace surged 52%. Adjusted operating profit growth of 17.4% also outpaced revenue growth, indicating improving profitability. The company raised its full-year guidance for net sales and adjusted EPS. However, the upper end of the new EPS guidance range ($2.87) remains below the market consensus ($2.90). This, coupled with the slowing U.S. comps, signals that growth momentum may be easing. The report highlights a shift in consumer behavior towards more cautious spending, even as transaction volumes remain stable. The key question going forward is whether the rapid expansion of high-margin, non-retail businesses can sufficiently offset the deceleration in core retail growth.

【MSX Research Institute · US Stock RWA Daily Observation】 is a flagship daily report produced by MSX, a leading RWA trading platform. Leveraging our robust macroeconomic research capabilities, we capture the core pulse of the global traditional US stock market, liquidity changes, and the RWA tokenization market to help you strategically position in quality assets.

Today's Observation

Walmart's revenue and adjusted earnings per share (EPS) both beat expectations for the quarter. However, same-store sales growth in its core US market decelerated to its slowest pace in over six years, with pharmacy price deflation being the primary drag. The company raised its full-year sales and profit guidance, but the upper limit of the revised EPS guidance still fell short of market consensus, with signals of slowing growth momentum overshadowing the quarterly beat.

Data at a Glance

FY2027 Q2 total revenue reached $187.9 billion, up 5.9% year-over-year, beating the consensus estimate of $186.77 billion.

Adjusted EPS was $0.81, up 19% year-over-year, beating the consensus of $0.74; but GAAP net income attributable to Walmart was $6.37 billion, down 9% year-over-year, showing divergence between the two measures.

US same-store sales grew only 2.6%, missing the consensus of 3.5% and marking the slowest growth in over six years; the company attributed pharmacy price deflation as a drag of approximately 125 basis points.

By segment: Walmart US net sales were $125.2 billion, up 3.5% YoY; International net sales were $35.2 billion, up 13% YoY; Sam's Club (US) net sales were $25.7 billion, up 8.8% YoY, with comparable sales excluding fuel up 4.4%.

High-margin businesses maintained strong growth: Global e-commerce grew 23% (US +24%); Global advertising grew 38% (Walmart Connect +43%); US third-party marketplace sales grew 52%.

Adjusted operating income was $9.2 billion, up 17.4% on a constant currency basis, outpacing revenue growth.

Full-year guidance was raised across the board: Net sales growth guidance raised from 3.5%-4.5% to 4.0%-5.0%; Adjusted EPS guidance raised to $2.80-$2.87 (from $2.75-$2.85 previously); Adjusted operating income growth guidance is 7.0%-8.5%.

However, the raised EPS guidance upper limit of $2.87 still falls short of the consensus of $2.90. The company noted it has begun receiving tariff refunds this quarter and committed to using these funds to lower product prices.

MSX View

The contradiction in this earnings report lies in the fact that almost every quarterly figure exceeded expectations, while the issues lie in the structure and forward outlook. Revenue, adjusted profit, and operational efficiency all showed improvement: adjusted operating profit growth outpaced revenue growth, and high-margin businesses like advertising, third-party marketplace, and e-commerce all grew at double-digit or higher rates, indicating an improvement in Walmart's profit quality.

US same-store sales growth slowing to a more than six-year low of 2.6% brings the narrative back to a fundamental question: As the broadest-coverage US retailer, its same-store data is a thermometer for consumer health. Pharmacy price deflation explains about 125 basis points, with the remainder pointing to actual changes in consumer behavior. Stable transaction counts but declining average ticket size mean shoppers are still coming, but spending more cautiously.

The fact that full-year guidance was raised across the board yet still fell short of expectations precisely illustrates that market growth expectations for this company have run ahead of the company's own projections. The key going forward is whether the expansion pace of high-margin, non-retail businesses can remain sufficiently strong to offset the slowdown in core retail growth.

About MSX

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Centered around the core mission of "enabling the free flow of quality assets," MSX has now built a diversified digital financial services ecosystem encompassing US stock spot & perpetual contracts, crypto-to-crypto trading, Pre-IPO, and the MSX Research Institute, aiming to provide global investors with a round-the-clock, high-performance gateway to quality assets.

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Risk Warning: Macroeconomic and US stock market volatility is intense. The content of this article is for academic and research observation reference by the MSX Research Institute only and does not constitute any investment advice.

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Preguntas relacionadas

QDid Walmart's revenue and adjusted earnings exceed or fall short of expectations in FY2027 Q2?

AIn FY2027 Q2, Walmart's revenue and adjusted earnings per share both exceeded market expectations.

QWhat was the key disappointing metric in Walmart's US performance for the quarter, and what was cited as the primary reason for it?

AThe key disappointing metric was US comparable store sales growth, which was only 2.6%, its lowest level in over six years. The company cited pharmacy price deflation as the primary reason, dragging it down by approximately 125 basis points.

QWhich high-margin segments of Walmart's business continued to show strong growth according to the report?

AHigh-margin segments showing strong growth included global e-commerce (up 23%), global advertising business (up 38%), and US third-party marketplace sales (up 52%).

QHow did Walmart revise its full-year guidance following the Q2 results, and did it meet market expectations?

AWalmart revised its full-year guidance upwards for net sales growth and adjusted EPS. However, the upper end of the adjusted EPS guidance ($2.87) still fell short of the market consensus expectation of $2.90.

QAccording to the MSX View analysis, what is the fundamental concern about Walmart's future growth despite the strong quarterly numbers?

AThe fundamental concern is the slowdown in core retail growth, as indicated by the multi-year low in US comparable sales. The future key is whether the expansion speed of high-margin non-retail businesses can continue to be fast enough to offset this core retail slowdown.

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