WMTPreço de Walmart Inc (Derivatives)

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.