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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.
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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.
