Walmart Inc. (WMT) 2027 Q2 Earnings

A one-cent wedge took two twelve-cent items to produce. The release states it plainly: adjusted EPS "excludes the impact, net of tax, from a net loss of $0.12 on equity and other investments, and net benefit of $0.11 from a certain tax matter." The gap was not small because t…
The tariff refunds the guidance excluded arrived, and they are in the gross margin . Walmart's 21 May guide explicitly assumed no IEEPA refund impact — our preview flagged that as the line to watch.
The raise was real, on every line. Full-year adjusted EPS goes from $2.75–2.85 to $2.80–2.87 , net sales from +3.5–4.5% to +4.0–5.0% constant currency, adjusted operating income from +6.0–8.0% to +7.0–8.5% .
The earnings beat is an order of magnitude larger than the revenue beat. Adjusted EPS beat by 9.5% ; revenue beat by 0.7% . A company growing revenue 5.9% does not produce a 9.5% earnings beat from operations in one quarter, and the release tells you where the difference sits.
The high-margin attach businesses are growing six times the company. Global advertising +38% , membership fee revenue +17% , eCommerce +23% , against total revenue of +5.9%. That mix shift, not the tariff line, is what makes a 96bps gross margin gain repeatable.

Read the full analysis: Walmart's Two Earnings Measures Landed a Penny Apart. That Took a $0.12 Investment Loss and a $0.11 Tax Benefit Cancelling Out. →

Coverage around this release

R40 Walmart's Two Earnings Measures Landed a Penny Apart. That Took a $0.12 Investment Loss and a $0.11 Tax Benefit Cancelling Out. News · Aug 20, 2026 R40 Walmart Reports This Morning Against a $0.74 Adjusted Consensus. The Gap to the GAAP Line We Store Has Swung 41 Cents in Four Quarters. News · Aug 20, 2026 R40 In February We Told You What Wall Street Expected From Walmart. Here Is What Happened — and Why Our Own Data Would Have Said It Missed by 27%. News · Aug 2, 2026

Estimate against reported

Our published estimate Reported EPS

Quarter	Estimate	Reported	Surprise
2025 Q3	—	$0.57	—
2025 Q4	—	$0.65	—
2026 Q1	—	$0.56	—
2026 Q2	—	$0.88	—
2026 Q3	—	$0.77	—
2026 Q4	—	$0.53	—
2027 Q1	—	$0.67	—
2027 Q2	$0.74	$0.81	+9%

Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only. Where a consensus was set on a non-GAAP basis, the reported column shows that same measure.