Earnings preview

Walmart Inc. Walmart Inc. Q2 FY2027 Earnings Results vs. Expectations

ReportsAug 20, 2026
SlotBefore Market Open

Results are out

This quarter has reported. The consensus below is what we expected going in.

Read the release →

What the Street expects

EPS · ADJUSTED
$0.74
consensus · see the release
QoQ+9.1%
YoY+8.8%
Revenue
$186.7B
consensus · see the release
QoQ+5.0%
YoY+5.2%

QoQ and YoY are what the consensus implies against the prior quarter and the prior year.

Also on the card
FY27 adjusted EPS guide $2.80–$2.87 (raised)
FY27 net sales guide, cc +4.0% to +5.0% (raised)
GAAP-to-adjusted wedge, last 5 quarters +$0.20 to −$0.21
This quarter's wedge −$0.01

Q2 FY2027 reported results

What to watch

  1. Which EPS figure the first headlines carry. If the tape leads with a number near $0.74, it is the adjusted line. If it leads with something materially away from it in either direction, it is GAAP, and the difference is the investment book rather than the business.
  2. The equity-and-other-investments line in the reconciliation. It is the single number that reconciles the two measures, and it is disclosed in the release itself rather than left to inference.
  3. Full-year adjusted EPS guidance of $2.75–2.85. Unchanged is a hold. Raised is the result.
  4. Constant-currency net sales against +4–5%, and whether the beat, if there is one, comes from that or from the operating-income line guided to +7–10%.
  5. Any language putting a bound on the investment marks. Walmart has never framed them as a swing factor. Saying so would remove the one thing in this print that no one can forecast.

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Estimate against reported

$0.93$0.47$0.00FY2025 Q4 reported $0.65FY2025 Q4FY2026 Q1 reported $0.56FY2026 Q1FY2026 Q2 reported $0.88FY2026 Q2FY2026 Q3 reported $0.77FY2026 Q3FY2026 Q4 reported $0.53FY2026 Q4FY2027 Q1 reported $0.67FY2027 Q1FY2027 Q2 estimate $0.74FY2027 Q2 reported $0.81FY2027 Q2FY2027 Q3
Our published estimate Reported EPS
QuarterEstimateReportedSurprise
FY2025 Q4 — $0.65 —
FY2026 Q1 — $0.56 —
FY2026 Q2 — $0.88 —
FY2026 Q3 — $0.77 —
FY2026 Q4 — $0.53 —
FY2027 Q1 — $0.67 —
FY2027 Q2 $0.74 $0.81 +9%
FY2027 Q3 — not yet reported —

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.

Every quarter

Q2 FY2027Q1 FY2027Q4 FY2026Q3 FY2026Q2 FY2026Q1 FY2026Q4 FY2025

Read the full preview → Q2 FY2027 release page View WMT stock page