Walmart (WMT) Earnings Date & Reports

Key Takeaways

• Reporting date: Walmart will release its fiscal 2027 second-quarter results before the U.S. market opens on Thursday, August 20.
• Consensus view: Analysts project revenue of about $186.8 billion, up from $177.4 billion a year earlier, and adjusted earnings per share (EPS) of $0.74, up from $0.68.
• Company guidance: Walmart guided to constant-currency net sales growth of 4% to 5%, adjusted operating income growth of 7% to 10%, and adjusted EPS of $0.72 to $0.74.
• Key metrics: U.S. comparable sales, e-commerce growth, advertising momentum, and any full-year guidance update will be closely watched.
• Macro pressure: July U.S. retail sales fell 0.6% month over month, and some analysts have trimmed U.S. comparable-sales estimates heading into the report.

Earnings Context and Why It Matters

Walmart’s quarterly report is widely read as a real-time check on U.S. household spending. The retailer entered the quarter with strong digital momentum — global e-commerce rose 26% in the first quarter — but also with a conservative second-quarter profit outlook that disappointed investors in May. With the stock trading at a premium valuation, the report must show that market-share gains, high-margin services such as advertising and memberships, and operating discipline can offset cautious discretionary demand and cost pressures. The results will also shape expectations for other consumer-facing companies reporting in the weeks ahead.

Earnings Expectations

Wall Street consensus tracked by financial data providers points to second-quarter revenue of roughly $186.8 billion, an increase of about 5.3% from $177.4 billion in the year-ago quarter. Adjusted EPS is expected to rise to about $0.74 from $0.68. Those figures sit at the top of Walmart’s official guidance, which calls for constant-currency net sales growth of 4% to 5% and adjusted EPS of $0.72 to $0.74. Management also guided to adjusted operating income growth of 7% to 10%.

For context, in the first quarter of fiscal 2027 Walmart generated revenue of about $177.8 billion and adjusted EPS of $0.66. Revenue beat consensus, but the company’s second-quarter earnings guidance came in below estimates at the time and pressured the stock. In the year-ago quarter, revenue topped expectations while adjusted EPS missed, and the shares declined following the release.

Investors will also focus on U.S. comparable sales excluding fuel, a closely watched measure of underlying retail performance. Some analysts project growth near 3.5%, below the broader consensus of roughly 3.7%, reflecting signs that lower-income shoppers are spending more carefully.

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Market Reaction and Investor Sentiment

Sentiment heading into the report is constructive but demanding. Walmart shares have consolidated in the mid-$110s after recovering from the post-earnings pullback earlier in the fiscal year, while the consensus analyst rating remains bullish and average price targets sit near $140. The premium valuation leaves limited room for error: a solid quarter with unchanged full-year guidance may not satisfy investors who expect Walmart to resume its historical pattern of beating estimates and raising its outlook. Key risks include softer discretionary demand among lower-income households, elevated fuel and logistics costs, and the possibility that U.S. comparable sales land below consensus.

Forward Outlook and Key Factors to Monitor

Beyond the headline numbers, investors will listen for management’s comments on the health of the U.S. consumer. July retail sales declined 0.6% month over month, and commentary on grocery traffic, general merchandise demand, and lower-income versus higher-income spending patterns will help investors gauge whether pressure is stabilizing or broadening.

The next catalyst will be any change to full-year guidance. Walmart has forecast fiscal 2027 constant-currency net sales growth of 3.5% to 4.5%, adjusted operating income growth of 6% to 8%, and adjusted EPS of $2.75 to $2.85. Wall Street’s full-year adjusted EPS estimates are slightly above that range, so whether management raises, maintains, or trims its outlook will shape the market’s interpretation of the quarter.

Longer term, watch the mix shift toward higher-margin revenue. Global e-commerce, advertising, marketplace services, and membership income have been growing much faster than traditional retail sales. If those businesses continue to scale while fuel and freight costs moderate, Walmart may be able to defend profitability even in a choosier spending environment. Investors should also monitor inventory levels and delivery costs as indicators of margin pressure.

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