Walmart Inc. · WMT · FY2027 Q2 · Calendar Q3 2026

Walmart Q2 FY2027: Growth Accelerates, Guidance Raised

The quarter supports a constructive but qualified view of Walmart's demand trajectory: management reported broad-based momentum in digital, advertising and membership while raising guidance. The durability of that growth still depends on execution, price investment and how the company absorbs fuel, regulatory and other cost pressures.

Reported Before market openNASDAQConsumer Defensive $849.37B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $0.81 Consensus $0.74
EPS surprise +9.2% Reported versus consensus
Reported revenue $187.94B Consensus $186.64B
Revenue surprise +0.7% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move -9.2% Event window
SPY move -0.8% Same window
Abnormal move -8.3% Stock minus SPY
Volume 3.8× Versus trailing sessions
Subsequent drift +2.8% Up to 20 sessions
WMTSPY benchmark

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Why did WMT fall 9.2% after beating EPS estimates in FY2027 Q2?What changed in WMT's guidance and outlook in FY2027 Q2?Give me the bull and bear case for WMT after FY2027 Q2 earnings.

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Transcript intelligence

What changed

Compared with the prior quarter, management moved from maintained to raised guidance and emphasized faster momentum in e-commerce, marketplace, advertising and membership. The company also advanced international membership and marketplace expansion, while highlighting tariff-refund reinvestment and broader delivery rollout.

Guidance delta

Management raised full-year sales guidance to 4%-5% and operating-income guidance to 7%-8.5% after strong first-half performance.

Key takeaways

  • Management described stronger momentum across e-commerce, marketplace, advertising, and membership.
  • Price rollbacks and tariff-refund reinvestment are supporting price leadership and market-share gains.
  • International expansion remains a priority, including Walmart+ in Canada and marketplace expansion into Mexico.
  • AI shopping-assistant usage and sub-30-minute delivery expanded during the quarter.
  • The main counterweights are regulatory pressure, fuel costs, and the nonrecurring nature of tariff refunds.

Management priorities

  • Launch Walmart+ in Canada and expand membership programs internationally.
  • Extend marketplace capabilities to Mexico and Canada.
  • Roll out the Scintilla data platform to Sam's Club U.S. next year.
  • Integrate the Vibe acquisition into Walmart Connect's self-service advertising tools.
  • Continue automation and supply-chain investment.

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Earnings History

Estimate Beat Miss Match
WMT EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 2 future estimate-only quarters. Q4 '24 estimate $0.55 Q4 '24 actual $0.60, beat Q1 '25 estimate $0.52 Q1 '25 actual $0.60, beat Q2 '25 estimate $0.65 Q2 '25 actual $0.67, beat Q2 '26 estimate $0.73 Q2 '26 actual $0.68, miss Q3 '26 estimate $0.60 Q3 '26 actual $0.62, beat Q4 '26 estimate $0.73 Q4 '26 actual $0.74, beat Q1 '27 estimate $0.66 Q1 '27 actual $0.66, match Q2 '27 estimate $0.74 Q2 '27 actual $0.81, beat Q3 '27 estimate $0.64 Q4 '27 estimate $0.79
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Analyst Consensus ?

ConsensusBuy65 ratings
Bullish4670.8%
Neutral1624.6%
Bearish34.6%

Analyst 52W Price Targets

$106.73Previous close
$44.29Low
$107.35Average
$155High

Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Sep 21, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
DA Davidson Buy BuyMaintainSep 10, 2026
BTIG Buy BuyMaintainSep 10, 2026
Tigress Financial Buy BuyMaintainAug 31, 2026
Wells Fargo Overweight OverweightMaintainAug 21, 2026
UBS Buy BuyMaintainAug 21, 2026
Show 60 more rating actions

Named analyst price targets

Upside is calculated against the persisted previous close $106.73. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
JefferiesCorey Tarlowe$120$103.7 +12.4%Aug 21, 2026
Deutsche BankAnalyst unavailable$113$102.79 +5.9%Aug 21, 2026
Raymond JamesBobby Griffin$130$102.71 +21.8%Aug 21, 2026
Evercore ISIAnalyst unavailable$125$102.64 +17.1%Aug 21, 2026
Truist FinancialAnalyst unavailable$125$102.44 +17.1%Aug 21, 2026
See 223 more

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Company context

Snapshot as of publication

Walmart Inc., established in 1945 and based in Bentonville, Arkansas, operates as a global retail powerhouse, having officially adopted its current name in February 2018, formerly Wal-Mart Stores, Inc. The company's diverse operations, encompassing retail, wholesale, and e-commerce, are managed across three primary divisions: Walmart U.S., Walmart International, and Sam's Club. Its extensive physical presence includes a variety of store formats such as supercenters, supermarkets, hypermarkets, membership-only warehouse clubs (like Sam's Club), cash-and-carry outlets, and discount stores, primarily operating under the Walmart and Walmart Neighborhood Market banners. Digitally, the company engages customers through numerous e-commerce platforms, including walmart.com.mx, walmart.ca, flipkart.com, and PhonePe, as well as via dedicated mobile applications. Walmart offers an exceptionally broad range of products and services.…

Historical context

All WMT earnings
-7.3%FY2027 Q1 · Calendar Q2 2026

Consumer Defensive peers this season

Latest reports in the same sector
CompanyQuarterEPS surpriseMarket moveHeadline
KR The Kroger Co. FY2026 Q2 · Calendar Q3 2026 +2.8% +2.7% Kroger: Strong digital growth offsets softer sales outlook
CPB Campbell Soup Company FY2026 Q4 · Calendar Q3 2026 +1.1% -7.0% Campbell’s leans on savings and innovation amid pressured demand
BF-A Brown-Forman Corporation FY2027 Q1 · Calendar Q3 2026 +3.0% — Brown-Forman holds FY27 outlook as RTD innovation offsets barrel pressure
BF-B Brown-Forman Corporation FY2027 Q1 · Calendar Q3 2026 0.0% — Brown-Forman maintains FY27 outlook as innovation offsets pressure
DG Dollar General Corporation FY2027 Q2 · Calendar Q3 2026 +23.4% +2.5% Dollar General Raises FY2026 Outlook After Strong Q2
DLTR Dollar Tree, Inc. FY2027 Q2 · Calendar Q3 2026 +134.8% -3.9% Dollar Tree: Strong Q2 execution, but guidance held steady

Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-08-20T21:19:41.661956+00:00
  2. FN2 earnings calendar · 2026-09-21T01:23:13.071796+00:00
  3. Polygon adjusted daily market bars · 2026-09-21T10:40:51.092968+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-21T10:40:51.090162+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated . For educational purposes only; not investment advice.