Walmart (WMT) Earnings: Q2 Fiscal 2027 Results and Next Report Date

The quarter ended July 31, 2026 and Walmart published the results on August 20, 2026. Revenue and diluted EPS are shown against Q2 fiscal 2026, the same quarter a year earlier, which takes seasonal swings out of the comparison. Walmart reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Walmart's fiscal year ends January 31. Q2 fiscal 2027 is the quarter ended July 31, 2026.
• Walmart received about $2.9 billion of tariff refunds in the quarter, mostly in Walmart U.S., recorded as a reduction to cost of sales.
• Adjusted EPS of $0.81 excludes a net loss of $0.12 on equity and other investments and a net benefit of $0.11 from a certain tax matter.

Source: Walmart Q2 fiscal 2027 results (Form 8-K, Exhibit 99.1), August 20, 2026. Also in the Form 10-Q for the quarter ended July 31, 2026. Figures as reported; checked against the release on November 10, 2026.

How Walmart splits revenue in its own release, under its own labels, for Q2 fiscal 2027 against Q2 fiscal 2026. Indented lines are parts of the line above them.

• Walmart's Walmart U.S. revenue was $125.2 billion in Q2 fiscal 2027, up 4% from $120.9 billion in Q2 fiscal 2026, 67% of total revenue.
• Walmart's Walmart International revenue was $35.2 billion in Q2 fiscal 2027, up 13% from $31.2 billion in Q2 fiscal 2026, 19% of total revenue.
• Walmart's Sam's Club U.S. revenue was $25.7 billion in Q2 fiscal 2027, up 9% from $23.6 billion in Q2 fiscal 2026, 14% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q2 fiscal 2027 release, Walmart said:

“For Q3, net sales are expected to grow 3.0% to 3.75% and adjusted operating income to grow 2.0% to 4.0%.”

“Net sales for FY27 are expected to grow 4.0% to 5.0% and adjusted operating income to grow 7.0% to 8.5%, all in constant currency”

“For Q3 sales guidance, we expect a headwind of over 100bps to growth related to a timing shift of Flipkart's Big Billion Days between Q3 and Q4.”

“Our operating income outlook reflects the continued prioritization of tariff refunds received in Q2 into customer experience and price investments in the second half.”

Source: Walmart Q2 FY27 release, Aug 20, 2026.

This is the company's own guidance as of Aug 20, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the WMT forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenues and diluted EPS, each as first reported in that quarter's release.

Walmart's next report is scheduled for November 19, 2026. This page will show Q2 fiscal 2027 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q2 fiscal 2027 (this page), reported Aug 20, 2026

Walmart's total revenues of $187,937 million in Q2 fiscal 2027 were $186,100 million of net sales plus $1,837 million of membership and other income. By segment, Walmart U.S. net sales were $125,189 million, Walmart International $35,198 million and Sam's Club U.S. $25,713 million. (Walmart Q2 FY27 release, Aug 20, 2026)

Grocery is Walmart U.S.'s largest category, at $74,130 million in the quarter, against $29,728 million of general merchandise and $16,942 million of health and wellness, which fell from $17,248 million. Walmart U.S. comp sales excluding fuel grew 2.6%, with transactions up 1.5% and average ticket up 1.1%, including a 125 bps headwind from pharmacy deflation related to new maximum fair price regulation. (Walmart Form 10-Q, Q2 FY27, Aug 28, 2026; Walmart Q2 FY27 release, Aug 20, 2026)

Walmart's eCommerce sales grew 23% globally, led by store-fulfilled pickup and delivery and marketplace. Walmart U.S. eCommerce net sales were about $29.4 billion, against $23.7 billion a year earlier. Global advertising grew 38%, and Walmart U.S. advertising also grew 38%. (Walmart Q2 FY27 release, Aug 20, 2026; Walmart Form 10-Q, Q2 FY27, Aug 28, 2026)

Walmart International net sales rose 12.8% to $35,198 million, or 7.9% in constant currency, with currency adding $1.5 billion. By market, Mexico and Central America contributed $14,331 million, China $7,416 million and Canada $6,379 million. (Walmart Q2 FY27 release, Aug 20, 2026; Walmart Form 10-Q, Q2 FY27, Aug 28, 2026)

Walmart's GAAP diluted EPS fell to $0.80 from $0.88 while operating income rose 28.8% to $9,383 million. Other gains and losses, below operating income, were a $1,200 million loss in the quarter, against a $2,708 million gain a year earlier. Adjusted EPS of $0.81 excludes a net loss of $0.12 on equity and other investments and a net benefit of $0.11 from a certain tax matter. (Walmart Q2 FY27 release, Aug 20, 2026)

Walmart's operating income included about $2.9 billion of tariff refunds received in the quarter, recorded as a reduction to cost of sales, which Walmart says were partially offset by price investments. The gross profit rate rose 96 bps. The reported effective tax rate was 18.5%, or 24.8% adjusted. (Walmart Form 10-Q, Q2 FY27, Aug 28, 2026; Walmart Q2 FY27 release, Aug 20, 2026)

Walmart's diluted share count was 7,978 million, against 8,016 million a year earlier. Walmart repurchased 42.3 million shares for $5.1 billion in the first half of the fiscal year, with $25.1 billion remaining of the $30 billion authorization approved in February 2026. (Walmart Q2 FY27 release, Aug 20, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Walmart gives guidance in its release, on a non-GAAP basis. For Q3 fiscal 2027 it expects net sales to grow 3.0% to 3.75% and adjusted operating income 2.0% to 4.0% in constant currency, and adjusted EPS of $0.62 to $0.64, against $0.62 in Q3 fiscal 2026. Its CFO said Q3 sales growth carries a headwind of over 100bps from the timing of Flipkart's Big Billion Days. (Walmart Q2 FY27 release, Aug 20, 2026)

Walmart raised its fiscal 2027 outlook to net sales growth of 4.0% to 5.0% and adjusted operating income growth of 7.0% to 8.5% in constant currency, adjusted EPS of $2.80 to $2.87 (originally $2.75 to $2.85), and capital expenditures of about 4.0% of net sales. (Walmart Q2 FY27 release, Aug 20, 2026)

A consensus figure is the average of the models published by the analysts who cover Walmart, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Walmart's own release and filings put weight on for Q2 fiscal 2027, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning WMT is on is WMT a buy or a sell?, what analysts expect next is on the WMT forecast, and what the company does is on the Walmart (WMT) stock page.

Every number on this page can be traced to a document Walmart published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.