MSX US Stock Daily Watch: Walmart FY2027 Q2 Earnings: Revenue and Profit Beat Expectations, U.S. Same-Store Sales Growth Hits Six-Year Low
【MSX Research Institute · US Stock RWA Daily Observer】 is a signature daily report produced by MSX, a leading RWA trading platform. Leveraging our strong macro research capabilities, we capture the core pulse of global traditional US stocks, liquidity changes, and the RWA tokenization market, helping you position ahead of high-quality assets.
Today's Observation
Walmart's quarterly revenue and adjusted earnings per share both beat expectations this quarter, but its US same-store sales growth fell to the lowest level in more than six years, with pharmacy price deflation as the main drag. The company also raised its full-year sales and profit guidance, though the upper end of the revised EPS guidance still fell short of consensus estimates — a signal of slowing growth momentum that overshadowed the quarter's earnings beat.
Data in a Minute
FY2027 Q2 total revenue reached $187.90 billion, up 5.9% year-over-year, beating the consensus estimate of $186.77 billion.
Adjusted EPS came in at $0.81, up 19% year-over-year, beating the consensus estimate of $0.74. However, GAAP net income attributable to shareholders was $6.37 billion, down 9% year-over-year — the two metrics moved in opposite directions.
US same-store sales growth was only 2.6%, below the consensus estimate of 3.5% and the lowest in more than six years. The company noted that pharmacy price deflation contributed a drag of approximately 125 basis points.
By segment, Walmart US net sales reached $125.20 billion, up 3.5% year-over-year; International sales were $35.20 billion, up 13%; and Sam's Club (US) generated $25.70 billion, up 8.8%, with same-store sales (excluding fuel) up 4.4%.
High-margin businesses maintained strong growth: global e-commerce rose 23% year-over-year (US +24%), global advertising grew 38% (Walmart Connect up 43%), and US third-party marketplace sales increased 52% year-over-year.
Adjusted operating income came in at $9.2 billion, up 17.4% year-over-year on a constant currency basis, outpacing revenue growth.
Full-year guidance was raised across the board: net sales growth guidance was lifted from 3.5%-4.5% to 4.0%-5.0%, adjusted EPS guidance was raised to $2.80-$2.87 (from $2.75-$2.85), and adjusted operating income growth guidance was set at 7.0%-8.5%.
However, the upper end of the revised EPS guidance at $2.87 still falls short of the consensus estimate of $2.90. The company said it has begun receiving tariff refunds this quarter and has committed to using those funds to lower product prices.
MSX View
The paradox in this earnings report is that nearly every metric in the quarter came in better than expected — the issues lie in the structure and the outlook. Revenue, adjusted profitability, and operating efficiency are all improving: adjusted operating income is growing faster than revenue, and high-margin businesses like advertising, third-party marketplace, and e-commerce are all posting double-digit or higher growth, indicating that Walmart's earnings quality is improving.
US same-store sales growth falling to 2.6% — a six-year low — pulls the narrative back to the most fundamental question: as the most broadly covered US retailer, its same-store data itself serves as a thermometer for consumer demand. Pharmacy price deflation accounts for roughly 125 basis points, while the remainder points to actual shifts in consumer behavior. Transaction counts remain stable but average ticket size is declining, meaning customers are still coming through the doors — they're just spending more carefully.
The fact that full-year guidance was raised across the board yet still fell short of expectations precisely indicates that the market's growth expectations for this company have already run ahead of management's own assessment. The key going forward is whether the expansion pace of high-margin non-retail businesses can remain fast enough to offset the slowdown in core retail growth.
About MSX
MSX is a leading RWA trading platform dedicated to providing secure, efficient, and transparent access to global financial markets. As one of the world's earliest on-chain US stock trading platforms, MSX has always been at the forefront of the industry, driving market transformation through continuous innovation.
The platform deeply integrates blockchain technology with regulatory compliance frameworks, offering a comprehensive range of spot and derivatives trading in nearly 400 tokenized stocks and Pre-IPO assets, perfectly bridging the gap between traditional finance and the digital asset industry.
Around its core mission of "enabling the free circulation of high-quality assets," MSX has built a diversified digital financial services ecosystem encompassing US stock spot and perpetual contracts, crypto-to-crypto trading, Pre-IPO access, and the MSX Research Institute — designed to provide global investors with round-the-clock, high-performance entry points to premium assets.
Official Website: https://msx.com/
Chinese TG:https://t.me/MSXOfficial
Global TG:https://t.me/MSXGlobal
Now available on the global App Store and Google Play.
Risk Disclaimer: Macroeconomic conditions and US stock market fluctuations are highly volatile. This content is provided solely for academic and research observation purposes by the MSX Research Institute and does not constitute any investment advice.
