MSX US Stock Daily Observation: Walmart FY2027 Q2 Earnings: Revenue and Profit Both Beat Expectations, US Same-Store Sales Growth Hits Six-Year Low
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Today's Watch
Walmart's quarterly revenue and adjusted earnings per share both beat expectations, but same-store sales growth in the U.S. slowed to its 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, yet the upper end of the revised EPS guidance remained below market consensus, with signals of slowing growth momentum overshadowing the quarter's earnings beat.
Data in a Minute
FY2027 Q2 total revenue stood at $187.90 billion, up 5.9% year-over-year, surpassing the market consensus of $186.77 billion.
Adjusted EPS came in at $0.81, up 19% year-over-year, beating the consensus of $0.74; however, GAAP net income attributable to the company was $6.37 billion, down 9% year-over-year — the two metrics moving in opposite directions.
U.S. same-store sales growth was only 2.6%, below the market consensus of 3.5%, marking the lowest level in over six years; the company noted that pharmacy price deflation contributed approximately 125 basis points of drag.
By segment, Walmart U.S. net sales reached $125.20 billion, up 3.5% year-over-year; International sales were $35.20 billion, up 13%; and Sam's Club (U.S.) generated $25.70 billion, up 8.8%, with same-store sales excluding fuel up 4.4%.
High-margin businesses maintained rapid growth: global e-commerce rose 23% year-over-year (U.S. +24%), global advertising climbed 38% (Walmart Connect up 43%), and U.S. third-party marketplace sales increased 52% year-over-year.
Adjusted operating income reached $9.2 billion, up 17.4% year-over-year on a constant currency basis, outpacing revenue growth.
Full-year guidance was broadly raised: 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 is now 7.0%-8.5%.
However, the upper end of the revised EPS guidance at $2.87 still falls short of the market consensus of $2.90. The company said it has begun receiving tariff refunds this quarter and committed to using those funds to keep product prices low.
MSX View
The contradiction in this earnings report lies in the fact that nearly every figure in the quarter came in better than expected — the issue is with the structure and the outlook. Revenue, adjusted profitability, and operating efficiency are all improving: adjusted operating income growth outpaces revenue growth, and high-margin businesses such as advertising, third-party marketplace, and e-commerce are all growing at double-digit rates or higher, indicating that Walmart's earnings quality is on the rise.
The U.S. same-store sales slowdown to 2.6% — a six-year low — brings the narrative back to the most fundamental question: as the most broadly covered U.S. retailer, its same-store data itself serves as a thermometer for consumer demand. Pharmacy price deflation explains roughly 125 basis points, while the remainder points to actual shifts in consumer behavior. Transaction counts remained stable but average basket size declined, meaning shoppers are still coming in but spending more cautiously.
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 outpaced management's own projections. Going forward, the key will be whether the expansion speed of high-margin non-retail businesses can sustain fast enough to offset the slowdown in core retail growth.
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Risk Disclosure: Macroeconomic conditions and U.S. stock market fluctuations are highly volatile. This article is for academic and research observation purposes only by the MSX Research Institute and does not constitute any investment advice.
