MSX U.S. Stock Daily Watch: Walmart FY2027 Q2 Earnings: Revenue and Profit Both Beat Expectations, U.S. 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 US same-store sales growth slowed to its lowest level in more than six years, with pharmacy price deflation being the main drag. The company also raised its full-year sales and earnings guidance, though the upper end of the revised EPS guidance still fell short of consensus estimates, with signs of slowing growth momentum overshadowing the quarter's earnings beat.
Data in One 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, with the two metrics moving in opposite directions.
US same-store sales growth was only 2.6%, below the consensus estimate of 3.5%, marking the lowest level in more than six years; the company noted that pharmacy price deflation contributed approximately 125 basis points of drag.
By segment, Walmart US net sales were $125.20 billion, up 3.5% year-over-year; international sales were $35.20 billion, up 13%; and Sam's Club (US) sales were $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 revenue grew 38% year-over-year (Walmart Connect up 43%), and US third-party marketplace sales increased 52% year-over-year.
Adjusted operating profit was $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 profit 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 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 figure for the quarter came in better than expected—the issue lies in the structure and the forward outlook. Revenue, adjusted earnings, and operating efficiency are all improving: adjusted operating profit is growing faster than revenue, 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 improving.
The decline in US same-store sales growth to 2.6%, the lowest level in over six years, 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 explains roughly 125 basis points of the decline, with the remainder pointing to actual shifts in consumer behavior. Transaction counts remained stable while average ticket size declined, meaning customers are still coming—they're just spending more cautiously.
The fact that full-year guidance was raised across the board yet still missed expectations precisely indicates that the market's growth expectations for this company have already run ahead of management's own judgment. The key going forward is whether the expansion pace of high-margin non-retail businesses can sustain fast enough to offset the slowdown in core retail growth.
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