沃尔玛二季度业绩好于预期但三季度指引偏弱，股价大跌

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Introduction & Market Context
Walmart Inc. (NYSE:WMT) presented its fiscal second quarter 2027 financial results on August 20, 2026, reporting stronger-than-expected performance that prompted the retail giant to raise its full-year guidance. The company delivered adjusted earnings per share of $0.81 on total revenues of $187.9 billion, representing growth of 19.1% and 5.9% respectively compared to the prior year period.
Despite the solid operational performance, Walmart’s stock declined 8.9% to $104.28 following the presentation, as investors scrutinized the quality of the earnings beat and the sustainability of margin expansion driven significantly by tariff refunds. The market reaction highlighted concerns about the company’s ability to maintain its profit trajectory as one-time benefits normalize and price investments continue.
Quarterly Performance Highlights
Walmart’s second quarter fiscal 2027 results demonstrated broad-based strength across key financial metrics. The company’s presentation revealed total revenues of $187.9 billion, up 5.1% on a constant currency basis, with net sales growth of 5.0% in constant currency reflecting momentum across all operating segments.
As shown in the following chart of total revenues over the past five quarters, the company has maintained consistent growth momentum:
The revenue growth was accompanied by significant margin expansion. Gross profit rate reached 25.4%, marking an impressive 96 basis point year-over-year improvement. This expansion was primarily driven by tariff refunds received during the quarter, partially offset by strategic price investments and higher fuel costs in distribution and fulfillment operations.
The following chart illustrates the substantial gross profit rate improvement in the most recent quarter:
Global eCommerce sales surged 23%, now representing 24% of total net sales, while membership and other income grew 11.2%, reflecting 17% global growth in membership fee revenue. These higher-margin revenue streams are becoming increasingly important to Walmart’s overall profitability profile.
Profitability and Earnings Performance
Operating income performance significantly outpaced revenue growth, demonstrating improved operating leverage. Reported operating income increased 28.8% to $9.4 billion, while adjusted operating income on a constant currency basis rose 17.4% to $9.2 billion, substantially exceeding the 5.0% net sales growth rate.
The company’s operating income trends over the past five quarters show accelerating momentum:
This operating leverage translated into strong earnings per share growth. Adjusted EPS of $0.81 represented a 19.1% increase compared to the prior year period, driven by improved business performance across segments and favorable business mix shifts toward higher-margin activities.
The following chart details both reported and adjusted EPS trends, highlighting the consistent earnings growth trajectory:
Return on investment metrics also improved during the quarter. ROI reached 15.4%, up 30 basis points year-over-year, primarily driven by increased operating income from improved business performance. This improvement occurred despite higher average invested capital due to increased property and equipment purchases to support the company’s omnichannel growth strategy.
The company’s return metrics demonstrate efficient capital deployment:
Walmart U.S. Segment Performance
The Walmart U.S. segment, the company’s largest operation, reported net sales of $125.2 billion, up 3.5% year-over-year. Comparable sales increased 2.6%, driven by transaction growth of 1.5% and average ticket growth of 1.1%, with overall like-for-like inflation of 1.4%.
The segment’s comparable sales performance over recent quarters shows the impact of pharmacy regulation headwinds:
However, the segment faced a significant headwind from pharmacy deflation related to maximum fair price regulation implemented in January, which created an approximately 125 basis point drag on comparable sales. Excluding health and wellness, comparable sales would have been approximately 3.4%, reflecting stronger underlying momentum.
This chart illustrates the impact of health and wellness headwinds on overall comparable sales trends:
Digital commerce remained a key growth driver for Walmart U.S., with eCommerce sales growing 24%. Store-fulfilled delivery achieved approximately 43% growth, while marketplace sales surged 52%. Walmart Connect advertising revenue jumped 43%, contributing to total advertising growth of 38% for the segment.
The segment delivered strong profitability, with gross profit of $36.8 billion increasing 9.4% and the gross profit rate expanding 158 basis points to 29.4%. This improvement reflected benefits from tariff refunds and improved business mix from digital advertising growth, partially offset by strategic price investments and higher distribution costs.
Operating income for Walmart U.S. reached $8.1 billion, up 20.6%, with the operating income rate expanding 92 basis points to 6.5%. This performance demonstrated the segment’s ability to drive profit growth significantly ahead of sales growth through improved economics in eCommerce and higher membership fee revenue.
Sam’s Club U.S. and International Segments
Sam’s Club U.S. delivered robust performance with net sales of $25.7 billion, up 8.8% overall and 4.5% excluding fuel. Comparable sales increased 4.4% excluding fuel, driven by 7.0% transaction growth, partially offset by a 2.5% decline in average ticket. The segment benefited from strong performance in grocery and general merchandise categories.
eCommerce sales grew 26%, representing approximately 20% of net sales excluding fuel, up 350 basis points. Club-fulfilled delivery generated triple-digit growth, while Member’s Mark private brand products achieved mid-single-digit growth. Scan & Go app adoption increased approximately 110 basis points, reflecting growing digital engagement.
Sam’s Club’s gross profit rate expanded 45 basis points to 11.4%, or 85 basis points excluding fuel, reflecting tariff refund benefits partially offset by price investments. Operating income surged 44.3% to $678 million, with adjusted operating income up 23.3%, demonstrating strong operational execution.
Walmart International reported net sales of $33.7 billion on a constant currency basis, up 7.9%, with growth observed across all major markets. The following chart shows the international segment’s consistent sales growth trajectory:
eCommerce sales in international markets grew 19%, led by store-fulfilled pickup and delivery services. The segment achieved double-digit growth in general merchandise categories, while membership fee revenue increased 28%.
China led international performance with net sales growth of 20.7% in constant currency and comparable sales growth of 9.7%. eCommerce in China grew 26%, representing 55% of total sales, up 239 basis points. The market opened 11 new Sam’s Club locations over the past 12 months.
Digital Transformation and Platform Growth
Walmart’s digital and platform businesses continued to scale rapidly, becoming increasingly important contributors to overall growth and profitability. Global eCommerce sales grew 23%, with the company leveraging its store network to enable faster delivery speeds on a broader assortment. Approximately 37% of store-fulfilled orders in the U.S. were delivered in under three hours.
The company’s marketplace business achieved 52% sales growth in the U.S., with strength across key categories including hardlines and home. Marketplace growth exceeded 40% in categories such as furniture, demonstrating the platform’s ability to expand selection and meet diverse customer needs.
Walmart’s advertising business posted 38% growth globally, with Walmart Connect in the U.S. growing 43%. This high-margin revenue stream is benefiting from increased advertiser demand and improved targeting capabilities enabled by the company’s first-party data assets.
Membership programs showed strong momentum, with global membership fee revenue growing 17% and reaching record quarterly net additions in the U.S. for Walmart+. Sam’s Club maintained Plus membership mix exceeding 50% among Gen Z and Millennial members, indicating strong appeal to younger demographics.
Forward Guidance and Strategic Outlook
Walmart raised its full-year fiscal 2027 guidance across key metrics, reflecting confidence in the business model and underlying demand trends. The company now expects constant currency net sales growth of 4.0% to 5.0%, up from the previous range of 3.5% to 4.5%. Adjusted operating income growth guidance was increased to 7.0% to 8.5% from 6.0% to 8.0%, while adjusted EPS guidance was raised to $2.80 to $2.87 from $2.75 to $2.85.
The updated guidance for fiscal 2027 and third quarter outlook are detailed in the following table:
For the third quarter fiscal 2027, Walmart expects consolidated net sales growth of 3.0% to 3.75% in constant currency, operating income growth of 2.0% to 4.0% in constant currency, and adjusted EPS of $0.62 to $0.64.
Chief Financial Officer John David Rainey stated in the presentation: "Our business model is only getting stronger and more durable, and this gives us confidence to raise our sales and operating income growth guidance for the year."
The company plans to continue investing in price to maintain competitive positioning and market share gains, while leveraging higher-margin businesses such as advertising, marketplace, and membership to support overall profitability. Capital expenditures are now expected to be approximately 4.0% of net sales, up from the previous guidance of 3.5%, reflecting accelerated investments in automation, fulfillment capabilities, and store remodels.
Shareholder Returns and Capital Allocation
Walmart maintained its commitment to returning cash to shareholders while investing in growth initiatives. During the second quarter, the company repurchased $3.0 billion of shares, representing 25.7 million shares at an average price of $117.61 per share. Combined with $2.0 billion in dividends paid, total returns to shareholders reached $5.0 billion for the quarter.
The company has $25.1 billion remaining under its share repurchase authorization, providing significant flexibility for future capital returns. Operating cash flow for the first half of fiscal 2027 reached $19.7 billion, up 7.4% year-over-year, while free cash flow was $5.5 billion.
Challenges and Market Considerations
Despite the strong operational performance, several factors contributed to the negative market reaction. Investors noted that a significant portion of the gross margin expansion came from tariff refunds, which may not recur at the same level in future periods. Management indicated that excluding tariff benefits, underlying operating income growth was still at the top end of the 7% to 10% guidance range, but questions remain about margin sustainability.
The company continues to face headwinds from pharmacy regulation, with the maximum fair price rule creating approximately 125 basis points of pressure on Walmart U.S. comparable sales. While this impact was anticipated, it represents a meaningful drag on a historically strong category that drives customer traffic and basket size.
Lower-income consumers remain under pressure, particularly when fuel prices rise. Management acknowledged that customers are making trade-offs in spending behavior, especially in discretionary categories. The company’s value positioning and price investments are designed to capture share during this period, but sustained consumer pressure could impact transaction growth.
Operating expense deleverage of 40 basis points on an adjusted basis reflected higher self-insured general liability claims, increased depreciation from capital investments, and higher healthcare costs from increased associate enrollment and medical cost inflation. These structural cost pressures may persist as the company continues to invest in wages, technology, and automation.
The company also faces execution risk as it scales digital operations and automation investments. While these initiatives support long-term growth and efficiency, they require significant capital and operational discipline to generate expected returns. Depreciation expense is rising as these investments are deployed, creating near-term margin pressure that must be offset by improved productivity and higher-margin revenue streams.
Full presentation:
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