Investor Research

WMT · US

WMT.US: Q2 FY27 $187.9B — eComm +23% & FY raise

Walmart printed Q2 FY27 on 2026-08-20: revenue $187.9B (+5.9% / +5.1% cc), global eComm +23%, ads +38%, membership fees +17%; US comps +2.6% ex-fuel. Adj. EPS $0.81. FY27 net sales raised to +4–5% cc. See AMZN, COST.

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Latest print snapshot

Q2 revenue
USD 187.9B
US comps
0
Global eComm growth
0
OI growth
0.3
As of 2026-09-25

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

Walmart = value-retail traffic + eComm/ads/membership profit pools. Formal Q2 FY27 (ended 2026-07-31; printed 2026-08-20): revenue $187.9B (+5.9%, +5.1% cc); US comps +2.6% (transactions +1.5%, ticket +1.1%, ~125bp pharmacy MFP headwind); global eComm +23%, ads +38%, membership fees +17%; GAAP OI +28.8%, adj. cc +17.4% (tariff-refund net benefit; underlying at the high end of the prior 7–10% guide). Adj. EPS $0.81. FY27 net sales raised to +4–5% cc, adj. OI +7.0–8.5%, adj. EPS $2.80–$2.87.

Business

Supercenters + Sam's Club + eComm (incl. marketplace) + retail media + membership. Flagships: Walmart U.S. grocery traffic, global eComm, ads, membership fees. Strategy: eComm share, ad monetization, Walmart+ penetration, supply-chain automation—continuity through CEO transition.

Strategy

Strategy
Pillar / phaseDetail
0–12m: 同店与客流KPI: US comp / transactions / ticket；Q2 指引 net sales +4–5% cc
电商 + 广告利润池KPI: 全球电商增速 · 广告增速 · 电商对 comp 贡献 bps
会员与履约效率KPI: 会员费收入 · 履约燃料成本 · adj OI 增速
As of 2026-09-25

Value chain

Downstream mass retail/membership; upstream CPG/private label and logistics energy. Customers highly fragmented. Supply risks: fulfillment fuel/labor; tariffs/price investment; grocery inventory timing.

Customers

Customers
CustomerConcentration/roleNote
美国大众消费者超分散食品流量为主；K 型消费受益端
Walmart+ / Sam's 会员分散且粘性上升全球会员费收入 +17.4%
广告主（零售媒体）中高增全球广告 +37%
最大客户占比N/A（通常极低）B2C 零售；供应商集中度见 10-K
As of 2026-09-25

Corporate events

Material events over ~24–36m:

Corporate events

Corporate events
DatePhaseEventMeaning
2026-02-01人事John Furner 接任 CEO（Doug McMillon 卸任）战略延续性为主；关注 Walmart U.S. 继任安排
2026-05-21财报Q1 FY27：营收 $177.8B（+7.3%）；US comp +4.1%最新正式打印；电商/广告高增
2026-08-20待定Q2 FY27 预计打印（截至本稿约 Aug 20）可能覆盖本稿指引与序列——读数以前置正式稿为准
As of 2026-09-25

Valuation

Valuation snapshot

Valuation snapshot
MetricValueNote
市值（约）~$0.8–0.9T 量级约 2026-08；示意
TTM P/E（示意）约 38–42x价值零售溢价含电商/广告叙事
Forward P/E（示意）约 35–39x对标 FY27 adj EPS 指引区间
P/B（示意）约 7–8x回购与高 ROE
盈利收益率约 2.5%1/PE
股息率约 0.8%以回购+分红组合为主
As of 2026-09-25

Valuation & returns · ~3y

Interactive chart available in the reader.

PE/PB/yield/return points are null until a named market source is wired; no linear fill. · As of 2026-09-25

Price read: value-channel share + eComm/ads compounding, discounted for low-single-digit OI margin and fulfillment cost volatility (~2026-08 illustrative).

Share price · ~3y

Interactive chart available in the reader.

Quarterly close reconstruction (illustrative, split-adjusted approx.) · As of 2026-09-25

Financial trend (~24 months)

Seasonality: Q4 (ended Jan 31) is holiday peak; Q1 often down QoQ. Revenue and operating margin with YoY/QoQ:

Revenue · last 8 quarters

Interactive chart available in the reader.

Walmart filings; 2026-Q3 axis is Q2 FY27 (ended 2026-07-31) $187.9B IR print. · As of 2026-09-25

Operating margin · last 8 quarters

Interactive chart available in the reader.

Walmart disclosed OI / revenue; YoY/QoQ as ppt deltas · As of 2026-09-25

Financial health

Financial health

Financial health
ItemValueNote
财务健康总评强YTD OCF $19.7B；关税退税再投入价格，底层 OI 仍处指引上沿
Q2 FY27 营收$187.9B+5.9% / +5.1% cc；来源 2026-08-20 PR
经营利润GAAP +28.8%；调整 cc +17.4%含关税退税净利；底层位于 7–10% 指引上沿
经营 / 自由现金流OCF $19.7B；FCF $5.5BYTD；FCF 同比 −$1.4B
有息债 / 现金债务 $57.2B；现金 $11.5B含一年内到期与融资租赁；YTD 回购 $5.1B
审计 / 持续经营大型美股常规无保留预期以最新 10-Q/10-K 为准
As of 2026-09-25

Net income · last 8Q

Interactive chart available in the reader.

Reconstructed from public filings (illustrative; attributable NI) · As of 2026-09-25

Operations

Q2 FY27: $187.9B revenue (+5.9% / +5.1% cc); US net sales $125.2B (+3.5%), comps +2.6% (transactions +1.5%, ticket +1.1%, ~125bp pharmacy MFP, eComm ~510bps to comps); global eComm +23%; ads +38%; membership fees +17%; GAAP OI +28.8% / adj. cc +17.4%. Q3 guide: net sales +3.0–3.75% cc; adj OI +2–4% cc; adj EPS $0.62–$0.64.

Q2 FY27 segment mix

Q2 FY27 segment mix
SegmentScale / growthWatchpoint
Walmart U.S.Net sales $125.2B / +3.5%Comp ex-fuel +2.6%（交易 +1.5% / 客单 +1.1%；药房 MFP 约 −125bp）
InternationalNet sales $35.2B / +12.8%（cc +7.9%）电商 +19%；广告 +20%
Sam's Club U.S.Net sales $25.7B / +8.8%Comp ex-fuel +4.4%；电商 +26%
高增利润池全球电商 +23% / 广告 +38% / 会员费 +17%US 电商 +24%；marketplace +52%
As of 2026-09-25

Competition

Peers: AMZN, COST, and planned HD / TJX / TGT. Strength: grocery density, store-fulfilled eComm, ads growth. Weakness: thin OI margin, fuel sensitivity, growth already in the multiple.

Market share trend · last 8Q

Interactive chart available in the reader.

Industry reports + public disclosures (illustrative estimate) · As of 2026-09-25

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Industry reports + public disclosures (illustrative estimate) · As of 2026-09-25

Peer comparison

Peer comparison
CompanyPosition / shareMarginStrengthWeakness
Walmart (WMT)US 价值零售龙头OM ~4.2%食品流量+电商/广告/会员低个位数利润率；履约燃料成本
Costco (COST)会员仓储OM ~4%续费率与客流锚开店节奏慢；估值贵
Amazon (AMZN)电商平台零售薄利+云履约与广告闭环非纯零售；CapEx 重
Target (TGT)中产可选更高可选敞口门店体验/自有品牌K 型消费下客流更敏感
TJXOff-price高 ROICTrade-down 受益品类与规模不及 WMT
As of 2026-09-25

Management

John Furner (CEO since 2026-02-01); John David Rainey (CFO since 2022). Doug McMillon retired as CEO with a board/advisor transition. Call: orderly succession, high strategic continuity; watch Walmart U.S. succession.

Key management (24m)

Key management (24m)
RoleNameSince24m change
CEO / PresidentJohn Furner2026-02接棒 Doug McMillon（2026-02-01 生效）
CFOJohn David Rainey2022-06无重大披露变动
前 CEO / 董事会Doug McMillon2014–20262026-01-31 卸任 CEO；过渡期留任董事/顾问
As of 2026-09-25

Outlook

Near-term: Q3 +3.0–3.75% cc (Flipkart timing) and recycling tariff refunds into price. Medium-term: ads/eComm pools vs FY +4–5% sales and +7.0–8.5% adj OI.

Scenarios

Scenario Conditions Implication
Bull eComm/ads stay high-teens/double-digit; OI leverage beats guide Upside
Base Mid-single comps; Q2 mid-guide Core hold
Bear Fuel/tariffs crush OI; traffic turns Compression

Risks

Risks

Risks
RiskSeverityMitigation
履约/配送燃料与劳动力成本抬升高Q1 已吸收约 250bps OI 压力
价格投资与关税压毛利中高看 GP rate 与指引
电商利润率爬坡不及预期中高增但需验证经济模型
CEO 过渡与组织执行中Furner 2026-02 上任
可选消费走弱拖累客单中目前交易驱动强于客单
As of 2026-09-25
Risk Level
Fulfillment fuel/labor costs High
Price investment / tariffs on GM Med-High
eComm margin climb disappoints Medium
CEO transition execution Medium
Discretionary ticket softens Medium

Tracking

  1. Q3 net sales +3.0–3.75% cc vs Flipkart timing
  2. US comps vs pharmacy MFP headwind
  3. Global eComm +23% / ads +38%
  4. Membership fees +17%
  5. YTD OCF $19.7B / FCF $5.5B

Confirm: high-growth pools persist and underlying OI holds. Falsify: comps stall or another guide cut.

References

  1. Walmart Q1 FY27 Earnings Release (2026-05-21) — https://corporate.walmart.com/
  2. Walmart IR / SEC filings — https://stock.walmart.com/
  3. See AMZN · COST · HD · TJX · TGT

Not investment advice. Q2 print may supersede.

Disclaimer: For research information only. Not investment advice or a recommendation to buy or sell.

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