Walmart Shares Fall As Q2 Earnings Miss But Revenue Beats; Outlook Raised

Walmart Inc. (NYSE:WMT) reported mixed second-quarter results on Thursday, with revenue topping expectations while earnings came in below estimates. The retailer also raised its full-year sales and earnings forecast, signaling confidence in its growth despite near-term headwinds.

Adjusted earnings per share came in at $0.68, short of analysts’ consensus of $0.74. Revenue totaled $177.4 billion, above the expected $174.4 billion and representing a 4.8% year-over-year increase, or 5.6% on a constant currency basis. Shares of Walmart fell more than 4% during Thursday’s session following the release.

Global eCommerce sales grew 25%, supported by store-fulfilled pickup and delivery and marketplace expansion. The company’s advertising unit expanded 46%, boosted by its VIZIO acquisition, with Walmart Connect in the U.S. up 31%.

Operating income declined 8.2% due to legal and restructuring charges. On an adjusted basis, operating income increased 0.4% in constant currency but was impacted by around 560 basis points from higher self-insured liability costs.

Walmart raised its full-year net sales outlook, now projecting growth of 3.75% to 4.75% in constant currency, compared with its prior range of 3% to 4%. Fiscal 2026 EPS was guided at $2.52 to $2.62, though the midpoint of $2.57 remained below the analyst consensus of $2.64. For the third quarter, the company expects EPS between $0.58 and $0.60, above Wall Street’s $0.57 estimate.