실적분석 Walmart ($WMT) Q2 FY2027 Earnings Analysis — Adjusted EPS and Revenue Beat, Full-Year Guidance Raised, but Shares Drop Sharply After-Hours
Earnings Scorecard
Revenue: $187.9 billion (up 5.9% year-over year; estimate $186.825 billion) ✅ Beat
EPS (earnings per share): Adjusted $0.81 (estimate $0.74) ✅ Beat
Guidance: Raised — full-year net sales (constant currency) +4.0–5.0%, adjusted operating income +7.0–8.5%, adjusted EPS $2.80–2.87
Stock reaction: After-hours −6.05% ($107.39) — as of 08-20 20:45 KST
The Positives
Global e-commerce +23%: Store-fulfilled pickup/delivery and online marketplace drove the growth
Advertising revenue +38%: US advertising also +38%, while membership fee income rose 17% worldwide
Raised full-year guidance: Adjusted EPS lifted to $2.80–2.87, up from the prior range
Gross margin expanded sharply on tariff refunds and an improved business mix, while Sam's Club in both the US and international segments posted double-digit e-commerce growth, supporting overall profitability. Management said underlying operating-income growth, excluding the net effect of tariff refunds, landed at the high end of guidance.
The Negatives
US comparable-store sales +2.6%: Decelerated from +4.6% a year earlier, including headwinds from lower pharmacy pricing
Q3 adjusted EPS outlook: $0.62–$0.64, below the $0.74 market expectation
H2 price reinvestment: Tariff refunds being prioritized for price and customer experience
US comparable-store growth included a 125bp headwind from the pharmacy segment tied to drug-price caps. Free cash flow declined year-over-year as capital expenditures rose, and inventory increased on strategic build-up and inflation effects.
What Management Said
CFO John David Rainey explained that the business model had become more resilient, which is why the full-year guide was raised, and said the tariff refunds received in Q2 will be reinvested first in pricing and customer experience in the second half. He urged investors to look at Q2 and Q3 results together when assessing underlying growth.
Market Reaction and What to Watch Next
While the quarter itself beat expectations, the slowdown in US comparable-store sales and a Q3 adjusted EPS guide below consensus triggered the sell-off.
Whether Q3 net sales and adjusted operating income land within the company's stated growth range
Whether gross margin holds up after tariff refunds are channeled into pricing
Whether US comparable-store transaction counts and ticket size recover
Disclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
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