Slide 1: Q1 FY27 Financial presentation
Walmart Q1 FY27 Financial presentation
Slide 2: Guidance
Second quarter Guidance The Company’s second quarter fiscal 2027 guidance is based on the following Q2 FY26 figures: Net sales: $175.8 billion, adjusted operating income1: $7.9 billion, and adjusted EPS1: $0.68. Consolidated metric Q2 FY27 The following guidance reflects the Company’s expectations a
Slide 3: Total revenues
Total revenues Total revenues (cc)1 $175.4 billion, up +5.9% Amounts in billions, except as noted. Dollar changes may not recalculate due to rounding. • Total revenues grew 7.3% to $177.8 $190.7 billion, up 5.9% (cc)1 excluding a $2.3 billion impact from currency $177.4 $179.5 $177.8 fluctuations •
Slide 4: Gross profit rate
Gross profit rate Gross profit rate +6 bps to 24.3% • Led by improvements in Walmart U.S. 24.5% 24.2% 24.2% 24.3% • Reflects benefits from favorable merchandise category mix and 24.0% business mix led by advertising; partially offset by higher fuel costs in our supply chain Q1 FY26 Q2 FY26 Q3 FY26 Q
Slide 5: Operating expenses as a percentage of net sales
Operating expenses as a percentage of net sales Adjusted operating expenses as a percentage of net sales1, +23 bps to 21.1% Operating expenses as a Adjusted operating expenses as • Operating expenses on a reported percentage of net sales a percentage of net sales1 basis deleveraged 33 bps, primarily
Slide 6: Operating income
Operating income Adjusted operating income (cc)1 of $7.5 billion, up +5.1% Amounts in billions, except as noted. Dollar changes may not recalculate due to rounding. Operating income Adjusted operating income (cc)1 • Reported operating income increased +5.0% relative to +7.1% $8.7 $8.6 net sales grow
Slide 7: EPS
EPS Adjusted EPS1 of $0.66, up 8.2% EPS Adjusted EPS1 $0.88 $0.77 • Adjusted EPS1 of $0.66; an $0.74 $0.67 $0.68 $0.66 increase of 8.2% $0.61 $0.62 $0.56 $0.53 • Adjusted EPS1 excludes the effects, net of tax, of a net gain of $0.02 on equity and other investments and charges of $0.01 from business
Slide 8: Cash flow
Cash flow Amounts in billions, except as noted. Dollar changes may not recalculate due to rounding. Operating cash flow Free cash flow1 • Operating cash flow decreased $41.6 $0.7 billion primarily due to $14.9 timing of inventory receipts, partially offset by timing of certain payments and an $27.5
Slide 9: Returns to shareholders
Returns to shareholders Dividends and share repurchases Amounts in billions, except as noted. Dollar amounts may not recalculate due to rounding. $4.6 • Share repurchases during the $2.1 quarter totaled $2.1 billion $1.6 representing 16.6 million $1.1 shares, at an average price of $0.8 $125.51 per
Slide 10: Returns
Returns Return on assets (ROA) Return on investment (ROI)1 8.3% 8.4% 8.4% • ROI1 at 14.9% 8.2% 15.3% 7.5% 15.1% 15.1% • ROI declined 40 bps primarily driven 14.8% 14.9% by ~45 bps impact from discrete items2 during the trailing 12 months, including 23 bps from a non-cash share-based compensation cha
Slide 11: Walmart U.S. revenues
Walmart U.S. revenues Net sales $117.2 billion, +4.5%; eCommerce +26% • Strong growth in grocery and general merchandise categories; partially offset by 100 bps headwind from maximum fair pricing legislation in pharmacy Walmart U.S. comp sales1 • Broad-based share gains across categories and income
Slide 12: Walmart U.S.
Gross profit $32.5 billion, +5.6% Gross profit rate 27.8%, +29 bps Walmart U.S. • Increase reflects continued benefits from inventory management • Improved business mix primarily from growth of digital advertising • Improved category mix as general merchandise and grocery sales outgrew health & well
Slide 13: Walmart U.S. merchandise category performance details
Walmart U.S. Merchandise category performance details Category Comp Comments • Reflects strong growth in unit volumes and share gains • Food strength led by pantry and fresh food with strong seasonal execution and localized relevance Grocery + mid single-digit • Like-for-like grocery inflation +60 b
Slide 14: Walmart International revenues
Walmart International revenues Net sales (cc)1 $32.8 billion, +10.1% Amounts in billions, except as noted. Dollar changes may not recalculate due to rounding. Walmart International net sales • Growth in net sales (cc)1 across markets, with momentum in eCommerce and $35.9 stores $35.1 $33.5 • eCommer
Slide 15: Walmart International
Gross profit $7.4 billion, +18.0% Walmart Gross profit rate 21.1%, 0 bps International • Benefited by improved eCommerce margins and business mix changes • Offset by format mix changes Opened Opened 128 209new new stores stores during over Q4last 12 Operating expenses $6.2 billion, +16.2% months Ope
Slide 16: Walmex
Walmex1,2 Net sales (cc): $12.2 billion, +4.1% Comparable sales growth Sales • In Mexico, comp sales grew 3.1%, led by Sam’s Club and Walmart • eCommerce growth of 15%, driven by 4.4% store-fulfilled delivery • Growth across categories, led by food 3.3% 2.8% 2.7% • Opened 183 new stores in the past
Slide 17: China
China1 Net sales (cc): $8.0 billion, +22.3% Comparable sales growth Sales • Growth led by strength in eCommerce, +31%; digital mix at 50%, +335bps vs LY 21.5% • Continued momentum in Sam’s Club, with double-digit growth in transactions 16.8% • Strong Lunar New Year performance 13.8% 13.1% • Opened 9
Slide 18: Canada
Canada1 Net sales (cc): $5.5 billion, +7.4% Comparable sales growth Sales • Double-digit eCommerce growth, led by store-fulfilled pickup & delivery 7.3% • Growth in all categories, with strength in food and consumables 5.0% • Successful Easter performance 4.4% 4.0% Gross profit rate Flat • Category
Slide 19: Sam's Club U.S. revenues
Sam’s Club U.S. revenues Net sales $23.4 billion, +6.1%, Net sales without fuel +3.9%, eCommerce +23% Sam's Club U.S. comp sales1 • Sales growth led by grocery and general merchandise 6.7% • Comp sales driven by increased transactions and unit volumes 5.9% 5.9% ◦ Transactions ex fuel: +6.2% 4.0% 4.0
Slide 20: Sam's Club U.S.
Membership fee and other income +11.0% Sam's Club U.S. • Membership fee revenue +5.6% driven by increased counts, renewal rates, and Plus members • Growth in member counts reflects continued strength among Gen Z and Millennials • Other income benefited from miscellaneous items Offering club-fulfille
Slide 21: Sam's Club U.S. category comparable sales
Sam’s Club U.S. Category comparable sales Category Comp Comments Fresh / Freezer / Cooler • Driven by fresh meat, produce, floral and prepared + low single-digit foods, partially offset by cooler Grocery and Beverage Grocery • Led by drinks, snacks, and dry grocery + mid single-digit Consumables • S
Slide 22: Forward-looking statements
Forward-looking statements This presentation and related management commentary contains statements that may be "forward-looking statements" as defined in, and are intended to enjoy the protection of the safe harbor for forward-looking statements within the meaning of Section 21E of the Securities Ex
Slide 23: Non-GAAP measures – ROI
Non-GAAP measures – ROI We include return on assets ("ROA") and return on investment (“ROI”) as metrics to assess our return on capital. ROA is the most directly comparable measure based on our financial statements presented in accordance with GAAP, while ROI is considered a non-GAAP financial measu
Slide 24: Non-GAAP measures – ROI (cont.)
Non-GAAP measures – ROI (cont.) The calculation of ROA and ROI, along with a reconciliation of ROI to the calculation of ROA, is as follows: CALCULATION OF RETURN ON ASSETS Trailing Twelve Months Ended Apr 30, Jul 31, Oct 31, Jan 31, Apr 30, (Dollars in millions) 2025 2025 2025 2026 2026 Numerator C
Slide 25: Non-GAAP measures – ROI (cont.)
Non-GAAP measures – ROI (cont.) The calculation of ROA and ROI, along with a reconciliation of ROI to the calculation of ROA, is as follows: CALCULATION OF RETURN ON INVESTMENT Trailing Twelve Months Ended Apr 30, Jul 31, Oct 31, Jan 31, Apr 30, (Dollars in millions) 2025 2025 2025 2026 2026 Numerat
Slide 26: Non-GAAP measures – free cash flow
Non-GAAP measures – free cash flow We define free cash flow as net cash provided by operating activities in a period minus payments for property and equipment made in that period. Net cash provided by operating activities was $4.7 billion for the three months ended April 30, 2026, which represents a
Slide 27: Non-GAAP measures – free cash flow (cont.)
Non-GAAP measures – free cash flow (cont.) The following table sets forth a reconciliation of free cash flow, a non-GAAP financial measure, to net cash provided by operating activities, which we believe to be the GAAP financial measure most directly comparable to free cash flow, as well as informati
Slide 28: Non-GAAP measures – constant currency
Non-GAAP measures – constant currency In discussing our operating results, the term currency exchange rates refers to the currency exchange rates we use to convert the operating results for countries where the functional currency is not the U.S. dollar into U.S. dollars. We calculate the effect of c
Slide 29: Non-GAAP measures – constant currency (cont.)
Non-GAAP measures – constant currency (cont.) The table below reflects the calculation of constant currency for total revenues, net sales and operating income for the trailing five quarters. Three Months Ended Consolidated (Dollars in millions) Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Total revenues:
Slide 30: Non-GAAP measures – adjusted operating expenses as a percentage of net sales
Non-GAAP measures – adjusted operating expenses as a percentage of net sales Adjusted operating expenses as a percentage of net sales is considered a non-GAAP financial measure under the SEC’s rules because it excludes certain charges included in operating, selling, general and administrative expens
Slide 31: Non-GAAP measures – adjusted operating income
Non-GAAP measures – adjusted operating income Adjusted operating income is considered a non-GAAP financial measure under the SEC’s rules because it excludes certain charges included in operating income calculated in accordance with GAAP. Management believes that adjusted operating income is a meanin
Slide 32: Non-GAAP measures – adjusted operating income (cont.)
Non-GAAP measures – adjusted operating income (cont.) The table below reflects the calculation of adjusted operating income for the three months ended April 30, 2026 and April 30, 2025 for the Walmart U.S. segment. Three Months Ended Walmart U.S. (Dollars in millions) Q1 FY27 Q1 FY26 Operating incom
Slide 33: Non-GAAP measures – adjusted EPS
Non-GAAP measures – adjusted EPS Adjusted diluted earnings per share attributable to Walmart (adjusted EPS) is considered a non-GAAP financial measure under the SEC’s rules because it excludes certain amounts included in the diluted earnings per share attributable to Walmart calculated in accordance
Slide 34: Non-GAAP measures – adjusted EPS (cont.)
Non-GAAP measures – adjusted EPS (cont.) Percent Three Months Ended January 31, 2026 Three Months Ended January 31, 2025 Change Diluted earnings per share: Reported EPS $0.53 $0.65 (18.5%) Pre-Tax Tax NCI Net Pre-Tax Tax NCI Net Adjustments: Impact Impact Impact Impact Impact Impact Impact Impact Un
Slide 35: Non-GAAP measures – adjusted EPS (cont.)
Non-GAAP measures – adjusted EPS (cont.) Percent Three Months Ended July 31, 2025 Three Months Ended July 31, 2024 Change Diluted earnings per share: Reported EPS $0.88 $0.56 +57.1% Pre-Tax Tax NCI Net Pre-Tax Tax NCI Net Adjustments: Impact Impact Impact Impact Impact Impact Impact Impact Unrealize
Slide 36: Non-GAAP measures – adjusted EBITDA and adjusted EBITDA margin
Non-GAAP measures – adjusted EBITDA and adjusted EBITDA margin The calculation of net income margin and adjusted EBITDA margin, along with a reconciliation of adjusted EBITDA margin to the calculation of net income margin, is as follows: We include net income and net income margin, which are calcula