Slide 1: Walmart Q2 FY27 Financial presentation
Walmart Q2 FY27 Financial presentation
Slide 2: Guidance
Third quarter Guidance The Company’s third quarter fiscal 2027 guidance is based on the following Q3 FY26 figures: Net sales: $177.8 billion, adjusted operating income1: $7.3 billion, and adjusted EPS1: $0.62. Consolidated metric Q3 FY27 The following guidance reflects the Company’s expectations as
Slide 3: Total revenues
Total revenues Total revenues (cc)1 $186.4 billion, up +5.1% Amounts in billions, except as noted. Dollar changes may not recalculate due to rounding. • Total revenues grew 5.9% to $187.9 $190.7 $187.9 billion, up 5.1% (cc)1 excluding a $1.5 billion impact from currency $179.5 fluctuations $177.4 $1
Slide 4: Gross profit rate
Gross profit rate Gross profit rate +96 bps to 25.4% • Led by Walmart U.S., primarily 25.4% driven by tariff refunds, partially offset by price investments and higher fuel costs in distribution and fulfillment 24.5% 24.2% 24.3% • Improvements also reflect favorable business mix led by 24.0% global a
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, +40 bps to 21.4% Operating expenses as a Adjusted operating expenses as • Operating expenses on a reported percentage of net sales a percentage of net sales1 basis deleveraged 11 bps, primarily
Slide 6: Operating income
Operating income Adjusted operating income (cc)1 of $9.2 billion, up +17.4% Amounts in billions, except as noted. Dollar changes may not recalculate due to rounding. Operating income Adjusted operating income (cc)1 • Reported operating income $9.4 $9.2 increased +28.8% relative to $8.7 $8.6 +5.9% ne
Slide 7: EPS
EPS Adjusted EPS1 of $0.81, up 19.1% EPS Adjusted EPS1 $0.88 $0.80 $0.81 $0.77 • Adjusted EPS1 of $0.81; an $0.74 $0.67 $0.68 $0.66 increase of 19.1% $0.62 $0.53 • Adjusted EPS1 excludes the effects, net of tax, from a net loss of $0.12 on equity and other investments and a net benefit of $0.11 from
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 up $1.4 $41.6 billion primarily due to an $14.9 increase in cash provided by operating income, partially $8.8 offset by the timing of inventor
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. $3.0 • Share repurchases during the $2.1 quarter totaled $3.0 billion $1.6 representing 25.7 million $1.1 shares, at an average price of $0.8 $117.61 per
Slide 10: Returns
Returns Return on assets (ROA) Return on investment (ROI)1 8.3% 8.4% 8.4% • ROI1 at 15.4% 8.2% 15.4% 8.0% 15.1% 15.1% • ROI increased 30 bps primarily driven 14.8% 14.9% by an increase in operating income from improved business performance • Offset by an increase in average invested capital due to h
Slide 11: Walmart U.S. revenues
Walmart U.S. revenues Net sales $125.2 billion, +3.5%; eCommerce +24% • Sales reflected continued strong momentum in eCommerce and broad-based share gains, partially offset by pharmacy deflation headwind Walmart U.S. comp sales1 • Share gains continued across categories and 4.6% 4.5% 4.6% income tie
Slide 12: Walmart U.S.
Gross profit $36.8 billion, +9.4% Gross profit rate 29.4%, +158 bps Walmart U.S. • Strong growth reflects a benefit from tariff refunds, partially offset by price investments • Also reflects improved business mix primarily from growth of digital advertising • Partially offset by higher fuel costs im
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 in pantry and fresh driven by strong seasonal execution and better-for-you innovation Grocery + mid single-digit • Like-for-like grocery inflation +1.
Slide 14: Walmart US comp sales ex-H&W
Walmart US comp sales1 ex-H&W FY27 comp reflects headwinds from maximum fair price regulation Walmart U.S. • Q2 Comp sales, ex H&W +3.4%; reflecting steady growth in grocery and GM • Q2 Walmart US total comp +2.6%; reflects ~125 bps headwind from pharmacy deflation and brand-to-generic transfers rel
Slide 15: Walmart International revenues
Walmart International revenues Net sales (cc)1 $33.7 billion, +7.9% 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 strength in eCommerce & stores $35.9 $35.1 $35.2 • eCommerce
Slide 16: Walmart International
Gross profit $7.5 billion, +12.0% Walmart Gross profit rate 21.4%, -15 bps International • Decrease driven by a discrete trade receivable reserve, price investments and format mix • Partially offset by improved eCommerce margins and business mix changes Opened 206 new stores over last 12 Operating e
Slide 17: Walmex
Walmex1,2 Net sales (cc): $12.9 billion, +3.2% Comparable sales growth Sales • In Mexico, comp sales grew 1.8%, led by Sam’s Club • eCommerce growth of 16%, driven by 4.4% store-fulfilled delivery • Opened 181 new stores in the past 12 3.3% months, including 23 in the quarter 2.8% 2.7% 1.9% Gross pr
Slide 18: China
China1 Net sales (cc): $7.0 billion, +20.7% Comparable sales growth Sales • Growth led by strength in eCommerce, +26%; digital mix at 55%, +239 bps vs LY 21.5% • Continued momentum in Sam’s Club, with accelerated growth in Walmart Stores • Opened 11 new clubs in the past 12 months, 13.8% 13.1% inclu
Slide 19: Canada
Canada1 Net sales (cc): $6.5 billion, +6.0% Comparable sales growth Sales • Double-digit eCommerce growth, led by store-fulfilled pickup & delivery 7.3% • Growth across all categories with strong 6.1% momentum in food and consumables 5.0% • Launched Walmart+ during the quarter 4.4% 4.0% Gross profit
Slide 20: Sam's Club U.S. revenues
Sam’s Club U.S. revenues Net sales $25.7 billion, +8.8%, Net sales without fuel +4.5%, eCommerce +26% Sam's Club U.S. comp sales1 • Sales growth led by grocery and general merchandise 8.5% • Comp sales driven by increased transactions and unit volumes; partially offset by ~40 bps pharmacy headwind r
Slide 21: Sam's Club U.S.
Membership fee and other income +6.0% Sam's Club U.S. • Membership fee revenue +6% driven by increased counts and Plus members • Growth in member counts reflects continued strength among Gen Z and Millennials Gen Z and Millennials drove more than half of new sign-ups, with Plus Gross profit $2.9 bil
Slide 22: Sam's Club U.S. category comparable sales
Sam’s Club U.S. Category comparable sales Category Comp Comments Fresh / Freezer / Cooler • Driven by produce, floral, fresh meat, prepared foods, +mid single-digit and bakery, partially offset by cooler Grocery and Beverage Grocery • Led by drinks, dry grocery, and snacks + mid single-digit Select
Slide 23: 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 24: 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 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 ASSETS Trailing Twelve Months Ended Jul 31, Oct 31, Jan 31, Apr 30, Jul 31, (Dollars in millions) 2025 2025 2026 2026 2026 Numerator C
Slide 26: 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 Jul 31, Oct 31, Jan 31, Apr 30, Jul 31, (Dollars in millions) 2025 2025 2026 2026 2026 Numerat
Slide 27: 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 $19.7 billion for the six months ended July 31, 2026, which represents an
Slide 28: 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 29: 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 30: 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) Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Total revenues:
Slide 31: 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 32: 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 33: 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 July 31, 2026 and July 31, 2025 for the Sam's Club U.S. segment. Three Months Ended Sam's Club U.S. Including Fuel Excluding Fuel (Dollars in million
Slide 34: 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 35: Non-GAAP measures – adjusted EPS (cont.)
Non-GAAP measures – adjusted EPS (cont.) Percent Three Months Ended April 30, 2026 Three Months Ended April 30, 2025 Change Diluted earnings per share: Reported EPS $0.67 $0.56 +19.6% Pre-Tax Tax NCI Net Pre-Tax Tax NCI Net Adjustments: Impact Impact Impact Impact Impact Impact Impact Impact Unreali
Slide 36: Non-GAAP measures – adjusted EPS (cont.)
Non-GAAP measures – adjusted EPS (cont.) Percent Three Months Ended October 31, 2025 Three Months Ended October 31, 2024 Change Diluted earnings per share: Reported EPS $0.77 $0.57 +35.1% Pre-Tax Tax NCI Net Pre-Tax Tax NCI Net Adjustments: Impact Impact Impact Impact Impact Impact Impact Impact Unr
Slide 37: 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