Slide 1: Financial presentation
Financial presentation to accompany management commentary FY26 Q2
Slide 2: Guidance
Third quarter The Company’s third quarter fiscal 2026 guidance is based on the following Q3 FY25 figures: Net sales: $168.0 billion, operating income: $6.7 billion, and adjusted EPS1: $0.58. Guidance Consolidated metric Q3 FY26 Net sales (cc) Increase 3.75% to 4.75% The following forward-looking sta
Slide 3: Total revenues
Total revenues Total revenues (cc)1 $178.9 billion, up +5.6% Amounts in billions, except as noted. Dollar changes may not recalculate due to rounding. $180.6 $177.4 $169.3 $169.6 • Total revenues reached $177.4 $165.6 billion, including a negative impact of $1.5 billion from currency fluctuations •
Slide 4: Gross profit rate
Gross profit rate Gross profit rate +4 bps1 to 24.5% • Led by improvements in Walmart U.S. partially offset by pressure in 24.4% 24.5% International 24.2% 24.2% • Continued benefits from strong inventory management in the U.S. 23.9% and improved business mix; partially offset by merchandise category
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, +35 bps to 21.0% • Operating expenses on a Operating expenses as a Adjusted operating expenses as reported basis deleveraged percentage of net sales a percentage of net sales1 64 bps reflecting
Slide 6: Operating income
Operating income Adjusted operating income (cc)1 of $8.0 billion, up +0.4% Amounts in billions, except as noted. Dollar changes may not recalculate due to rounding. Operating income Adjusted operating income (cc)1 • Operating income declined 8.2% $7.9 $7.9 $8.0 $7.9 $8.0 relative to +4.8% net sales
Slide 7: EPS
EPS Adjusted EPS1 of $0.68, up 1.5% EPS Adjusted EPS1 $0.88 • Adjusted EPS1 of $0.68; an $0.67 $0.66 $0.68 increase of 1.5% $0.65 $0.61 $0.57 $0.58 $0.56 $0.56 • Adjusted EPS excludes the effects, net of tax, of the following: $0.26 from net gains on equity and other investments; $0.05 of charges fo
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 $36.4 • Operating cash flow increased $12.7 $2.0 billion primarily due to timing of certain payments, lower cash tax payments and $22.9 increased cash provided by o
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. • Share repurchases during the quarter totaled $1.6 billion representing 17.0 million shares, at an average price of $4.6 $1.6 $97.03 per share $1.0 $1.0
Slide 10: Returns
Returns Return on assets (ROA) Return on investment (ROI)1 8.3% 15.5% • ROI1 was relatively flat at 15.1% 7.8% 7.9% 15.3% 7.5% 15.1% 15.1% 15.1% • Reflects increased operating income2, primarily due to improvements in business 6.4% performance • Offset by an increase in average invested capital due
Slide 11: Walmart U.S. revenues
Walmart U.S. revenues Net sales $120.9 billion, +4.8%; eCommerce +26% • Sales strength across key categories led by growth in grocery and health & wellness; general Walmart U.S. comp sales1 merchandise up low single-digits • Comp sales +4.6% includes growth in transactions and unit volumes 5.3% ◦ Tr
Slide 12: Walmart U.S.
Gross profit $33.7 billion, +5.8% Gross profit rate 27.9%, +26 bps Walmart U.S. • Increase reflects continued benefits from strong inventory management • Improved business mix primarily from growth of digital advertising • Offset by product mix headwinds as grocery and health & wellness sales outgre
Slide 13: Walmart U.S. merchandise category performance details
Walmart U.S. Merchandise category performance details Category Comp Comments • Broad-based strength and share gains as customers respond to pricing Rollbacks and value proposition • E-commerce sales were strong, up double-digits Grocery + mid single-digit • Like-for-like inflation was ~150 bps • Foo
Slide 14: Walmart International revenues
Walmart International revenues Net sales (cc)1 $32.7 billion, +10.5% Amounts in billions, except as noted. Dollar changes may not recalculate due to rounding. Walmart International net sales • Sales growth (cc)1 led by China, $32.2 Walmex, and Flipkart $31.2 $30.3 • Currency rate fluctuations negati
Slide 15: Walmart International
Walmart Gross profit $6.7 billion, +1.7% Gross profit rate 21.6%, -80 bps International • Headwinds from channel & format mix changes and growth investments • Benefited by business mix changes We bring Walmart to Operating expenses $5.9 billion, +4.6% the world, and the Operating expense rate 18.9%,
Slide 16: Walmex
1,2 Walmex Net sales (cc): $13.9 billion, +6.1% Comparable sales growth Sales • In Mexico, comp sales grew 4.4%, led by Bodega and Sam's Club 5.0% • Double-digit eCommerce growth, driven 4.4% 4.4% by store-fulfilled pickup & delivery 4.1% • Successful festive events and strong general merchandise pe
Slide 17: Canada
1 Canada Net sales (cc): $6.1 billion, +4.1% Comparable sales growth Sales • Strong eCommerce sales growth of 24%, led by store-fulfilled pickup & 5.8% delivery • Continued strength in food and consumables, with growth in general 4.0% merchandise 3.4% 3.1% • Opened 1 new Supercenter in the quarter G
Slide 18: China
1 China Net sales (cc): $5.8 billion, +30.1% Comparable sales growth Sales • Continued strength in Sam’s Club, with 23.1% double-digit growth in transactions 21.5% • Strong eCommerce growth of 39%, with digital mix more than 50% of total sales 16.8% 15.0% • Opened 8 new clubs in the past 12 13.8% mo
Slide 19: Sam's Club U.S. revenues
Sam’s Club U.S. revenues Net sales $23.6 billion, +3.4%, Net sales without fuel +6.0%, eCommerce +26% Sam's Club U.S. comp sales1 • Comp sales driven by units 7.0% 6.8% 6.7% • Continued strength in transactions 5.9% 5.2% 5.3% ◦ Transactions ex fuel: +3.9% 4.6% 4.0% ◦ Average ticket ex fuel: +2.0% 3.
Slide 20: Sam's Club U.S.
Gross profit $2.6 billion, +2.4% Gross profit rate 10.9%, -11 bps; without fuel -21 bps • Rate negatively affected ~35 bps due to strategic supply chain reorganization charges Sam's Club U.S. • Benefited from lower markdowns and operational efficiencies, partially offset by channel mix eCommerce sal
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, cooler, produce and floral + low double-digit Grocery and Beverage Grocery • Led by drinks, dry grocery and snacks + mid single-digit Consumables • Strength in paper goods, laundry & hom
Slide 22: Supplemental Information - FY26 and FY27 Comparable Sales 4-5-4 Reporting Calendars
Supplemental Information - FY26 and FY27 Comparable Sales 4-5-4 Reporting Calendars We report U.S. comparable sales on a 13-week and 52-week retail calendar — commonly referred to as a "4-5-4" calendar — which uses 364 days in a year. In certain years, it becomes necessary to add a 53rd week to our
Slide 23: Safe harbor and non-GAAP measures
Safe harbor and non-GAAP measures 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 Securi
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: 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, July 31, (Dollars in millions) 2024 2024 2025 2025 2025 Numerator
Slide 26: 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) 2024 2024 2025 2025 2025 Numerat
Slide 27: 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 $18.4 billion for the six months ended July 31, 2025, which represents an
Slide 28: 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: 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: 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 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Total revenues:
Slide 31: 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: 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: 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, 2025 and July 31, 2024 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: 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: adjusted EPS (cont.)
Non-GAAP measures – adjusted EPS (cont.) Percent Three Months Ended April 30, 20251 Three Months Ended April 30, 20241 Change Diluted earnings per share: Reported EPS $0.56 $0.63 (11.1%) Pre-Tax Tax NCI Net Pre-Tax Tax NCI Net Adjustments: Impact Impact Impact Impact Impact Impact Impact Impact Unre
Slide 36: adjusted EPS (cont.)
Non-GAAP measures – adjusted EPS (cont.) Percent Three Months Ended October 31, 20241 Three Months Ended October 31, 20231 Change Diluted earnings per share: Reported EPS $0.57 $0.06 +850.0% Pre-Tax Tax NCI Net Pre-Tax Tax NCI Net Adjustments: Impact Impact Impact Impact Impact Impact Impact Impact
Slide 37: 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