Companies · WMT
Walmart
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Latest analysis
Updated Aug 28, 2026
Walmart Q2 FY2027: $2.9B tariff refund drives 89bps operating margin expansion as eCommerce grows 23% YoY on store-fulfilled delivery strength.
A $2.9 billion tariff refund received in Q2 FY2027 is the single largest driver of Walmart's 96 basis point gross margin expansion, with a significant portion reinvested into price — a deliberate competitive positioning move that compresses near-term earnings while building consumer loyalty. ECommerce net sales grew 23% year-over-year in Q2, driven by store-fulfilled delivery, confirming that Walmart's physical footprint is now the primary fulfillment asset in its digital growth strategy. Sam's Club U.S. delivered 8.6% comparable sales growth — the standout segment result — with Plus membership penetration and a May 2026 fee increase providing a durable ARPU tailwind into H2 FY2027.
Tone: bullishRevenue
$713.2B
WMT 10-K · FY 2026
Employees
2,100,000
Revenue FY2025
$681B
Founded
1945
Profile
WMT 10-K Item 1 · Mar 13, 2026Walmart Inc. is a people-led, technology-powered omnichannel retailer operating more than 10,900 stores across 19 countries and numerous eCommerce platforms, serving approximately 280 million customers weekly. The company operates under three reportable segments — Walmart U.S., Walmart International, and Sam's Club U.S. — and generated total revenues of $713.2 billion in fiscal 2026. Its strategy centers on everyday low prices, supply chain automation, and expanding higher-margin ecosystem businesses including digital advertising, marketplace, fulfillment services, and financial services.
Read filing description ↓ Collapse description ↑
Walmart Inc. is a people-led, technology-powered omnichannel retailer dedicated to helping people around the world save money and live better by providing the opportunity to shop in both retail stores and through eCommerce, and to access our other service offerings. Through innovation, we strive to continuously improve a customer-centric experience that seamlessly integrates our eCommerce and retail stores in an omnichannel offering that saves time for our customers. Each week, we serve approximately 280 million customers who visit more than 10,900 stores in 19 countries and through our numerous eCommerce websites and mobile applications. Our strategy is to make every day easier for busy families, operate with discipline, sharpen our culture and become more digital, and make trust a competitive advantage. EDLP is our pricing philosophy under which we price items at a low price every day so our customers trust that our prices will not change under frequent promotional activity. Our operations comprise three reportable segments: Walmart U.S., Walmart International and Sam's Club U.S. As we execute on our strategy globally, our business continues to expand through offerings such as membership, advertising, marketplace and fulfillment services, and financial services. Our strategies increasingly include the use of AI-powered tools to support customer and member-facing experiences, associate productivity and operational efficiency across our ecosystem.
Primary products
- Grocery
- General merchandise
- Health and wellness
- Walmart+ membership
- Sam's Club membership
- Digital advertising solutions
Business segments
End markets
Geographies
“Our ability to develop and effectively operate different formats at the right locations and to deliver a customer-centric omnichannel experience largely determines our competitive position in the retail industry within the markets where we operate.” Competitive position, as stated in the filing
Revenue commentary · FY 2026
Total revenues grew from $680,985 million in fiscal 2025 to $713,163 million in fiscal 2026, driven by comparable sales growth across all segments and continued eCommerce expansion.
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