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In case you missed it, here are the latest “fundamental analysis” reports:
List of All Reports - Check It Out
Earnings analysis included today, at a glance:
Walmart (WMT) - Q2 FY2027 earnings
Target (TGT) - Q2 FY2027 earnings
Alibaba Group (BABA) - Q1 FY2027 earnings
Deere & Company (DE) - Q3 FY2026 earnings
NetEase (NTES) - Q2 FY2026 earnings
Ross Stores (ROST) - Q2 FY2027 earnings
Analog Devices (ADI) - Q3 FY2026 earnings
TJX Companies (TJX) - Q2 FY2027 earnings
Lowe’s Companies (LOW) - Q2 FY2027 earnings
Home Depot (HD) - Q2 FY2027 earnings
1. Walmart (WMT): Q2 FY2027 Earnings Analysis
Walmart (WMT) released its Q2 FY27 earnings on August 20, 2026.
The retailer beat on revenue and adjusted profit, raised full-year guidance, and still watched its stock slide about 9% because the outlook disappointed investors who had priced in an even bigger raise.
Q2 FY2027 SCORECARD
Total revenue: $187.94 billion, up 5.9%
Walmart U.S. comp sales (ex fuel): +2.6%
Global eCommerce net sales: +23%
Walmart U.S. eCommerce: +24%
Adjusted operating income (constant currency): +17.4%
Adjusted EPS growth: more than +19%
Top Line and Comparable Sales
Enterprise net sales grew 5% in constant currency, landing at the top end of guidance. The U.S. segment posted comp sales growth of 2.6% excluding fuel.
That 2.6% headline needs context.
Management flagged a 125 basis point headwind from maximum fair pricing regulations. Core categories outside health and wellness grew in the 3% to 4% range, so underlying demand looked steadier than the headline comp suggests.
The eCommerce Engine
Global eCommerce net sales jumped 23%, and the U.S. online business grew 24%.
Store-fulfilled pickup and delivery keep doing the heavy lifting, turning Walmart’s physical footprint into a fulfillment network that pure online players cannot easily copy.
Adjusted operating income rose more than 17% in constant currency. A tariff refund benefit of roughly 750 basis points padded that growth rate.
Excluding it, underlying profit growth still finished at the top end of the company’s 7% to 10% framework, which is the number you should anchor on.
Raised Full-Year Guidance
UPDATED FY2027 OUTLOOK
Net sales growth: 4.0% to 5.0% (prior: 3.5% to 4.5%)
Adjusted operating income growth: 7.0% to 8.5% (prior: 6.0% to 8.0%)
Adjusted EPS: $2.80 to $2.87 (prior: $2.75 to $2.85)
Q3 FY27 adjusted EPS: $0.62 to $0.64
Capital expenditures: roughly 4% of net sales
The guidance raise looks modest next to the size of the beat, and that gap explains the sell-off. Tariff refunds also pulled some profit into the first half, which makes second-half comparisons tougher.
Bottom Line for Investors
The bull case rests on a 24% U.S. eCommerce growth rate, steady grocery traffic and operating income growing faster than sales. The bear case centers on valuation and on how much of this quarter’s profit strength came from one-time refunds rather than day-to-day operations.
I am watching these two things over the next two quarters:
Core category comps outside health and wellness, and
Whether adjusted operating income growth stays near the top of the 7% to 8.5% range once the refund tailwind fades from comparisons.
One more data point on mix: with fiscal 2026 revenue of roughly $706 billion behind it, Walmart now runs a business where advertising, memberships and marketplace fees contribute a growing slice of profit. Those streams carry far higher margins than selling groceries, and they are a core reason adjusted operating income can grow faster than sales year after year.
Capital spending near 4% of net sales also deserves attention. That money is flowing into supply chain automation and store remodels, investments aimed at keeping unit costs falling even as wages rise.
Valuation is the final piece. Walmart trades at a premium multiple to nearly every other retailer covered here, which is why a beat-and-raise quarter still produced a 9% drop in the share price.