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W.

Walmart Inc.

Q2 FY26Consumer Staples Distribution and Retail

Walmart Inc. Q2 FY26 Results — Earnings Call Analysis

Q2 FY26 earnings call: what management said on revenue, margins and capex.

Price₹119

Market cap₹9.5L Cr

P/E41.8

Updated29 May 2026

Read4 min read

What the Q2 FY26 call signalled

1 of 3 strong

RevenueSlow growth

MarginMargins steady

CapexCapex planned

The short version

- Walmart expects full-year constant currency sales growth between 3.5% and 4.5%, with Q1 at 5.7% and Q2 outlook of 4% to 5%, aiming toward the upper end of the range. - Walmart reiterates full-year guidance of constant currency sales growth between 3.5% and 4.5%, expecting to be toward the upper end based on Q1 performance and Q2 outlook.

From Walmart Inc.'s Q2 FY26 earnings-call transcript · updated 29 May 2026.

Revenue & Sales Performance

Slow growth

Walmart expects full-year constant currency sales growth between 3.5% and 4.5%, with Q1 at 5.7% and Q2 outlook of 4% to 5%, aiming toward the upper end of the range.
E-commerce is growing strongly at 26% globally, fueled by faster delivery and expanded omnichannel capabilities.
Marketplace sales surged nearly 50% in Walmart U.S., with expanding seller counts and assortment contributing to momentum.
Advertising revenues grew 37% globally, supported by Walmart’s growing marketplace ecosystem.
Membership fees increased over 17%, benefiting from increased engagement and fuel savings value.
Faster delivery (30 minutes or less to 60% of U.S. population, 13-minute avg in India) is accelerating order volumes and customer satisfaction.

2 more points from Walmart Inc.'s call on revenue

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Profitability & Margins

Walmart reiterates full-year guidance of constant currency sales growth between 3.5% and 4.5%, expecting to be toward the upper end based on Q1 performance and Q2 outlook.
Q2 operating income growth is guided at 7% to 10% (currency-neutral), with full-year operating income growth expected between 6% and 8%.
EPS guidance for Q2 is $0.72 to $0.74, with full-year EPS in the range of $2.75 to $2.85.
Strong momentum in higher-margin businesses (advertising, membership, marketplace) is expected to accelerate earnings growth.
Despite short-term pressures like higher fuel prices, Walmart expects profitability to improve in the second half of FY27.

2 more points from Walmart Inc.'s call on margins

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Capital Expenditure Plans

Capex planned

Continued investments in automation across fulfillment centers and regional distribution centers; about halfway through implementation with more investments coming (Page 11).
Investments in data and AI to power faster decision-making and improve supply chain efficiency (Page 11).
Expansion of fast delivery capabilities, reaching 60% of U.S. population for 30-minute delivery or less, with plans to continue rollout (Pages 11, 14).
Development and scaling of eCommerce platforms and marketplace capabilities, including cross-border marketplace expansion in North America (Pages 5, 11).
Growing fulfillment services such as Walmart Fulfillment Services, supporting 150% increase in same-day/next-day units sold (Page 11).

2 more points from Walmart Inc.'s call on capex

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Fundraising & Capital Structure

Key points related to financial strategy include: - Focus on managing higher fuel costs without altering full-year guidance. - Prioritization of investing in customer value and pricing to sustain growth and market share.

2 more points from Walmart Inc.'s call on fundraising

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Order Book & Pipeline

Relevant insights related to order fulfillment and growth include: - Fast delivery capabilities are expanding, with deliveries in Flipkart averaging 13 minutes and Walmart U.S. achieving 30 minutes or less deliveries in 6 markets, reaching approximately 60% of the U.S. population. - Marketplace sales in the U.S. grew nearly 50% year-over-year with increasing seller engagement and assortment, driving order volume.

2 more points from Walmart Inc.'s call on order book

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What Walmart Inc.'s management said in earlier quarters

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Frequently Asked Questions

What were Walmart Inc. Q2 FY26 results?

- Walmart expects full-year constant currency sales growth between 3.5% and 4.5%, with Q1 at 5.7% and Q2 outlook of 4% to 5%, aiming toward the upper end of the range. - Walmart reiterates full-year guidance of constant currency sales growth between 3.5% and 4.5%, expecting to be toward the upper end based on Q1 performance and Q2 outlook.

What is Walmart Inc. share price analysis?

Walmart Inc. currently shows a neutral. The stock trades at a P/E of 41.8 with a market cap of $947,919. Investors should review the full earnings analysis for detailed insights.

Is Walmart Inc. planning capital expenditure?

- Continued investments in automation across fulfillment centers and regional distribution centers; about halfway through implementation with more investments coming (Page 11). - Investments in data and AI to power faster decision-making and improve supply chain efficiency (Page 11). - Expansion of fast delivery capabilities, reaching 60% of U.S.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.