Walmart · Q2 FY2027 · quarter ended Jul 31, 2026
Tariff refunds help lift the margin.
Sales and eCommerce are growing, but tariff refunds explain part of the margin improvement.
- Evidence included through
- Sample publication
A reading of public documents with a defined cutoff. Figures belong to the stated period; the sample’s publication date does not update the company’s results.
The figures, in context
- Revenue
- US$187.9B
187.9 billion · +5.9% reported; +5.1% in constant currency.
Walmart · Q2 FY2027 results, Exhibit 99.1 - Earnings per share
- US$0.80
GAAP diluted EPS; adjusted EPS of US$0.81 is non-GAAP.
Walmart · Q2 FY2027 results, Exhibit 99.1 - Gross margin
- 25.4%
GAAP, on net sales · +96 basis points year over year; includes tariff refunds.
Walmart · 10-Q for the quarter ended Jul 31, 2026
Editorial interpretation
Why it matters
Editorial interpretation: separating sales momentum from tariff effects helps assess how much profit can recur.
The open question
What could change this reading
Reinvesting refunds into prices and facing higher costs could constrain margins in coming quarters.
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How much did Walmart’s business improve excluding tariff refunds?
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