Walmart earnings: guidance and next results
Walmart’s next results are expected on November 19, 2026. Watch whether lower prices support profit after tariff refunds.
What has Walmart guided for FY2027?
Walmart’s share price could reach $114.26 by October 2029, but that outcome hinges on earnings growth and Walmart sustaining a premium valuation. Management guides to 4–5% net sales growth and 7–8.5% adjusted operating-income growth at constant currency for FY2027. It guides to adjusted EPS of $2.80–$2.87 and capital expenditure of 4.0% of sales.
| The period guided | Low | High | The date it was given | |
|---|---|---|---|---|
| Net sales (cc) | Year to Jan 2027 | 4.0% | 5.0% | Aug 20, 2026 |
| Adj. operating income (cc) | Year to Jan 2027 | 7.0% | 8.5% | Aug 20, 2026 |
| Adj. Interest, net | Year to Jan 2027 | 200 | 300 | Aug 20, 2026 |
| Effective tax rate | Year to Jan 2027 | 23.5% | 24.5% | Aug 20, 2026 |
| Adj. EPS | Year to Jan 2027 | 2.80 | 2.87 | Aug 20, 2026 |
| Capital expenditures | Year to Jan 2027 | 4.0% | 4.0% | Aug 20, 2026 |
Has Walmart kept its past promises?
Management promised profit growth faster than sales. Fiscal 2026 adjusted profit grew 5.4% against constant-currency revenue growth of 5.1%, narrowly meeting that direction. Later guidance raised planned capital spending to about 4.0% of sales, so the next test is whether greater investment produces the returns used to justify pay.
How have Walmart’s revenue and profit trended?
Revenue grew 5.9%, while operating income rose 28.8%. Net income and diluted EPS nevertheless fell. The quarter separates the retail engine from the items below it.
| Quarter to Jul 2026 | Quarter to Apr 2026 | Quarter to Jan 2026 | Quarter to Oct 2025 | Quarter to Jul 2025 | Quarter to Apr 2025 | Quarter to Jan 2025 | Quarter to Oct 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 187,937 | 177,751 | 190,656 | 179,496 | 177,402 | 165,609 | 180,554 | 169,588 |
| Operating income | 9,383 | 7,493 | 8,708 | 6,696 | 7,286 | 7,135 | 7,859 | 6,708 |
| Net income | 6,366 | 5,330 | 4,237 | 6,143 | 7,026 | 4,487 | 5,254 | 4,577 |
| EPS, diluted | 0.80 | 0.67 | 0.53 | 0.77 | 0.88 | 0.56 | 0.65 | 0.57 |
| Cash from operations | 14,972 | 4,738 | 14,113 | 9,100 | 12,941 | 5,411 | 13,525 | 6,561 |
| Capital spending | 7,497 | 6,684 | 8,015 | 7,218 | 6,423 | 4,986 | 7,087 | 6,189 |
What should I watch in Walmart’s next results?
The next results will test whether Walmart’s investment is producing recurring gains. The November 19, 2026 report covers the October quarter, while the February 18, 2027 report covers the January year-end. November should show how lower prices affect profit after tariff refunds; February should show whether Flipkart’s shifted event produces the expected holiday benefit. Across both reports, transactions, cash after investment and productivity after depreciation matter more than a single earnings headline.
Tariff refunds make that comparison harder. A tariff is an import charge: if Walmart pays $100 for goods including a $10 tariff and later receives the tariff back, its recorded cost falls even if the selling price does not. Walmart received about $2.9 billion in refunds in the July quarter, which lifted profit. Management says it is using the remaining benefit to lower prices and improve customer experience. That may reduce near-term profit, but it could win repeat purchases. The real test is profit after the refund fades.