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About

Walmart Inc. engages in the operation of retail and wholesale stores and clubs, ecommerce websites, and mobile applications worldwide.

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📈 Growth Pattern

⚡ Latest Quarter —

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⭐ Superinvestors Holding WMT

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	9.2K	$1.1M	0.00%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific ↑ Improving 4 quarters analysed

Q2 2026

Mixed

Management expressed confidence in top-line momentum and share gains ('strong top-line results', 'navigating this dynamic operating backdrop very well') but was guarded on cost pressures and gave wide guidance ranges, citing a 'dynamic' and 'uncertain' environment. Repeated calls for 'flexibility' and 'prudence' suggest caution beneath the growth narrative.

Q3 2026

Confident Specific

Management explicitly states 'another strong quarter', provides specific growth figures (sales +5.9%, op income +8%, e-commerce +27%), and raises full-year guidance. The tone is assertively positive with no hedging or cautionary language.

Q4 2026

Confident Specific

Management repeatedly used phrases like 'strong growth', 'broad-based share gains', 'executing at a high level', and provided specific figures (revenue up 4.9%, adjusted operating income up 10.5%, e-commerce up 24%) to project confidence and precision.

Q1 2027 latest

Confident Specific

Management repeatedly used positive language like 'strong sales growth', 'gaining market share', and 'as excited as ever about our potential', while also acknowledging specific headwinds (fuel costs) and consumer pressure. They provided detailed metrics on e-commerce, marketplace, and advertising growth, reinforcing a tone of conviction and specificity.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. Management reiterated full-year guidance despite a $175 million fuel cost headwind in Q1, and highlighted accelerating growth in higher-margin businesses (advertising +37%, membership +17%, marketplace +50%) which now comprise ~1/3 of operating income. The focus on speed (60% of U.S. households in 30 minutes) and AI (Sparky users up 100% with 35% higher AOV) points to durable competitive advantages. However, external risks remain: elevated fuel prices, consumer stress (especially lower-income), and tariff uncertainty. Next quarter should be watched for whether operating income acceleration materializes as guided (Q2 7-10% constant currency) and for any incremental inflation or trade-down signals. The company's ability to absorb fuel headwinds while still investing in price (7,200 rollbacks) suggests a resilient model, but margin expansion is not guaranteed each quarter due to external shocks.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

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🎙 Management Tone Confident Specific ↑ Improving 4 quarters Full tone analysis in Intelligence →

Good quarter Investor Presentation One-Pager? Q1 2027

Revenue

$177.8B

+7.3% YoY

Adjusted EPS

$0.66

N/A

What Went Right

E-commerce sales grew 26% globally, with store-fulfilled delivery up 45%
Advertising business grew 37% globally, including 36% in Walmart U.S.
Marketplace net sales surged nearly 50% in the U.S.

What to Watch

Fuel costs created a $175M headwind, impacting operating income growth by ~250 bps
Lower-income consumers showing signs of stress – average fuel gallons fell below 10 for first time since 2022
Potential retail price inflation if fuel costs persist; tariff refunds expected to be less than 0.5% of U.S. sales

Management Guidance

Q2 net sales growth expected at 4%–5% (constant currency)
Q2 adjusted operating income growth expected at 7%–10% (constant currency)
Full-year guidance reiterated: sales +3.5%–4.5%, operating income +6%–8%, EPS $2.75–$2.85 (constant currency)

Investor Lens

Walmart’s thesis is stronger after Q1. The company is gaining share across income cohorts, supported by a stronger omnichannel experience, faster delivery, and a growing mix of higher-margin revenue (advertising, marketplace, membership). Despite an unexpected fuel cost headwind, management reaffirmed guidance and expects profit acceleration through the year. The call reinforces that Walmart’s platform investments are driving durable top-line and profit growth, even as the consumer faces pressure.

From investor presentation · AI-generated analysis · Not investment advice

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📈 STRONG Solid top-line beat with strong e-commerce and advertising momentum

Revenue

Total revenue reached $177.8 billion, up 7.3% reported (5.9% constant currency), exceeding guidance by 120 bps. Growth was broad-based, led by Walmart U.S. comp sales of 4.1% (ex-fuel) and international constant-currency growth of 10.1%.

Profitability

Adjusted operating income grew 5.1% (cc), in line with guidance despite a $175 million fuel headwind. GAAP EPS was $0.67; adjusted EPS was $0.66. Operating income growth is expected to accelerate in Q2 and the second half.

Margins

Walmart U.S. gross margin expanded 29 bps, helped by positive merchandise mix (first time in 18 quarters). However, elevated fuel costs weighed on overall operating margins. The company is investing in price (7,200 rollbacks) while scaling high-margin profit streams like advertising and membership, which together contributed roughly one-third of operating income.

Balance Sheet

Cash and cash equivalents were $10.7 billion, with total debt of $58.1 billion. Operating cash flow was $4.7 billion, down $0.7 billion, partly due to inventory build ($62.6B, +8.9%). Free cash flow was negative $1.9 billion. The company repurchased $2.1 billion in shares during the quarter.

Key Risks

Management highlighted three key risks: (1) persistent fuel cost pressure that could extend into Q2 and beyond; (2) consumer strain, particularly among lower-income households (fuel gallons per visit declining); and (3) potential tariff-related cost increases, though refunds are expected to be modest and the company is biased toward reinvesting in price.

Outlook

For Q2, Walmart expects net sales growth of 4%–5% and adjusted operating income growth of 7%–10% (constant currency). Full-year guidance is unchanged, with sales growth of 3.5%–4.5% and operating income growth of 6%–8%, implying an acceleration through the year.

Generated by AI · Q1 2027 results · Not investment advice

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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q1 2027 Q1 2027 2026-05-21

Strong Q1 sales growth driven by e-commerce, marketplace, and higher-margin businesses offset fuel cost headwinds. Guidance for full-year sales and operating income growth was reiterated, with continued investment in technology and automation to enhance efficiency and customer value.

Q4 2026 Q4 2026 2026-02-19

Strong revenue and profit growth driven by e-commerce, advertising, and membership income, with continued gains in inventory efficiency and digital innovation. FY27 guidance anticipates 3.5%-4.5% sales growth and 6%-8% operating income growth, supported by disciplined capital allocation and a $30B share repurchase program.

Q3 2026 Q3 2026 2025-11-20

Q3 saw strong sales and profit growth across all segments, led by international and e-commerce. Guidance for full-year sales and operating income was raised, with continued focus on value, automation, and omnichannel innovation.

Q2 2026 Q2 2026 2025-08-21

Sales grew 5.6% in constant currency, with e-commerce up 25% and strong gains in membership and advertising. Despite higher claims expenses, guidance for sales and operating income growth was raised or maintained, and inventory is well-positioned for the back half.

Q1 2026 Q1 2026 2025-05-15

Sales and profit grew in Q1, driven by strong e-commerce and international results, with e-commerce reaching profitability for the first time. Membership and advertising delivered high-margin growth, while tariff and trade policy volatility remain key risks. Inventory and capital allocation are well managed.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

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