Walmart (WMT) stock returned 22.5% in the month to November 2, 2026, against a 2.3% loss for the S&P 500, and trades at 46 times trailing earnings versus 22.8 times for the median S&P 500 company. Operating income rose 11.4% over the twelve months to July 31, 2026, outpacing 6.2% revenue growth, yet the operating margin was only 4.4% versus 18.6% for the median S&P 500 company. Management said membership, advertising and marketplace generated almost half of profit growth, while in-store comparable sales fell by a low single-digit percentage in fiscal Q2 2027. Tariff refunds added a net benefit of about 750 basis points to fiscal Q2 2027 operating income growth, and the roughly $2.9 billion in refunds is being reinvested in prices. For fiscal Q3 2027, management guided operating income growth of 2% to 4% in constant currency.
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Walmart (WMT) trades at 43.0 times earnings, versus 22.6 for the S&P 500. Management said on the August 20, 2026 call for fiscal Q2 2027 that almost half of profit growth came from advertising, membership and marketplace, where global advertising grew 38%, membership income rose nearly 17%, and U.S. marketplace and fulfillment net sales climbed 52%. In-store comparable sales fell by a low single-digit percentage, and fuel costs are expected to add more than $2 billion in fiscal 2027. Management raised its full-year EPS guidance to $2.80–$2.87 a share from $2.75–$2.85, and tariff refunds of about $2.9 billion, substantially all received, added about 750 basis points to Q2 adjusted operating income growth of over 17%. Fiscal Q3 2027 operating income is guided to grow 2% to 4%, and rollbacks rose to more than 11,000 in Q2 from 7,200 at the end of Q1.
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