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Apr 30
Walmart Q1 2026 Earnings Report
Walmart posted modest revenue growth and solid operating income in Q1 FY26.
Key Takeaways
Walmart reported $165.6 billion in revenue and $0.56 GAAP EPS for Q1 FY26, driven by strong eCommerce and advertising performance despite headwinds from leap day comparisons.
Revenue reached $165.6 billion, up 2.5% YoY.
Adjusted EPS came in at $0.61, above GAAP EPS of $0.56.
eCommerce sales surged 22% globally, fueled by pickup & delivery and marketplace strength.
Advertising revenue increased 50% globally, with Walmart Connect U.S. up 31%.
Walmart
Walmart
Walmart Revenue by Segment
Walmart Revenue by Geographic Location
Revenue by Segment
Walmart U.S. Revenue
CapyFin.comWalmart International Revenue
CapyFin.comSam's Club U.S. Revenue
CapyFin.comMembership & Other Income Revenue
CapyFin.comRevenue by Geographic Location
U.S. Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
Walmart reiterated FY26 guidance, projecting continued growth driven by digital, membership, and operating efficiency gains.
Positive Outlook
- Net sales expected to grow 3.0% to 4.0% in FY26 (cc).
- Adj. operating income projected to grow 3.5% to 5.5%.
- Adj. EPS guided to $2.50 to $2.60 including $0.05 FX headwind.
- Positive impact expected from VIZIO acquisition (~20 bps tailwind).
- eCommerce and advertising growth expected to remain strong.
Challenges Ahead
- Leap year lapping adds ~20–70 bps headwinds to sales and income growth.
- Currency fluctuations reduce reported sales by ~$2.4B.
- No specific Q2 guidance on EPS or operating income.
- Expense deleverage due to strategic investments in wages and tech.
- Operating income margin pressured in Walmart International.
Revenue & Expenses
Visualization of income flow from segment revenue to net income