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Walmart Releases Q2 FY26 Earnings

Walmart Releases Q2 FY26 Earnings

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By Jane Doe, Associate, Walmart

Aug. 21, 2025
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Walmart Releases Q2 FY26 Earnings

Walmart Releases Q2 FY26 Earnings

We are innovating for our customers and members, delivering solid financial performance

Total revenues
Q2 FY26
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4.8%
Q2 FY26 (constant currency)1
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5.6%
Operating income
Q2 FY26
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8.2%
Q2 FY26 adjusted2 (constant currency)1
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0.4%
Smiling Walmart associate Abigail wears a blue vest and assists at the checkout counter. The setting includes a well-stocked store with visible shelves of products. Items on the counter include a pineapple, baked goods, and other groceries. The scene captures a typical shopping experience.

We maintained our operating discipline in Q2 FY26, while driving growth in our higher-margin businesses, such as advertising. We’re deploying capital toward the highest returns, leveraging our omnichannel strengths to enhance the customer and member experience.

Building customer trust icon

Building
customer trust

Value and convenience of our omnichannel strategy is resonating with customers and members.

Global eCommerce
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25%
Driven by strong demand from customers and members for convenient, fast delivery
Diversifying business mix icon

Diversifying
business mix

Evolving our business model through a diverse set of customer and member offerings.

Global advertising3
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46%
Includes VIZIO. Walmart Connect in the U.S. grew 31%
Driving higher returns icon

Driving
higher returns

Targeting growth investments toward areas of higher return, while controlling costs through disciplined execution.

Return on assets
8.3%
Return on investment4
15.1%
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Investing in our future icon

Investing
in our future

Increasing competitive advantages through improved customer and member experiences in-store and online.

eCommerce growth
>20%
In each segment: Walmart U.S., Sam’s Club, and Walmart International
A woman scans a QR code on her phone at a Sam's Club. The sign promotes the Scan & Go checkout feature, allowing customers to skip the checkout line.

Customers and members are responding as we lean into value and convenience. We delivered continued sales momentum across the company in Q2 FY26, enabled by competitive advantages that have continued to set us apart in the retail marketplace.

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Walmart U.S.

Comp sales growth5
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4.6%
(excluding fuel)
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Sam's Club

Comp sales growth5
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5.9%
(excluding fuel)
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Walmart International

Net sales growth
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10.5%
(constant currency)1

We delivered solid results in Q2 FY26. Transactions and units helped drive top-line performance globally. We maintained our operating discipline, managing inventory levels while driving progress on our financial framework.

Walmart U.S.
eCommerce

Sales gains in Walmart U.S. reflect eCommerce acceleration, led by store-fulfilled delivery, advertising, and marketplace.

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26%
Walmart U.S. eCommerce growth
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Sam's Club U.S.

Members are finding more ways to shop with us, demonstrated by higher unit volumes and transaction counts compared to Q2 FY25. eCommerce sales in Sam’s Club U.S. grew 26% with club-fulfilled delivery representing nearly 50% of this increase, while curbside pickup was up double digits.

A woman and child are seen in a modern kitchen unpacking groceries from Sam's Club branded boxes. The items include fruity snacks, orange juice, almonds, and various pantry staples. The setting is bright and welcoming, emphasizing convenience and family togetherness.

Membership

Sam’s Club U.S. continued to see steady growth in member counts, renewal rates, and increased penetration of Plus members resulting in 7.6% membership income growth for the segment, while Walmart+ membership income grew double digits. Within International, membership income grew 27%.

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15.3%
Global membership fee income
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Walmart International eCommerce

Walmart International grew sales more than 10% in constant currency, with broad-based growth across product categories and strong response to seasonal events. Across markets, momentum in eCommerce continued to be led by store-fulfilled pickup & delivery and 3P marketplace.

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22%
Walmart International
eCommerce growth

Save money
and live better

Connecting with our customers and members through digital experiences is helping to drive our business. We’re achieving these improvements to customer and member experiences while maintaining our focus on our value proposition.

~7,400
Pricing Rollbacks across our
assortment in Walmart U.S.

Financial flexibility

Our cash position provides the flexibility we need to lean into opportunities to grow share while also continuing to invest in areas with long-term strategic value such as supply chain automation, store growth, remodels, and AI.

$18.4B
Operating cash flow
$6.9B
Free cash flow6

Q2 FY26 earnings resources

Related financial news

Find out more about previous earnings announcements, investments and other news from FY26.

Our results in Q2 FY26 illustrate how we’ve continued to optimize our business to deliver greater efficiency — balancing our ongoing investments with improved experiences for customers and associates, and increased returns for shareholders.

Saving customers
time and money

Our promise: A+ savings for back-to-school and the moments that follow.

Read more
A group of children stands in a classroom setting with vibrant educational decor emphasizing a back to school theme. The background features a blue wall adorned with posters.

Transforming
customer experience

Smart tech, automation and AI are making shopping faster, easier and more connected.

Read more
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Strengthening communities

We’re fueling small business growth with new products and innovations at Open Call.

Read more
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  1. Constant Currency is a non-GAAP measure. See additional information at the end of the release regarding non-GAAP financial measures.

  2. Adjusted Operating Income is a non-GAAP measure. See additional information at the end of the release regarding non-GAAP financial measures.

  3. Our global advertising business is recorded in either net sales or as a reduction to cost of sales, depending on the nature of the advertising arrangement.

  4. Calculated for the trailing-twelve months ended July 31, 2025 and 2024, respectively. ROI is considered a non-GAAP financial measure. See additional information at the end of the release regarding non-GAAP financial measures.

  5. Comp sales for the 13-week period ended August 1, 2025 compared to the 13-week period ended July 26, 2024 and excludes fuel. See Supplemental Financial Information for additional information.

  6. Free cash flow is a non-GAAP measure. See additional information at the end of the release regarding non-GAAP financial measures.

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