Walmart Q2 FY27 earnings

Revenue $187.9B, up 6% from a year ago. Net income $6.5B.

Walmart grew revenue 6% to $187.9B. Walmart U.S., 67% of revenue, grew 4%, and Walmart International grew 13%. Per the release: Walmart U.S. comp sales +2.6%, global eCommerce +23%, advertising +38%, membership fee revenue +17%. Net income was $6.4B, 3.4% of revenue.

The growth engine: $99.6B online in FY26, four times FY20's $24.1B.

Walmart U.S. sold $24.1B online in FY20. Six years later the line reached $99.6B, four times as much. The figures are Walmart's own, from each year's 10-K.

The ad business: $6.4B in FY26, three times FY22's $2.1B.

Walmart's global advertising business reached nearly $6.4B in FY26, VIZIO included, three times the $2.1B of FY22. Walmart states this series in its Q4 earnings releases rather than the 10-K, and the card cites each one.

Walmart U.S.: 62% of segment assets, 77% of segment operating income.

Walmart U.S. holds 62% of segment assets and earns 77% of segment operating income. Walmart International carries 32% of the assets for 16% of the income. The comparison uses the three segments' own totals; corporate is shown separately, as filed.

Where the revenue came from

The quarter, line by line

Of the $6.5B, $163M belongs to outside co-owners of Walmart's subsidiaries (noncontrolling interests, in the filing's words). Net income attributable to Walmart itself: $6.4B.

Effective tax rate: 18.5%. That is tax as a share of pretax income. The 0.8% in the column above is tax as a share of revenue, which is not a tax rate.

† The filing doesn't print this line. We calculated it from the filed figures; it adds up to the dollar.

The last 8 quarters