On Thursday August 21st Walmart reported another strong topline quarter, with total revenue of $177.4B up 4.8% and US comp store sales +4.6%, both above expectations. Nearly all of the US comp growth this quarter was driven by eCommerce, which accelerated to +26% as the company leans into the “Who Knew?” marketing campaign focused on delivery speed and increased assortment online. Walmart emphasized consumer behavior has remained remarkably consistent despite tariff-related cost pressures, and expressed confidence in delivering a strong holiday season, even if the broader retail market does not.
Despite the strong sales performance across categories, investors took note of some unforeseen costs related to workers’ compensation and general liability expenses. These negatively impacted profitability in Q2 but did not lead to a change in full-year operating income guidance.
Overall, Walmart continues to capture market share across income cohorts, maintain pricing and inventory discipline in the face of tariffs, and lean into its advertising and membership businesses as structural profit drivers.
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