Walmart e-commerce sales jump 23% as digital revenue drives Q2 growth

Walmart reported Q2 revenue of $187.9 billion, up 5.9%, as global e-commerce sales rose 23%.

"Our multi-year growth in e-commerce is evidence that customers are choosing Walmart because we deliver price, speed, and convenience across a broad assortment," John Furner, president and CEO at Walmart, said.

Revenue beat analyst estimates of $186.8 billion by 0.6 percent, while adjusted EPS of $0.81 topped consensus of $0.74 by 9.3 percent. US e-commerce sales climbed 24 percent, Sam's Club US e-commerce rose 26 percent, and Walmart International e-commerce grew 19 percent. Global advertising revenue jumped 38 percent, with US advertising also up 38 percent. Membership fee revenue rose 17 percent globally. Same-store sales increased 2.6 percent year on year, down from 4.8 percent in the prior-year quarter.

The shift toward higher-margin digital revenue streams strengthens Walmart's competitive position against Amazon as it diversifies beyond traditional retail margins. Walmart raised its full-year adjusted EPS guidance to $2.84 at the midpoint, a 1.3 percent increase, and lifted FY27 sales guidance to $734.7 billion-$741.7 billion. Shares fell 5.9 percent to $107.62 after the report as Q3 revenue guidance of $185.6 billion came in 1.4 percent below analyst estimates.

Metric	Actual	Consensus	Beat/Miss
Revenue	$187.9B	$186.8B	+0.6%
Adjusted EPS	$0.81	$0.74	+9.3%
Same-store sales	+2.6%	—	vs +4.8% prior year

Walmart's digital ecosystem is becoming the primary growth driver. Global e-commerce sales rose 23 percent, led by store-fulfilled pickup and delivery and its online marketplace. The company's advertising business grew 38 percent globally, with US advertising also up 38 percent, as rising marketplace traffic expands the inventory of addressable impressions for advertisers.

Sam's Club US, a major division, saw e-commerce sales rise 26 percent, driven by continued growth in club-fulfilled pickup and delivery. Walmart International posted e-commerce growth of 19 percent, supported by store-fulfilled pickup and delivery.

"Our business model is only getting stronger and more durable, and we're pleased to raise our guidance for the year," John David Rainey, executive vice president and chief financial officer at Walmart, said.

The company's FY27 adjusted EPS guidance now stands at $2.80-$2.87, up from $2.75-$2.85, while sales guidance was lifted to $734.7 billion-$741.7 billion from $731.1 billion-$738.2 billion. Both figures remain below analyst consensus of $2.90 EPS and $752.3 billion in sales. The gap is more pronounced in revenue, where the midpoint of guidance trails the street estimate by more than $10 billion.

Walmart's store count grew at an average annual rate of 1.6 percent over the past two years, while same-store sales averaged 4.5 percent annual growth, indicating that existing locations and digital channels are driving expansion rather than new store openings.

The guidance raise points to management confidence in continued momentum across high-margin digital revenue streams. Investors will watch the Q3 earnings call for updated segment margins as Walmart competes with Amazon and Costco for retail media advertising spend and membership growth.

This article is for informational purposes only and does not constitute investment advice.