Walmart Q2 FY2027: U.S., international and club sales
Walmart Inc. · WMT. International and Sam's Club sales grew faster than Walmart U.S.; segment profit also moved differently.
- Research updated
- Latest filing analyzed
- 10-Q for period ended 2026-07-31, filed 2026-08-28
- SEC filing cutoff
- Publication version
- wmt-reviewed-2026-09-18
Business and reporting model
Walmart operates mass-market stores and digital retail in the United States, international retail businesses, and Sam's Club membership warehouses. It reports Walmart U.S., Walmart International and Sam's Club U.S. as separate segments. Their net sales exclude membership and other income, which the filing presents separately. That distinction matters when comparing sales with a segment's total revenue or operating income.
Provenance: Original Arqaris synthesis of Walmart's FY2026 Form 10-K business discussion and Q2 FY2027 Form 10-Q segment note. Read the SEC-hosted annual filing.
What the latest filing shows
These findings describe three months ended july 31, 2026 and 2025. Each reported fact is drawn from the latest SEC filing analyzed; calculations use the unrounded reported values. Interpretation and limits are Arqaris analysis.
Reported fact: Walmart U.S. net sales were $125,189 million versus $120,911 million, while Walmart International net sales were $35,198 million versus $31,201 million. SEC source ↗
Calculation: The U.S. segment grew about 4% and International about 13% in reported dollars.
Interpretation: The much larger U.S. business drove scale, but the faster reported increase was outside it.
Limit: International reported-dollar growth can reflect currency and business mix; it is not a constant-currency measure.
Reported fact: Sam's Club U.S. net sales reached $25,713 million versus $23,638 million, and operating income reached $678 million versus $470 million. SEC source ↗
Interpretation: The club business warrants a separate reading because membership economics and merchandise sales are reported on different lines.
Reported fact: Walmart U.S. operating income rose to $8,120 million from $6,732 million; consolidated net sales rose to $186,100 million from $175,750 million. SEC source ↗
Interpretation: The U.S. segment's reported profit grew faster than its sales, but the filing's full expense and membership-income context is needed before assigning a cause.
Comparable financial evidence
Reported values are USD millions for three months ended july 31, 2026 and 2025. Changes are Arqaris calculations: (current ÷ prior − 1) × 100, rounded to one decimal place. The note column identifies reporting boundaries that matter for this company.
| Measure | Current | Prior | Calculated change | Reporting note |
|---|---|---|---|---|
| Walmart U.S. net sales | 125,189 | 120,911 | 3.5% | Excludes membership and other income |
| Walmart International net sales | 35,198 | 31,201 | 12.8% | Reported U.S. dollars |
| Sam's Club U.S. net sales | 25,713 | 23,638 | 8.8% | Excludes membership and other income |
| Walmart U.S. operating income | 8,120 | 6,732 | 20.6% | Segment result |
| Consolidated net sales | 186,100 | 175,750 | 5.9% | Company total |
How to read the change
Walmart's three retail lines offer a more useful view than one consolidated sales number. U.S. stores and online operations supply the bulk of sales, while International and Sam's Club posted stronger reported percentage growth in this quarter. The segment note also shows that U.S. operating income increased faster than net sales.
Membership and other income appears separately from net sales, including at Sam's Club. Readers should avoid treating net-sales growth as a complete measure of club economics. The quarterly comparison also sits within a seasonal retail calendar; it should be compared with the same quarter, not an arbitrary preceding quarter.
What this research cannot establish
- International growth is reported in U.S. dollars and is not a same-store or constant-currency measure.
- Net sales omit membership and other income; operating income includes a wider set of items.
- The quarter does not establish future holiday-season demand, price inflation or unit-volume trends.
This is selected filing analysis, not a valuation, recommendation, live price or forecast. It does not cover every risk or event after the SEC cutoff. Read the full filings before relying on any selected figure. Understand sales and operating income and review Arqaris methodology.
Primary sources and method
- Walmart Inc. 10-Q, period ended 2026-07-31; accession 0000104169-26-000154, filed 2026-08-28. Source for the current and comparable values and filing-specific findings.
- Walmart Inc. 10-K, period ended 2026-01-31; accession 0000104169-26-000055, filed 2026-03-13. Source for the business and reporting-model context.
Business explanations and interpretations are original Arqaris text. Historical facts are attributed to SEC-hosted issuer filings; percentage changes and selected shares are Arqaris calculations. No commercial company-profile description is reproduced.