Walmart Q1 2026 Earnings Report

Introduction to Walmart’s Quarterly Earnings

People shop at a Walmart in Rosemead, California, on April 11, 2025.
Walmart will report its quarterly earnings before the bell on Thursday, as investors and economists gauge the strength of the U.S. consumer and the impact of higher tariffs on the retail industry.

Expected Earnings

Here’s what Wall Street is expecting for the fiscal first quarter:

• Earnings per share: 58 cents
• Revenue: $165.88 billion

Walmart’s Advantages

Walmart has advantages that could help it weather an uncertain economy. As the nation’s largest grocer, it sells food and necessities that drive steadier store and website traffic.
And as a well-known value player, it can use lower prices to attract even middle- and upper-income customers who want to pay less. Already, Walmart has attracted wealthier shoppers with faster deliveries, store remodels and a wider assortment of brands.
Plus, the discounter has boosted profits by looking beyond retail and grown newer businesses, including advertising, delivery and its subscription-based membership program Walmart+.

Sales Outlook and Tariffs

At an investor day last month, Walmart stuck by its first-quarter sales outlook of 3% to 4% growth. Yet it widened the operating income guidance and did not provide a new range, citing uncertainty about the impact of tariffs on profits.
At the time, Chief Financial Officer John David Rainey said the big-box retailer had seen "a little more sales volatility week to week and frankly, day to day." He said the company expected April to be its strongest month of the quarter because of the Easter holiday.
About a third of what Walmart sells in the U.S. comes from other parts of the world, with China and Mexico as the "most significant" countries for imports, Rainey said in April.

Impact of Tariff Changes

Since Walmart’s investor day remarks, the Trump administration has increased tariffs on goods from China and then later announced it would slash those rates for 90 days. On Monday, President Donald Trump announced the agreement with China to temporarily reduce duties to 30%, down from 145%. Beijing said it will lower tariffs on U.S. goods to 10% from 125%.
Simeon Gutman, retail analyst at Morgan Stanley, said he expects Walmart and other retailers to capitalize on the 90-day pause by importing what they need for the crucial back-to-school and holiday seasons.

Walmart’s Position

As a retail giant and low-cost operator, Walmart is in "an enviable position," he said. The company’s scale allows for more efficient operations, more leverage in negotiations with vendors and the ability to keep prices low — even at a time when consumers are selective about spending and tariff levels rise and fall.
"Anytime these shocks occur to the system, how can they not be the best off?" Gutman said.
But, he added, "at a moment that the consumer is more tentative, it’s critical for this business to show they’re still taking share."

Stock Performance

As of Wednesday’s close, Walmart shares are up about 7% so far this year. That outpaces the roughly flat performance of the S&P 500 during the same time period. Shares of Walmart closed at $96.83 on Wednesday, bringing the company’s market value to about $775 billion.

Conclusion

Walmart’s quarterly earnings report will provide insight into the company’s ability to navigate an uncertain economy and the impact of higher tariffs on the retail industry. With its advantages as a value player and its growth in newer businesses, Walmart is well-positioned to weather the challenges ahead.

FAQs

Q: What is Walmart’s expected earnings per share for the fiscal first quarter?
A: 58 cents
Q: What is Walmart’s expected revenue for the fiscal first quarter?
A: $165.88 billion
Q: How has Walmart performed in the stock market so far this year?
A: Walmart shares are up about 7% so far this year, outpacing the S&P 500.
Q: What is the impact of tariffs on Walmart’s business?
A: Tariffs have created uncertainty for Walmart, but the company is well-positioned to navigate the challenges with its scale and efficient operations.
Q: What is Walmart’s sales outlook for the first quarter?
A: Walmart expects 3% to 4% growth in sales for the first quarter.