Business/Financial Results (Form 8-K)

•Revenue growth of 5.9%, up 5.1% in constant currency (cc)1

•Operating income growth of 28.8%, up 17.4% adjusted (cc)1

•eCommerce sales up 23% globally

•GAAP EPS of $0.80; Adjusted EPS1 of $0.81

•Company issues guidance for Q3; raises outlook for FY27

BENTONVILLE, Ark., August 20, 2026 - Walmart Inc. (NASDAQ: WMT) announces second-quarter results with strong growth in revenue, including eCommerce, which grew 23% globally with strength across segments. Walmart U.S. comp sales2 grew 2.6%, led by growth in transactions and includes 80 bps headwind from health & wellness. The Company issues guidance for the third quarter and raises its outlook for the fiscal year. For Q3, net sales are expected to grow 3.0% to 3.75% and adjusted operating income to grow 2.0% to 4.0%. Net sales for FY27 are expected to grow 4.0% to 5.0% and adjusted operating income to grow 7.0% to 8.5%, all in constant currency ("cc")1. Adjusted EPS1 is expected to be $0.62 to $0.64 for Q3 and $2.80 to $2.87 for FY27.

Our team delivered another good quarter, and we continue to make steady progress on the long-term value drivers of our business. Our multi-year growth in eCommerce is evidence that customers are choosing Walmart because we deliver price, speed, and convenience across a broad assortment. At Walmart, they can have it all."

John Furner

President and CEO, Walmart

•Revenue of $187.9 billion, up 5.9%, or 5.1% (cc)1

•Global eCommerce sales grew 23%, led by store-fulfilled pickup & delivery and marketplace

•Global advertising business3 up 38%, with strength across segments. Walmart U.S. advertising up 38%

•Membership fee revenue grew 17% globally

•Gross profit rate up 96 bps, led by Walmart U.S., primarily impacted by tariff refund impacts noted below

•Operating income up $2.1 billion, or 28.8%; up 17.4% adjusted (cc)1; which includes the impact of tariff refunds received, partially offset by price investments in the quarter. Setting aside this net impact, underlying operating income growth was at the top end of our guidance. Our outlook reflects the continued prioritization of remaining tariff refunds into price investments

•Adjusted EPS1 of $0.81 excludes the impact, net of tax, from a net loss of $0.12 on equity and other investments, and net benefit of $0.11 from a certain tax matter

•ROA at 8.0%; ROI at 15.4%1

•Global inventory up 6.7%; up 6.0% (cc)4, due to strategic initiatives and inflation

1 See additional information at the end of this release regarding non-GAAP financial measures.

2 Comp sales for the 13-week period ended July 31, 2026 compared to the 13-week period ended August 1, 2025 and excludes fuel. See Supplemental Financial Information for additional information.

3 Our global advertising business is recorded in either net sales or as a reduction to cost of sales, depending on the nature of the advertising arrangement.

4 Inventory grew 6.7% on a reported basis and grew 6.0% in constant currency, excluding a ~$0.4 billion foreign currency impact.

"cc" - constant currency

Key Financial Metrics

Dollars in billions, except per share data. Dollar and percentage changes may not

recalculate due to rounding. Charts may not be to scale.

•Cash and cash equivalents of $11.5 billion

•Total debt of $57.2 billion2

•Operating cash flow of $19.7 billion, an increase of $1.4 billion

•Free cash flow1 of $5.5 billion, a decrease of $1.4 billion

•Repurchased 42.3 million shares YTD, or $5.1 billion3

•Inventory of $61.6 billion, an increase of $3.9 billion, or 6.7%, up 6.0% cc4

1 See additional information at the end of this release regarding non-GAAP financial measures.

2 Debt includes short-term borrowings, long-term debt and finance lease obligations due within one year, and long-term debt and finance lease obligations.

3 $25.1 billion remaining of the $30 billion authorization approved in February 2026.

4 Inventory grew 6.7% on a reported basis and grew 6.0% in constant currency, excluding a ~$0.4 billion foreign currency impact.

cc - constant currency

Business Highlights

and Strategic Initiatives

Dollars in billions, except as noted. Dollar and percentage changes may not recalculate due to rounding.

Comp sales (ex. fuel)2

Net sales (cc)1

Operating income (cc)1

Comp sales (ex. fuel)1

Adjusted operating income2

The following guidance reflects the Company's expectations as of August 20, 2026.This guidance is subject to substantial risk and uncertainty that could cause actual results to differ materially from these expectations. These risks and uncertainties include, but are not limited to, the factors set forth below under the heading Forward-looking statements. Additionally, guidance is provided on a non-GAAP basis as the Company cannot predict certain elements that are included in reported GAAP results, such as the changes in fair value of the Company's equity and other investments. Growth rates reflect an adjusted basis for prior year results.

"Our business model is only getting stronger and more durable, and we're pleased to raise our guidance for the year. For Q3 sales guidance, we expect a headwind of over 100bps to growth related to a timing shift of Flipkart's Big Billion Days between Q3 and Q4. Our operating income outlook reflects the continued prioritization of tariff refunds received in Q2 into customer experience and price investments in the second half. For this reason, I encourage you to consider Q2 and Q3 performance together to assess the underlying growth of the business," said John David Rainey, Walmart Inc. executive vice president and chief financial officer.

The Company's third quarter fiscal 2027 guidance is based on the following Q3 FY26 figures: Net sales: $177.8 billion, adjusted operating income1: $7.3 billion, and adjusted EPS1: $0.62.

The Company's fiscal year guidance is based on the following FY26 figures: Net sales: $706.4 billion, adjusted operating income1: $31.0 billion, and adjusted EPS1: $2.64.

Adj. Interest, net2

1 For relevant non-GAAP reconciliations, see Q3 FY26 and Q4 FY26 earnings release furnished on Form 8-K on November 20, 2025 and February 19, 2026, respectively.

2 See additional information at the end of this release regarding non-GAAP financial measures.

cc - constant currency

About Walmart

Walmart Inc. (Nasdaq: WMT) is a people-led, tech-powered omnichannel retailer helping people save money and live better - anytime and anywhere - in stores, online, and through their mobile devices. Each week, approximately 280 million customers and members visit more than 10,900 stores and numerous eCommerce websites in 19 countries. With fiscal year 2026 revenue of $713 billion, Walmart employs approximately 2.1 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy, and employment opportunity. Additional information about Walmart can be found by visiting corporate.walmart.com, on Facebook at facebook.com/walmart, on X at x.com/walmart, and on LinkedIn at linkedin.com/company/walmart.

Investor Relations contact: Steph Wissink - [email protected]

Media Relations contact: Jennifer Rodriguez - [email protected]