Walmart beats Q1 estimates as higher revenue, eCommerce growth, advertising momentum, and membership gains support performance.
Stock Earnings Results
May 21, 2026
Table of Contents
May 21, 2026
Walmart Inc. (NYSE: WMT) reported first-quarter results above expectations, supported by higher revenue, strong global eCommerce growth, advertising momentum, and continued membership growth.
Walmart is the world’s largest retailer, operating stores, ecommerce platforms, grocery, pharmacy, logistics, advertising, and membership services across the U.S. and international markets.
The company reported adjusted EPS of $0.66, above estimates of $0.65, representing a 1.5% earnings surprise. Revenue came in at $177.75 billion, above estimates of $174.06 billion, with revenue growth of 7.3%.
Walmart reported revenue of $177.8 billion, up 7.3% year-over-year.
On a constant currency basis, revenue increased 5.9%, showing broad underlying growth across the business.
Global eCommerce sales increased 26%.
Growth was led by store-fulfilled pickup and delivery, along with marketplace strength. This matters because Walmart’s store network continues to support its digital business by making fulfillment faster and more efficient.
Walmart’s global advertising business grew 37%.
Walmart U.S. advertising increased 36%, showing continued momentum in retail media. Advertising is an important profit driver because it typically carries higher margins than traditional retail sales.
Global membership fee revenue rose 17.4%.
That growth suggests Walmart continues to build recurring revenue streams through membership programs, which can support customer retention and higher shopping frequency.
Operating income increased $0.4 billion, or 5.0%.
Adjusted operating income rose 5.1% on a constant currency basis, supported by revenue growth and improved gross profit rate.
Walmart issued guidance for the second quarter and reiterated its outlook for fiscal 2027.
The reaffirmed outlook likely helped investor confidence because the company showed growth across revenue, ecommerce, advertising, and membership while maintaining its full-year expectations.
Walmart raised $4.25 billion in long-term debt for general corporate purposes at favorable rates.
The company also reported global inventory growth of 8.9%, or 7.8% in constant currency, affected by timing of receipts, strong grocery unit demand in Walmart U.S., and fuel.
Investors are likely to watch whether Walmart can keep growing digital and higher-margin businesses while protecting retail margins.
The key areas are:
Walmart delivered a clean quarter.
Revenue beat expectations, eCommerce grew 26%, advertising grew 37%, membership revenue increased, and guidance remained intact. The next test is whether Walmart can keep converting scale into higher-margin digital, advertising, and membership growth while managing inventory and consumer spending trends.
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