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Walmart (WMT) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Aug 29, 2025
Walmart (WMT) reported revenue of $177.4B for the second quarter fiscal 2026 (Q2 FY26), +5% from a year earlier and +7% from the quarter before. Operating margin was 4.1%, net earnings $7.0B (4.0% of revenue).
Walmart, Q2 FY26: revenue $177.4B (+5% year over year), operating margin 4.1%, net earnings $7.0B, operating cash flow $12.9B. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $177.4B | +7% | +5% |
| Operating profit | $7.3B | +2% | -8% |
| Net earnings | $7.0B | +57% | +56% |
| Operating cash flow | $12.9B | +139% | +7% |
| Free cash flow | $6.5B | 15× | +4% |
What changed
Revenue was $177.4B in Q2 FY26, up 5% year over year and up 7% from the previous quarter.
Operating profit was $7.3B, a 4.1% margin (down 0.6 points year over year). Operating profit fell $0.65B even though revenue rose $8.1B versus a year earlier, so costs grew faster than sales. Total costs grew 5% against revenue growth of 5%. Net earnings were $7.0B, up 56% year over year. The effective tax rate was 23.3%. Non-operating items added $2.0B, 22% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $12.9B (up 7% year over year), 181% of net earnings. Non-cash charges added back $3.5B of depreciation and amortization. Working capital and other items added $2.3B. Capital expenditures of $6.4B left free cash flow of $6.5B.
Questions
What was Walmart's revenue in the second quarter fiscal 2026?
Walmart (WMT) reported revenue of $177.4B for the second quarter fiscal 2026 (Q2 FY26), +5% from a year earlier and +7% from the quarter before.
Was Walmart profitable in the second quarter fiscal 2026?
Operating profit was $7.3B (4.1% of revenue) and net earnings $7.0B.
Source: Walmart 10-Q on SEC EDGAR.