Walmart (WMT) Q2 2026 earnings

Walmart will report quarterly earnings on Thursday, as economists and investors try to gauge how U.S. consumers are responding to President Donald Trump‘s decision to raise tariffs on dozens of countries across the globe.

Here’s what Wall Street expects for the big-box retailer, according to a survey of analysts by LSEG:

• Earnings per share: 74 cents expected
• Revenue: $176.16 billion

As the largest U.S. retailer, Walmart offers a unique window into the financial health of American households. As higher duties have come in fits and starts — with some getting delayed and others going into effect earlier this month — Wall Street has tried to understand how those costs will ripple through the U.S. economy.

The company has said it expects net sales to rise between 3.5% and 4.5% for the fiscal second quarter, but it did not provide earnings guidance for the period because of changing U.S. tariff policies.

Walmart said in May that it expects full-year sales to grow 3% to 4% and adjusted earnings to range from $2.50 to $2.60 per share.

The Arkansas-based discounter said in May that, even with its size and scale, it would have to to raise prices for some items because of higher duties.

Chief Financial Officer John David Rainey told CNBC at the time that tariffs were “still too high,” despite Trump agreeing at the time to lower duties on imports from China to 30% for 90 days. Earlier this month, Trump delayed China’s tariff deadline again, keeping the levies at that rate.

“We’re wired for everyday low prices, but the magnitude of these increases is more than any retailer can absorb,” Rainey told CNBC in May. “It’s more than any supplier can absorb. And so I’m concerned that consumers are going to start seeing higher prices.”

About a third of what Walmart sells in the U.S. comes from other parts of the world, with China, Mexico, Canada, Vietnam and India representing its largest markets for imports, Rainey said in May.

Walmart’s comments drew ire from Trump, who said in a social media post that Walmart should “EAT THE TARIFFS.”

According to an analysis by CNBC of about 50 items sold by the retailer, some of those price changes have already hit shelves. Items that rose in price at Walmart over the summer included a frying pan, a pair of jeans and a car seat.

Yet even with higher costs from tariffs, Walmart has fared better than its retail competitors as it has leaned into its reputation for value, competed on faster deliveries to customers’ homes and attracted more business from higher-income households.

It also marked a milestone in May — posting its first profitable quarter for its e-commerce business in the U.S. and globally. Its online business has drummed up more revenue, as it has sold more advertising and made commissions from sellers who are part of its third-party marketplace.