Operating income decreased 8.2%, up 0.4% adjusted (cc)

eCommerce up 25% globally

GAAP EPS of $0.88; Adjusted EPS of $0.68

Company issues guidance for Q3; raises net sales and EPS outlook for FY26

Walmart Inc. (NYSE: WMT):

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Second Quarter Highlights:

• Revenue of $177.4 billion, up 4.8%, or 5.6% (cc)
• Global eCommerce sales grew 25%, led by store-fulfilled pickup & delivery and marketplace
• Global advertising business grew 46%, including VIZIO; Walmart Connect in the U.S. up 31%
• Membership and other income up 5.4%, including 15.3% growth in membership income globally
• Gross margin rate up 4 bps, led by Walmart U.S.
• Operating income decreased $0.7 billion, or 8.2%, affected by discrete legal & restructuring costs; adjusted up 0.4% (cc) due to strong sales and continued execution on our financial framework; growth also affected ~560 bps from higher self-insured general liability claims expense
• Adjusted EPS of $0.68 excludes the effect, net of tax, of a net gain of $0.26 on equity and other investments, $0.05 from charges related to certain legal matters, and $0.01 from business restructuring charges
• ROA at 8.3%; ROI at 15.1%

The company will hold a live conference call with the investment community at 7 a.m. CST Thursday, August 21, 2025, to discuss the company’s second quarter earnings results for fiscal year 2026. The event will be webcast live and is accessible by visiting https://corporate.walmart.com/news/events and selecting the Second Quarter Earnings Release event. The webcast will be archived and available on the company website.

About Walmart

Walmart Inc. (NYSE: 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 270 million customers and members visit more than 10,750 stores and numerous eCommerce websites in 19 countries. With fiscal year 2025 revenue of $681 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 (formerly known as Twitter) at twitter.com/Walmart, and on LinkedIn at linkedin.com/company/Walmart.

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