Walmart Earnings Soar Amid Tariff Tensions

Walmart (NYSE:WMT) is set to report its fiscal Q2 2026 results on Thursday, August 21, 2025, with Wall Street anticipating strong performance. The retail giant is expected to post earnings per share (EPS) of $0.73, up 9% from the same period a year earlier, on revenue of $176 billion, reflecting a 4% increase.

Shares of Walmart have been on a tear, rising 13% year-to-date and threatening to retest the 52-week high set on February 14, 2025, just 3% shy of that mark. Investors see the company as a proxy for U.S. consumer spending, particularly on essentials like groceries, pharmacy, and value-priced goods, which have shown resilience even as general merchandise softens.

However, tariffs and inflation remain key risk factors for Walmart this quarter. Management has flagged that higher reciprocal tariffs could hurt margins, even as they work to limit price increases in major categories like grocery. Investors will be closely watching for any cost pass-through to the consumer and what steps the company plans to take to mitigate these tariffs while minimizing disruption for shoppers.

Lastly, investors will be keeping a close eye on Walmart's comparable sales, e-commerce strength, and any updated guidance amid a cautious consumer outlook. Any signs of weakening spending could unsettle markets just ahead of Federal Reserve Chair Jerome Powell's appearance at the Jackson Hole economic symposium.