Walmart (WMT) Q1 2026 earnings

Walmart will report its quarterly earnings before the bell on Thursday, as investors and economists gauge the strength of the U.S. consumer and the impact of higher tariffs on the retail industry.

Here’s what Wall Street is expecting for the fiscal first quarter, according to a survey of analysts by LSEG:

• Earnings per share: 58 cents
• Revenue: $165.88 billion

Walmart has advantages that could help it weather an uncertain economy. As the nation’s largest grocer, it sells food and necessities that drive steadier store and website traffic.

And as a well-known value player, it can use lower prices to attract even middle- and upper-income customers who want to pay less. Already, Walmart has attracted wealthier shoppers with faster deliveries, store remodels and a wider assortment of brands.

Plus, the discounter has boosted profits by looking beyond retail and grown newer businesses, including advertising, delivery and it subscription-based membership program Walmart+.

At an investor day last month, Walmart stuck by its first-quarter sales outlook of 3% to 4% growth. Yet it widened the operating income guidance and did not provide a new range, citing uncertainty about the impact of tariffs on profits.

At the time, Chief Financial Officer John David Rainey said the big-box retailer had seen “a little more sales volatility week to week and frankly, day to day.” He said the company expected April to be its strongest month of the quarter because of the Easter holiday.

About a third of what Walmart sells in the U.S. comes from other parts of the world, with China and Mexico as the “most significant” countries for imports, Rainey said in April.

Since Walmart’s investor day remarks, the Trump administration has increased tariffs on goods from China and then later announced it would slash those rates for 90 days. On Monday, President Donald Trump announced the agreement with China to temporarily reduce duties to 30%, down from 145%. Beijing said it will lower tariffs on U.S. goods to 10% from 125%.

Simeon Gutman, retail analyst at Morgan Stanley, said he expects Walmart and other retailers to capitalize on the 90-day pause by importing what they need for the crucial back-to-school and holiday seasons.

As a retail giant and low-cost operator, Walmart is in “an enviable position,” he said. The company’s scale allows for more efficient operations, more leverage in negotiations with vendors and the ability to keep prices low — even at a time when consumers are selective about spending and tariff levels rise and fall.

“Anytime these shocks occur to the system, how can they not be the best off?” Gutman said.

But, he added, “at a moment that the consumer is more tentative, it’s critical for this business to show they’re still taking share.”

As of Wednesday’s close, Walmart shares are up about 7% so far this year. That outpaces the roughly flat performance of the S&P 500 during the same time period. Shares of Walmart closed at $96.83 on Wednesday, bringing the company’s market value to about $775 billion.

This is a developing story. Please check back for updates.