As a global benchmark in the retail industry, Walmart (WMT) has completed its transformation from a traditional brick-and-mortar retailer to an omnichannel retail giant over the past several years. As of June 30, 2026, WMT stock continues to attract attention in the market. With annual revenue exceeding $713 billion, Walmart’s share price and fundamental changes not only reflect the company’s operational strength but also serve as a key lens for observing the US consumer economy and global supply chain dynamics.
How Fundamentals Support the Current Share Price
Walmart delivered a solid financial report for fiscal year 2026 (ending January 31, 2026). Total annual revenue reached $713.2 billion, up 4.7% year-over-year, and up 5.1% at constant currency. Operating income for the year was $29.8 billion, with adjusted operating income rising 5.4% year-over-year. Net income was approximately $21.9 billion.
Momentum accelerated in the first quarter of fiscal year 2027 (February to April 2026). The company posted total revenue of $177.8 billion, up 7.3% year-over-year. Adjusted operating income reached $7.5 billion, up 5.1%. Net income was $5.33 billion, marking an 18.8% increase.
Focusing on the US core market, Walmart US’s net sales for the quarter were $117.2 billion, up 4.5% year-over-year; comparable sales rose 4.1%. Notably, transaction volume increased by 3.0%, while average ticket size grew only 1.1%. This structure indicates that growth is driven more by increased traffic and market share expansion than by simple price hikes—a relatively healthy growth pattern in today’s inflationary environment.
How E-Commerce and Advertising Are Reshaping Revenue Structure
Walmart’s growth narrative is shifting from "store expansion" to a "digital ecosystem" model. In fiscal year 2026, global e-commerce sales hit $150.4 billion, up 24% year-over-year. E-commerce contributed 4.3% to comparable sales growth, up from 2.9% in fiscal year 2025.
In the first quarter of fiscal year 2027, global e-commerce grew by 26%. Walmart US e-commerce rose 26%, international e-commerce grew 27%, and Sam’s Club US e-commerce increased 23%. Store fulfillment is the core engine of e-commerce growth—US store fulfillment sales more than doubled over the past two years, and over 36% of deliveries in the quarter were completed within three hours. The Marketplace business is also expanding rapidly, with US Marketplace sales up nearly 50%, marking the strongest growth in about two and a half years.
Advertising is becoming a new pillar in Walmart’s profit structure. In fiscal year 2026, global advertising revenue approached $6.4 billion, up 46% year-over-year. In the first quarter of fiscal year 2027, advertising business grew 36% overall, with Walmart Connect US up 44%. The expansion of high-margin businesses such as advertising and membership income is providing additional flexibility to Walmart’s profit structure.
Macro Consumer Environment: Pressures and Opportunities for WMT
Walmart’s performance can never be viewed in isolation from the broader macro consumer environment. In the first half of 2026, US consumers faced multiple pressures: geopolitical conflict in the Middle East pushed up energy prices, and the national average gasoline price rose to $4.56 per gallon. Consumer behavior is increasingly polarized—high-income groups remain confident, while lower-income consumers are tightening their budgets.
During the May earnings call, Walmart’s management warned that rising fuel prices are squeezing consumers’ discretionary spending. The company expects second-quarter (May to July) sales growth to slow from 7.3% in the first quarter to between 4% and 5%. CFO John David Rainey noted that the impact of prior tax relief policies is fading, and consumers will feel the pressure of higher fuel prices more directly.
However, macro pressures are not entirely negative for Walmart. In times of economic uncertainty, consumers tend to shift toward more value-oriented retail channels. Data shows that over 70% of households with six-figure annual incomes have begun shopping at discount chains to save money. As a leader in discount retail, Walmart is benefiting from this "trading down" trend—an influx of high-income customers is partially offsetting the spending contraction among lower-income groups.
Is Walmart’s Competitive Moat Deep Enough?
In the fiercely competitive retail sector, Walmart’s moat is built on three pillars: scale, supply chain efficiency, and omnichannel capabilities.
On the scale front, Walmart operates more than 10,000 stores worldwide and employs about 2.1 million people. Its $713 billion revenue in fiscal year 2026 gives it unmatched advantages in supplier negotiations, logistics network density, and unit cost allocation.
From a supply chain perspective, Walmart continues to invest in automation and AI technologies to lower marginal operating costs. Its store network also functions as e-commerce fulfillment centers—this "store-warehouse integration" model provides significant cost and speed advantages for last-mile delivery.
With omnichannel, rising e-commerce penetration is transforming Walmart from a "retailer with stores" into a "digital retail platform with a physical network." E-commerce sales surpassing $150 billion, advertising revenue nearing $6.4 billion, and ongoing membership income growth—all these high-margin business lines are reshaping Walmart’s revenue quality and profit structure.
How International Markets and Sam’s Club Drive Incremental Growth
International operations and Sam’s Club are two essential growth drivers in Walmart’s portfolio.
Internationally, first-quarter fiscal year 2027 net sales were $35.1 billion, up 10.1% at constant currency. China stood out—net sales reached $8 billion, up 22.3% year-over-year, with comparable sales up 13.1%. China’s e-commerce net sales grew 31% year-over-year, with online sales now accounting for 50% of the total. Sam’s Club is the main growth engine in China, adding nine new stores in the past 12 months.
Sam’s Club US also performed solidly. First-quarter net sales were $23.4 billion, up 6.1% year-over-year; comparable sales rose 3.9%; membership fee income grew 5.6%. The membership model delivers stable recurring revenue, providing extra certainty to Walmart’s overall profitability.
Valuation Levels and Diverging Market Expectations
As of late June 2026, WMT shares traded between $115 and $117, with a market cap of about $920 billion. The trailing twelve-month (TTM) price-to-earnings (P/E) ratio is roughly 40.9x, and the forward P/E is about 39.7x.
The core valuation debate centers on whether Walmart can sustain its current growth rate to justify this valuation. The company’s guidance for fiscal year 2027 is: net sales growth of 3.5% to 4.5%, adjusted operating income growth of 6% to 8%, and adjusted earnings per share of $2.75 to $2.85.
The bullish view argues that continued expansion of high-margin businesses—e-commerce, advertising, and membership income—will drive profit growth faster than revenue growth. The 5.1% operating income growth in the first quarter of fiscal year 2027 already validates this logic. The bearish perspective worries that rising fuel prices and slowing consumer spending could create unexpected pressure on results in the second half of the year.
Additionally, Walmart announced a new $30 billion share repurchase authorization in February 2026, providing extra support for the stock price.
Conclusion
Walmart (WMT) is at a pivotal stage, transitioning from a traditional retail giant to an omnichannel digital retail platform. Its $713 billion revenue scale, 26% e-commerce growth, 46% advertising expansion, and 22.3% net sales growth in China together paint the picture of a company reshaping its revenue structure and profit model.
However, macro uncertainties remain significant. Elevated fuel prices, structural shifts in consumer spending, and geopolitical risks all pose challenges to Walmart’s short-term performance. The company’s own warning about a slowdown in second-quarter growth reminds the market not to underestimate the real impact of macro headwinds.
The discussion around WMT’s investment value ultimately centers on a core question: When the world’s largest physical retail network completes its digital transformation, how will its profit quality and growth sustainability be revalued? The answer will depend on further increases in e-commerce penetration, scaled expansion of advertising and membership income, and Walmart’s ability to maintain market share amid macro volatility.
Frequently Asked Questions (FAQ)
Q1: What is the latest price for WMT stock?
As of June 30, 2026, WMT shares traded between $114 and $117. For real-time prices, check Gate’s US stock trading platform.
Q2: What was Walmart’s revenue for fiscal year 2026?
Walmart’s total revenue for fiscal year 2026 (ending January 31, 2026) was $713.2 billion, up 4.7% year-over-year.
Q3: How is Walmart’s e-commerce business performing?
Global e-commerce sales reached $150.4 billion in fiscal year 2026, up 24% year-over-year. In the first quarter of fiscal year 2027, global e-commerce grew 26%.
Q4: How does the macroeconomic environment affect Walmart?
Rising fuel prices are squeezing consumer spending. Walmart expects second-quarter sales growth to slow from 7.3% to between 4% and 5%. However, the "trading down" trend may bring more price-sensitive customers to Walmart.
Q5: What is WMT’s current valuation?
As of late June 2026, WMT’s trailing twelve-month P/E ratio is about 40.9x, with a market cap around $912 billion. The company expects adjusted earnings per share of $2.75 to $2.85 for fiscal year 2027.
Q6: How can I trade WMT stock on Gate?
Gate offers real US stock trading services, supporting over 10,000 US stocks including WMT. Users can invest in US equities directly through the Gate platform.
