Walmart Q2 FY2027 Earnings: The $2.9 Billion Refund Inside a Record Quarter
Walmart posted $187.94B of revenue (+5.9%) and $9.38B of operating income (+28.8%) in Q2 FY2027, but roughly $2.9B of tariff refunds ran through cost of sales. Backing the refund out puts gross margin near 24.6% and operating margin near 3.4%, below the prior year — while net income fell 8.7% on a $3.91B swing in non-operating items.
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