$2.9bn in tariff rebates has essentially been received and was largely passed through to price cuts, lifting FY revenue growth guidance to 4–5% and OP growth to 7–8.5%.
However, as the spend was concentrated at end-Q2, Q3 OP growth guidance is only 2–4%. Meanwhile, membership, ads, and Marketplace contributed nearly half of the profit growth.
This is the final installment in our WMT series. We focus on assessing the stock's investment value.
+4This is the third installment of our Walmart deep dive, focusing on Sam's Club — long ignored by investors yet effectively Walmart's third growth engine — and a hard comparison against Costco, the global benchmark for warehouse clubs.
Let's get straight to it: WMT.In the prior piece, we unpacked Walmart's low-cost engine: township-level, differentiated site selection; an end-to-end, self-run supply chain; reverse pricing with EDLP; and a broad private-label portfolio, showing how 'extreme efficiency + extreme cost discipline' made it the king of offline retail.
This piece turns to Walmart's e-comm, the bigger swing factor for its growth trajectory and whether its market cap can leg higher. Dolphin Research will run a hard-nosed, full-stack compare with Amazon to lay out the logic behind Walmart's differentiated breakout.Below is Dolphin Research's Trans of Walmart's FY2027 Q1 earnings call. For our take on the results, please see 'Walmart: Rising oil prices — can the retail king still hold up?'
Revenue beat expectations.
However, surging fuel costs weighed on margins.He began as a 'small-town youth' hawking cheap toilet paper.
How did he rise against the odds?
