Consumer Staples Merchandise Retail

Walmart

Deep Research

01698

COST

This 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.

TME-SW

Tencent Music

Costco Wholesale

Boston Beer

BJs Wholesale Club

The 'Costco' inside WMT: Sam's Club playbook and countermoves

AMZN

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.

Amazon

WMT: Veteran's surprise e-comm offensive — why a re-rate?

Conference Minutes

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?'

WMT (Trans): High oil costs weigh on quarterly profit; cautious guide

Financial Analysis

Revenue beat expectations. However, surging fuel costs weighed on margins.

WMT: Gas Price Spike — Can the Retail King Hold Up?

WMT 1Q27 First Take: On an absolute basis, results were solid — total revenue of $177.8bn (+7.3% YoY; cc +5.9%), beating the $174.8bn consensus. However, fuel costs weighed on profitability, with OI up only 5%, lagging top-line growth. Full-year guidance was left unchanged and not revised up, which is a letdown for some investors given the 45x+ multiple for an 'omni-fulfillment + high-margin tech services' retail platform. Pre-mkt the stock fell ~2–3%, essentially pricing in a 'good, not great' print. In detail: 1) Walmart U.S.: Volume acceleration is the highlight. Comps rose 4.1% (vs. 4% est.), a modest beat. More importantly, mix improved — transactions accelerated to +3.0% vs. +1.6% a year ago, while average ticket slowed to +1.1% from +2.8%, signaling a shift from price-led to traffic-led growth, a higher-quality trajectory. E-comm grew 26%. Walmart Connect (ex VIZIO) +44%, Marketplace nearly +50% (best in 10 qtrs), showing the high-margin flywheel is still speeding up across the board. GM share hit a 5-year high, and penetration into higher-income households continues. 2) Sam's U.S.: Transaction surge, but ticket turned negative. Comps (ex fuel) +3.9%, with transactions +6.2% accelerating further, while average ticket -2.2% as mix shifted to lower-price, higher-frequency grocery and Member's Mark private-label substitution. E-comm +23%. But OI grew only 1.2%, indicating higher fulfillment costs meaningfully constrained profit flow-through. 3) Walmart Intl.: China Sam's remains the brightest spot. By region, China grew 22.3% YoY, with Sam's still the primary growth engine. Transactions maintained double-digit growth and CNY performance was exceptionally strong, suggesting China Sam's remains in a triple upcycle of store expansion, strong same-store growth, and rising digital penetration. Walmex (Mexico &amp; C. America) grew 4.1% YoY, with growth slowing QoQ, likely dragged by 3P. 4) GP &amp; OI: Ads help, fuel hurts. GPM was 25.1%, up 20bps YoY, driven mainly by advertising and category mix. On the expense side, higher fuel costs curtailed profit expansion (fuel shaved 250bps from OI growth). Ex-fuel, underlying profit leverage looks decent. 5) Guide: No FY raise, but Q2 implies acceleration. Full-year guide unchanged (sales cc +3.5–4.5%, Adj. OI cc +6–8%). With Q2 Adj. OI guided to +7–10% cc, notably faster than Q1’s +5.1%, fuel headwinds are implied to ease sequentially. $Walmart(WMT.US)

He began as a 'small-town youth' hawking cheap toilet paper.How did he rise against the odds?

Target

WMT: What Built the Trillion-Scale Retail Juggernaut?

Costco

Global discount retail leader — $Costco Wholesale(COST.US) reported Q2 FY2026 results in U.S. after-hours today.The quarter ended on Feb 15.Overall, results remained solid, with both revenue and earnings slightly beating estimates.Momentum stayed intact.On headline metrics, total revenue rose 9.2% YoY, an acceleration vs. last quarter’s 8.3%.The pickup was aided by FX tailwinds and broadly higher precious metals and commodity prices.OP was $2.61bn, up 12.5% YoY.Margin expanded by 10 bps YoY, remaining on an improving trajectory...

Costain Group PLC

Block

AI to Trigger Layoffs? COST Still a Safe Haven---

Strategy Report

GOOG

GOOGL

RIVN

BYTED

09988

89988

HBBD

BABA

There is always plenty of drama around Chinese New Year. After Trump ramped up tariffs throughout 2025, the policy was effectively gutted, leaving no legal footing.In 2026, following a rush of domestic AI model launches, China ADRs never had a 'DS moment'. Model-linked names were the only ones that outperformed.Also, during Chinese New Year 2026, despite decent consumer data, HK stocks fell first and then rose, an ineffective swing. There was no standalone 'Chinese New Year bull run' during HK’s solo trading days.With Trump-era tariffs in his second term ruled unlawful, what could this mean for markets ahead? The days of blanket re-rating may be over...

Alphabet - C

Alphabet

Rivian Automotive

ByteDance

BABA-W

BABA-WR

Alibaba HK SDR 5to1

Alibaba

With Trump tariffs axed and China models soaring, can China ADRs rally?

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MSFT

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OpenAI

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AAPL

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$OpenAI(OpenAI.NA) has been extremely busy recently, sometimes engaging in e-commerce, sometimes in social media, and now launching a browser (Dolphin Research's commentary). Emmmm... it seems like half of the Seven Sisters have become rivals. A trending topic every three days, Dolphin Research can hardly keep up. On the surface, OpenAI is thriving, poised to become the next star to reshape humanity's trajectory. But behind the star's glow, Dolphin Research can already sense OpenAI's anxiety. The greater the responsibility, the greater the pressure. Starting from 2026, OpenAI's commercialization capabilities will no longer be just the demands of the initial investors...

Microsoft

Metagenomi Therapeutics

Oracle

SoftBank

Trump Media & Tech

Broadcom

Apple

Apple Group

Destiny Tech100

NVIDIA

SoftBank Group Corp.

Meta Platforms

Trump Media & Tech - CW28

All in the same boat, is OpenAI a divine pearl or a demonic pill?

Walmart Expands Delivery Service to Integrate Subway Orders, Aiming for 1,400 Locations in Six States

Analysts: Walmart May Get $3B Tariff Refund, Maintain Outperform Rating

Walmart shareholders reject proposal on AI and immigration policy reporting, company defends practices

Walmart+ Launches in Canada with $8.97 Monthly Fee Including Crave Service

Walmart CEO States High-Income Consumers Continue Spending

Amazon Tops 2026 Fortune 500 List, Nvidia Becomes First $4 Trillion Company

Walmart Completes Over 1 Million Drone Deliveries, Plans Expansion to 150 Stores by 2027

Retail Sector Posts Q1 Growth Despite Headwinds, Giants Cut Q2 Guidance Signaling Consumer Pressure

Walmart: Members get 30-min delivery for $10 fee

Walmart and Target Compete for Beauty Market: Target Sales Up Nearly 10%, Both Expand Service Offerings

Walmart Launches New Brands and Expands Product Lines to Strengthen Private Label Strategy

TD Cowen Maintains Buy Rating on Walmart with $150 Price Target

Goldman Sachs raises Walmart target price to $154, maintains Buy rating

Walmart Releases FY2027 Q1 Earnings: Revenue of $177.8B Beats Expectations, E-commerce Grows 26% to Become Core Engine

BNP Paribas lowers Walmart price target from $147 to $146

Over 121,000 Funkee Monkee Toys Recalled Due to Asbestos Contamination

Greenworks Exclusively Launches New Pro 24V POWERALL™ Power Tool Series at Walmart

Walmart released FY2027 Q1 earnings on May 21 Pre-Market (EST), actual revenue USD 177.75 B (forecast USD 174.84 B), actual EPS USD 0.6688 (forecast USD 0.652)

Walmart Q1 Earnings Strong with 26% E-com Growth, Shares Drop 3%

Walmart CFO: Tariff Refunds Account for Less Than 0.5% of US Annual Sales

CCSC Tech

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Community Opinion

社区讨论

This 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.

Walmart Inc. (WMT.US) Q1 earnings conference call for fiscal year 2027

Walmart Inc. (WMT.US) Fiscal Year 2026 Fourth Quarter Earnings Conference Call

Walmart Inc. (WMT.US) Q3 earnings conference call for fiscal year 2026

Walmart Inc. (WMT.US) Fiscal Year 2026 Second Quarter Earnings Conference Call

Walmart Inc. (WMT.US) Fiscal Year 2026 First Quarter Earnings Conference Call

Walmart Inc. (WMT.US) Fiscal Year 2025 Fourth Quarter Earnings Conference Call

Walmart Inc. (WMT.US) Q3 earnings conference call for fiscal year 2025

Ghirardelli has launched its first-ever premium refrigerated cookie dough, available in Classic Chocolate Chip and Chocolate Chip Brownie flavors. This product brings the brand's signature chocolate expertise to the refrigerated aisle, offering ready-to-bake convenience for homemade-style cookies. The dough is now available nationwide at retailers like Walmart and Giant Eagle starting at $4.97.

- Ghirardelli has launched its first-ever premium refrigerated cookie dough, available in Classic Chocolate Chip and Chocolate Chip Brownie flavors.  
- This product aims to provide the homemade cookie experience with the convenience of ready-made dough, combining Ghirardelli's signature chocolate with an easy baking process.  
- The cookie dough is available nationwide starting at $4.97 at retailers such as Walmart, with further distribution planned for the summer season.

MorningStar

Kroger

/C O R R E C T I O N — Ghirardelli/

CTAS

Top Wall Street analysts rate Albemarle (ALB), Cintas (CTAS), and Walmart (WMT) as Strong Buy dividend aristocrats. ALB, a lithium producer, has a $232 price target implying 54% upside. Cintas, a uniform supplier, targets $225.20 with over 25% upside. Walmart, the second-largest retailer, has a $143.33 target suggesting 20% upside. All three stocks boast strong analyst consensus despite varying dividend payout ratios.

- Albemarle (ALB), Cintas (CTAS), and Walmart (WMT) are dividend aristocrats rated as Strong Buy by analysts, highlighting their appeal for steady payouts and market growth.  
- Albemarle, a major lithium producer, has a payout ratio of 138.46% and a 54% price target upside; Cintas, North America's largest uniform supplier, shows a 75.95% ratio and over 25% upside; Walmart has a 71.04% ratio with a 20% target rise.  
- These stocks exemplify the characteristics sought by investors in dividend aristocrats, reflecting stable earnings and reliable dividends.

Tip Ranks

Albemarle

Cintas

S&P 500

3 Strong Buy Dividend Aristocrat Stocks, According to Top Analysts — June 9, 2026

DASH

DASX

Walmart is expanding its express delivery service to include Subway orders at select locations, marking its first restaurant integration for this service. Available via the Walmart app and website in six states, the service will cover approximately 1,400 locations by summer end. This move positions Walmart to compete with other delivery apps like Uber Eats and DoorDash, leveraging its strong e-commerce growth and Q1 revenue increase of 7.3%.

- Walmart is expanding its express delivery service to include Subway orders at select locations, marking its first restaurant integration for this service.  
- The delivery option is available via Walmart's website and app, with plans to expand to about 1,400 locations by the end of summer, allowing for seamless combination with Walmart merchandise.  
- This initiative reflects a growing trend of restaurant delivery services partnering with retailers, coinciding with Walmart's reported revenue increase and e-commerce growth.

retaildive

Doordash

Tradr 2X Long DASH Daily ETF

Uber Tech

Ulta Beauty

Foot Locker

Dollar Tree

Walmart extends into restaurant delivery with Subway deal

WMTI

AMZP

AMZW

AMZZ

AMZD

AMZO

AMZU

AMZY

AZYY

Walmart is undergoing a significant digital transformation, leveraging its physical store network for e-commerce fulfillment and expanding high-margin advertising revenue through Walmart Connect. Despite Amazon surpassing it in revenue, Walmart offers strong shareholder returns driven by digital innovation in Sam's Club and retail media. Analysts remain bullish, citing a consensus price target of $138.85, suggesting the market may undervalue Walmart's tech-like growth potential compared to traditional retail metrics.

- In February 2026, Amazon surpassed Walmart to become the world's largest company by revenue, confirmed by Fortune's Fortune 500 list.  
- Despite this, Walmart's total return to shareholders has been greater, attributed to its retail model and growing advertising platform, Walmart Connect, generating significant profit.  
- Analysts remain optimistic about Walmart's future growth, especially with its digital initiatives and store network, suggesting potential for stock value increase despite current challenges.

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Walmart's No. 2 Ranking Hides a Digital Transformation Story

Duracell has launched a limited-edition battery pack featuring Lionel Messi's iconic tattoos, marking the first time celebrity designs are printed directly on battery cells. This collaboration celebrates the 'Messi Reboot' campaign and is available at major North American retailers like Walmart and Amazon ahead of the summer soccer tournament. The batteries utilize PowerBoost™ Ingredients for high performance, and purchasers can enter a sweepstakes to win signed merchandise.

- Duracell has launched limited-edition battery packs featuring designs inspired by Lionel Messi's iconic tattoos, celebrating the "Messi Reboot" campaign.  
- This marks a historic collaboration, as it is the first time a celebrity design is incorporated directly onto the battery cells, aligning the product with the upcoming global soccer tournament.  
- The limited edition packs are available at major retailers in North America and offer fans a chance to win premium soccer gear through a national sweepstakes running until August 30th.

StockTitan

Berkshire Hathaway

Berkshire Hathaway B

Lowes

Duracell Debuts Limited-Edition Lionel Messi Packs & Batteries at Retail Nationwide | BRK Stock News

Walmart's stock has declined approximately 8% in the past month despite strong Q1 earnings, driven by investor concerns over future economic headwinds and high valuation. Trading at over 40 times trailing earnings, significantly higher than the S&P 500 average, the market fears consumer spending cuts due to rising oil prices and geopolitical tensions. Consequently, analysts suggest the inflated valuation makes the stock a poor buy, as expectations for significant growth may not be met.

- Walmart reported impressive first-quarter growth with revenue increasing over 7% and operating income up 5%.  
- Despite these results, concerns about rising oil prices and weakening consumer sentiment have led to an 8% drop in stock value over the past month, raising questions about future performance.  
- With a high valuation at over 40 times trailing earnings, analysts caution that Walmart's stock may not be a good buy, especially if actual growth does not meet inflated expectations.

Walmart(WMT.US)