Walmart posts transcript of Q2 FY 2027 buy-side investor follow-up call

• Walmart hosted its Q2 FY27 buy-side investor follow-up call on Aug. 21, 2026, attended by the CFO, investor relations leaders, and Raymond James.
• Management described consumer trends as consistent with Q1, citing incremental pressure from higher fuel prices rather than a demand break.
• Full-year Maximum Fair Pricing headwind estimated at 125 bps; next year’s wave expected smaller, with no stacking effect.
• Tariff refunds lifted constant-currency operating income by 750 bps net of pricing; price investments landed late in Q2, shifting impact into Q3.
• International strength led by China, India; Mexico flagged as a key multi-year improvement opportunity; ad, membership, marketplace drove 45% of operating income growth.

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