Walmart Earnings Summary: Tariffs Not As Critical As Long-Term Flywheel Improvements

  • Walmart reported their fiscal Q1 '26 earnings results last Thursday morning, May 15th, 2025 and while actual EPS beat consensus by 5%. Ecommerce – now approaching 20% of total Walmart revenue – has finally turned profitable, which should definitely help margins over the next few years. Walmart Connect, the advertising business, grew 31% in the US and was up 50% “across markets” per the conference call.