Walmart (WMT) Q4 2026 earnings

Walmart is expected to report its fiscal fourth-quarter earnings on Thursday morning as the retail giant and its new CEO chase a future fueled more by digital businesses and artificial intelligence.

Here’s what Wall Street analysts surveyed by LSEG are expecting the company to report:

• Earnings per share: 73 cents expected
• Revenue: $190.43 billion expected

Walmart said in November that it expects full-year net sales to climb between 4.8% and 5.1% and adjusted earnings per share to range from $2.58 to $2.63.

Investors are not only looking for a holiday and full-year recap. They’re also eager for a better sense of the company’s expectations for the year ahead and the priorities for new CEO John Furner, a more than three-decade-long company veteran and former Walmart U.S. CEO who succeeded Doug McMillon as Walmart’s top executive on Feb. 1.

As a retail behemoth, Walmart offers a key snapshot of the U.S. consumer — particularly since it kicks off a batch of earnings reports from other major retailers, including Home Depot and Target.

“Everybody likes to get a litmus test on how the consumer acted in the quarter and how they are acting quarter to date,” said Kate McShane, a retail analyst for Goldman Sachs.

She said Walmart could benefit from some helpful dynamics in the coming months, including tax cuts that were part of President Donald Trump’s tax and spending bill last year that may free up more discretionary spending, especially for middle-income consumers.

Yet there are other mixed indicators about the U.S. economy, such as lackluster retail sales numbers in December and concerns about the jobs market and artificial intelligence-related head count cuts, despite a better-than-expected jobs report for January. Investors have closely watched inflation and tried to gauge if tariffs will increase prices in the coming weeks and months, too.

Investors largely expect Furner to focus on similar priorities as his predecessor McMillon, such as increasing Walmart’s online business, attracting more customers across incomes and ramping up higher-margin businesses like its third-party marketplace and advertising.

However, Walmart is expected to lose the title as the largest retailer by annual revenue on Thursday. Amazon already surpassed Walmart on quarterly revenue and it is on track to top Walmart on an annual basis. Amazon’s core retail unit is the company’s biggest revenue driver, but it gets a sizeable chunk of its business from its cloud computing, advertising and seller services businesses.

Along with getting a new CEO, Walmart has hit other milestones lately. Its stock switched to the tech-heavy Nasdaq in December and its market value hit $1 trillion earlier this month.

As of Wednesday’s close, shares of the company have climbed about 22% over the past year and about 14% so far this year. That’s outpaced the S&P 500’s 12% gains over the past year and less than 1% gains year to date.