What’s new today
- Walmart Connect advertising leader Ryan Mayward is appearing at the Goldman Sachs technology conference today. The session is focused on Walmart’s advertising business; a replay is available, with a transcript expected afterward. No new financial guidance has been announced.
Top ongoing stories
- Advertising is surging: Walmart’s global advertising business grew 38% last quarter; Walmart Connect excluding Vizio increased 43%.
- E-commerce remains the growth engine: Global e-commerce rose 23%, including 24% at Walmart U.S. and 26% at Sam’s Club.
- Overall results were strong: Q2 revenue reached $187.9 billion, up 5.9%, and Walmart raised its FY2027 outlook.
- Store-sales growth slowed: Walmart U.S. comparable sales increased 2.6%, its slowest pace in more than six years, although pharmacy-price regulation created part of the headwind.
- Tap to Pay rollout is underway: Contactless cards, Apple Pay, and Google Pay are being introduced across Walmart and Sam’s Club, with nationwide coverage planned by the end of 2026.
- Sam’s Club is outperforming on traffic: Transactions increased 7%, membership-fee revenue grew 6%, and comparable sales excluding fuel rose 4.4%. Average ticket fell 2.5%, indicating frequent but value-conscious shopping.
Signal vs. noise
- Important: Walmart is becoming a commerce platform combining retail, marketplace, advertising, membership, payments, and fulfillment.
- Watch closely: slower U.S. comparable sales, rising inventory, and whether advertising growth remains above 30%.
- Mostly noise: Labor Day promotions, isolated product-restock stories, and routine analyst commentary do not indicate a broader strategic change.
Brand takeaway: Walmart’s strongest momentum is digital. Brands should connect competitive pricing and distinctive assortment with Walmart Connect media, marketplace availability, and fast fulfillment rather than treating store placement as the entire opportunity.