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Walmart (WMT)

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Outperform Current rating · 8 reports

Coverage summary

Aardvark Labs Capital Research has covered Walmart (WMT) since August 16, 2024. The company is in the Consumer Defensive sector. This page lists 8 reports: 8 earnings recaps.

The latest is the Q2 FY27 Earnings Recap, published August 27, 2026. That report moved the rating from Hold to Outperform. The rating has changed 3 times since coverage began.

Translations: 8 in Chinese.

The Excel model for WMT holds 22 quarters and 5 fiscal years of history and 10 quarters and 5 fiscal years of projections. It was last updated September 27, 2026.

Rating history

  1. First rating: Hold Q2 FY25 Earnings Recap
  2. Hold → Outperform Q3 FY25 Earnings Recap
  3. Outperform → Hold Q4 FY26 Earnings Recap
  4. Hold → Outperform Q2 FY27 Earnings Recap

All WMT reports

2026-08-27

Outperform Recap: Q2 FY27

Maintaining Outperform: A 9% De-Rate on a Comp Line the Government Set, While Underlying Operating Income Grew Four Times the U.S. Comp
2026-05-22

Hold Recap: Q1 FY27

Merchandise Mix Turns Positive for the First Time in 18 Quarters, and a $175 Million Fuel Bill Takes 7% Off a 47x Stock
2026-02-20

Hold Recap: Q4 FY26

Downgrading to Hold: The Cleanest Operating Quarter of This Coverage Meets a 45x Multiple and an FY27 Guide Set 5% Below the Street
2025-11-21

Outperform Recap: Q3 FY26

Maintaining Outperform: Walmart Beat Its Own Guide on All Three Lines and the Profit Mix Shifted Again, but a 6.5% Day Spent the Valuation Cushion
2025-05-16

Outperform Recap: Q1 FY26

Maintaining Outperform: A Clean Print, the First-Ever Quarter of Consolidated E-Commerce Profitability, the Conservatism Cadence Becomes a Four-Data-Point Pattern, and the Withheld Q2 OI Guide Is an Accounting-Fluidity Statement Not a Fundamentals Statement
2025-02-21

Outperform Recap: Q4 FY25

Maintaining Outperform: Q4 Confirmed the Thesis, the FY26 Framework Reset Is the Conservatism Cadence Becoming the Thesis Itself, and the 6.7% Sell-Off Is a Guidance Reaction Not a Fundamentals Reaction
2024-11-20

Outperform Recap: Q3 FY25

Upgrading to Outperform: Q3 Cleared the Deliberately-Measured Guide on Every Dimension, Alt-Profit Pools Accelerated, and the E-commerce Loss Reduction Is Now Three Quarters Long
2024-08-16

Hold Recap: Q2 FY25

Initiating Coverage at Hold: A Clean Beat Across Every Segment, Alt-Profit Pools Carrying the Algorithm, But Valuation Is Full and the Back-Half Guide Is Deliberately Measured