Walmart (WMT)

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

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

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

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

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

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

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

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