Walmart is expected to report fiscal second-quarter earnings before the bell on Thursday, followed by an 8 a.m. ET call with analysts. The results are expected to provide a view of U.S. consumer health and the K-shaped economy, in which higher- and lower-income households experience diverging financial conditions. Walmart has prioritized value for lower-income shoppers while attracting more high-income customers and has remained relatively insulated from macroeconomic pressures, although executives have said the income divide is widening. Analysts surveyed by LSEG are also watching the retailer after it issued a worse-than-expected full-year outlook last quarter, citing soaring gas prices and weaker consumer confidence. The fiscal first quarter was only Walmart's third miss on quarterly earnings expectations in 16 quarters. CFO John David Rainey said higher tax refunds may have muted pressure on consumers early in the year, with that expectation included in second-quarter guidance. Bernstein analysts said comparable-sales growth may be slowing as Walmart laps tariff-driven price increases that had boosted revenue. They also cited price-cut discussions among grocers, weak signals from peers and continued inflationary pressure on low-income consumers as sources of uncertainty, while maintaining that Walmart remains in a strong fundamental position because of its pricing, assortment and delivery. The company is expected to discuss how tariff refunds affected the quarter. Target reported a $752 million, or $1.65 per share, boost to quarterly net earnings from tariff refunds, while Home Depot and Lowe's also reported earnings increases tied to the refunds; Home Depot said $685 million of its refunds were used to reduce the cost of goods sold.