Walmart reported adjusted second-quarter earnings of 81 cents per share and sales of $187.9 billion, beating consensus estimates of 74 cents and $186.8 billion, respectively. Global advertising revenue rose 38%, membership fee revenue increased 17%, and gross margin expanded 96 basis points to 25.4%, helped by Walmart U.S. and tariff refunds. Adjusted operating income on a constant-currency basis increased 17.4%. Global e-commerce sales grew 23%, while Walmart U.S. comparable sales rose 2.6%, the smallest quarterly increase since 2020, according to The Wall Street Journal. Pharmacy deflation linked to maximum fair price regulations created a 125-basis-point headwind. Walmart raised its fiscal 2027 adjusted EPS outlook to $2.80-$2.87 and sales outlook to $734.656 billion-$741.720 billion, but both ranges remained below consensus. Third-quarter adjusted EPS guidance of 62 cents-64 cents and sales guidance of $183.134 billion-$184.468 billion also trailed estimates. Shares fell 7.71% to $105.49 in Thursday’s premarket session, according to Benzinga Pro data.