Walmart shares fell about 9% on August 20, 2026, sliding from $114.30 to $103.84 after the retailer beat estimates and raised fiscal 2027 guidance, marking its worst earnings-day reaction in ten quarters and a fourth straight decline on results day. Consolidated revenue reached about $187.9 billion, with net sales up 5.9%, while adjusted EPS hit $0.81 versus a $0.7413 consensus and operating income jumped roughly 29% to $9.38 billion. Management lifted full-year constant-currency sales growth to 4%–5%, adjusted operating-income growth to 7%–8.5%, and adjusted EPS to $2.80–$2.87. Investors focused on the temporary nature of the beat: gross margin rose 96 basis points to 25.4%, aided by tariff refunds that CFO John David Rainey said contributed roughly 750 basis points to operating-income growth, much of which was redeployed into price and customer experience. That left soft third-quarter guidance of $0.62–$0.64 adjusted EPS and 3%–3.75% constant-currency net sales growth, plus a Flipkart Big Billion Days timing headwind of more than 100 basis points. Walmart U.S. comps rose a muted 2.6% even as global e-commerce grew 23%, U.S. e-commerce 24%, and Sam’s Club and international delivered stronger top-line gains; consolidated net income fell 9.4% to $6.36 billion in the quarter.