Honestly, if you're just looking at the top-line revenue for a giant like Walmart, you’re missing the real story. Everyone knows they sell a lot of bananas and milk. But the real "secret sauce" is hidden in the walmart earnings per share numbers.
They just dropped their Q3 fiscal 2026 results a few weeks back, and the numbers were... well, they were a bit of a shocker for the bears. We’re talking about an adjusted EPS of $0.62. Wall Street was hovering around $0.60. That might sound like a tiny two-cent difference, but in the world of retail giants, a 3.3% surprise is basically a landslide.
The Shift From Boxes to Bits
Most people still think of Walmart as a chain of giant warehouses. That’s old thinking. Basically, the reason the walmart earnings per share keeps beating expectations isn't just because people are buying more cereal. It’s because the company is turning into a tech and advertising powerhouse.
Think about this: their global e-commerce sales jumped 27% last quarter.
Every single segment—Walmart U.S., International, and Sam's Club—saw digital growth higher than 20%. That is wild for a company this size.
But here’s the kicker. Shipping a heavy box of detergent to someone's house is expensive. It eats margins. So, how is the EPS growing?
It's the "side hustles."
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- Walmart Connect: Their U.S. ad business grew 33%.
- Global Ads: Up 53% overall (partly thanks to that Vizio deal).
- Membership: Sam’s Club and Walmart+ income rose 17%.
These aren't just extra credit. CEO Doug McMillon and CFO John David Rainey have been pretty vocal about the fact that advertising and membership now make up roughly one-third of the company’s operating income. That’s high-margin stuff. It’s the reason why the stock has been flirting with all-time highs near $120.
Breaking Down the Fiscal 2026 Numbers
If you want to understand where the walmart earnings per share is headed, you’ve gotta look at the full-year outlook.
Walmart actually raised its guidance. They’re now expecting full-year adjusted EPS to land between $2.58 and $2.63. They previously thought it would be a bit lower, maybe $2.52 to $2.62. This suggests they aren't seeing the "consumer exhaustion" that some economists have been preaching about.
| Period | Estimated EPS | Actual EPS | Status |
|---|---|---|---|
| Q3 2026 | $0.60 | $0.62 | Beat |
| Q2 2026 | $0.74 | $0.68 | Miss |
| Q1 2026 | $0.58 | $0.61 | Beat |
| Q4 2025 | $0.64 | $0.66 | Beat |
Wait, look at Q2 2026. They missed. Why?
It wasn't because people stopped shopping. It was mostly due to some discrete legal costs and restructuring charges. Basically, "one-off" stuff that doesn't reflect the health of the actual business.
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Why Delivery Speed is a Financial Metric
You might wonder why a content writer is talking about delivery vans in a finance article. It's simple: speed equals profit.
In Q3, 35% of Walmart's digital orders were delivered in under three hours.
That is insane.
By using their 4,600+ stores as fulfillment hubs, they’re cutting the "last mile" cost. It’s way cheaper than shipping from a warehouse three states away.
They’ve also automated about 65% of their stores for fulfillment as of early 2026. Automation is a massive driver for walmart earnings per share because it lowers the unit cost of every single delivery. When you're moving billions of items, saving five cents on a box adds up to a lot of money for shareholders.
The Vizio Factor
The acquisition of Vizio was a total chess move. It wasn't about selling TVs; it was about the operating system. By owning the software in your living room, Walmart can show you "shoppable ads."
See a spatula on a cooking show? Click a button on your remote and it’s at your door in two hours. That’s the kind of high-margin integration that keeps the EPS climbing while traditional retailers struggle with thin margins.
The "Dividend King" Status
For the folks holding the stock for the long haul, the EPS is just the engine that drives the dividends. Walmart has increased its dividend for 52 consecutive years.
As of mid-January 2026, the dividend yield is sitting around 0.80%.
That might look small compared to a high-yield savings account, but when you combine it with the stock's capital appreciation—up over 20% in the last year—it's a total return powerhouse.
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What to Watch Next
The next big date is February 19, 2026. That’s when they’ll report Q4 2026 results (which covers the holiday season).
Analysts are looking for an EPS of roughly $0.73.
If they beat that, expect the stock to pop again.
Actionable Insights for Investors:
- Don't ignore the "Other" income. Watch the membership and advertising growth rates more than the grocery sales. That's where the profit lives.
- Monitor the Marketplace. Walmart is letting more third-party sellers on their site. This is "free money" for them because they take a cut without owning the inventory.
- Check the automation targets. If they hit their goal of having most of their fulfillment centers automated by the end of 2026, the margins will likely expand even further.
Bottom line? Walmart isn't just a defensive stock for when the economy goes south. It's a growth story that’s currently disguised as a grocery store. If you're tracking walmart earnings per share, you're looking at the evolution of a 20th-century titan into a 21st-century tech leader.
To keep a pulse on the stock's movement, check the official Walmart Investor Relations portal or monitor the $WMT ticker on your preferred brokerage. The gap between them and competitors like Target is widening, and the EPS data is the proof in the pudding.