"A strong retail foundation alongside faster-growing businesses like Marketplace, advertising, and membership. The math is not simply one plus one equals two. The value comes from how these businesses work together, with each one strengthening the others and expanding what the company can do as a whole."

CEO · John Furner

"Obviously, I have some passion around this point, but it's not just that our incremental margins are growing; they're growing at twice the rate of the overall margin of the business. I think that shows sort of how the earnings complexion of our business and the durability of that growth that we have will play into the future. Very excited about it."

CFO · John David Rainey

"The Walmart U.S. team delivered more than 11,000 rollbacks during the quarter, up from 7,200 rollbacks at the end of the first quarter, demonstrating our commitment to price investment. We're investing heavily in price because customers need us to and because we believe it drives market share gains over time."

CEO · John Furner

"We believe AI will improve nearly every part of our business by making shopping better and our associates' work easier. Sparky is a great example. The number of customers using Sparky is up 70% from last year, and the customers and members who use Sparky for shopping spend 40% more per order than others who do not."

CEO · John Furner

"Importantly, we are raising in the face of more than $2 billion of incremental cost tied to higher fuel prices in arguably a softer consumer environment than in February, when we introduced our initial outlook. As such, we feel it is prudent to remain cautious by only raising the guide modestly."

CFO · John David Rainey

"New in FY 2027, we cited a 100 basis points headwind to total comp sales from deflation and brand-to-generic transfers under the first year of Maximum Fair Price regulation. In Q2, this negative impact was closer to 125 basis points, and we've updated our estimate for FY 2027 impact to be similar at 125 basis points."

CFO · John David Rainey

"We're building what we believe can be the most essential membership program for consumers and excited for what's ahead. The thing that people sometimes overlook when reflecting on our membership program is the incrementality that we see on GMV. Our members spend approximately four times more than non-members."

CFO · John David Rainey

"Fast delivery in the U.S. grew 48% for the quarter. Speed matters, and we have a significant competitive advantage. Speed is not simply a fulfillment metric; it is an acquisition strategy. Customers who use fast delivery shop with us more frequently, they deepen engagement with us, and they are more likely to become Walmart+ members."

CEO · John Furner

"Meal solutions, prepared food partnerships like the one we announced with Subway, and faster fulfillment allow us to participate in a much broader share of everyday food spending. This is an exciting opportunity, and we are just getting started."

CEO · John Furner

"The more omni we become, the more important our stores become. Not less important, more important. Between in-store shopping and digital fulfillment, we have more unit volumes transacted through our stores than ever before, as they are the last-mile fulfillment nodes for 80% of our e-commerce orders and 100% of our fast deliveries."

CEO · John Furner