WMT · 10-Q · 2026Q2 · Full report

Macroeconomic Factors Impact

Walmart Inc. · 2026-05-29 · Importance 13 · Surprise 6

Management cites inflationary trends, fluctuations in global currencies, volatility in fuel prices and swings in macroeconomic conditions as drivers of continued uncertainty that may affect results. The company reported higher fuel costs within the supply chain and increased eCommerce fulfillment costs that partially offset gross profit rate improvements, and higher associate healthcare benefit costs related to increased enrollment and medical cost inflation contributed to higher operating expense rates. Operating expenses as a percentage of net sales increased 33 basis points in the quarter, driven by higher depreciation from capital investments, $0.2 billion of business reorganization charges and higher healthcare costs.

Key facts