Walmart U.S. comparable sales ex-fuel grew 2.6% in fiscal Q2 2027, below consensus near 3.8%, as a 125-basis-point pharmacy deflation headwind from Maximum Fair Price rules offset gains in transactions and units. Management raised full-year sales guidance to 4-5% while projecting consolidated Q3 growth of 3.0-3.75%, citing sustained share gains across grocery, general merchandise, and health categories amid resilient yet value-focused consumers. Elevated fuel and producer prices add cost pressure, though tariff refunds have supported price investments. With earnings due mid-November, trader consensus centers on 2.5-4% growth as the base case, reflecting the recent moderation from prior 4%+ trends while e-commerce and omnichannel momentum provide support.