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Walmart’s quarter sends a more cautious signal than the headline beat suggests. FY2027 Q2 revenue of about $187.9B and adjusted EPS of $0.81 exceeded forecasts, yet US comparable sales growth of 2.6% trailed the 3.7%–3.8% consensus, while Q3 EPS guidance disappointed and shares fell about 9%. The key tension is between demand and margin resilience. Using nearly $3B in tariff refunds mainly for price cuts and customer-experience improvements may support traffic, but it also underscores consumer price sensitivity. Higher full-year sales guidance is constructive; slower US sales and heavier discounting make execution quality the more important metric from here. Not advice, just analysis. #WalmartBeatCompMiss