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Retail giant Walmart Inc. (WMT) could provide more details on the health of consumers and what impact higher gas prices have on spending when the company reports first-quarter financial results Thursday before market open.
Here are the earnings estimates, what experts are saying ahead of the report and the key items to watch.
Analysts expect Walmart to report first-quarter revenue of $174.75 billion, up from $165.61 billion in last year's first quarter, according to data from MarketDash.
The company has beaten analyst estimates for revenue in more than 19 straight quarters.
Analysts expect Walmart to report first-quarter earnings per share of 66 cents, up from 61 cents per share in last year's first quarter.
The company has beaten analyst estimates for earnings per share in eight of the last 10 quarters, including beating estimates in two straight quarters.
Freedom Capital Markets Chief Market Strategist Jay Woods stressed the importance of Walmart's earnings report in a weekly newsletter.
"Walmart may be the biggest tell on the status of the consumer. The largest domestic retailer may shed the most light on concerns about U.S. shoppers with tighter budgets amid surging gas prices," Woods said.
The market expert said higher gas prices may mean more new customers for Walmart and could also see increased usage of the company's online shopping platform.
BofA Securities analyst Christopher Nardone reiterated a Buy rating on Walmart stock with a price target of $150 ahead of the earnings report.
The analyst highlighted the company's consistent sales growth and digital growth, items he said could support higher guidance.
"We expect the core Walmart consumer will prove resilient and think a prolonged period of macro volatility and higher gas prices can accelerate share gains as consumers hunt for value," Nardone said.
Here are recent analyst ratings on Walmart stock and their price targets:
As a key gauge on consumer health and spending, investors and analysts will be watching for shopping trends, market share and frequency of visits.
Data from Placer.ai ahead of the report suggests a strong second quarter for visits.
The fourth quarter, which consisted of November, December and January saw visits grow 2.3%, 1.1% and 3.7%, respectively on a year-over-year basis. Here is the data from Placer.ai for the months in the first fiscal quarter:
Walmart said in the fourth-quarter results that consumers earning less than $50,000 were focused more on value than ever. The retailer has put an increased emphasis on its Great Value brand and on providing lower-priced options for consumers.
The first-quarter results could show if these efforts paid off.
Walmart has also been growing market share in the higher-income households making $100,000 or more, which will be another key item to watch.
Target Corp. (TGT) reported first-quarter financial results on Wednesday, beating analyst estimates for both revenue and earnings per share. The retailer said its net sales were up across all six core merchandise categories.
This could put pressure on Walmart to report market share gains and strong results, especially with Target shares trading lower on Wednesday after the double beat.
Walmart is one of the largest companies to report this week and is also a member of the S&P 500, Nasdaq 100 and Dow Jones Industrial Average, putting three of the most followed stock indexes in the spotlight and potentially volatile on Thursday.
Walmart stock is down 2.22% to $131.22 on Wednesday versus a 52-week trading range of $93.44 to $135.16. Walmart stock is up 17.5% year-to-date in 2026.
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