Walmart Earnings Tomorrow

Walmart reports in the morning and I think this one matters more than people realize. The stock just crossed a $1T market cap and is trading around 45x forward earnings, which is not your typical grocery chain valuation but something you’d expect from a tech company. The real question is whether the numbers support that narrative. What I’ll be watching closely is Walmart Connect ad revenue, since that’s become the highmargin growth engine behind the story. Tariff guidance will also be key, especially any signals about future cost pressure and margins. On top of that, e-commerce momentum vs Amazon will show whether they’re still gaining digital traction, and same store sales will probably give the clearest read on the strength of the consumer. It feels like a real time check on how resilient the U.S. consumer actually is, and at this valuation even a small crack in the story could matter. What’s your call? Clean beat, cautious guide, or multiple compression?