Walmart Earnings November 19, 2026: WMT on 93 Report Days

Walmart reports its third quarter of fiscal 2027, the quarter that ended October 31, on Thursday, November 19, 2026, before the market opens: its investor events page lists the release at 7:00 AM Central, 8:00 AM Eastern, and the call has followed at 8:00 AM Eastern in past quarters. It is the company's first November report as a Nasdaq-listed stock, after moving its listing from the NYSE last December, and the third report under chief executive John Furner. Because the numbers land before the open, Thursday itself is the reaction session.

Across all 93 Walmart earnings reports since August 2003, the stock closed higher on the report day 46 times and lower 47 times, as even a split as the record gets. The typical move was 2.4% in either direction, four times its median move on an ordinary day, and 18 of the 93 moved it 5% or more. Three things set Walmart apart. Its opening gap has held almost without exception: of the 29 report days that opened 3% or more away from the prior close, 28 finished on the same side. Costco has moved with it on 62 of the 93 days, and on every one of the 18 days Walmart moved 5% or more. And the stock has tended to do the opposite of its run-up: after a slide of 5% or more into the report it rose 7 times in 9, after a run of 5% or more, which is where it stands now, it fell 13 times in 19.

• The report: Thursday, November 19, before the open; release at 8:00 AM Eastern, call expected at 8:00 AM Eastern.
• The company's own guidance: net sales up 3.0% to 3.75% and adjusted operating income up 2.0% to 4.0%, both in constant currency, and adjusted EPS of $0.62 to $0.64, from its August 20 release, against $0.62 a year earlier.
• Analyst consensus: $0.64 of adjusted EPS, per Barchart on October 28 and Hudson Labs on October 19, which also put revenue at about $187.2 billion; for the full year, $2.88 against the company's $2.80 to $2.87.
• The stock going in: $125.67 at Wednesday's close, up 13.5% for 2026 and 24.9% above its low of a year ago, 6.4% below its May 19 record of $134.20, and up 8.2% over the last 20 sessions after a 2.7% dip in the last five.

What Walmart guided, and what analysts expect

Walmart guides every quarter, in constant currency, and it sets the base in its own release: the third quarter of fiscal 2026 had net sales of $177.8 billion, adjusted operating income of $7.3 billion and adjusted EPS of $0.62, per the August 20 release. The table puts the guidance next to consensus and next to the year-earlier quarter reported November 20, 2025, when total revenue was $179.5 billion.

Two things the guidance says about the quarter. The sales range is held down by timing: "we expect a headwind of over 100bps to growth related to a timing shift of Flipkart's Big Billion Days between Q3 and Q4," the company said, and the operating income range "reflects the continued prioritization of tariff refunds received in Q2 into customer experience and price investments in the second half," which is why chief financial officer John David Rainey asked investors "to consider Q2 and Q3 performance together." Consensus sits at the top of the EPS range. The two numbers the market has punished this year are the ones to watch: Walmart U.S. comparable sales, which grew 2.6% in the second quarter against 4.6% a year earlier, and the full-year EPS range, which has twice come in under the Street's figure.

What moved the stock in the last three reports

August 20, 2026: revenue of $187.9 billion, up 5.9%, eCommerce up 23%, global advertising up 38%, membership fee income up 17%, and adjusted EPS of $0.81 against a $0.74 consensus, with the full-year outlook raised, per the release. The stock still gapped down 6.9% and closed down 9.2%, its third-worst report day since 2003. The AP's account was that the 2.6% comparable-sales gain was the smallest since the quarter ended January 2020, held back by new pharmacy pricing rules, and that the raised full-year EPS range of $2.80 to $2.87 was still below the $2.90 the Street had (AP via ABC News). The company also said it would put a $2.9 billion tariff refund into lower prices on 11,000 items. Twenty sessions later the stock was +3.0%.

May 21, 2026: revenue of $177.8 billion, up 7.3%, eCommerce up 26%, Walmart U.S. comparable sales up 4.1% and adjusted EPS of $0.66, per the release, with the full-year outlook held. The stock fell 7.3% from a record close two days earlier; the second-quarter EPS guide of $0.72 to $0.74 sat under the $0.75 consensus and the unchanged full-year range sat under the Street's $2.91, with fuel costs and gas prices the talking points (Schaeffer's). February 19, 2026 was the quiet one: a 1.5% gap up that faded to a 1.4% loss. In the three reports of 2026 the stock has not closed higher once, and the two of 5% or more are the only sessions of that size it has had all year.

The first November under a new chief executive, from a new exchange

Last November's report, +6.5% on November 20, 2025, was Doug McMillon's last as chief executive and carried two announcements beside the numbers: the company transferred its listing to Nasdaq on December 9 after decades on the NYSE, keeping the WMT ticker, and McMillon's quote in the release was a farewell, "It's been an honor to serve them as CEO." John Furner, who had run Walmart U.S., was named his successor on November 14, 2025 and took over on February 1, 2026. The quarter itself was strong, revenue up 5.8% to $179.5 billion with eCommerce up 27% and advertising up 53%, and the stock rose into a day the S&P 500 fell 1.6%, from what turned out to be its 52-week low the session before.

How we measured the 93 report days

We pulled every Form 8-K with results of operations that Walmart filed with SEC EDGAR: the Item 2.02 filings since November 2004 and the Item 12 filings that carried earnings before that, 98 in all. Five are left out, the monthly sales releases of August 7, 2003, February 5, 2004, November 4, 2004, February 8, 2007 and February 8, 2008, which carried earnings guidance and were filed under the same item but were not quarterly reports. That leaves 93 reports, starting with the second quarter of fiscal 2004 on August 13, 2003. Every one was filed before the open, between 6:04 and 8:30 AM Eastern and at 6:57 to 7:02 AM on nearly every report since 2010, so the reaction day is the report day itself. Moves come from Yahoo Finance daily bars adjusted for dividends and the three-for-one split of February 2024: the close-to-close change, the opening gap, the open-to-close move, and the same-day moves of Costco, Target and the S&P 500. For 2010 onward it is the same method as our retail earnings week page, whose 67 Walmart report days this page reproduces and extends back to 2003. This is descriptive history, not a forecast.

All 93 reports at a glance

The direction is a coin flip, 46 up and 47 down with a median move of 0.0%, and the size has tripled. In the 2000s a Walmart report moved the stock a median 1.9% on a median gap of 1.2%, and only 2 of 26 reports moved it 5%. Since 2020 the median swing is 3.2%, the median gap is 3.2%, and 11 of 27 reports have moved it 5% or more. Since the start of 2023 the median swing is 4.5%, and the open-to-close leg has turned negative, a median of -1.5% after the gap, which is to say the stock has tended to give back part of a gap up and extend a gap down during the session.

The gap holds: 28 of 29 big gaps finished on the same side

Walmart's report day is decided at 8:00 AM. Across the 93 reports the median gap was 2.4% in either direction, and when the gap was 3% or more the close stayed on the same side of the prior close in 28 of 29 cases: all 14 gaps down of 3% or more closed lower, and 14 of the 15 gaps up of 3% or more closed higher, the one exception November 14, 2019, when a 3.0% gap up faded to a 0.3% loss. The open-to-close move has been a median -0.5% after a down gap and +0.1% after an up gap. Small gaps are a different matter: 15 of the 93 reports closed on the other side of their gap, 12 of them gaps under 2%. The practical reading is that by 9:30 AM a Walmart report is priced, and a rule that acts on the open is acting on the news, not ahead of it, the same point our retail-week page makes about all five retailers.

The last twelve reports

Seven of the last twelve closed lower and seven moved 5% or more, split between the three gains of 2024, +3.2%, +7.0% and +6.6%, with +3.0% and +6.5% in the two Novembers, and the three large losses since, -6.5% in February 2025, -7.3% in May and -9.2% in August of this year. Only one of the twelve, February 2026, closed on the other side of its gap.

November has been the best report month

November is the only month with more ups than downs, 13 to 10, with a median move of +0.5% and the largest swings alongside February at 3.0%. It also holds the best report day in the record, +10.9% on November 16, 2017, and the fourth-worst, -8.1% on November 16, 2023. May has been the weakest month and the quietest, 10 up and 13 down with a median swing of 2.0%; August, the quarter before this one, has closed lower 13 times in 24.

Every November report since 2003

The best November, +10.9% in 2017, came on a quarter with comparable sales up 2.7% and U.S. online sales up 50%; it opened 5.9% higher and kept climbing to the close, the largest open-to-close gain of any report day in the record. The worst, -8.1% in 2023, followed a quarter that beat by a penny while chief financial officer John David Rainey said the company was "more cautious on the consumer than we were 90 days ago" (BNN Bloomberg). Last year's +6.5% was a near tie with 2022 for the second-best November in the record. The two Novembers before it, 2020 and 2021, were both small losses on small gaps, so the month's reputation rests on its size more than its direction: 5 of 23 moved the stock 5% or more.

The setup going in: up 8% in a month, two days of 5% in 2026

Walmart closed Wednesday, November 11 at $125.67, per Yahoo Finance. It is up 13.5% for 2026, 6.4% below the record close of $134.20 set on May 19, two days before the May report, and +24.9% above the $100.61 close of November 19, 2025, the session before last year's report, which is its 52-week low. The last 20 sessions have added 8.2%, with a 2.7% dip in the last five. It is a calm stock: the median daily move since 2003 is 0.6%, and the only two sessions of 5% or more in 2026 were the May and August report days.

We split the 93 reports by how the stock did in the 20 sessions before each one. Through Wednesday the figure is +8.2%, which puts this report in the first row.

This is the one cut where Walmart's record leans. The 19 reports that followed a run of 5% or more closed lower 13 times, with a median move of -1.4%; the 9 that followed a slide of 5% or more closed higher 7 times, with a median of +4.0% and 5 moves of 5% or more. Last November was the clearest case, -6.1% into the report and +6.5% on the day; February 2025 was the other side, +11.7% into the report, -6.5% on the day and -11.7% over the next 20 sessions. The correlation between the run-up and the report-day move is -0.21, a modest lean toward reversal rather than a rule, and 65 of the 93 reports fall in the middle bucket where it says nothing.

Costco moves with it every time it matters

A Walmart report is a read on Costco. On the 93 report days Costco moved in the same direction 62 times, with a correlation of +0.61, and on the 18 days Walmart moved 5% or more Costco went the same way on all 18, by a median of 1.5% against 0.8% on an ordinary day. Target matched 56 times with a correlation of +0.36, and 15 of the 18 big days, by a median of 2.0%. The S&P 500 matched the direction on 54 of 93, a coin flip, with a correlation of +0.12: the market has rarely cared, and the two biggest exceptions were market days that happened to coincide, the 6.9% rally of November 13, 2008 and the 2.0% rally of May 17, 2022 that Walmart fell 11.4% through.

The pattern held this year: Costco fell 2.2% on Walmart's May report day and 2.5% on the August one, and Target, which reports the day before Walmart this month, went the other way in May. For a trader holding Costco into Thursday morning, Walmart's 8:00 AM release is the first number of the day. Target's 93 report days since 2003 are in our Target earnings page.

What came after the report day

Walmart is one of the few stocks in our series with a negative drift after the report. From the report-day close it was higher five sessions later only 38 times out of 93, a median of -0.7%, and higher 20 sessions later 48 times with a median of +0.3%. After the 8 report-day drops of 5% or more, the next 20 sessions were up once, with a median of -4.3%; February 2025's -6.5% was followed by another 11.7% slide, and May's -7.3% by -3.4%. After the 10 gains of 5% or more the next 20 sessions were up 6 times with a median of +3.4%, and last November's +6.5% ran on to +7.0%. A big Walmart report day has tended to keep going for a month, in either direction.

The biggest Walmart report days since 2003

• -11.4% on May 17, 2022
• -10.2% on Feb 20, 2018
• -9.2% on Aug 20, 2026
• -8.1% on Nov 16, 2023
• -7.3% on May 21, 2026
• -6.5% on Feb 20, 2025
• +10.9% on Nov 16, 2017
• +9.6% on May 19, 2016
• +9.3% on Aug 16, 2018
• +7.0% on May 16, 2024
• +6.6% on Aug 15, 2024
• +6.5% on Nov 15, 2022

All twelve have come since 2016 and eight since 2022, which is the long-run picture in one list: a stock that barely moved on its numbers for a decade now moves like a growth stock on them. The three worst days came in May 2022, when costs ran ahead of sales, in February 2018, when online growth slowed, and this August on guidance, and the two worst of this year sit in the top five.

How we handle a report like this, and what we leave alone

We do not forecast earnings, and the software does not trade the print itself. Three settings do the work. Earnings awareness is an opt-in rule, off by default, that keeps the auto-trader from opening a position in a stock whose report falls inside a window you pick, 3, 7 or 14 days ahead. The daily spend limit caps how much new money goes to work on any one morning. A fixed or trailing stop on every position decides the exit before the number, not during it. The settings glossary explains each one, and you can set those rules up in a few minutes.

One limit applies to every stop order: once its price is touched it becomes a market order, so when a stock gaps past it at the open, the fill comes near the open, not at the stop. Investor.gov explains how stop orders execute. Walmart's record makes the arithmetic simple: all 14 of its down gaps of 3% or more held to the close, so a stop under Wednesday's close would have been filled near the open on every one of them and never rescued by a reversal, and the open-to-close leg since 2023 has added a median 1.5% to the loss. The size of a position held into the report matters more than where its stop sits. Our test of trailing stops from 1% to 8%, our count of how often the market drops 1%, 2% or 3% in a day and our study of which bounces off a low hold cover the rest of that math. If you want to see how the rules behave on a sample account before connecting a broker, start with the demo.

The rest of the calendar

Walmart closes a week that opens with Disney and Home Depot on Tuesday morning and Nvidia on Tuesday night, then Lowe's, Target and TJX on Wednesday; the five retailers' dates, guidance and 2010-onward records are in the retail earnings week page. Every date for the month is on the November 2026 stock market calendar, Thanksgiving week follows with its half session on November 27, and how the S&P 500 does during earnings season covers the market-wide pattern. Tuesday morning's other report, Home Depot, has its own page with all 93 report days since 2003.

Quick answers

When does Walmart report earnings?

Thursday, November 19, 2026, before the market opens. Walmart's investor events page lists the release at 7:00 AM Central, 8:00 AM Eastern, and the call has followed at 8:00 AM Eastern in past quarters. Because the report lands before the open, Thursday's session is the reaction day.

What is Walmart expected to earn this quarter?

Consensus is $0.64 of adjusted EPS, per Barchart and Hudson Labs, at the top of the company's $0.62 to $0.64 range and against $0.62 a year earlier. The company guided net sales up 3.0% to 3.75% and adjusted operating income up 2.0% to 4.0% in constant currency, on a base of $177.8 billion and $7.3 billion.

How much does Walmart stock usually move after earnings?

The median move on the report day has been 2.4% in either direction across 93 reports since 2003, and 4.5% across the 15 reports since 2023. Eighteen of the 93 moved it 5% or more and three moved it 10% or more, the largest +10.9% in November 2017 and -11.4% in May 2022.

Did Walmart stock go up or down after its last earnings report?

Down. On August 20, 2026 it opened 6.9% lower and closed down 9.2%, even though revenue and adjusted EPS beat and the full-year outlook was raised; U.S. comparable sales grew 2.6%, the slowest since early 2020, and the raised EPS range stayed below the Street's figure.

What did Walmart do after last November's earnings?

It rose 6.5% on November 20, 2025, opening 3.3% higher and climbing through the day, from a close the session before that is still its 52-week low. Across all 23 November reports since 2003 it closed higher 13 times, with a median move of +0.5%.

Does Costco move on Walmart's earnings day?

Yes. Costco moved in the same direction as Walmart on 62 of the 93 report days, with a correlation of +0.61, and on all 18 days Walmart moved 5% or more Costco went the same way, by a median of 1.5%.

Historical figures are for information only. They describe what happened, not what will happen, and nothing here is investment advice.