# Walmart’s US marketplace sales grew more than 50% in Q2, with nearly half flowing through its fulfilment service

> Walmart’s results on 20 August 2026 put third-party marketplace growth well ahead of its total e-commerce growth of 23%, and show advertising up 38%. Nearly $2.9 billion of tariff refunds flattered profit.

- Publication: The Sourcing Herald
- URL: https://sourcingherald.com/articles/walmart-us-marketplace-sales-grew-more-than-50-percent-in-q2-fy27-wfs-carries-nearly-half
- Format: News
- Section: Marketplaces
- Published: 2026-08-21
- Sources last checked: 2026-10-08

## Key points

- Walmart said its US marketplace net sales grew more than 50% in the second quarter of fiscal 2027, and that nearly half of the marketplace business flowed through its fulfilment services [1].
- Global e-commerce sales rose 23%, and global advertising rose 38%, with Walmart Connect in the US up 43% excluding VIZIO [1].
- Walmart received nearly $2.9 billion in IEEPA tariff refunds, which added 750 basis points to adjusted operating income growth of about 17% in constant currency [1].
- Revenue was $187.9 billion, up 5.9%, and Walmart US comparable sales rose 2.6% excluding fuel [2].
- Walmart guided third-quarter net sales growth to 3.0% to 3.75% in constant currency [2].

Walmart reported results for the second quarter of its 2027 fiscal year on 20 August 2026 and said its US marketplace net sales grew more than 50%, with nearly half of the marketplace business flowing through its fulfilment services [1]. Global e-commerce grew 23%, and advertising grew 38% [1]. The headline profit figure was boosted by nearly $2.9 billion of refunds of tariffs charged under the International Emergency Economic Powers Act (IEEPA) [1]. Our analysis is that the marketplace and fulfilment figures are the ones to watch for sellers, but the release gives growth rates without the underlying sales values.

## What did Walmart say about its marketplace?

Walmart's release says its US marketplace net sales grew more than 50% in the quarter, and that nearly half of the marketplace business flowed through fulfilment services [1]. Walmart runs a programme called Walmart Fulfillment Services (WFS), but the passage we retrieved says only "fulfillment services", so we do not claim the half refers to WFS alone [1]. A separate summary names marketplace as a driver of e-commerce growth without a percentage [3].

The growth rate is a ratio, so it says nothing about size. A marketplace that doubles from a small base is still smaller than one that grows 15% from a large base. The release as we retrieved it gives no marketplace sales value, so we cannot tell sellers how large the channel is.

## How did the rest of e-commerce and advertising perform?

Global e-commerce rose 23%, with Walmart US up 24%, Sam's Club US up 26% and International up 19% [1]. E-commerce is about 23% of Walmart US sales, and store-fulfilled delivery rose 40% [1].

Advertising rose 38% globally. Walmart Connect, its US advertising business, rose 43% excluding VIZIO, and International advertising rose 20%, led by Flipkart Ads [1].

Our analysis: a 43% rise in US advertising alongside marketplace growth above 50% suggests that more sellers are paying for placement on the site. As with other marketplaces, sellers should check their own advertising cost of sale rather than assume that platform growth lowers the cost of winning a sale.

## What was the tariff-refund effect?

Walmart received nearly $2.9 billion in IEEPA tariff refunds [1]. Adjusted operating income grew about 17% in constant currency, which included a net benefit of 750 basis points from the refunds; excluding it, underlying growth was at the top of the 7% to 10% guidance range [1]. Pulse 2 reports reported operating income growth of 28.8% and 17.4% in constant currency [3].

For other importers, this is the first large visible example in our sources of a company booking refunds from the IEEPA tariffs. The point for smaller sellers is that refunds exist, but each importer has to claim them through the customs process.

## What was the broader result?

Revenue was $187.9 billion, up 5.9% or 5.1% in constant currency, and Walmart US comparable sales rose 2.6% excluding fuel [2]. Membership fee revenue rose 17% [2]. Walmart guided third-quarter net sales growth to 3.0% to 3.75% in constant currency, and fiscal 2027 net sales growth to 4.0% to 5.0% with adjusted operating income growth of 7.0% to 8.5% [2]. Pulse 2 reports GAAP earnings per share of $0.80 and adjusted earnings per share of $0.81 [3].

CEO John Furner said the company's multi-year growth in e-commerce "is evidence that customers are choosing Walmart" [2].

## What should marketplace sellers do?

These are our recommendations, not Walmart's.

- **Check whether fulfilment is the entry ticket.** If nearly half of the business flows through fulfilment services, sellers who ship themselves may be competing against faster delivery promises [1].
- **Model fulfilment fees and advertising together.** Use Walmart's published fee schedules, not summaries from third parties.
- **Do not extrapolate the growth rate.** Growth above 50% on a marketplace does not continue at that pace indefinitely.
- **Diversify.** A fast-growing channel is an opportunity, not a reason to stop selling elsewhere.

## What is still unknown?

The Walmart release excerpt we retrieved does not give marketplace sales values, the number of sellers, WFS fee changes or how many sellers use advertising [1]. Blue Book Services did not quantify marketplace growth, and Pulse 2 named it only as a driver [2][3]. We did not retrieve the earnings call.

## How does this sit beside the other marketplaces?

Earlier this month Etsy reported marketplace sales growth of 7.5% and eBay reported GMV growth of 15%, as we reported at the time. Walmart's marketplace is growing faster than either from what is likely a smaller base, though no source we retrieved gives the base. That combination, fast growth with a growing share of orders handled through the retailer's own fulfilment, is a pattern sellers should recognise from other marketplaces: the platform grows by making delivery promises it can control, and sellers who join its fulfilment programme gain visibility while giving up some control over stock and packaging.

The practical question is not whether Walmart is growing but whether a given product can earn a margin after referral fees, fulfilment fees and advertising. Test with a small range of your fastest-moving products before moving the whole catalogue.

## Frequently asked questions

### How fast is Walmart’s US marketplace growing?

Walmart says US marketplace net sales grew more than 50% in the quarter [1]. The release excerpt we retrieved gives no exact figure or sales value, and other summaries do not quantify it [3].

### What share of marketplace orders use Walmart’s fulfilment service?

Walmart says nearly half of the marketplace business flowed through fulfilment services [1]. It does not say whether that share is measured by sales, units or orders in the excerpt we retrieved.

### Why did operating income jump so much?

Walmart received nearly $2.9 billion in IEEPA tariff refunds, which added 750 basis points to growth in constant currency; without them, growth was at the top of the 7% to 10% range [1].

## Sources

1. Walmart releases Q2 FY27 earnings — Walmart Inc., published 2026-08-20. https://corporate.walmart.com/news/2026/08/20/walmart-releases-q2-fy27-earnings
2. Walmart FY2027 Q2 report shows e-commerce growth, smaller sales gains — Blue Book Services, published 2026-08-20. https://www.bluebookservices.com/walmart-fy2027-q2-report-shows-e-commerce-growth-smaller-sales-gains/
3. Walmart operating income jumps 28.8% as eCommerce sales rise 23% — Pulse 2, published 2026-08-20. https://pulse2.com/walmart-operating-income-jumps-28-8-as-ecommerce-sales-rise-23-and-digital-businesses-outpace-187-9-billion-retail-base