Walmart (WMT) wowed Wall Street yet again, causing the stock to jump as much as 7% in early trading Thursday.

For its fiscal 2025 Q1, America’s biggest retailer posted revenue of $161.51 billion, higher than the $159.58 billion expected, while adjusted earnings per share also came in higher at $0.60, compared with estimates of $0.53.

“Customers are continuing to come to Walmart for not only just value but also convenience,” Walmart CFO John David Rainey. “We see that wallets are still stretched, [customers are] still looking for value.” In a call with investors, CEO Doug McMillon said, “The momentum we see across the business is driven by growth in units sold and transaction counts as well as market share gains, including in general merchandise. These are not inflation-driven results.”

Total US same-store sales increased 3.9% year over year, led by growth from Sam’s Club, up 4.4% as Americans sought out deals on grocery items. The wholesale retailer reached a record high level for member counts and plus members, resulting in membership income growth of more than 13%.

Its namesake stores saw same-store sales grow 3.8%, boosted by customers visiting more frequently, though ticket size was flat. The company noted that it was gaining market share among higher-income households.

Global e-commerce sales leaped 21%, boosted by store pickup and delivery as well as its online marketplace.

These results come as the company plans to cut hundreds of jobs and asked employees to relocate to its headquarters in Bentonville, Ark., the WSJ reported on Tuesday.

Walmart is the largest US employer, with 1.6 million US workers.

During the quarter, the company also conducted a stock split for the 12th time in 50 years. Its shares are up 13.9% this year, outperforming the S&P 500’s (^GSPC) 10% gain.

Ahead of the report, UBS analyst Michael Lasser wrote that “the stock has room to run” in a note to clients. He added that Q1 should demonstrate “further evidence that the stock fits well with what the market is looking for right now, a consistent business that is more insulated from ongoing macro pressures than the rest of the pack.”

“Walmart is in a double tailwind position to gain both low- and high-end consumers over the coming years,” Deutsche Bank analyst Krisztina Katai said over the phone prior to the report.

Earnings breakdown
Here’s what Walmart reported in its fiscal year 2025 first quarter:

Revenue: $161.51 billion versus 159.58 billion

Adjusted earnings per share: $0.60 versus $0.53

Overall same-store US sales growth: 3.9% versus 3.42%

Walmart US same-store sales growth: 3.8% versus 3.45%

Traffic: 3.8% versus 3.17%

Ticket growth: Flat versus 1.32%

Sam’s Club US same-store sales growth: 4.4% versus 3.3%

Walmart US e-commerce growth: 22% versus 13.33%

For the full fiscal year 2025, the company expects net sales to grow on the higher end of 3% to 4% and for operating income to grow on the higher end of 4% to 6%.

“We will revisit our full-year guidance as we exit [the] second quarter. This is more aligned with our historic cadence of updates, and consistent with the philosophy we have as a management team to recognize early momentum, but to also maintain prudence early in the year given the macro uncertainty and so much of the year is still ahead of us,” CFO Rainey said on a call with investors following fiscal year 2025 Q1 results.