Walmart (NYSE:WMT) delivered stronger-than-expected first-quarter earnings and robust same-store sales, but signaled that higher tariffs could soon push prices higher.

Earnings per share came in at $0.61, beating the $0.58 consensus forecast. U.S. comparable sales, excluding fuel, rose 4.8%, topping the projected 4.1% increase. Revenue climbed 2.5% year-over-year to $165.51 billion.

Despite the solid results, Walmart withheld earnings guidance for the current quarter, citing uncertainty around tariff policy. The retailer did project net sales growth of 3.5% to 4.5% for the period.

For fiscal 2026, Walmart maintained its full-year forecast for adjusted EPS between $2.50 and $2.60 and net sales growth of 3% to 4%. The warning of potential price increases due to elevated tariffs overshadowed an otherwise strong performance, raising concerns about consumer pricing pressure in the months ahead.