Walmart will report fiscal second-quarter earnings before the bell on Thursday. The largest U.S. retailer warned in May that it would have to raise prices because of President Trump's higher tariffs on imports from other countries.

A slew of retail giants like Walmart and Target released earnings this week, offering details about costs and price increases incurred by President Donald Trump’s tariffs. The fresh batch of earnings from big-box retailers provided clues about the conditions that may await shoppers over the coming months as the holiday season approaches.

Walmart, Target, Home Depot and Lowe’s earnings reveal how tariffs are raising costs, reshaping pricing and pressuring profits in 2025.