Walmart’s CFO says higher prices are probably coming this month

You might want to prepare for things to pay more at Walmart. The company’s CFO, John David Rainey, told CNBC that the Trump administration’s tariffs are “still too high” and that consumers could see higher prices “likely towards the tail end of this month, and then certainly much more in June.”

“We’re wired for everyday low prices, but the magnitude of these increases is more than any retailer can absorb,” Rainey said. The company will “absorb some of the price increases and suppliers will too,” but consumers will probably still see price increases, “which concerns us.”

Walmart imports “about a third of our overall merchandise and food” that it sells in the US from “a number” of countries, according to Rainey. “China is the largest. It’s China and Mexico, Canada, India, Vietnam.”

Walmart reported its Q1 fiscal year 2026 earnings on Thursday. “We will do our best to keep our prices as low as possible but given the magnitude of the tariffs, even at the reduced levels announced this week, we aren’t able to absorb all the pressure given the reality of narrow retail margins,” CEO Doug McMillon said on a call with analysts on Thursday, according to The New York Times. McMillon also noted that “the higher tariffs will result in higher prices.”

Update, May 15th: Clarified that Walmart’s earnings today were for its fiscal year Q1 2026.