Walmart is expected to report fiscal second-quarter earnings before the bell on Thursday and offer its latest read on the health of the U.S. consumer.

The retailer, which has been leaning into prioritizing value for its lower-income cohort while winning over more high-income shoppers, has been largely insulated from macroeconomic pressures. However, the company has previously said it’s seeing the divide between income groups widen.

As the largest U.S. retailer, Walmart can offer a unique perspective on consumer behavior.

Here’s how the company is expected to perform, based on a survey of analysts by LSEG:

• Earnings per share: 74 cents expected
• Revenue: $186.77 billion expected

Last quarter, the retailer issued a worse outlook than Wall Street expected for the year due to soaring gas prices and lower consumer confidence. Its fiscal first quarter was only the third time in 16 quarters that Walmart did not beat quarterly earnings expectations.

Chief Financial Officer John David Rainey previously told CNBC he believed higher tax refunds may have “muted” some of the pressure on consumers during the first few months of the year.

“It’s something that we’re keeping a close eye on, but that expectation is built into our guidance for the second quarter,” Rainey said at the time.

Analysts at Bernstein wrote in a late July note that they believe Walmart is experiencing a slowdown in comparable sales due to “the lapping of tariff-driven price increases,” which helped to increase revenue.

“This, combined with price cut talks from grocers, weak read-across from peers and ongoing inflationary pressure on the low-income consumer has created an elevated level of uncertainty,” they wrote.

Nonetheless, the analysts said they still see Walmart in “a strong fundamental position” with its pricing, assortment and delivery.

The retailer is also expected to offer some color on how tariff refunds shaped its business in the quarter.

Competitor Target said on Wednesday that its quarterly results included a $752 million boost to net earnings, or $1.65 per share, from tariff refunds. Home improvement retailers Home Depot and Lowe’s also reported increases to earnings from those refunds, with Home Depot adding that $685 million of its refunds were used to reduce the cost of goods sold.