Walmart on Tuesday became the first retailer to reach a $1 trillion market valuation, capping a year-long rally that has propelled its shares sharply higher and placed the company among the most valuable firms in the United States.
The milestone underscores a broader transformation at the Bentonville, Arkansas-based company, which has increasingly positioned itself alongside technology heavyweights rather than traditional brick-and-mortar peers.
Shares have risen nearly 26% over the past year, extending gains that have far outpaced the broader market over the past decade.
The achievement comes amid ongoing financial strain for many U.S. households, as persistent inflation, a cooling job market, tariffs, and uncertainty linked to a recent government shutdown weigh on consumer spending.
Walmart’s valuation surge reflects its growing appeal to higher-income shoppers seeking convenience, faster deliveries, and a wider range of discretionary goods such as apparel and furniture.
The company has invested billions of dollars in automation and artificial intelligence to modernize its supply chain, improve product freshness, and shorten delivery times as online grocery shopping expands.
"They've gone from just being the local retailer for good prices to really embracing technology. It's been a massive digital business transformation that this company has gone through over the last five years," said Eric Clark, chief investment officer at Accuvest Global Advisors.
Walmart has also leaned into higher-margin businesses, including its third-party marketplace and advertising operations, mirroring strategies pioneered by rival Amazon.
In November, the company reported a 27% increase in e-commerce sales and 53% growth in its advertising business for its fiscal 2026 third quarter, contributing to overall revenue growth of 5.8%.
The valuation milestone follows Walmart’s recent inclusion in the tech-focused Nasdaq-100 Index, where it replaced British drugmaker AstraZeneca.
It also comes days after John Furner assumed the role of chief executive, succeeding Doug McMillon after overseeing key growth initiatives in Walmart’s U.S. business.
Walmart now joins a select group of U.S. companies valued at $1 trillion or more, a roster dominated by technology firms.
The company is expected to report fourth-quarter earnings later this month, with full-year sales growth forecast between 4.8% and 5.1%.