On Tuesday, Walmart’s market capitalization surpassed $1 trillion for the first time, driven by a 14% gain in its share price so far in 2026 and a 27% jump in e-commerce sales during fiscal third quarter 2026. The retailer now ranks as the 12th largest U.S. public company by market value, joining an exclusive group dominated by technology giants. This milestone was achieved as shares traded roughly 3% higher on the day, buoyed by the company’s recent addition to a major tech index and investor recognition of its growing online and advertising businesses.

Despite the market-cap landmark, several leading research firms, including Goldman Sachs and Evercore ISI, removed Walmart from their top stock picks lists this week. These firms point to a stretched valuation — Walmart now trades at a premium multiple compared with its five-year historical average. While consensus forecasts anticipate full-year revenue of approximately $700 billion and EPS near $3.00, analysts warn that further multiple expansion may be limited absent a material acceleration in profit growth or unexpected margin expansion.

Under new leadership, Walmart has committed tens of billions in capital toward enhancing its digital platform, expanding same-day delivery to over 95% of U.S. households and rolling out an AI shopping assistant that has progressed from simple query responses to automated order placement. The company now operates nearly 11,000 stores globally and has grown its paid membership program to 28.4 million subscribers, up 12% year-over-year. With international e-commerce penetration below 30%, management targets doubling that rate in key markets such as Mexico, Canada and India, which could drive long-term top-line growth and justify current valuation levels.