TLDR
- Walmart stock hit a record high of $135.16 on May 19, and is up 19% in 2026.
- The company’s market cap recently crossed $1 trillion for the first time.
- Q4 2025 results beat Wall Street expectations on both revenue and earnings.
- E-commerce growth of over 25% is expected to drive comparable sales up 4.5% this quarter.
- Wall Street is broadly bullish, with 26 Buy ratings and an average price target of $141.39.
Walmart stock is having a strong year. WMT hit an all-time high of $135.16 on May 19, the day before the company is due to report earnings. The stock is up 19% so far in 2026 and has gained 37% over the past 12 months.
The milestone pushed Walmart’s market capitalization past $1 trillion, a mark that only a handful of U.S. companies have reached.
The run-up comes ahead of first-quarter results due May 21. Wall Street will be watching closely to see if the retail giant can keep up the momentum it showed in Q4 2025, when it beat forecasts on both the top and bottom lines.
Management credited that strong finish to solid consumer spending and the performance of its e-commerce and advertising businesses. Both have become increasingly important parts of Walmart’s overall operation.
Consumers Trading Down
One factor driving Walmart’s recent success is a shift in where Americans are shopping. With inflation and gas prices still elevated, more consumers are looking to cut costs. Walmart has been a direct beneficiary.
What’s notable is it’s not just budget-conscious shoppers. Walmart’s own management has said higher-income Americans have also been coming through its doors more often, a trend that has added a new layer of customer growth.
UBS, which reaffirmed its Buy rating on May 14 with a $147 price target, projects comparable store sales in the U.S. to rise 4.5% this quarter. The firm expects e-commerce to grow by more than 25%, which would more than offset a modest softening in health and wellness sales.
UBS also flagged potential headwinds from pharmacy. The Maximum Fair Pricing regulation and slower uptake of oral GLP-1 weight loss medications are expected to weigh on that segment.
What Analysts Are Saying
KeyBanc Capital Markets also reaffirmed its Overweight rating with a $145 price target. The firm called Walmart one of the most attractive retail holdings available right now, pointing to its growth plans and market share gains despite the choppy economic backdrop.
Across Wall Street, 26 out of 27 analysts covering the stock have a Buy rating. The one remaining analyst has a Hold. The average price target sits at $141.39, implying about 5% upside from current levels.
Billionaire hedge fund manager Israel Englander holds Walmart as his largest position, with roughly $4.54 billion invested — about 1.91% of his total portfolio.
The stock’s climb this year reflects a company that has moved well beyond its discount retailer roots. Advertising, e-commerce, and a growing share of higher-income shoppers have all contributed to a picture Wall Street seems comfortable paying up for.
Earnings are due May 21.
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