Israel Englander’s Millennium Management LLC raised its position in Walmart Inc. (NYSE: WMT) during the fourth quarter of Walmart’s fiscal year 2026 that ended January 31, 2026, according to Form 13F filings with the U.S. Securities and Exchange Commission. The move coincides with Walmart reporting its strongest e-commerce growth in years and a rapidly scaling digital advertising business.
As of April 10, 2026, Walmart had a market capitalization of approximately $997.3 billion.
Englander’s WMT Position — 13F Filing Details
In Millennium Management LLC’s 13F filing for the quarter ended December 31, 2025, it reported ownership of approximately 40.78 million shares of Walmart, a sharp quarter-over-quarter increase.
Source: SEC EDGAR 13F filing, Millennium Management LLC, February 2026.
Walmart Business Performance — FY2026 and Q4 FY2026
Walmart’s fiscal year 2026 ended January 31, 2026. For Q4 FY2026, the company reported GAAP revenue of $190.7 billion, a 5.6% increase year-over-year. Full-year FY2026 GAAP revenue was $713.2 billion, up 4.7% from FY2025. Operating income for the full year was $29.8 billion, up 1.6% year-over-year; Q4 FY2026 operating income was $8.7 billion, up 10.8%.
Metric
Q4 FY2026 (GAAP)
FY2026 (GAAP)
YoY Change (FY2026)
Revenue
$190.7B
$713.2B
+4.7%
Operating Income
$8.7B
$29.8B
+1.6%
U.S. Comparable Sales (excl. fuel)
+4.6%
—
—
Global E-Commerce Sales Growth (YoY)
+24%
—
—
Global Advertising Revenue Growth (YoY)
+37%
—
—
International Net Sales
$35.9B
—
—
Sam’s Club U.S. Comparable Sales
+2.8%
—
—
E-commerce was the headline business metric. Global e-commerce sales grew 24% year-over-year in Q4. The retail media business — Walmart Connect — grew U.S. advertising revenue 41% in Q4, benefiting from the integration of Vizio’s first-party data and measurement infrastructure. Sam’s Club U.S. delivered 2.8% comparable sales growth, driven by membership expansion and private brand penetration.
For capital allocation, Walmart announced a $30 billion share repurchase authorization during FY2026, signaling management’s confidence in intrinsic value at current price levels.
Why Institutions Are Backing Walmart
Walmart’s institutional appeal rests on three structural pillars: scale, omnichannel integration, and a rapidly expanding high-margin revenue layer from advertising and membership services.
At approximately $1 trillion in market capitalization, Walmart is one of the most liquid large-cap equities globally. The combination of ~4% YoY revenue growth and accelerating adjusted operating income against a defensive grocery-heavy revenue base attracts institutions seeking stability in volatile macro environments. The $30 billion buyback reinforces earnings per share support.
Analyst sentiment as of April 2026 is broadly positive. Consensus 12-month price targets range from approximately $126 to $152, with a median near $139. Most covering analysts assign a Buy or Strong Buy rating, citing Walmart’s digital acceleration and margin improvement trajectory.
The primary competitive comparison is Amazon. While Amazon still leads in pure-play e-commerce, Walmart’s hybrid model — leveraging its 4,600+ U.S. store footprint for fulfillment, pickup, and returns — has been consistently narrowing the operational gap. Costco is the comparable for Sam’s Club, which is outperforming on membership trends. Walmart’s advertising revenue at an annualized run rate approaching $6+ billion is becoming a material incremental profit driver that is not yet fully captured in consensus earnings models.
Key Signals for Investors
E-commerce penetration growing sharply in Q4 FY2026 is the most important structural signal — if this continues over the next two years, Walmart’s margin profile transforms, because digital orders carry different fulfillment economics than in-store purchases; investors should monitor e-commerce gross margin disclosure in coming quarters.
The surge in U.S. advertising revenue reflects real monetization of Walmart’s customer data asset — this is a high-margin, platform-style revenue stream that consensus models have historically underweighted; its trajectory into FY2027 is a key upside variable.
At a market cap near $1 trillion, Walmart’s valuation implies investors are pricing in sustained operating income growth of 6–8% annually — any signal of deceleration in comparable sales or margin compression from tariffs, labor costs, or e-commerce investment would test the premium multiple.
The $30 billion buyback authorization announced in FY2026 is the largest in Walmart’s history; the pace of execution (not just authorization) will determine its actual EPS impact — investors should track quarterly buyback activity disclosures.
International segment sales growth of 11.5% in Q4, led by Mexico (Walmex) and India (Flipkart), is underappreciated in most sell-side models; Walmex’s consistent performance and Flipkart’s market position in one of the world’s fastest-growing consumer economies represent a meaningful long-term optionality that receives limited coverage relative to the domestic business.
Sources
Walmart Q4 and Full Year FY2026 Earnings Release, Walmart Investor Relations, 2026 — https://stock.walmart.com/_assets/_5500d13880a33163cfa9b7875715a1fe/walmart/db/938/9972/earnings_release/Earnings+Release+%28FY26+Q4%29.pdf
SEC EDGAR 13F — Millennium Management LLC, Q4 2025 (fiscal quarter Dec 31, 2025), U.S. Securities and Exchange Commission, 2026 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=millennium+management&CIK=&type=13F-HR&dateb=&owner=include&count=10
Walmart Inc. (WMT) Stock Price and Analyst Data, Yahoo Finance, April 10, 2026 — https://finance.yahoo.com/quote/WMT/
Walmart SEC EDGAR Filings (10-K FY2026), U.S. Securities and Exchange Commission — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000104169&type=10-K&dateb=&owner=include&count=10
All financial figures are GAAP for the fiscal year ended January 31, 2026 (FY2026) unless labeled as non-GAAP. E-commerce growth figures are for Q4 FY2026 (quarter ended January 31, 2026). Market capitalization as of April 10, 2026.
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