The world's largest retailer lost its crown in the process, which is now held by Amazon, whose revenue has reached $717bn.
That development will not spoil the party after a truly phenomenal stock-market rally: Walmart's market capitalization has doubled in two years, and a few days ago it crossed the highly symbolic threshold of $1 trillion.
The group, founded 60 years ago, has thus joined a very exclusive club, still dominated by the leading trio Nvidia, Alphabet and Apple. It becomes the 12th member, just behind Berkshire Hathaway.
This is a genuine crowning achievement for Doug McMillon, Walmart's chief executive, who is leaving his post after a 12-year tenure whose central objective was to position Walmart to take on Amazon's all-encompassing power.
Beyond its 11,000 stores, the retailer is making significant progress in higher-margin segments, notably e-commerce - online sales now account for a fifth of its revenue - finally profitable for a few quarters, also helped by subscription activities and online advertising.
Moreover, this shift in Walmart beyond its traditional businesses has been ratified by the group's stockmarket listing, which moved from the NYSE to the NASDAQ last December.
Over the past decade, the retailer's revenue and pre-tax profit have both risen by half. However, its market capitalization has literally quintupled, which of course is fueling fears of a speculative upswing around the stock.
The real inflection point here has been the e-commerce segment's contribution turning positive after a long period of hesitation. Investors are betting that this trend will accelerate, as they now value the group at earnings multiples typically double - or even three - times above their historical averages.
Several question marks remain, however. Beyond sizable share buybacks at valuations that some would consider very high, Walmart's capital intensity is reaching unprecedented heights: 10 years ago, investments in fixed assets consumed a third of operating cash flow; they are now close to two thirds.
