Walmart became the first retailer ever to hit $1 trillion in market valuation on Tuesday, riding on a year-long rally that has seen its shares rise nearly 26%.

The latest milestone for the company came just two weeks after Walmart replaced British drugmaker AstraZeneca in the tech-focused Nasdaq-100 Index, home to the most valuable non-financial companies listed on the index.

The Bentonville, Arkansas-based chain has cashed in on wealthier consumers choosing the convenience of faster deliveries and flocking to the retailer for discretionary categories, such as apparel and furniture.

U.S. households, particularly low- and middle-income earners, have been under mounting financial strain for some time due to persistent inflation and a cooling job market. Tariffs and uncertainty surrounding the recent U.S. government shutdown have also weighed on spending.

Despite the challenging backdrop, Walmart’s stock has outpaced the 16% rise in the benchmark S&P 500.

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(Reporting by Johann M Cherian and Savyata Mishra in Bengaluru; Editing by Arun Koyyur and Anil D’Silva)