Investors hoping for a swift return to the $1 trillion mark may be waiting longer than expected, as several structural and valuation concerns weigh on the stock. Despite its global dominance in retail, Walmart remains a mature business, having posted only a 4% compound annual growth rate in revenue over the past decade. 9% year over year, which, while modestly above the long-term trend, still reflects the measured pace of a large, established enterprise. One area of genuine excitement for Walmart bulls has been the company’s global advertising business, which surged 46% year over year during fiscal 2026, signaling strong momentum in a high-margin revenue stream. However, that same advertising segment cooled to 38% year-over-year growth in the fiscal 2027 second quarter, raising questions about whether deceleration is becoming a persistent trend.