Morgan Stanley reported that Walmart+ added approximately 3.9 million members in March.
Total estimated memberships reached 30.7 million, the highest level in the firm's survey history.
Analyst Simeon Gutman described the April survey results as the strongest read yet for the service.
The report attributes this growth to Walmart’s ability to attract customers during periods of consumer stress.
Shoppers increasingly prioritize value and active savings across the retail sector.