"Walmart has topped the Fortune 500 list, which ranks the biggest U.S. companies by revenue, for the last 13 years, according to the magazine's annual rankings. Now, it looks like the No. 1 spot belongs to the brick-and-mortar's biggest rival. Walmart nabbed the top spot on Fortune's rankings for the 2024 fiscal year, with revenue of $681 billion. Amazon secured the second-highest ranking with $638 billion in sales, the narrowest gap ever between the two companies, Fortune said when it published the list in June."
"Amazon surpassing Walmart in annual revenue sharpens an already intense rivalry between the two retail giants. It also marks a symbolic shift in the balance of power between the two companies, underscoring how a business once defined by e-commerce has evolved into a sprawling tech and services giant. The milestone reflects not only Amazon's retail scale, but also the growing weight of its cloud computing, advertising and third-party seller ecosystem - businesses that have helped fuel faster growth than its brick-and-mortar rival."
Amazon reported $716.9 billion in revenue for 2025, exceeding Walmart's $713.2 billion. Walmart led the Fortune 500 by revenue for 13 years but faced a narrowing gap as Amazon reached $638 billion in 2024 compared with Walmart's $681 billion. Amazon's growth reflects its expanding businesses beyond retail, including cloud computing, advertising and a large third-party seller ecosystem. Higher-margin services and seller fees have accelerated Amazon's growth relative to Walmart's brick-and-mortar model. The revenue milestone intensifies rivalry and highlights the shifting balance of power toward companies combining retail scale with tech and services offerings.
Read at Digiday
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