"Amazon is poised to take Walmart's top spot in what has become a contest between two tech-enabled giants. After Walmart reported a record $713.2 billion in fiscal-year revenue on Thursday, Amazon edged past it with $716.9 billion for 2025-positioning the Seattle-based company to debut at No. 1 on the next Fortune 500 ranking, set for release in June."
"That would mark a significant shift. For the past 13 years-and 21 of the past 24-Walmart has held the No. 1 spot on the list. Fifteen years ago, Amazon was a fraction of Walmart's size; today, its multi-engine model, spanning e-commerce, logistics, AWS, and a fast-growing advertising business, has produced a growth rate roughly three times Walmart's in recent years. The result is not just a new revenue leader, but a reshaped definition of what a "retailer" looks like in the age of cloud computing and AI."
"Walmart's earnings for the quarter ended Jan. 31 showed that its fastest-growing profit engines are tech-enabled businesses such as digital advertising and membership, which account for a disproportionately large share of operating income relative to their share of sales. U.S. e-commerce reached a record 23% of fourth-quarter sales, rising 27% year over year and driving most of the company's growth. For the full year, e-commerce sales exceeded $150 billion for the first time."
Amazon recorded $716.9 billion in fiscal-year revenue, edging past Walmart's $713.2 billion and positioning Amazon to debut at No. 1 on the next Fortune 500. Walmart held the top spot for most of the past two decades, but Amazon's multi-engine model—e-commerce, logistics, AWS, and advertising—has driven growth roughly three times Walmart's in recent years. Both companies now mirror each other's strategies: Walmart expanding e-commerce, data, automation, and advertising, and Amazon investing in physical infrastructure and essentials. Walmart's tech-enabled businesses and rising U.S. e-commerce share drove substantial growth and higher-margin income sources.
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