Amazon surpasses Walmart in annual revenue for first time, as both chase AI-fueled growth

"For the first time, Amazon has dethroned Walmart as the company with the largest annual revenue. Walmart on Thursday reported annual revenue of $713.2 billion for its most recent fiscal year, shy of Amazon's $716.9 billion in revenue. The milestone was brewing for months, as Amazon leapfrogged Walmart in quarterly sales for the first time about a year ago. The shuffle, while largely symbolic, underscores the battle the two retailers have waged both to define and keep up with ever-changing consumer preferences."

"Amazon rose to the top of the revenue pile by doing much more than running a sprawling online webstore and promising speedy delivery. While its core retail unit is its largest revenue generator, its huge cloud computing, advertising and seller services businesses also fuel its sales. Third-party seller services, which include commissions and fees collected by Amazon fulfillment along with shipping, advertising and customer support, accounted for about 24% of the company's total sales in 2025, according to its latest annual filing."

"It wasn't Walmart's weakness that led it to lose its top spot, as its revenue has more than doubled in 20 years. The retailer has leaned on its more than 4,600 Walmart stores and roughly 600 Sam's Club locations in the U.S. to power its digital business, which grew by 27% in the U.S. in the fiscal fourth quarter and has posted double-digit percentage gains for 15 straight quarters."

Amazon surpassed Walmart in annual revenue, reporting $716.9 billion compared with Walmart's $713.2 billion. Amazon's revenue mix includes its core retail unit plus substantial contributions from cloud computing, advertising and third-party seller services. Third-party seller services accounted for about 24% of total sales in 2025, while Amazon Web Services contributed roughly 18%. Walmart's revenue has more than doubled over 20 years, and the company used its more than 4,600 U.S. stores and roughly 600 Sam's Club locations to expand its digital business. U.S. digital sales grew 27% in the fiscal fourth quarter and posted double-digit gains for 15 straight quarters. Walmart relisted on Nasdaq and its market value surpassed $1 trillion.

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