Amazon (AMZN) Surpasses Walmart (WMT) to Claim Title of America’s Largest Company by Revenue

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TLDR

  • Amazon reported an annual revenue of $716.9 billion, surpassing Walmart’s $713.2 billion to assume the position of America’s largest company by revenue.
  • Walmart had held the top position since 2001, when it dethroned Exxon Mobil.
  • Amazon’s revenue increased by 12.4% last year, in contrast to Walmart’s 4.7%.
  • Amazon is aiming for 11-15% growth in the next quarter; Walmart is projecting 3.5-4.5%.
  • AWS now constitutes 18% of Amazon’s total revenue, a year-over-year increase of 20%.

Amazon has officially displaced Walmart from the top spot, bringing to an end a streak that endured for nearly 25 years.

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The company reported an annual revenue of $716.9 billion, inching past Walmart’s $713.2 billion. The margin is slim, but the trend has been unidirectional for years.

Walmart first claimed the title in 2001 when it overtook Exxon Mobil. It retained the crown every year until now.

Amazon’s revenue increased by 12.4% last year. Walmart’s grew by 4.7%. Those two figures encapsulate the entire picture.

The gap between the two companies is still narrow enough that could theoretically recapture the title. But currently, the trajectories are moving in opposite directions.

One reason for the difference in growth is the way each company generates revenue. Approximately 90% of Walmart’s revenue still stems from its stores and website. Amazon draws from a much broader range of sources.

AWS and Advertising Drive the Margin

Third-party seller fees, fulfillment services, advertising, and cloud computing all contribute to Amazon’s top line. AWS alone grew by 20% and now accounts for roughly 18% of total revenue.

That diversity provides a structural advantage in increasing its total revenue figure, even if its core retail operation doesn’t directly outperform Walmart’s.

Amazon is currently investing $4 billion to construct same-day delivery hubs in rural America. Last year, it expanded same-day grocery delivery to over 2,300 towns.

The company states that 100 million customers ordered items for same-day delivery in 2025, and that it achieved its fastest delivery speeds ever.

Amazon’s U.S. retail market share now stands at around 9%, up from roughly 6% before the pandemic. Walmart’s share is approximately 7.6%, roughly unchanged over the same period.

Walmart’s Response

Walmart has not remained stagnant. It expanded same-day delivery to 95% of U.S. households and broadened its marketplace seller offerings.

According to a December 2025 survey by data-science firm Dunnhumby, around 72% of U.S. households reported purchasing groceries at Walmart in the past month. That was a 6 percentage point increase from the previous year.

Inside Walmart, leadership had been preparing for this shift for some time. The company has quietly ceased marketing itself as the “Fortune 1” company, removing the phrase from most job listings.

CEO John Furner told analysts on Thursday: “The future is fast, convenient, and personalized.”

Both companies have implemented AI shopping assistants. Walmart states that customers who use its AI tool spend approximately 35% more per order.

Amazon closed several physical grocery stores earlier this year, but states it will continue constructing new Whole Foods locations. It also plans a large-format retail outlet near Chicago that will sell groceries along with clothing and home goods.

For the next quarter, Walmart is projecting 3.5-4.5% net sales growth. Amazon is aiming for 11-15% growth.