Amazon has eclipsed Walmart to become the company with the largest reported annual revenue, a milestone that underscores evolving competitive dynamics in retail and adjacent services.
Walmart disclosed annual revenue of $713.2 billion for its most recent fiscal year, trailing Amazon's $716.9 billion by a margin of just over $3.5 billion, or about 0.5%. The change in ranking follows a shift first seen in quarterly figures earlier this year, when Amazon recorded $187.8 billion in sales for a quarter compared with Walmart's $180.5 billion in the same period in February 2025.
Amazon's ascent to the top of the annual revenue list is driven by a multi-pronged business model that reaches beyond its core e-commerce operations. In addition to retail, Amazon's cloud computing business, advertising arm and services provided to third-party sellers materially contribute to the company's total sales. In Amazon's most recent annual report, third-party seller services made up approximately 24% of total sales in 2025, while Amazon Web Services accounted for roughly 18%.
Walmart, despite surrendering the top revenue position, continues to show durability and growth. The retailer has more than doubled its revenue over the past two decades and uses its broad physical footprint in the United States to support its digital strategy. Walmart's U.S. digital business expanded 27% in the fiscal fourth quarter and has posted double-digit percentage growth for 15 consecutive quarters, according to its reporting.
Observers note that the change in annual revenue leadership is largely symbolic, but it nevertheless highlights the ongoing rivalry between the two companies as they respond to shifting consumer behavior and incorporate new technologies into their operations. Both companies are adapting product and service mixes and investing in capabilities intended to capture changing shopper preferences and to evolve revenue streams, including applications of artificial intelligence.
Context and implications
- Amazon's broader mix of revenue sources, including cloud and advertising, continues to diversify its earnings base beyond retail.
- Walmart's scale in physical stores remains a core asset that supports continued digital expansion and consistent growth in e-commerce sales.
- The revenue ranking reflects current reported figures and is one indicator among many for assessing competitive position.