TLDR
- Amazon’s annual revenue hit $716.9 billion, narrowly surpassing Walmart’s $713.2 billion to claim the title of America’s top revenue-generating company.
- This marks the first time since 2001 that Walmart has lost its position as the nation’s revenue leader—a title it took from Exxon Mobil.
- Year-over-year revenue expansion reached 12.4% for Amazon compared to just 4.7% for Walmart.
- Looking ahead, Amazon forecasts 11-15% quarterly growth while Walmart projects 3.5-4.5%.
- Amazon Web Services now represents 18% of total company revenue with a 20% annual increase.
After nearly 24 years at the summit, Walmart has been displaced by Amazon as the United States’ highest-earning company by revenue.
With $716.9 billion in total annual revenue, Amazon has narrowly eclipsed Walmart‘s $713.2 billion. While the difference remains razor-thin, momentum has been shifting decisively in one direction.
Walmart originally seized the top position in 2001 after dethroning Exxon Mobil. From that point forward, it maintained its leadership position without interruption—until this year.
The growth rates reveal the underlying dynamic: Amazon expanded by 12.4% over the past year, while Walmart managed 4.7%. These figures capture the fundamental difference in trajectory.
Given how close the numbers remain, Walmart could conceivably retake the lead. However, current momentum strongly favors Amazon’s continued dominance.
Part of this divergence stems from fundamental differences in business models. Walmart still derives roughly 90% of its revenue from traditional retail channels—physical stores and e-commerce. Amazon operates with significantly greater diversification.
AWS and Advertising Drive the Margin
Amazon’s revenue streams include third-party marketplace commissions, logistics services, digital advertising, and cloud infrastructure. AWS alone posted 20% growth and now contributes approximately 18% of overall revenue.
This diversified revenue base provides Amazon with inherent advantages for top-line expansion, even if its pure retail operations don’t necessarily outperform Walmart’s on a head-to-head basis.
Amazon is currently deploying $4 billion toward building same-day delivery infrastructure in rural markets. Throughout 2024, it extended same-day grocery delivery access to over 2,300 additional communities.
The company reports that 100 million customers utilized same-day delivery services in 2025, achieving record-breaking delivery speeds across its network.
Amazon’s domestic retail market share now stands at approximately 9%, up from around 6% in pre-pandemic times. Walmart holds roughly 7.6% market share, essentially unchanged during the same timeframe.
Walmart’s Response
Walmart has been far from passive. The retailer expanded same-day delivery coverage to 95% of American households and significantly increased its third-party marketplace offerings.
According to December 2025 research from Dunnhumby, approximately 72% of U.S. households purchased groceries from Walmart within the past month. That figure represents a 6 percentage point climb from the previous year.
Internally, Walmart executives have been anticipating this transition. The company quietly discontinued promoting itself as the “Fortune 1” organization, removing the designation from most employment postings.
CEO John Furner addressed analysts Thursday, stating: “The future is fast, convenient and personalized.”
Both retail giants have implemented artificial intelligence shopping tools. Walmart reports that shoppers who engage with its AI assistant generate approximately 35% higher order values.
Amazon shuttered multiple physical grocery locations this year, though it continues developing new Whole Foods stores. Plans also include a large-scale retail facility near Chicago featuring groceries alongside apparel and home furnishings.
For the upcoming quarter, Walmart projects net sales growth between 3.5-4.5%. Amazon is forecasting 11-15% expansion.
