Amazon has surpassed Walmart to claim the title of the world’s largest company by revenue, ending Walmart’s thirteen-year reign at the top of the list.
In 2025, Amazon posted revenues amounting to $717 billion. Walmart, which held the top spot globally for over a decade, recorded sales of $713 billion in 2025, the retailer disclosed on Thursday.
While both entities are formidable rivals in consumer retail, Amazon’s expansion across cloud computing, advertising, and other ventures propelled it beyond Walmart.
Jeff Bezos founded Amazon in 1994 as an online bookstore, yet last year, the company generated nearly $129 billion in revenue just from its Amazon Web Services (AWS) division. AWS supplies businesses and governments worldwide with an extensive infrastructure for computing power, data storage, and artificial intelligence. Furthermore, AWS acts as a vital profit engine for Amazon, enabling the company to offset losses incurred in its retail operations.
The lion’s share of Amazon’s revenue—$464 billion—last year originated from its online and physical store sales, in addition to revenue from third-party sellers. Amazon also accumulated over $100 billion combined from advertising services and Prime subscriptions.
In contrast, upwards of 90% of Walmart’s turnover is derived from its brick-and-mortar locations and its website.
Despite Amazon’s phenomenal ascent, Walmart has successfully adapted and is currently in its strongest position in recent years.
Walmart’s stock recently surpassed a $1 trillion valuation, making it the first established brick-and-mortar retailer to reach this milestone. Walmart also relocated its stock listing to the Nasdaq, signaling to investors that it intends to be perceived as a technology firm.
Walmart’s U.S. business is experiencing rapid growth, fueled by middle- and upper-income families turning to the retailer in search of cost savings. The retailer continues to capture market share from competitors such as Target.
Under the leadership of its new CEO, John Furner, Walmart announced on Thursday that U.S. sales rose by 4.6% in the last quarter.
“The pace of change in retail is accelerating,” Furner stated in his announcement. “Our financial performance demonstrates that we are not just embracing these shifts, but actively leading them.”
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