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Amazon has officially overtaken Walmart to become the company with the highest annual revenue, marking a significant shift in the global retail landscape. In its latest fiscal report, Walmart posted $713.2 billion in annual revenue, falling just $3.5 billion short of Amazon’s $716.9 billion. The milestone underscores Amazon’s rapid growth and the intensifying competition between the two retail giants.
The development had been anticipated since February 2025, when Amazon surpassed Walmart in quarterly revenue for the first time. Amazon reported $187.8 billion in quarterly sales, compared to Walmart’s $180.5 billion, signaling that a change at the top was only a matter of time. Now, with annual figures confirming the shift, Amazon’s dominance reflects the power of its diversified business strategy.
Unlike traditional retailers, Amazon’s revenue growth is driven by multiple high-performing segments beyond e-commerce. While online retail remains its core business, Amazon Web Services (AWS), digital advertising, and third-party seller services play a critical role in expanding overall revenue. In 2025, third-party seller services accounted for approximately 24% of total sales, while AWS contributed around 18%, highlighting the strength of Amazon’s cloud computing and marketplace ecosystem.
Despite losing the top revenue position, Walmart remains financially strong. Over the past two decades, the company has more than doubled its annual revenue. Walmart continues to leverage its vast network of physical stores across the United States to support its growing digital operations. In the fiscal fourth quarter alone, Walmart’s U.S. e-commerce sales surged 27%, marking 15 consecutive quarters of double-digit growth.
Amazon surpassing Walmart in annual revenue is largely symbolic, but it reflects broader changes in retail trends, digital transformation, and the increasing role of artificial intelligence in reshaping operations. As consumer behavior evolves, both Amazon and Walmart are investing heavily in technology, logistics, and innovation to stay competitive in the global retail market.
