Amazon beats Walmart as largest company by annual revenue

Investing.com -- Amazon has surpassed Walmart to become the company with the largest annual revenue, marking a symbolic yet notable shift in the retail landscape.

Walmart on Thursday reported annual revenue of $713.2 billion for its most recent fiscal year, over $3.5 billion or 0.5% shy of Amazon's $716.9 billion. This milestone appeared to be only a matter of time since at least February 2025, when the tech giant passed Walmart in quarterly revenue for the first time, reporting $187.8 billion in sales compared to Walmart's $180.5 billion.

Amazon's rise to the top position stems from its diversified business model that extends beyond its e-commerce platform. While retail remains its primary revenue generator, the company's growth is substantially fueled by its cloud computing, advertising, and seller services divisions. According to Amazon's latest annual report, third-party seller services accounted for approximately 24% of total sales in 2025, while Amazon Web Services contributed roughly 18%.

Despite losing the top revenue spot, Walmart is as strong as ever, having more than doubled its revenue over the past two decades. The retailer leverages its extensive physical presence across the United States to drive its digital business, which grew 27% in the U.S. during the fiscal fourth quarter and has achieved double-digit percentage growth for 15 consecutive quarters.

Amazon's achievement, though largely symbolic, highlights the ongoing retail competition between the two giants as they adapt to evolving consumer preferences and embrace new technologies, particularly artificial intelligence, to reshape their operations and revenue streams.

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