A Historic Shift at the Top
Amazon has overtaken Walmart as the world’s largest company by annual revenue, ending Walmart’s 13-year run at the top of the global sales rankings.
In 2025, Amazon generated $717 billion in revenue, edging past Walmart’s $713 billion, according to results released this week. The milestone reflects not only competition in retail, but the growing weight of Amazon’s technology-driven businesses.
Cloud and Ads Power Amazon’s Growth
While Amazon remains a major consumer retailer, a significant portion of its revenue growth has come from outside traditional e-commerce. The company’s Amazon Web Services division produced nearly $129 billion in sales last year. AWS supplies cloud computing, storage and artificial intelligence infrastructure to businesses and governments worldwide and serves as a major profit engine for the company.
Retail operations still make up the largest share of Amazon’s revenue, accounting for about $464 billion through online and physical stores as well as third-party marketplace sellers. Advertising services and Prime subscriptions together contributed over $100 billion.
Walmart Reinforces Its Position
Walmart’s revenue base remains heavily rooted in physical retail, with more than 90% of sales generated through its stores and digital channels. Even so, the company has strengthened its performance in recent years.
Walmart recently became the first traditional retailer to surpass a $1 trillion market valuation. The company also shifted its stock listing to the Nasdaq, signaling a strategic push to be perceived as a technology-focused organization.
In the most recent quarter, Walmart reported 4.6% sales growth in the U.S., driven by increased demand from middle- and upper-income households seeking value. The retailer has continued to capture market share from competitors, including Target.
Adapting to a Faster Retail Landscape
Under newly appointed CEO John Furner, Walmart has emphasized digital expansion, logistics improvements and omnichannel services. Furner noted that the pace of transformation in retail is accelerating, positioning Walmart as an active participant in shaping that shift.
The leadership change coincides with a broader industry inflection point in which technology platforms, data and subscription services are increasingly central to retail strategy.
Amazon’s achievement marks a symbolic handoff at the top of global corporate rankings, but both companies remain dominant forces navigating the convergence of retail and technology.
