Amazon Overtakes Walmart as Top Retailer in Revenue
For the first time, Amazon has surpassed Walmart as the world’s largest company by revenue, marking a significant shift in the retail landscape. Amazon reported $716.9 billion in revenue for 2025, exceeding Walmart’s projected annual revenue of $712 billion [1].
The Revenue Race
Amazon’s revenue for 2025 reached $716.9 billion, a 12% increase from the previous year [1]. Analysts surveyed by FactSet had forecast annual revenue of $714 billion. Walmart is expected to report annual revenue of $712 billion later this month [1].
A Shift in Dominance
Although Amazon previously overtook Walmart in quarterly revenue a year ago, this marks the first time it has surpassed the retail giant in annual revenue. Walmart had held the title of the world’s largest retailer by revenue for many years. Amazon’s market capitalization has been higher than Walmart’s since 2015 [1].
Evolving Strategies
The rivalry between Amazon and Walmart has intensified, with each company adopting strategies from the other. Amazon has expanded into grocery and physical stores, while Walmart has invested in technology to strengthen its online presence [1]. This competition is driving innovation and a fierce battle for market share.
Nuances in Comparison
Experts note that comparing Amazon’s and Walmart’s revenue isn’t a direct comparison. Amazon’s cloud-computing division, Amazon Web Services (AWS), contributes significantly to its overall profits [1]. AWS generated $35 billion in revenue.
The Competitive Landscape in 2025
The competition between Amazon and Walmart remains tight in 2025, with both companies vying for dominance in the online retail market [2]. Amazon leads with its advanced technology and global reach, while Walmart leverages its established physical presence and growing online marketplace.
Walmart’s Online Growth
Despite Amazon’s lead, Walmart’s online business is growing rapidly. In the third quarter of 2025, Amazon captured over half of all U.S. ECommerce retail spending, while Walmart’s share remained below 10% [3]. However, Walmart’s eCommerce sales grew 27.2% year-over-year in the same period, nearly three times Amazon’s 9.6% growth rate [3]. Since the first quarter of 2022, Walmart’s online sales have increased by 115.6%, compared to Amazon’s 63.2% growth [3].
As of November 18, 2025, analysts expect Walmart to report annual sales of $709.4 billion, slightly behind Amazon’s $714.1 billion [4].