Overview
- Amazon reported $716.9 billion in fiscal 2025 revenue, edging past Walmart’s $713.2 billion in fiscal 2026 to claim the top spot by annual sales for the first time since Walmart took the lead in 2001.
- AWS generated $35.6 billion in Q4 2025 revenue, growing 24% year over year, with an estimated ~$142 billion annualized run rate that accounts for roughly one‑fifth of Amazon’s total sales.
- On a goods-only basis, Amazon’s retail business would trail Walmart, and Walmart’s U.S. operations still outpace Amazon’s North America retail segment, reinforced by grocery strength and a 4,600‑plus store network.
- Walmart’s digital engines accelerated in the latest quarter with U.S. e‑commerce up 27%, full‑year advertising revenue reaching $6.4 billion, membership income topping $4.3 billion, and store‑fulfilled delivery rising about 50%.
- Near‑term outlooks diverge as Amazon targets 11–15% revenue growth next quarter compared with Walmart’s 3.5–4.5% guidance.