Amazon has surpassed Walmart to become the world’s largest company by sales, ending Walmart’s 13-year run at the top. In 2025, Amazon recorded $717 billion in revenue, edging past Walmart’s $713 billion, according to a company announcement Thursday.
The growth was fueled not only by Amazon’s retail operations but also by its expanding cloud computing, advertising, and subscription services. Amazon Web Services (AWS), the company’s cloud platform, generated nearly $129 billion in sales last year, providing a key profit driver that offsets losses in its retail business.
Retail sales, including online, physical stores, and third-party sellers, contributed $464 billion to Amazon’s revenue, while advertising and Prime subscriptions added more than $100 billion combined. By comparison, over 90% of Walmart’s sales come from its physical stores and e-commerce operations.
Despite being overtaken, Walmart remains strong. The retailer recently surpassed $1 trillion in market value and moved its stock listing to the Nasdaq, signaling its shift toward a technology-focused image. U.S. sales grew 4.6% last quarter, with middle-class and upper-income households driving growth and increasing market share over competitors like Target.
“The pace of ce in retail is accelerating,” said Walmart CEO John Furner. “Our financial results show that we’re not only embracing this ce, we’re leading it.”
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