Amazon Tops Fortune 500, Ending Walmart's 13-Year Lead

The change reflects very different growth paths. Amazon's revenue grew about 12% from the previous year, more than double Walmart's 5% gain. Its many business lines — online shopping, cloud computing, advertising and seller services — helped it pass the traditional store chain. Amazon Web Services (AWS), Amazon's cloud unit, made nearly $129 billion in 2025 and produced more than half of Amazon's operating profit. Advertising added over $68 billion. Walmart, founded in 1962 in Arkansas, still depends heavily on its U.S. stores, though former chief executive officer (CEO) Doug McMillon lifted online sales to about $120 billion a year.

For Amazon's CEO Andy Jassy, the milestone arrives during a big shift. The company plans to spend up to $200 billion in 2026 on artificial intelligence (AI), chips, robotics and low-Earth-orbit satellites. Jassy has cut about 30,000 jobs to reduce what he sees as growing bureaucracy. Walmart, now led by new CEO John Furner, is unlikely to retake the top spot soon. Still, Walmart shareholders can take comfort: the company's share price has risen about 167% over five years, pushing its market value past $1 trillion.