Amazon surpasses Walmart as the largest company by revenue in the U.S. as retail’s tech era takes hold

Good morning. Amazon is poised to take Walmart’s top spot in what has become a contest between two tech-enabled giants.

After Walmart reported a record $713.2 billion in fiscal-year revenue on Thursday, Amazon edged past it with $716.9 billion for 2025—positioning the Seattle-based company to debut at No. 1 on the next Fortune 500 ranking, set for release in June.

That would mark a significant shift. For the past 13 years—and 21 of the past 24—Walmart has held the No. 1 spot on the list.