Amazon Tops the Fortune Global 500: Walmart’s 12-Year Leadership Comes to an End
Amazon ranked first on the 2026 Fortune Global 500 list, bringing Walmart’s 12-year leadership to an end. The company, which operates in the fields of e-commerce, cloud computing, advertising, logistics, and artificial intelligence, generated $716.9 billion in revenue in 2025. Walmart ranked second on the list with revenue of $713.2 billion.
Founded in 1994 as an online bookstore, Amazon became the sixth company to reach the top in the 37-year history of the Fortune Global 500. The company’s compound annual growth rate during the 2018–2025 period reached approximately three times Walmart’s growth rate over the same period.
AWS and Artificial Intelligence Drove Amazon’s Growth
While e-commerce operations constituted Amazon’s largest source of revenue, Amazon Web Services (AWS) stood out in terms of profitability. AWS revenue increased by 20 percent in 2025, reaching $128.7 billion. Although the cloud computing unit accounted for less than one-fifth of Amazon’s total revenue, it generated $45.6 billion in operating profit. This figure corresponded to approximately 57 percent of the company’s total operating profit.
The company is planning approximately $200 billion in capital expenditure in 2026, particularly for AWS, generative artificial intelligence, custom chips, robotic systems, and satellite technologies. Amazon CEO Andy Jassy linked the growth in the company’s retail, advertising, and AWS operations to investments in innovation.
E-Commerce and Logistics Network Supported Amazon
Amazon’s Prime membership system, marketplace model, and its own delivery infrastructure played an important role in the company’s growth. The company’s multichannel structure, extending from retail and cloud services to advertising and entertainment, enabled it to diversify its revenue sources. According to Fortune, Amazon’s logistics network handles approximately 29 percent of package deliveries in the United States.
Walmart Increased Its Digital Retail Investments
Walmart strengthened its e-commerce infrastructure by transforming its physical stores into delivery and order pickup points. While the company’s global e-commerce sales grew by 24 percent in the 2026 fiscal year, Walmart U.S. online sales increased by 27 percent in the final quarter. The retail company also expanded its investments in advertising, media, and artificial intelligence. Walmart’s shopping experience within ChatGPT brings together product discovery, account linking, loyalty programs, and Walmart payment options.