过去十年，Amazon 的营收增速接近 Walmart 的 10 times，动能来自消费者由实体店转向线上渠道，以及 Amazon Web Services (AWS) 的快速扩张。就核心商务而言，Amazon 以每月约 2.7 billion 的网站与 app 造访量领先线上流量；而 Walmart 仍在实体零售占优，全球拥有超过 10,000 家 stores and clubs；两者营收主要仍来自 US 市场。文章也指出调适上的不对称：尽管 Amazon 在 2017 年收购 Whole Foods，Walmart 在 e-commerce 的推进仍比 Amazon 在 brick-and-mortar retail 的进展更深。
一项关键但书是，Amazon 的领先并非主要来自纯零售胜利：若排除 AWS，Amazon 在 2025 年的营收将是 $588 billion，明显低于 Walmart 的 $713.2 billion，这支持了「云端与 AI 时代资料中心需求推动超越」的看法。分析师 Kirthi Kalyanam 将此形容为零售竞争中的「hollow victory」，因为 Walmart 并没有可比的云端业务。文中也进一步区分营收领先与投资人估值：Nvidia 的 market capitalization 约为 $4.5 trillion，超过 Amazon 的 2 times，且超过 Walmart 的 4 times；而 Jeff Bezos 在 2017 年首次于财富排名超越 Bill Gates，如今排名第四，估计 $228 billion 的财富主要与 Amazon stock 相关。
Amazon.com Inc. became the world’s largest company by revenue in 2025, surpassing Walmart Inc., marking a symbolic shift from traditional store-based retail to digitally driven commerce and cloud infrastructure. Walmart, which had held the top revenue position for more than 10 years, reported $713.2 billion in sales for the 12 months ended January 31, 2026, while Amazon reported $717 billion for its fiscal year ended December 2025. The milestone reflects Amazon’s expansion since its 1994 launch as an online bookseller founded by Jeff Bezos in the Seattle area, and highlights how scale in digital markets can now exceed legacy big-box retail scale.
Over the past decade, Amazon’s revenue growth ran at nearly 10 times Walmart’s pace, supported by consumer migration from physical stores to online channels and rapid expansion of Amazon Web Services (AWS). In core commerce terms, Amazon leads online traffic with about 2.7 billion monthly website and app visits, while Walmart remains dominant in physical retail with more than 10,000 stores and clubs worldwide; both still derive most revenue from the US market. The article also notes asymmetry in adaptation: Walmart has advanced further in e-commerce than Amazon has in brick-and-mortar retail, despite Amazon’s 2017 Whole Foods acquisition.
A key caveat is that Amazon’s lead is not primarily a pure retail win: excluding AWS, Amazon’s 2025 revenue would have been $588 billion, well below Walmart’s $713.2 billion, supporting the view that cloud and AI-era data center demand drove the overtake. Analyst Kirthi Kalyanam characterizes this as a “hollow victory” in retail competition, since Walmart does not operate a comparable cloud business. The piece further distinguishes revenue leadership from investor valuation: Nvidia’s market capitalization is about $4.5 trillion, more than 2 times Amazon’s and more than 4 times Walmart’s, while Jeff Bezos, who first surpassed Bill Gates in wealth rankings in 2017, is now ranked fourth with an estimated $228 billion tied largely to Amazon stock.