Amazon tops Fortune 500, ending Walmart's 13-year reign
What's the story
Amazon has dethroned Walmart to become the number one company on the Fortune 500 list, ending a 13-year reign for the retail giant. The annual ranking of America's biggest companies by revenue has now placed Amazon at the top, followed by Walmart and UnitedHealth Group. This is the first time since 2013 that Walmart has not been at number one on the Fortune 500 list.
Financial performance
Amazon beats Walmart by a narrow margin
In the latest fiscal year, Amazon raked in an impressive $717 billion in revenue, just beating Walmart's $713 billion. UnitedHealth Group was a distant third with a revenue of $447.6 billion. The numbers show how Amazon has managed to outpace its retail rival despite Walmart being bigger in core US store-led retailing.
Business expansion
Amazon's diverse business lines fuel revenue growth
Amazon's rise to the top has been driven by rapid growth across its diverse business lines, including e-commerce, cloud computing, advertising, and third-party seller services. The company's revenue grew by some 12% year-on-year, far outpacing Walmart's roughly 5% increase. This shows how Amazon's expanding mix of businesses has helped it pull ahead in the race for revenue.
Revenue sources
Cloud computing and advertising drive Amazon's success
A major chunk of Amazon's revenue comes from its cloud computing division, Amazon Web Services (AWS), which generated nearly $129 billion in revenue in 2025. The company's advertising business also contributed over $68 billion to the total. These numbers highlight the strength and profitability of Amazon's diverse business portfolio beyond just e-commerce.