Amazon Surpasses Walmart with $716.9B Revenue as AWS Fuels Growth
Amazon overtook Walmart with $716.9B annual revenue, driven by 24% seller services and 18% AWS contributions. Meanwhile, Pershing Square’s Amazon stake is down 9.5% YTD even as AWS infrastructure remains dominant, commanding a share of the $102.6B quarterly cloud market.
1. Revenue Milestone
Amazon reached $716.9B in annual revenue, surpassing Walmart’s $713.2B for the first time since early 2025. This top-line achievement underscores Amazon’s diversified model beyond e-commerce.
2. Segment Contributions
Third-party seller services made up 24% of total sales in 2025, while Amazon Web Services delivered 18%, highlighting the critical roles of marketplace and cloud divisions. The global cloud infrastructure market hit $102.6B per quarter, with AWS among the leading providers.
3. Investor Position and Stock Performance
Pershing Square Capital added an Amazon position in the fourth quarter alongside Meta and Alphabet stakes. Despite the revenue milestone, Amazon shares have fallen 9.5% year-to-date, reflecting broader market pressures on tech stocks.