At the time of Amazon's IPO 29 years ago, Walmart’s revenue was >700x larger than Amazon. December 2025 marked the first quarter Amazon's revenue surpassed Walmart to become the largest company by revenue in the world. Even more striking: because Amazon reports only net commissions on third-party marketplace sales rather than gross merchandise value (GMV), the true economic activity flowing through Amazon exceeded Walmart's years before top-line revenue reflected it. We don't see this reversing, and if anything, AWS and advertising should widen the gap from here.
