Amazon set to surpass Walmart in quarterly revenue

Amazon reported over $187 billion in revenue for the latest quarter, while analysts expect shopping rival Walmart to post $180 billion on February 20. This means that it would be the first time ever that the e-commerce giant almost certainly passed the big box retailer in quarterly revenue.

For 12 years, Walmart led as the top revenue generator, overtaking Exxon Mobil in 2012. Despite oil price fluctuations, Walmart has held its lead—until now.

Annually, the retailer still leads, with sales expected to reach $681 billion for its latest fiscal year. However, Amazon is closing in, forecasting $638 billion for 2024—its first time surpassing $600 billion.

It wasn’t shopping that drove Amazon’s growth
The Kindle maker’s rapid rise is driven by Amazon Web Services (AWS), which has doubled its revenue since 2020, now making up 17% of sales. The pandemic also boosted its North American sales by over 100% since 2019.

The exclusive $100 billion club
Few companies exceed $100 billion in quarterly revenue. Alongside Amazon and Walmart, Apple, UnitedHealth, CVS Health and McKesson are approaching that milestone.