Amazon reported $716.9 billion in net sales for 2025, edging past Walmart’s $713.2 billion and ending more than a decade of the Arkansas-based retailer leading in annual revenue. The milestone highlights how traditional retail rankings are shifting amid the expansion of online commerce and rapid delivery services.

North American sales for Amazon rose 12 percent to $426.3 billion, with $161.9 billion from international operations and $128.7 billion from Amazon Web Services, the company’s cloud-computing division.

Walmart also announced a $0.99 per share annual cash dividend for fiscal 2027, a 5 percent increase from the previous year. “Dividends continue to be a part of our diversified capital returns approach,” Walmart Executive Vice President John David Rainey said. “We’re proud to be increasing our annual dividend for the 53rd consecutive year. This decision is a proof point of our continued confidence in our business performance and forward momentum.”

Amazon’s rise comes amid retrenchment in some areas and heavy investment in artificial intelligence. The company confirmed 16,000 corporate job cuts in January as part of a broader restructuring aimed at reshaping staffing and productivity. CEO Andy Jassy told employees that automation and generative AI would reduce the need for certain roles while creating new types of work.

The company has also scaled back its physical grocery footprint, announcing closures of Amazon Fresh and Amazon Go stores while expanding its online grocery delivery and Whole Foods Market presence. Some former store locations will be converted into Whole Foods outlets.

Beyond retail, Amazon continues to grow its cloud-computing business and entertainment holdings. The company reached an agreement giving Amazon MGM Studios creative control of the James Bond franchise through a joint venture with longtime producers Michael G. Wilson and Barbara Broccoli.