Amazon overthrows Walmart to become Fortune 500’s top company — ending superstore’s 13-year reign at the top

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Amazon Tops Fortune 500 List, Overtaking Walmart

Amazon has claimed the No. 1 spot on the Fortune 500 list, surpassing Walmart after a 13-year reign at the top. This shift in rankings is based on fiscal 2025 revenue, with Amazon leading the pack, followed by Walmart and UnitedHealth Group.

This change marks the first time since 2013 that Walmart has not held the No. 1 position on the Fortune 500 list. Amazon’s revenue of approximately $717 billion in the most recent reporting period narrowly edged out Walmart’s $713 billion, with UnitedHealth Group rounding out the top three with $447.6 billion in revenue.

An Amazon worker delivers packages from a Amazon Mubea U-Mobility E-Cargobike in New York City on June 12, 2025. Christopher Sadowski

Amazon’s rapid growth across various business lines such as e-commerce, cloud computing, advertising, and third-party seller services contributed to its ascent to the top spot. The company’s revenue grew by about 12% year over year, outpacing Walmart’s 5% increase.

While Walmart still leads in core U.S. store-led retailing, Amazon’s diverse range of businesses, including Amazon Web Services generating nearly $129 billion in revenue and the advertising business bringing in over $68 billion, propelled it to the No. 1 position on the Fortune 500 list.