Walmart still leads the way in annual sales, though Amazon is gaining ground. Walmart is projected to reel in $708.7 billion in the fiscal year ahead while Amazon's full-year revenue for 2025 is expected to reach $700.8 billion, according to FactSet.
Amazon's core retail unit remains its biggest revenue generator, but its top line is also being fueled by its massive cloud computing, advertising and seller services businesses. Third-party seller services, which includes commissions and fees collected by Amazon on fulfillment and shipping, advertising and customer support, accounted for 24.5% of the company's total sales last year. Amazon Web Services was responsible for nearly 17%.