Amazon has overtaken Walmart to claim the No. 1 spot on the Fortune 500, ending the retailer’s 13-year run at the top of the annual ranking of America’s biggest companies by revenue.
The latest list, based on fiscal 2025 revenue, puts Amazon in the top spot, followed by Walmart and UnitedHealth Group.
The shakeup marks the first time since 2013 that Walmart has not held the No. 1 position on the Fortune 500.
Amazon generated roughly $717 billion in revenue during the most recent reporting period, narrowly surpassing Walmart’s $713 billion. UnitedHealth Group rounded out the top three with $447.6 billion in revenue.
Amazon’s ascent was fueled by rapid growth across its sprawling business lines, including e-commerce, cloud computing, advertising and third-party seller services.
The company’s revenue grew about 12% year over year, significantly outpacing Walmart’s roughly 5% increase.
While Walmart remained bigger in core U.S. store-led retailing, Amazon’s expanding mix of businesses helped it pull ahead.
Amazon Web Services generated nearly $129 billion in revenue in 2025, while the company’s advertising business brought in more than $68 billion.