For more than a decade, Walmart has held the crown as the highest revenue-generating company in the S&P 500. But now, Amazon is closing in fast. In its fourth-quarter earnings report for 2024, Amazon announced a staggering $187.8 billion in revenue—putting it on track to surpass Walmart for the first time in over 12 years.
Walmart’s own fourth-quarter earnings, set to be released on February 20, are projected to come in at around $180 billion. If these numbers hold, it would mark a historic shift in retail dominance within the S&P 500.
Amazon’s Unstoppable Growth
Amazon’s record-breaking holiday season played a crucial role in its latest revenue surge. CEO Andy Jassy credited the company’s success to its customers, sellers, and employees, emphasizing how online shopping has continued to thrive post-pandemic. Since 2019, Amazon’s North American sales have more than doubled, reflecting the lasting impact of shifting consumer habits.
Another powerhouse fueling Amazon’s revenue is its cloud computing division, Amazon Web Services (AWS). The segment has seen massive growth, with revenue jumping from $45.37 billion in 2020 to nearly $90.76 billion in 2023. In Q3 2024 alone, AWS revenue surged 19% year-over-year, accounting for 17% of Amazon’s total sales.
The Bigger Picture: Who Will Lead in 2024?
While Amazon’s momentum is undeniable, Walmart is still expected to retain its position as the overall revenue leader—for now. Analysts forecast Walmart’s total revenue for 2024 to hit $681 billion, compared to Amazon’s record-breaking $638 billion. In 2023, Walmart had already reached $611.3 billion, maintaining its edge in total annual earnings.
The battle for the top spot in the S&P 500 is closer than ever, with Amazon rapidly closing the gap. Whether it finally surpasses Walmart or not, one thing is clear—Amazon’s dominance in retail and cloud computing is reshaping the competitive landscape.
