Amazon Tops Walmart in TTM Revenue Milestone as AI Battle Heats Up

Amazon has surpassed Walmart in trailing-12-month revenue for the first time, hitting $742 billion versus Walmart's $713 billion, fueled by faster-growing non-retail services and superior margins. Amazon's Q1 2026 revenue reached $181.5 billion, up 17% year-over-year, compared to Walmart's $190.7 billion for the quarter ended January 31, 2026, with Amazon boasting a ~17% net margin against Walmart's ~2%. Both giants are advancing AI shopping assistants—Rufus for Amazon and Sparky for Walmart—poised to redefine e-commerce competition. This shift underscores Amazon's growth edge and AWS momentum, suggesting stronger upside for AMZN shares amid Walmart's steady retail scale.