Amazon dethrones Walmart as No. 1 on the Fortune 500. There’s a big upside to their rivalry

Fortune

by Diane Brady

February 20, 2026

AI-Generated Deep Dive Summary

Amazon has overtaken Walmart as the top company on the Fortune 500 list for the first time in history, marking a significant shift in the retail industry's landscape. While Walmart had held the No. 1 spot since 2018 and had been at the top for 13 out of the past 24 years, Amazon's $716.9 billion revenue in 2025 pushed it ahead of Walmart’s $713.2 billion. This milestone highlights a broader narrative of transformation and competition between two retail giants. The rivalry between Amazon and Walmart is not just about market dominance but also about innovation and adaptability. Walmart, once slow to recognize the impact of e-commerce, has undergone a significant reinvention under CEO John Furner and former CEO Doug McMillon. This shift has positioned Walmart as a stronger, more modern company, with growth in online business and grocery delivery outpacing Amazon. Meanwhile, Amazon, known for its relentless innovation and expansion into areas like AI and streaming, continues to set the pace in tech-driven retail. Both companies are now competing beyond traditional retail, with their leaders—Andy Jassy of Amazon and John Furner of Walmart—at the forefront of this new era. While Amazon’s rise initially posed an existential threat to Walmart, it ultimately spurred Walmart to embrace change and innovation. This dynamic has not only strengthened both companies but also elevated them as key players in tech and media services. The significance of this rivalry lies in its impact on business practices and consumer outcomes. It underscores the importance of adaptability and continuous innovation in maintaining leadership in a rapidly evolving market. As these two titans continue to compete, it promises further advancements and opportunities for growth, keeping both companies at the cutting edge of retail and technology. This ongoing competition is not just a corporate battle but a driving force behind modern business evolution.

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Originally published on Fortune on 2/20/2026