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Fortune

Diane Brady

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

Walmart Amazon Fortune John Furner Andy Jassy Doug McMillon Sears

(Credit: Michael Nagle/Bloomberg via Getty Images)

In today’s CEO Daily: Fortune’s Phil Wahba reports on the historic reshuffle atop the Fortune 500.
The big leadership story: OpenAI CEO Sam Altman says AI super intelligence could someday do his job.
The markets: Mostly up, even as investors monitor mounting U.S.-Iran tensions.
Plus: All the news and watercooler chat from Fortune.

Good morning. There is a new top dog in Corporate America. Walmart, long the largest U.S. company by revenue and No. 1 on the Fortune 500, was eclipsed for the first time by Amazon.com. Based on Q4 earnings, Amazon recorded $716.9 billion in revenue for 2025 and Walmart took in a notch less than that with $713.2 billion, putting Amazon on top. (You can read my full analysis of the reshuffle, part of our new digital issue, here.)

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