Amazon (AMZN) Tops Walmart With $716.9 Billion in Annual Revenue

Core Insights - Amazon.com, Inc. (NASDAQ:AMZN) has surpassed Walmart as the largest U.S. company by annual revenue, generating approximately $716.9 billion compared to Walmart's $713.2 billion [1] - In Q4 2025, Amazon reported worldwide revenue of $213.4 billion, reflecting a 12% year-over-year growth, with operating income at $25.0 billion and free cash flow totaling $11.2 billion [3] - Amazon's full-year operating cash flow increased by 20% year-over-year to $139.5 billion, indicating strong financial performance [3] - The company is experiencing significant momentum in artificial intelligence, with Amazon Bedrock achieving a multibillion-dollar annualized revenue run rate and a 60% increase in customer spending quarter over quarter [3] - Amazon added approximately 3.99 gigawatts of power capacity over the past 12 months, with over one gigawatt added in Q4, enhancing its operational efficiency [4] - The company's diversified business model includes internet retail, cloud computing through AWS, and a high-margin advertising business, which supports its competitive leadership [5] Financial Performance - Q4 2025 revenue reached $213.4 billion, a 12% increase year-over-year [3] - Operating income for the quarter was $25.0 billion, with trailing twelve-month free cash flow at $11.2 billion [3] - Full-year operating cash flow rose by 20% year-over-year to $139.5 billion [3] Infrastructure and AI Development - Amazon's investment in capital expenditures is approximately $200 billion, primarily for AWS infrastructure expansion [3] - The company added 3.99 gigawatts of power capacity in the last year, with efficient monetization of newly installed capacity [4] - The adoption of AI products is accelerating, with a 150% sequential increase in developers utilizing Curo [3]