Amazon long ago passed Walmart in terms of market cap, but the e-commerce giant is finally poised to leapfrog its brick-and-mortar rival by another key metric: revenue.
For the past dozen years, Walmart held the distinction of being the top revenue generator each quarter. In 2012, it overtook oil giant Exxon Mobil, according to LSEG senior research analyst Tajinder Dhillon.
Walmart remained in the lead after oil prices tumbled in subsequent years from their previously lofty levels of more than $100 per barrel.
In its earnings release after the close of trading Thursday, Amazon is expected to report revenue of $187 billion, according to analysts surveyed by LSEG. Walmart reports on Feb. 20, and is projected to announce sales of $180 billion.
Walmart, which is often dubbed the world’s biggest retailer, in reference to its revenue, still leads the way when it comes to annual sales. The company has turned in more than $600 billion in sales in each of the past two years. That number is expected to reach nearly $681 billion for the latest fiscal year.
Amazon is catching up. Based on fourth-quarter estimates, Amazon’s full year revenue for 2024 will come in at around $638 billion, marking the first time it’s surpassed the $600 billion milestone.
