Compare · AMZN and WMT
Amazon vs. Walmart
Revenue, growth, margins, cash flow and cash returned, side by side from each company's latest annual report.
Amazon sells online and in its own stores, runs a marketplace for other sellers, and sells cloud computing through AWS. Walmart runs stores and a website in the US, international businesses such as Walmex and Flipkart, and Sam's Club. Below are the figures each one reported in its latest annual report (Form 10-K), side by side, with links to the filing behind every number. Walmart's fiscal year ends on January 31 and Amazon's on December 31, so the two years overlap by eleven months. Why fiscal years differ.
Comparing Amazon fiscal 2025 (ended Dec 31, 2025) with Walmart fiscal 2026 (ended Jan 31, 2026)
AmazonWalmart
Each pair of bars shows both companies on one scale. Their fiscal years end on different dates, so the periods overlap but aren't identical.
Revenue and growth
| Company | Prior year | Latest year | Change |
|---|---|---|---|
| Amazon (FY2024 to FY2025) | $638.0B | $716.9B | +12.4% |
| Walmart (FY2025 to FY2026) | $681.0B | $713.2B | +4.7% |
Amazon reports net sales: total net sales of products and services. Walmart reports total revenues: net sales plus membership and other income (mostly Sam's Club and Walmart+ membership fees).
Margins
| Company | Revenue | Operating income | Operating margin | Net income | Net margin |
|---|---|---|---|---|---|
| Amazon FY2025 | $716.9B | $80.0B | 11.2% | $77.7B | 10.8% |
| Walmart FY2026 | $713.2B | $29.8B | 4.2% | $21.9B | 3.1% |
Margin is the profit line divided by revenue, worked out by Ticker Sage from the linked figures. What profit margins measure.
Cash flow and cash returned
| Company | Cash from operations | Capital spending | Free cash flow | Buybacks | Dividends paid |
|---|---|---|---|---|---|
| Amazon FY2025 | $139.5B | $131.8B | $7.7B | – | – |
| Walmart FY2026 | $41.6B | $26.6B | $14.9B | $8.1B | $7.5B |
Capital spending is property and equipment for both companies, as each company labels it in the cash flow statement. Free cash flow isn't a GAAP line; Ticker Sage works it out the same way for both. A dash means the company's filing data has no figure for that line. How free cash flow works · How buybacks work · How dividends work.
How each one makes money
Amazon
Amazon sells goods directly in its online and physical stores, charges third-party sellers for using its marketplace and fulfillment network, sells cloud computing through Amazon Web Services (AWS), sells advertising, and charges for subscriptions such as Prime.
It reports three segments: North America, International and AWS. Its fiscal year is the calendar year.
Walmart
Walmart reports three segments. Walmart U.S. covers its American stores and website, including pickup and delivery. Walmart International runs businesses such as Walmex in Mexico, Flipkart in India and Walmart Canada. Sam's Club U.S. is its membership warehouse chain.
Beyond retail sales it earns membership fees (Sam's Club and Walmart+), advertising and marketplace fees from third-party sellers. Its fiscal year ends on January 31, so FY2026 means the year to Jan 31, 2026.
Main risks each one lists
Amazon
- Its businesses face intense competition, and rivals may have more resources or adapt faster.
- Expanding into new products, services, technologies and places brings risks and may not work out.
- Operating abroad exposes it to local rules, political and economic instability and currency swings.
- Building too much or too little warehouse and data-center capacity, or trouble running it, could hurt results.
- Cyberattacks, system interruptions and data loss could harm customers and its reputation.
Walmart
- Its spending on eCommerce, automation and new businesses may not pay off as planned.
- Shifts in what shoppers want and how much they can spend affect sales and margins.
- It competes on price and convenience with other retailers, warehouse clubs and online marketplaces.
- Problems at suppliers, or unsafe products sold in stores or on its marketplace, could hurt its reputation.
- IT failures, cyberattacks and data-privacy breaches are listed risks.
How they differ
- Size. Amazon reported $716.9B of revenue for fiscal 2025, and Walmart $713.2B for fiscal 2026.
- Growth. Amazon's revenue grew 12.4% in its latest year and Walmart's 4.7%.
- Margins. Walmart kept 3.1% of revenue as net income and Amazon 10.8%.
- Fiscal calendar. Walmart's year ends in January, Amazon's in December, so news in one company's latest 10-K can be up to one month newer than in the other's.
- Cloud. Amazon reports a cloud segment, AWS. Walmart's three segments are all retail: Walmart U.S., Walmart International and Sam's Club U.S.
- Other income. Both earn advertising and marketplace fees from third-party sellers, and both charge for memberships: Prime at Amazon, Sam's Club and Walmart+ at Walmart.
Differences in size, growth or margin describe the past year only. None of this says which business will do better.
Sources
- Amazon Form 10-K for fiscal 2025, filed Feb 6, 2026
- Walmart Form 10-K for fiscal 2026, filed Mar 13, 2026
Amazon company file → · Walmart company file →
Common questions
Which is bigger by revenue, Walmart or Amazon?
Amazon reported $716.9B of revenue for fiscal 2025 and Walmart $713.2B for fiscal 2026. Their fiscal years end on different dates.
Does Walmart sell online like Amazon?
Yes. Walmart U.S. includes its website with pickup and delivery, and Walmart International includes Flipkart in India.
How do their profit margins compare?
In the latest fiscal year Walmart's net margin was 3.1% and Amazon's was 10.8%, worked out from the net income and revenue in each 10-K.
Where do these numbers come from?
From each company's latest Form 10-K filed with the SEC. Every figure on this page links to the filing it came from.
Disclosures
- Editor holdings
- The editor holds no position in any company named on this page. As of Oct 25, 2026.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- Each company's own SEC filings, linked next to each number.
- Last updated
- Oct 26, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold any security, and it doesn't consider your situation.
More in Learn · Methodology & Disclosures explains where every number comes from.