Amazon Surpasses Walmart as Largest US Company by Revenue

Amazon has surpassed Walmart as the largest U.S. company by revenue, according to the Fortune 500 list.

The e-commerce giant's FY 2026 revenues are projected to exceed $828 billion, growing 15.5% year-over-year.

This growth is partly driven by strong AWS performance, with a 37% revenue increase and 39.4% operating margin in Q2 2026.

Despite this impressive growth, Amazon's stock trades at a modest 22x FY 2027 earnings, partly due to concerns over its massive $280 billion capital expenditures.

However, Amazon's forecasted EBITDA exceeds $280 billion, indicating strong capacity to support these investments.