Amazon is on the brink of a significant financial milestone, with its latest quarterly revenue expected to reach $187 billion. This figure is part of an impressive trajectory that could see the company achieve nearly $681 billion in revenue for the current fiscal year. Although Walmart still stands as the leader in annual sales, Amazon’s rapid growth indicates it is closing in on this long-held position.
For over a decade, Walmart has consistently been the top revenue generator each quarter. However, Amazon's remarkable performance has narrowed this gap. In recent developments, Amazon has surpassed Exxon Mobil in terms of revenue, according to LSEG senior research analyst Tajinder Dhillon. This achievement underscores Amazon's growing influence across industries.
The Covid pandemic has significantly boosted Amazon's North American sales, which have more than doubled since 2019. The company's full-year revenue for 2024 is projected to reach approximately $638 billion. For two consecutive years, Amazon has reported sales exceeding $600 billion, showcasing its robust economic expansion.
While Amazon's growth remains noteworthy, Walmart is set to announce projected sales of $180 billion on February 20. Despite the competitive pressure, Walmart continues to lead in annual sales. Meanwhile, Amazon Web Services (AWS) has played a pivotal role in the company’s earnings, with revenue more than doubling since 2020 and now constituting about 17% of total sales.
In the broader industry context, UnitedHealth has recently joined the exclusive $100 billion revenue club. CVS Health and McKesson are also on the cusp of joining this group with further growth. In comparison, Apple reported $124 billion in revenue for the latest quarter and is expected to reach nearly $681 billion for the fiscal year, aligning closely with Amazon's projections.