Economy

Amazon surpassed Walmart as the world’s highest-revenue company in 2025, marking the first time in over a decade that Walmart has relinquished the top spot, according to financial reports released this week.

Amazon reported a record revenue of $717 billion for 2025, exceeding Walmart’s $713.2 billion in the twelve months ending January 31st. The shift signifies a major change in the retail landscape, reflecting the increasing dominance of online commerce and the diversification of Amazon’s business beyond its origins as an online bookstore.

Walmart, which operates more than 10,000 stores globally, had held the position of the world’s largest company by revenue for more than ten years. Whereas remaining the largest physical retailer, its growth has been comparatively slower than Amazon’s, with Amazon’s revenue increasing nearly ten times faster over the past decade.

A significant driver of Amazon’s success has been the rapid expansion of its cloud computing services, Amazon Web Services (AWS). Without AWS, Amazon’s 2025 revenue would have been $588 billion. This demonstrates the company’s evolution into a technology and services giant, rather than solely a retail operation.

The change in revenue leadership does not necessarily reflect company valuation. Tech giant Nvidia currently holds the position of the world’s most valuable company, with a market capitalization of $4.5 trillion – more than double Amazon’s and more than four times Walmart’s.

Walmart has been actively working to bolster its own online presence and expand into areas like advertising and marketplace services, attempting to emulate Amazon’s diversified business model. The company has seen strong growth in its e-commerce sales, with its online share in the U.S. Reaching a record level. However, matching Amazon’s pace remains a challenge, particularly given Walmart’s continued reliance on its extensive network of physical stores.

The transition at the top of the revenue rankings comes as both companies continue to invest heavily in recent technologies and strategies to capture market share. Amazon is expanding its logistics network and exploring new areas like artificial intelligence, while Walmart is focusing on strengthening its omnichannel capabilities and improving the customer experience.

The Dutch Lower House of Parliament narrowly approved the Wet werkelijk rendement box 3 (Law on Actual Return in Box 3) on February 12, 2026, despite significant opposition and concerns about its implementation. The legislation, which aims to shift taxation of savings and investments from a system of presumed returns to one based on actual gains, will not take effect until January 1, 2028.

The vote, which passed with support from D’66, VVD, GroenLinks/PvdA, CDA, SP, Denk and Volt, followed years of legal challenges arguing the previous system unfairly taxed individuals during periods of low or negative market returns. The Dutch Supreme Court had previously agreed with these arguments, prompting the government to seek a more equitable approach. However, the latest law has sparked outrage among investors and drawn criticism from financial experts who question its practicality and potential consequences.

Under the current system, known as Box 3, individuals with substantial savings and investments are taxed on a presumed return, regardless of their actual investment performance. For 2026, this presumed return is set at 36% [1]. The new law intends to tax actual income from savings and investments, including interest, dividends, and capital gains. This includes previously untaxed elements like the increase in value of assets such as stocks and bonds [3].

A key point of contention is the complexity of calculating actual returns, particularly for diversified portfolios. Critics argue that the administrative burden on both taxpayers and the tax authorities will be substantial. “I wonder if the law will even survive,” said one unnamed financial advisor, reflecting the skepticism within the industry. The law also introduces three categories of assets – bank deposits, other investments, and debts – each with its own fictional yield for the transition period. In 2025, these yields are 1.44%, 5.88%, and 2.62% respectively, shifting to 1.28%, 6.00%, and 2.70% in 2026 [2].

The tax-free allowance within Box 3 will increase to €59,357 in 2026, double the amount available in 2025 (€57,684) [2]. This provides some relief, but many investors remain concerned about the potential for higher tax liabilities, especially as the system transitions to taxing actual gains.

Despite the passage of the law, concerns remain about its long-term viability. A provision has been included for an evaluation of the law after just three years, rather than the initially planned five [3]. This suggests a degree of uncertainty within the governing coalition regarding the law’s effectiveness and potential unintended consequences.

The government maintains that the new system will be fairer and more transparent. According to a statement released by the Ministry of Finance, the goal is to ensure that individuals pay taxes on their actual income from wealth, rather than on a presumed return [5]. However, the implementation details and the practical challenges of administering the new system remain a significant source of anxiety for investors and financial professionals alike.

As of February 19, 2026, the Belastingdienst (Dutch Tax and Customs Administration) has not issued detailed guidance on how taxpayers will be required to report their actual returns under the new law. The agency has indicated that further information will be provided closer to the implementation date in 2028 [1].