When Amazon announces earnings this Thursday for Q4 2024, it is expected to report revenue of $187B, surpassing Walmart's expected revenue of $180B, according to analysts surveyed by LSEG, marking the first time Amazon has ever outsold Walmart in a given quarter.
For the past 12 years, Walmart held the title of being the top revenue generator each quarter, having overtook Exxon Mobil in 2012 and subsequently remaining in the lead after oil prices tumbled from their previous levels of $100 per barrel.
Walmart is still leading the way when it comes to annual sales, turning more than $600B in sales in each of the past two years. However Amazon is catching up. Based on Q4 estimates, Amazon's full year of revenue for 2024 is expected it come in at around $638B, marking the first time it's surpassed the $600B milestone.
One major factor that accounts for Amazon's revenue is its Web Services division, which has seen its revenue more than double since 2020 and now accounts for about 17% of the company's total sales.
Very few companies reach $100B in revenue in a quarter. Others include:
- Apple, but only during the holiday season. Last week Apple reported revenue of $124B for Q4 2024.
- UnitedHealth saw its top line climb past $100B during its 1st quarter of last year and then again in the 3rd and 4th quarters.
- CVS Health came close, exceeding $95B in one quarter last year.
- McKesson, a pharmaceuticals company, hit $94B in one quarter last year.