Amazon vs Walmart Stock: Two Retailers the Same Size and What Each Share Pays For

Two shops that nearly everyone in the United States has used sell almost exactly the same value of goods and services in a year, and a share in either one can be purchased in seconds. The resemblance ends at the checkout. One of the two earns most of its profit by renting computing power to other companies, while the other earns its profit from more than ten thousand stores whose largest line is groceries. Neither fact is visible in the revenue line that makes them resemble twins.

That resemblance is where a holder miscalculates. A share bought on the strength of a familiar name and a large sales figure turns out to fluctuate differently in a volatile week and to distribute differently at the end of a quarter. It appreciates or declines for reasons that have little to do with what is on the shelves. Two retailers of identical size are two different claims, and the difference is the entire decision.

A share in a retailer is a claim on what is left after the goods, the wages, the stores and the warehouses are paid for, and on what the company then chooses to do with that money. The market prices the claim with a multiple of the profit, so a slower-growing business can be valued higher per dollar of earnings than a faster one. A dividend is that claim paid out in cash; a buyback is the same claim divided among fewer shares; a data center is the claim reinvested before a holder receives any of it.

Amazon's share trades on BloFin as the AMZNX/USDT Spot token and the AMZNUSDT Perpetual, and Walmart's does not. That makes the choice between the two a question of what each share is a claim on before it is a question of where to hold it.

Amazon vs Walmart stock: Which is bigger?

Amazon and Walmart match on sales and little else. Amazon's net sales were $716.9 billion in 2025 (source: Amazon Form 10-K). Walmart's were $713.2 billion in the year to January 31, 2026 (source: Walmart Form 10-K). On September 16, 2026 the market valued Amazon at $2.7 trillion (source: Stock Analysis) and Walmart at $860.6 billion (source: Stock Analysis WMT quote).

Amazon earned $80.0 billion of operating income on those sales (source: Amazon Form 10-K) and Walmart $29.8 billion (source: Walmart Form 10-K). In their latest quarters Amazon's net sales were $200.6 billion, up 20% (source: Amazon Q2 2026 earnings release), and Walmart's revenues $187.9 billion, up 5.9% (source: Walmart Q2 FY2027 Form 10-Q).

The revenue line is the only one on which the two are comparable, and it is the line at which most readers stop. Amazon earns $2.68 of operating income for every dollar Walmart earns on the same sales, and the market values Amazon at three times Walmart. Yet the market also pays twice as much for each dollar of Walmart's past earnings as for Amazon's. Before you decide which share to hold, each of those gaps needs its own explanation, and each has one in the filings. The profit gap comes from the businesses the revenue is made of, and the valuation gap from what the market expects each of them to earn next, which is a judgment the filings inform but do not settle.

Where the size comes from

Amazon passed Walmart on annual revenue in the most recent fiscal years. A year earlier Amazon's net sales were $638.0 billion (source: Amazon Form 10-K), against Walmart's $681.0 billion, a gap of $43 billion in Walmart's favor (source: Walmart Form 10-K). The next year Amazon grew by 12.4% and Walmart by 4.7%, and Amazon finished $3.8 billion ahead.

The periods differ by one month, since Walmart's year ends on January 31 and Amazon's on December 31, so the crossover is a matter of the two companies' own reporting periods (source: Walmart Form 10-K). Walmart's growth rate is the one a grocer can sustain from stores that already exist, while Amazon's comes from lines that were small a decade ago and are now the size of large companies on their own. That difference in where the growth originates is the first thing the revenue line conceals.

The latest quarters show the same gap in growth: Amazon's net sales for the quarter to June 30, 2026 were $200.6 billion, up 20% on the year, and its operating income was $27.5 billion (source: Amazon Q2 2026 earnings release). Walmart's total revenues for the quarter to July 31, 2026 were $187.9 billion against $177.4 billion a year earlier, a rise of 5.9%, and its operating income rose from $7.3 billion to $9.4 billion (source: Walmart Q2 FY2027 Form 10-Q). Walmart's profit grew far faster than its sales in that quarter, at 28.8%. About $2.9 billion of tariff refunds received in the quarter were booked against cost of sales, however, more than the whole of the $2.1 billion rise (source: Walmart Q2 FY2027 Form 10-Q). A profit line that jumps on a refund is the kind of line the market reads harder than the revenue figure.

Say you hold Amazon stock (AMZN) and want to know whether the size comparison should change your mind. The annual figures say Amazon is larger by $3.8 billion of sales and by $50 billion of operating income, and the quarterly figures say Amazon is growing its sales at more than three times Walmart's rate. Neither figure says anything about what the market will pay for that growth, which is a separate question with its own numbers.

Where each dollar goes

Walmart's revenue is grocery and stores, and Amazon's is a set of businesses that share a checkout. Walmart's US segment had net sales of $483.0 billion in the year to January 31, 2026, 68% of the total, and $285.5 billion of that was grocery (source: Walmart Form 10-K). Amazon's largest 2025 line, online stores, was $269.3 billion (source: Amazon Form 10-K).

The rest of Walmart is more of the same shop in other places. Walmart International had net sales of $130.4 billion, 19% of the total, and Sam's Club, its membership warehouse chain, $93.0 billion, 13% (source: Walmart Form 10-K). Online sales sit inside each of those segments rather than in a line of their own, and in the quarter to July 31, 2026 they added about 4.9 percentage points to Walmart US comparable sales (source: Walmart Q2 FY2027 Form 10-Q).

The rest of Amazon is where the profit lives: in 2025 third-party seller services brought in $172.2 billion, AWS $128.7 billion, advertising $68.6 billion, subscriptions including Prime $49.6 billion and physical stores $22.6 billion (source: Amazon Form 10-K). AWS alone supplied $45.6 billion of the company's $80.0 billion of operating income, which is 57% of the profit from 18% of the sales. That single ratio is the reason two retailers of the same size carry different multiples, and the split by segment is where Amazon's money comes from.

Before you compare the two as retailers, take the grocery line. Walmart sold $285.5 billion of groceries in a year, more than Amazon's entire online-stores line, and it did so at the margin a grocer earns. Amazon's stores compete for the same shopper, but the profit that funds Amazon's share price comes from computing, seller fees and advertising. Prime is a subscription rather than a store, and its economics are set out in how Prime earns for Amazon shareholders. A holder of Walmart owns a grocer with an online arm; a holder of Amazon owns a cloud company with a shop attached.

What the market pays for each share

The market pays a higher multiple for Walmart's earnings than for Amazon's. On September 16, 2026 Amazon traded at 19.98 times its trailing earnings and 26.99 times the coming year's (source: Stock Analysis). Walmart traded at 39.17 times trailing and 36.06 times forward, the dearer share on either measure (source: Stock Analysis WMT quote).

The two shares also move differently, since Amazon carried a beta of 1.44 and a 52-week range of $196.00 to $287.20 (source: Stock Analysis). Walmart carried a beta of 0.59 and a range of $98.88 to $135.16 (source: Stock Analysis WMT quote). Amazon's trailing multiple is lower than it looks, because the twelve months it is measured on carry large gains from outside operations. Trailing net income was up 91.6% on the year (source: Stock Analysis). Calendar 2025 alone included $17.3 billion of non-operating income on top of the $80.0 billion earned from operations, and the second half of that year sits inside the twelve months the multiple is divided by (source: Amazon Form 10-K). The forward multiples remove most of that effect and still leave Walmart the dearer share. Which multiple the market applies to Amazon, and why it moves on a rates day, is the subject of how Amazon stock is valued.

Say you pay $108.09 for one Walmart share and $248.42 for one Amazon share, the two closing prices of September 15, 2026. The Walmart share buys $2.76 of the last year's earnings (source: Stock Analysis WMT quote). The Amazon share buys $12.44, so it costs 2.3 times as much and buys 4.5 times the earnings (source: Stock Analysis). The beta figures describe the other half of the bargain. Over the period the two betas measure, a 1% move in the market came with about a 0.59% move in Walmart and a 1.44% move in Amazon. The cheaper claim on earnings is therefore also the one that swings more than twice as far on a market day.

What a holder receives

Walmart pays its holders and Amazon reinvests. Walmart's dividend for the year to January 31, 2027 is $0.99 a share, paid in four quarterly installments of $0.2475 (source: Walmart Form 10-K). Amazon has never declared or paid a cash dividend (source: Amazon investor FAQ). At the September 16, 2026 price the Walmart dividend yields 0.91% (source: Stock Analysis WMT quote).

The dividend is up from $0.94 the year before. In February 2026 Walmart's board approved a new $30.0 billion share repurchase authorization with no expiry, after the company bought 9.7 million shares in the three months to January 31, 2026 (source: Walmart Form 10-K). Amazon repurchased no shares in 2025 (source: Amazon Form 10-K), and the cash behind those choices runs the other way from the revenue. Walmart generated $14.9 billion of free cash flow in its year to January 31, 2026 after $26.6 billion of spending on property and equipment (source: Walmart Form 10-K). Amazon generated $11.2 billion in 2025, down from $38.2 billion the year before, after $128.3 billion of net spending on property and equipment (source: Amazon Form 10-K). The company with three times the market value produced less free cash than the grocer, because it spent almost five times as much on technology infrastructure and fulfillment capacity.

Say you hold 100 shares of each for a year. The Walmart holding pays you $99 in cash across four dates. The repurchase program retires some of the company's shares as well, so your 100 shares are a slightly larger fraction of Walmart at the end of the year than at the start. The Amazon holding pays nothing, and the cash the business earns goes into servers and buildings. The return on those, if it arrives, arrives as a higher AWS profit line in a later year and reaches the holder through the share price rather than through a payment. A holder who needs income owns one kind of claim; a holder who wants the reinvested growth owns the other.

Why Walmart's split put Amazon in the Dow

Walmart's stock split is the reason Amazon is in the Dow Jones Industrial Average. On January 30, 2024 Walmart announced a 3-for-1 split of its shares (source: Walmart split announcement). Three weeks later the index committee announced that Amazon would join the average, and gave the split as the reason.

On February 20, 2024 S&P Dow Jones Indices said Amazon would replace Walgreens Boots Alliance before the open on February 26. It said the change was prompted by Walmart's split, which would reduce Walmart's weight because of the index's price-weighted construction, and that Walmart would remain in the average (source: S&P Dow Jones Indices). Walmart gave two reasons for the split: its review of trading and spread levels, and its wish that associates find its shares easy to buy through payroll deductions. A decision about staff share purchases therefore changed the membership of an index first published in 1896.

The Dow weights its thirty members by share price rather than by company size. Take a member priced at $300 and one priced at $100: the first counts three times as much in the average, whatever the two companies are worth. Walmart's split cut its share price to a third and its weight with it, so the committee added Amazon and said the change would increase the average's exposure to consumer retail. The change was to Walmart's weight, and Amazon's entry was the committee's answer to that.

For a holder the rule has a practical consequence. Funds that track the Dow buy and sell in proportion to price, so a company's split changes how much of it those funds hold without anything changing in the business. Amazon's own 20-for-1 split in June 2022 had divided its share price by twenty, and Walmart's split two years later made room for it (source: Amazon investor FAQ).

Which of the two you can hold on BloFin

BloFin lists Amazon and does not list Walmart. AMZNX/USDT has traded on BloFin's spot market since September 2, 2025, one of five xStocks pairs listed that day (source: BloFin xStocks listing notice). The pair is listed as a 24-hour weekday market (source: BloFin xStocks risk disclosure).

The AMZNUSDT Perpetual trades alongside the token at leverage from 1x to 20x (source: BloFin AMZN contract details). Outside 13:30 to 20:00 UTC in US daylight time the contract may be limited to reduce-only orders, so a position can be closed but a new one may not open (source: BloFin stock futures notice). No Walmart perpetual is listed.

Say you open the spot list looking for the Walmart leg and find WMTX/USDT. That pair is World Mobile Token, the utility token of a decentralized mobile network, which BloFin listed for spot trading on April 20, 2026 (source: BloFin WMTX listing notice). On September 16, 2026 it traded at $0.03061, against $108 for a Walmart share. A tokenized Walmart share exists, issued by the same firm that issues the Amazon token, but it is not listed on BloFin.

The purchase route for the Amazon leg, from deposit to the first order, is how to buy tokenized Amazon on BloFin. A holder who wants both legs holds Amazon on BloFin and Walmart through a broker, and reads the two on different trading schedules. The token trades on weekdays around the clock, while a Walmart share trades in the regular US session on Nasdaq, where Walmart moved its listing from the New York Stock Exchange on December 9, 2025 (source: Walmart Form 10-K). The full set of listed shares is the tokenized stocks BloFin lists. The token's live price and order book are on the AMZNX/USDT Spot page, and the contract's funding rate and open interest on the AMZNUSDT Perpetual page.

How the pair compares with Amazon's other rivals

Walmart is the only rival that matches Amazon on revenue, and Amazon's other rivals each meet it on one line.

Microsoft meets Amazon on the cloud, where AWS's $128.7 billion of 2025 sales is the figure the comparison turns on, in Amazon versus Microsoft stock. Alphabet meets it on advertising and cloud together, the two lines that supplied $68.6 billion and $128.7 billion of Amazon's 2025 sales, in Alphabet versus Amazon stock.

Apple meets Amazon on capital returns, where Amazon's zero dividend and zero 2025 repurchases meet a dividend and a standing buyback program, in Amazon versus Apple stock. Tesla meets it on capital spending, where Amazon's $128.3 billion of 2025 property and equipment purchases sets the scale, in Amazon versus Tesla stock.

Before you weigh Amazon against any of those names, keep the same three questions: where the profit comes from, what the market pays for it and what the holder receives. Those three separate Amazon from every other name on the list, and the answers change with each rival. Against Walmart the answers are cloud against grocery, 20 times earnings against 39, and reinvestment against a dividend. Against the technology names the revenue gap is wide and the questions turn on a single business line.

Looking to gain exposure to Amazon? To get started, you'll need to first create a BloFin account, fund your account with cryptocurrency, and navigate to the AMZNX/USDT Spot trading page or AMZNUSDT Perpetual page.

Frequently asked questions

How do Amazon's and Walmart's financial years line up?

Walmart's fiscal year ends on January 31, so the year it calls fiscal 2026 ran from February 1, 2025 to January 31, 2026. The quarter to July 31, 2026 is its second quarter of fiscal 2027 (source: Walmart Form 10-K). Amazon reports on the calendar year, so its 2025 ended on December 31, 2025. Walmart's fourth quarter therefore runs from November through January and takes in the holiday season and the January returns, while Amazon's closes on December 31.

How many stores does Walmart have?

Walmart operates more than 10,900 stores and clubs in 19 countries and serves approximately 280 million customers a week through them and its websites and apps (source: Walmart Form 10-K). In the United States it runs 4,611 Walmart stores across all 50 states, Washington D.C. and Puerto Rico, and 601 Sam's Club warehouse clubs in 44 states and Puerto Rico. Amazon's physical stores brought in $22.6 billion of its 2025 net sales, about 3% of the total.

When did Amazon and Walmart last split their stock?

Amazon has split its stock four times, most recently 20-for-1 on June 3, 2022, and Walmart's most recent split was its 3-for-1 in 2024 (source: Amazon investor FAQ). Walmart's 2024 split was aimed at the more than 400,000 associates who buy its shares through the Associate Stock Purchase Plan, which adds a 15% company match on the first $1,800 of payroll deductions each year (source: Walmart split announcement).

Which employs more people, Amazon or Walmart?

Walmart employed approximately 2.1 million associates on January 31, 2026, about 1.6 million of them in the United States and 0.5 million internationally (source: Walmart Form 10-K). Amazon employed approximately 1,576,000 full-time and part-time people on December 31, 2025, plus contractors and temporary staff (source: Amazon Form 10-K). Walmart's workforce is about a third larger on roughly the same revenue, which is one measure of how much of Amazon's sales come from businesses that need servers rather than store staff.

Does Walmart have a tokenized stock?

Walmart has a tokenized share, WMTx, issued by Backed Assets (JE) Limited under International Securities Identification Number (ISIN) CH1436219427 and tracking Walmart Inc. common stock, ISIN US9311421039 (source: Backed Assets). The tracker charges no management fee at present, and the issuer does not sell its tokens to US persons. BloFin does not list it; the WMTX/USDT pair on BloFin is World Mobile Token.

Researched and written by the BloFin Academy editorial team with AI-assisted drafting. All facts independently verified. Primary sources include Amazon's 2025 Form 10-K, second quarter 2026 earnings release and investor relations FAQ, Walmart's Form 10-K for the year ended January 31, 2026 and Form 10-Q for the quarter ended July 31, 2026, Walmart's January 2024 split announcement, S&P Dow Jones Indices' February 2024 announcement, Stock Analysis quote pages for AMZN and WMT, the Backed Assets product page for Walmart xStock, and BloFin's xStocks and WMTX listing notices, xStocks risk disclosure, AMZN contract details page and stock futures notice, with market data as of the September 15, 2026 close.

Nothing in this article constitutes financial advice, and nothing in it is a recommendation to buy, sell or hold either company in any form. Valuation multiples and betas move daily, and Amazon's trailing multiple currently includes large one-off gains on equity investments that flatter it, while Walmart's latest quarterly profit includes a tariff refund that will not recur. A dividend is declared quarter by quarter at the board's discretion, and a buyback authorization is not a commitment to spend. AMZNX is a tracker certificate rather than a share, carrying no voting or information rights and exposure to the issuer, its custodians and the trading venue in addition to Amazon's own market risk, and no Walmart instrument of any kind is listed on BloFin. Leveraged positions in AMZNUSDT carry the risk of liquidation and total loss of margin. Past performance does not indicate future results. Do your own research and consider your risk tolerance before you trade on BloFin.