
Walmart’s advertising business surged 46% to $6.4 billion in FY26, outpacing Amazon’s 22% rise to $68.6 billion. The dollar gap narrowed from roughly 15:1 to 11:1, though it remains sizable. Growth figures include the VIZIO acquisition, while Walmart Connect – the core retail‑media platform – posted a 41% Q4 increase. Advertising now accounts for over one‑fifth of Walmart’s $29.8 billion operating income, underscoring its role in the retailer’s e‑commerce turnaround.

Amazon generated roughly $440 billion in U.S. sales in 2025, capturing a 35.7% share of the $1.2 trillion market, while Shopify reported a 14% U.S. share, up from 12% a year earlier. Together they account for 49.7% of U.S. e‑commerce, up from...