Amazon Overtakes Walmart as the Biggest U.S. Company by Revenue

Summary

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WSJ What’s News (Feb 19, 2026):

Amazon Overtakes Walmart as the Biggest U.S. Company by Revenue

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Main Theme

This episode focuses on the significant business milestone of Amazon surpassing Walmart as the largest U.S. company by revenue, a symbolic moment signaling shifts in the American retail landscape. Alongside, the episode covers record U.S. import levels amid renewed tariffs, soaring beef prices, the future of Uber amid robo-taxi competition, an innovative use of jet engines to power AI data centers, and a breaking news update on the arrest of former Prince Andrew.

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Key Discussion Points and Insights

1. Amazon Surpasses Walmart for Top Spot in U.S. Revenues

• [03:20] For the first time in over a decade, Amazon overtakes Walmart as the largest company in the U.S. by annual revenue.
• Sarah Nassauer (WSJ Reporter):

  “It’s a milestone. For the first time in over a decade, Amazon is bigger than Walmart by annual revenue. And that is symbolic... It just speaks to how quickly Amazon has been able to grow. There’s a shift happening.”
  (03:31)

• This marks a symbolic shift both for Walmart internally and the wider industry, reflecting rapid e-commerce growth.

2. U.S. Trade Deficit and Tariffs

• [01:04] The Commerce Department reports the U.S. trade deficit was just over $900 billion in 2025, a modest decrease despite the Trump administration’s tariffs.

• Imports rose 5% and hit a new record, indicating America remains a net importer.

• [01:36] Exclusive WSJ reporting: President Trump is considering a “limited strike” on Iran to pressure for a new nuclear deal, with potential for escalation.

  Trump (at a public event): “Bad things will happen if Iran doesn’t make a deal... you’re going to be finding out over the next year, probably 10 days.”
  (02:30, paraphrased announcement)

3. Walmart Sales Performance vs. Amazon’s Milestone

• [02:39] Walmart posted “strong sales growth” with U.S. comparable sales up 4.6% for the quarter, driven by investments in technology and supply chain.
• John Furner (Walmart CEO):

  “The investments we’ve made in technology and supply chain help us deliver items even faster. They’re paying off here in the U.S.”
  (03:14)

• Delivery services grew 60% over the year.

4. Soaring Beef Prices and the “Luxury Protein” Trend

• [04:33] U.S. ground beef prices rose 17% year-over-year (January 2026), significantly higher than overall grocery inflation.
• Patrick Thomas (WSJ Reporter):
  • Cattle herds shrank initially due to post-pandemic strains and a 2022 drought, driving supply shortages and high prices.

    “Several years ago, cattle ranchers across the United States started shrinking their herds... Now we’re in a situation where we just don’t have the supply to meet demand.”
    (04:37)

  • Few signs herds will rebuild soon, partly due to ranchers aging out and enjoying current profits.

    “There are more farmers over 75 than there are under 35. So some of these guys are just choosing to retire... that creates an environment where beef is just the premier luxury protein.”
    (05:16)

• Efforts to Reduce Prices:
  • Trump’s executive order expanding beef imports may help “a little,” but not enough to impact prices broadly.
  • Rebuilding herds takes two years minimum, so high prices will likely persist.

    “Remember the efforts of trying to incentivize herd rebuilding—It still takes two years due to the biological clock of the animals.”
    (05:52)

• Beef as an economic litmus test:
  • Even as prices rise, demand remains strong. Suggests a “K-shaped” (two-speed) economy:

    “People doing well right now are still buying the high-quality stuff and people are still buying the ground beef that’s traditionally cheaper. So maybe it’s a strange reflection on the American economy right now.”
    (06:29)

  • “K-shaped beef consumption.” (Alex Osola and Patrick Thomas, 06:50-06:52)

5. Uber, Robotaxis, and Autonomous Vehicle Jockeying

• [08:00] Uber’s stock fell sharply (down nearly 25% over six months), with investors worried about the rise of robotaxis (Waymo, Tesla) potentially undermining Uber’s traditional model.
• Dan Gallagher (Heard on the Street):

  “The worry with Uber is that... if robotaxis become this wave of the future, that they’re going to be displaced... there’s a good case to be made that Uber can boost [robo-taxi] utilization because there’s just more people using that platform to get rides.”
  (08:18)

• Uber’s Response:
  • Making significant investments in autonomy and leveraging its customer base.

    “It’s hard to dismiss a company that has such a massive platform... new players have to build a similar platform and that takes a long time.”
    (09:15)

6. Jet Engines Powering AI Data Centers

• [09:33] Rapidly growing power demand for AI is leading data centers to use jet engines (converted to aeroderivative turbines) for energy.
• Jinju Lee (Heard on the Street):

  “Jet engines can be converted into natural gas fired power turbines... Some are refurbished, some are designed specifically for this purpose... They take up less space, which is good. Compared to some other types of equipment, they're also cleaner burning.”
  (09:49–11:02)

7. Breaking News: Prince Andrew's Arrest

• [11:02] Former Prince Andrew arrested in the UK amidst Jeffrey Epstein-related investigations. The royal family expresses “deepest concerns” but supports a full inquiry. Andrew maintains his innocence and was released without charges.

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Notable Quotes & Memorable Moments

• “For the first time in over a decade, Amazon is bigger than Walmart by annual revenue. And that is symbolic... It just speaks to how quickly Amazon has been able to grow.”
  — Sarah Nassauer (03:31)

• “Several years ago, cattle ranchers... started shrinking their herds... Now we’re in a situation where we just don’t have the supply to meet demand.”
  — Patrick Thomas (04:37)

• “There are more farmers over 75 than there are under 35. So some of these guys are just choosing to retire... Beef is just the premier luxury protein, as some people are saying.”
  — Patrick Thomas (05:16)

• “People doing well right now are still buying the high-quality stuff and people are still buying the ground beef that’s traditionally cheaper. So maybe it’s a strange reflection on the American economy right now.”
  — Patrick Thomas (06:29)
  “K-shaped beef consumption.”
  — Alex Osola (06:50), Patrick Thomas (06:52)

• “The worry with Uber is that... if robotaxis become this wave of the future, that they’re going to be displaced because maybe way more people would prefer robotaxis over human drivers.”
  — Dan Gallagher (08:18)

• “Jet engines can be converted into natural gas fired power turbines... The demand is that high.”
  — Jinju Lee (09:49)

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Timestamped Segment Guide

• 00:33 – Headlines: Amazon overtakes Walmart, U.S. imports record, beef prices surge
• 01:04 – Trade deficit, tariff impacts, Trump’s Iran deliberations
• 03:11 – Walmart’s sales and tech investments
• 03:20–03:31 – Amazon overtakes Walmart — analysis
• 04:33 – Beef prices up 17%; causes and outlook
• 04:37–06:16 – Patrick Thomas on beef: supply, “luxury protein,” import efforts, aging workforce
• 06:29–06:53 – Demand dynamics; “K-shaped” economy and beef
• 08:00 – Uber stock troubles, robotaxi competition (Waymo, Tesla), platform analysis
• 09:33–11:02 – Jet engines as power for AI data centers; tech explanation
• 11:02 – Breaking: Former Prince Andrew arrested, ongoing investigation

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This episode succinctly encapsulates pivotal trends shaping the American economy: a power shift in retail, stubbornly high beef prices as a sign of deeper economic divides, the tectonic changes facing ride-hailing, and how even energy supply is being transformed by digital innovation. Despite its brevity, the episode provides clarity, context, and voices from inside the stories.

Transcript

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[Alex Osola]

Walmart loses its crown as the biggest U.S. company by revenue. Plus, U.S. imports hit a record last year despite President Trump's tariffs. And who's got beef? Higher prices for burgers and steaks may be here to stay.

[Patrick Thomas]

Ranchers are just, they're really enjoying these good times. They've historically always struggled to make profits and now they're really making money. And a lot of them have decided that they're going to hold on to it. And there's not a lot of signs of significant herd rebuilding. So that creates an environment where beef is just the premier luxury protein.

[Alex Osola]

It's Thursday, February 19th. I'm Alex Osola for the Wall Street Journal. This is the PM edition of what's news, the top headlines and business stories that move the world today. A new report from the Commerce Department out today shows that the nation's trade deficit, the gap between imports and exports, was just over $900 billion last year. That's only slightly smaller than in 2024, despite big tariffs from the Trump administration that aimed at closing trade gaps. U.S. imports last year rose 5% and hit a record, meaning that the country remains a heavy net importer. We're exclusively reporting that President Trump is weighing an initial limited strike on Iran to force it to meet his demands for a nuclear deal. It would be the first step designed to pressure Tehran into an agreement. The opening attack would target a few military or government sites. It could come within days if it's authorized. If Iran refuses to end its nuclear enrichment after that strike, the US Would respond with a broad campaign against the regime potentially aimed at toppling the government. Officials said Trump hasn't decided yet to order any attack, and it couldn't be determined how seriously Trump is considering this limited strike option. Officials said that discussions lately have focused more on larger scale campaigns. Trump signaled today that the US would decide its next moves within 10 days. At a board of peace gathering about Gaza, Trump said that, quote, bad things will happen if Iran doesn't make a deal so now we may have to take it a step further or we may not. Maybe we're going to make a deal where you're going to be, you're going to be finding out over the next

[Dan Gallagher]

year, probably 10 days.

[Alex Osola]

Iranian officials have threatened to respond with maximum force to American strikes. Walmart reported strong sales growth in its latest quarter, with US comparable sales a key retail metric rising 4.6%. It continued to attract shoppers of all income levels to its groceries and online deliveries. The company's new CEO, John Furner, said on Walmart's earnings call this morning that investments in the online business were helping fuel growth. The investments we've made in technology and supply chain help us deliver items even faster. They're paying off here in the U.S. customers using fast delivery, and that's delivery

[Dan Gallagher]

in under three hours, grew more than

[Alex Osola]

60% for the year. But the end of the fiscal year also saw Walmart losing its crown as the biggest US Company by annual revenue. It's been overtaken by a big rival in E commerce, Amazon. Sarah Nassauer, who covers Walmart for the Journal, says it's a milestone. For the first time in over a decade, Amazon is bigger than Walmart by annual revenue. And that is symbolic. You know, it's symbolic internally inside Walmart. Right, and how they view themselves. It's also symbolic, you know, externally. And it just speaks to how quickly Amazon has been able to grow. They're a younger company than Walmart. There is a shift happening, but both Amazon and Walmart are growing fast. You're seeing these two massive behemoths grow really fast. If you eat beef, you may have noticed that its price has gone way up. The Labor Department said last week that ground beef prices in January rose 17% from a year earlier. That's a much bigger increase than groceries. Overall, those were up 2.1%. And it's looking like these high prices may be here to stay. Patrick Thomas, who covers the food supply chain for the Journal, is here to discuss. Okay, Patrick, what is pushing these prices so high?

[Patrick Thomas]

Several years ago, cattle ranchers across the United States started shrinking their herds. This was due to some pretty poor financial conditions following the COVID 19 pandemic. And then in 22, we had a massive drought that made it really expensive to feed livestock. So it made more financial sense for ranchers to send their animals to market, sent more to slaughter, and essentially just shrunk their herds. And now we're in a sit where we just don't have the supply to meet demand. And that's pushed prices up to these record levels over the last year.

[Alex Osola]

Does it look like things might stay this way or are ranchers looking like they're going to expand their herds?

[Patrick Thomas]

Ranchers are just, they're really enjoying these good times. They've historically always struggled to make profits and now they're really making money. And a lot of them have decided that they're going to hold on to it. And there's not a lot of signs of significant herd rebuilding. There are more farmers over 75 than there are under 35. So some of these guys are just choosing to retire. They're not going to expand. So that creates an environment where beef is just the premier luxury protein, as some people are saying.

[Alex Osola]

What about efforts to lower prices? Earlier this month, President Trump signed an executive order allowing more beef imports. How much could that help and has it so far?

[Patrick Thomas]

What that does is they've really increased the imports of like lean ground beef, which allows for some more ground beef production. It's not enough to really move the needle broadly. And remember some of the efforts of trying to incentivize herd rebuilding. It still takes two years due to the biological clock of the animals. So once we do have rebuilding, we're still looking at high beef prices for two years at least.

[Alex Osola]

You said it was a luxury product at a time when people are feeling like their purse strings are feeling pretty tight. I mean, me personally, I really avoid buying beef as much as possible at the grocery store. How are people responding to this?

[Patrick Thomas]

By and large, demand has not fallen off. People love protein. They're really obsessed with high quality steaks. You could even say that this speaks to the K shaped economy of like, people doing well right now are still buying the high quality stuff and people are still buying the ground beef that's traditionally cheaper. So maybe it's a strange reflection on the American economy right now.

[Alex Osola]

K shaped beef consumption.

[Patrick Thomas]

Exactly.

[Alex Osola]

That was WSJ reporter Patrick Thomas. Thanks so much, Patrick.

[Patrick Thomas]

Thanks so much for having me.

[Alex Osola]

What's got Uber stock in a slump and how jet engines are being used to power AI data centers? That's after the break. This episode is brought to you by Indeed. Stop waiting around for the perfect candidate. Instead, use Indeed sponsored jobs to find the right people with the right skills fast. It's a simple way to make sure your listing is the first candidate C. According to Indeed data, sponsored jobs have four times more applicants than non sponsored jobs. So go build your dream team today with Indeed. Get a $75 sponsored job credit at Indeed.com podcast. Terms and conditions apply. Major US Indexes fell today, with the Dow leading the losses and closing down half a percent. Brent oil futures rose 1.9%, driven by the U.S. military buildup in the Middle east ahead of a possible strike on. Many investors see the robotaxi market as a two horse race between Tesla and Waymo, and that's been weighing on Uber. Its stock has lost nearly a quarter of its value over the past six months. Heard on the street columnist Dan Gallagher says investors are concerned that the ride hailing and delivery giant is falling behind.

[Dan Gallagher]

The worry with Uber is that of course they run this massive network of human drivers. If robo taxis become this wave of the future, that they're going to be displaced because maybe way more people would prefer robo taxis over human drivers. So right now there's two cities in which Waymo cars are operating essentially through the Uber app, and that's Austin and Atlanta. And so when Uber got those deals, investors thought, oh, maybe there is a place for Uber in this autonomous car world. But then Waymo has announced several cities since that it plans to expand in that don't include Uber. They're also going into another city, doing a partnership with Lyft and some of the cities they offer their cars on their own app. I don't know if it's super clear yet what the ultimate future is going to be. The cars are really expensive. They need to get a return on investment. So there's a good case to be made that Uber can boost that utilization because there's just more people using that platform to get rides.

[Alex Osola]

Dan says Uber isn't exactly sitting still on autonomous vehicles.

[Dan Gallagher]

They're making a lot of investments. They're trying a lot of things. It's hard to dismiss a company that has such a massive platform of people already using it for rides because the new players have to build a similar platform and that takes a long time.

[Alex Osola]

If there's one thing we know about artificial intelligence, it's that it takes a lot of energy. The need is so great that even jet engines are being brought on as a power source. Heard on the street columnist Jinju Lee recently spoke to host Patrick Coffey of our Tech News Briefing podcast about how it works.

[Jinju Lee]

How exactly do jet engines help power these these AI data centers? We're seeing that jet engines can be converted into natural gas fired power turbines. And in fact a lot of major power equipment manufacturers make what are called aero derivative turbines which are modeled after these very jet engines. What we're seeing now though are companies converting jet engines into aero derivative turbines because the demand is that high. Wow. So then we have some that are refurbished that were actually used in jet engines and some that are designed specifically for this purpose. Exactly. And I'm trying to imagine how that looks like just sort of like rows and rows of jet engines essentially just kind of churning. Yeah. Although aeroderivative turbines are considered to be pretty space efficient, you know, because they need to be on a jet, they have to be pretty small. They take up less space, which is good. And compared to some other types of equipment out there, they're also cleaner burning.

[Alex Osola]

That was heard on the Street. Columnist Jinju Lee speaking with our colleague Patrick Coffey. Hear more of their interview on tomorrow's episode of Tech News Briefing. And finally, we have an update on the arrest of former Prince Andrew. Earlier today, police didn't disclose the exact allegations they were investigating, but the arrest comes after disclosures about his dealings with Jeffrey Epstein that have dominated headlines in the UK Police questioned Andrew Mountbatten Windsor today, but he hasn't been charged. Police say he's been released under investigation. Earlier in the day, King Charles said he had learned of his younger brother's arrest with, quote, deepest concerns and that the royal family supported a full investigation. Mountbatten Windsor has consistently denied any wrongdoing in relation to his dealings with Epstein. He didn't respond to requests for comment. And that's what's news for this Thursday afternoon. Today's show was produced by Pierre Bienname and Alexis Moore with supervising producer Tali Arbel. I'm Alex Osola for the Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening. Foreign. Hey, this is Telus Demos and I'm Miriam Gottfried. We're reporters at the Wall Street Journal and The hosts of WSJ's take on the Week. It's a weekly show that gives listeners a leg up in the world of markets and investing. From the Fed's moves to market bubbles, we dive into the biggest deals, key players and business news ahead. If you're looking for more news and tools that you can use to help navigate the markets, consider becoming a subscriber to the Wall street journal. Visit subscribe WSJ.com takeontheweek. To subscribe now.