Largest ecommerce companies in the world: the top 15 by revenue from their annual reports

This list is for companies that sell to e-commerce businesses (logistics, payments, software, marketing and data vendors) and for anyone who needs a current, sourced ranking of the world's biggest online retailers and marketplaces. Each figure comes from the company's own 10-K or 20-F filed with the SEC, opened and checked, with the fiscal year it covers.

The 15 largest ecommerce companies by revenue

Revenue is total revenue as reported in each company's latest 10-K or 20-F filed by 30 October 2026; MercadoLibre's figure is its "net revenues and financial income", which includes its fintech business. Yuan figures are converted at the Federal Reserve's 2025 average of 7.1875 yuan per dollar; the filings' own convenience translations use a different rate, so dollar figures quoted elsewhere may differ slightly. Change compares with the prior year in the same filing, in the reporting currency. Headquarters are the principal office addresses on file with the SEC.

Some rows need a note. Amazon's total includes AWS ($128.7 billion) and advertising. Alibaba's includes its cloud business ($22.0 billion). Sea's includes Garena's games and its Monee financial services. Coupang reports from a Seattle address, but its 10-K says it has "historically generated a substantial majority of our revenue from sales in Korea".

E-commerce revenue only: Amazon, Walmart, JD and Alibaba

Company totals mix e-commerce with cloud, ads and stores. Taking only the online commerce lines each company reports changes the picture at the top:

Walmart doesn't appear in the main table because most of its $713.2 billion of revenue comes from stores. But its 10-K's eCommerce figures put it third among the world's online sellers, and its US eCommerce sales grew from $79.3 billion to $99.6 billion in a year.

GMV versus revenue

Marketplaces and platforms report gross merchandise volume (GMV), the value of goods sold through them, which is far larger than their revenue:

GMV tells you how much commerce a platform touches; revenue tells you how much it keeps. A ranking by GMV would put Shopify near the top, because merchants, not Shopify, make the sale. That's also why Shopify is in this list at all: it's an e-commerce company whose customers are other e-commerce companies.

How we built the list

1. Who counts. Companies whose main business is selling goods online, either as retailer or marketplace, plus Shopify as the largest commerce platform, that file annual reports with the SEC. Omnichannel retailers whose revenue mostly comes from stores (Walmart, Costco, Target) are covered in the separate online-sales table, not ranked.
2. Measure. Total revenue as each company reports it, for the latest fiscal year with a filing by 30 October 2026. We opened every filing and matched the figure to its income statement.
3. Currency. Yuan at 7.1875 per dollar, the Federal Reserve's 2025 annual average (G.5A release of 5 January 2026). Alibaba's year ends in March 2026; we used the same 2025 rate for simplicity.
4. What's missing. E-commerce companies that don't file with the SEC, such as some European, Japanese and Indian online retailers, and private companies that don't publish audited results. On-demand delivery platforms are left out as a different business.

Market research firms publish rankings by estimated online sales or GMV. They can be useful for market share, but their figures are modeled, not reported, so they won't match this table.

What the list is good for if you sell B2B

Decide whether you sell to the platform or to its merchants. The platforms on this list are a few dozen enterprise accounts with large in-house engineering teams; they build much of what they use. The merchants on them are millions of businesses. Amazon's third-party seller services revenue, $172.2 billion in 2025, is commissions and fulfillment fees paid by sellers, which shows how much those sellers spend just to sell there. Shopify's $378.4 billion of GMV is sold by its merchants, each of whom buys logistics, payments, apps, ads and agency help.

Segment by model.

Where the buying happens. At the platforms, budgets sit with functional leaders (logistics, trust and safety, marketing, payments) and go through formal vendor security review. At merchants, the owner or head of e-commerce usually decides up to mid-size, and an operations or growth lead takes over as they grow. To find merchants on a given platform, use the store technology they run: our guide to finding companies that use a technology explains how, and technographics defines the data behind it.

Worked example

Illustrative example. Cartwheel Fulfillment (cartwheel.example) runs warehouses for online brands and earns about $1.20 of gross profit per order shipped. It targets Shopify merchants shipping 100,000 to 500,000 orders a year.

• Value of one account: a merchant shipping 200,000 orders a year is worth 200,000 x $1.20 = $240,000 of annual gross profit.
• Pipeline needed: to add $2.4 million of gross profit a year, Cartwheel needs 10 such accounts. At a 20% win rate from qualified opportunities, that's 50 qualified merchants.
• Who to call: at a merchant this size, the head of operations or the founder. The trigger is usually growth: a jump in orders, a new marketplace channel or a move into wholesale.

The platform list tells Cartwheel where the merchants are; the merchants are the accounts. At volume, finding merchants by platform and researching each one is the slow part; Bebop finds matching companies and writes the research for each.

Next step: build the merchant list with our guide to finding companies that use a technology.