🎣 Top U.S. Retailers

Happy Tuesday.

The world’s economy is wobbling, supply chains are shaky, and tariff uncertainty is thick in the air. But for the top U.S. retailers? It’s business as (un)usual.

The National Retail Federation’s 2025 Top 50 Global Retailers list dropped recently. And once again, American names top the charts, led by Walmart, Amazon, Costco, and Home Depot.

Here’s how they’re navigating the chaos, and how Washington’s trade plays could shape the rest of their year.

Today's newsletter is sponsored by **TrueNorth**.

Retail Crown: How U.S. Giants Are Holding the Line in 2025

The NRF’s Top 50 Global Retailers ranks companies by global retail revenue, emphasizing international operations over domestic sales. The 2025 list is based on FY2024 data.

Walmart: Still King, But Squeezed

No surprise here: Walmart keeps the crown.

The company held firm as foot traffic bounced back and online growth cooled.
But behind the scenes, supply chain turbulence (Red Sea, Panama Canal) and 145% China tariffs are eating into margins.
Total worldwide stores: 10,692

CEO Doug McMillon and CFO John David Rainey participated in a closed-door meeting with President Trump, along with Target and Home Depot execs, to discuss the effects of sweeping tariffs. They warned the President that tariffs could lead to empty shelves.

At Walmart’s April investor conference, McMillon stated the company is “not immune” to the effects of tariffs but is “positioned to play offense."

Amazon: Scaling Smart, But Feeling the Strain

Amazon pulled in $393B and locked in the #2 spot, thanks to:

Rapid LTL expansion in the U.S.
Same-day delivery becoming the new norm
Continued global growth, despite tight consumer wallets
Total worldwide store count: 605

But it’s not bulletproof. Amazon warned of lower Q2 profits, citing rising import costs. And they’ve joined Walmart in building out rural U.S. warehouses to dodge tariff pressure from China.

Costco: Private Labels for the Win

Costco landed at #5 by leaning on its Kirkland Signature brand, giving shoppers value even as prices creep up.

Revenue is steady, but executives say trade turbulence could bite later this year.
They were at the White House tariff meetings too, pushing for predictability in trade.

Home Depot: Tariffs Hit the Toolbox

Ranked #10 globally, Home Depot is riding steady renovation demand. But it’s a tough road:

Prices on lumber, steel, and fixtures are up
Contractor loyalty is being tested
Total stores worldwide: 2,347

In 2025, rising labor costs, worker shortages, and material price hikes top the list of contractor concerns. Image Source: 2 **025 Construction Industry Hiring and Business Outlook**

Still, CEO Ted Decker remains calm:

“We’ve been here before with tariffs. We’ll work through it.”

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Quick Hits From the Top 20

The top five may get the spotlight, but U.S. retailers ranked #11–20 are quietly delivering serious results.

Here’s how they’re holding their ground amid inflation, shifting consumer trends, and a rocky trade environment.

#11 Walgreens Boots Alliance

Despite a challenging retail pharmacy landscape, Walgreens Boots Alliance reported Q1 2025 revenues of $35.9 billion, marking a 7% increase year-over-year.

CEO Tim Wentworth emphasized the company's focus on optimizing operations and cost structures to navigate the evolving market.

#15 Apple: The Luxury Retailer in Tech Clothing
Apple raked in $81B in retail revenue from just 528 stores worldwide.

Yes, its product is tech, but NRF considers its retail dominance undeniable. High margins, global cachet, and foot traffic that most retailers would kill for.

#19 TJX: The Off-Price Giant
Home of T.J. Maxx, Marshalls, and HomeGoods, TJX hit $56B in global revenue.

With over 5,000 stores, its international strategy, especially in Europe and Canada, secures its place in the top 20.

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Retail's Still Got Muscle, But It's Getting a Workout

U.S. retailers may top the NRF’s 2025 global rankings, but staying there may not be easy. Margin pressures, unpredictable tariffs, and shaky consumer sentiment mean even giants like Walmart and Amazon are playing defense.

Still, from Kirkland’s price edge to Amazon’s warehouse sprawl, these brands are adapting fast. The next few quarters will show who’s sprinting through the storm and who's just trying to stay dry.

Want the full Top 50 Retailers of 2025? Read more here.

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