Source: Amazon.com, Inc.
Why this market is moving now
- Amazon's advertising services revenue grew from $56.2 billion in 2024 to $68.6 billion in 2025.
- Walmart's global advertising business grew 46% in fiscal 2026 and 38% in the latest reported quarter.
- Retailers beyond the largest two, including Target and Kroger, now describe retail media as a distinct business line.
Key figures
Each figure names the source it came from. Open the source list below to read the quoted line.
| Figure | Value | Year | Source |
|---|---|---|---|
| Amazon's advertising services net sales were $68,635 million in 2025, up from $56,214 million in 2024 and $46,906 million in 2023. | 68.6 USD billion | 2025 | Amazon.com, Inc. |
| Walmart's global advertising business grew 46% to nearly $6.4 billion in fiscal 2026 (year ended 31 January 2026), including VIZIO. | 6.4 USD billion | 2026 | Walmart Inc. |
| In Walmart's fiscal Q4 2026, global advertising rose 37% including VIZIO, and Walmart Connect in the US rose 41%. | 41 % growth (Walmart Connect US, Q4 FY26) | 2026 | Walmart Inc. |
| In the quarter ended 31 July 2026, Walmart's global advertising business grew 38% and Walmart U.S. advertising grew 38%. | 38 % growth | 2026 | Walmart Inc. |
| Instacart's advertising and other revenue was $1,065 million in 2025, up 11% from $958 million in 2024 and $871 million in 2023. | 1,065 USD million | 2025 | Maplebear Inc. |
| Target says Roundel, its in-house retail media network, offers advertising services on digital platforms primarily to its merchandise vendors. | n/a company description | 2025 | Target Corporation |
| Kroger describes Kroger Precision Marketing as its retail media business and calls it a significant and growing opportunity. | n/a company description | 2025 | The Kroger Co. |
Sources and method
The figures on this page come from the public sources listed below. Read how we work.
- Amazon.com, Inc.: Form 10-K for the fiscal year ended December 31, 2025 (2026-02-06)
Quoted lines
- Figure 1
Advertising services (4) 46,906 56,214 68,635
- Figure 1
- Walmart Inc.: Walmart Releases Q4 and FY26 Earnings (2026-02-19)
Quoted lines
- Figure 2
Global advertising business 3 grew 46% to nearly $6.4 billion, including VIZIO
- Figure 3
Global advertising business 3 up 37%, including VIZIO; Walmart Connect in the U.S. up 41%
- Figure 2
- Walmart Inc.: Walmart Releases Q2 FY27 Earnings (2026-08-20)
Quoted lines
- Figure 4
Global advertising business 3 up 38%, with strength across segments. Walmart U.S. advertising up 38%
- Figure 4
- Maplebear Inc.: Form 10-K for the fiscal year ended December 31, 2025 (2026-02-26)
Quoted lines
- Figure 5
Advertising and other 871 958 1,065
- Figure 5
- Target Corporation: 2025 Form 10-K (fiscal year ended 31 January 2026) (2026-03-11)
Quoted lines
- Figure 6
Roundel, our in-house retail media network, offers advertising services on a variety of digital platforms primarily to our merchandise vendors
- Figure 6
- The Kroger Co.: Form 10-K for the fiscal year ended 31 January 2026 (2026-03-31)
Quoted lines
- Figure 7
We believe our retail media business represents a significant and growing opportunity.
- Figure 7
Companies to watch
Amazon
Largest US retail ad seller in filings: advertising services revenue of $68,635 million in 2025 (sponsored ads, display and video).
Walmart (Walmart Connect, VIZIO)
Global advertising business grew to nearly $6.4 billion in fiscal 2026.
Instacart (Maplebear)
Advertising and other revenue of $1,065 million in 2025.
Target (Roundel)
In-house retail media network selling ads mainly to merchandise vendors.
Kroger (Kroger Precision Marketing)
Retail media business built on first-party shopper data.
What the full report covers
- 01Executive summary
The answer in one page: size, direction and what moves it - 02Market definition and scope
What is in and out of the United States market - 03Market size, 2021 to 2025
Historical series and growth rates - 04Outlook to 2031
Base, low and high scenarios with stated assumptions - 05Rules, policy and deadlines
Regulation and programmes that change demand - 06Drivers and barriers
What accelerates or slows adoption, by customer segment - 07Prices, costs and margins
Unit economics where public data allows - 08Competitive landscape
8 to 12 company profiles with recent moves - 09Opportunities and risks
For new entrants, suppliers and investors - 10Method and sources
Every assumption and source, listed
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Frequently asked questions
How big is retail media in the US?
There is no single published total. Company filings show Amazon advertising services revenue of $68.6 billion in 2025 (includes non-retail ads), Walmart's global advertising at nearly $6.4 billion and Instacart's advertising and other revenue at $1,065 million.
How fast is Walmart's advertising business growing?
Walmart reported 46% growth to nearly $6.4 billion in fiscal 2026, and 38% growth in the quarter ended 31 July 2026.
How much does Amazon make from advertising?
Amazon's 10-K shows advertising services net sales of $68,635 million in 2025, up from $56,214 million in 2024.
Which retailers run retail media networks?
Amazon, Walmart (Walmart Connect), Instacart, Target (Roundel) and Kroger (Kroger Precision Marketing) all describe retail media businesses in their SEC filings.
What is Roundel?
Roundel is Target's in-house retail media network, which Target says offers advertising services on a variety of digital platforms primarily to its merchandise vendors.
Is retail media growing faster than the retailers' sales?
For Walmart, yes. Its advertising business grew 38% in the quarter to July 2026 while total revenue grew 5.9%.
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