In this episode:

• For the first time in 13 years, Walmart has lost the #1 revenue crown. Amazon posted $716.9B in FY2025 revenue versus Walmart's $713.2B — a $3.7B gap driven by AWS and relentless e-commerce growth.
• Walmart's Q4 tells the other side of thestory: $190.7B in revenue, operatingincome up 26%, and e-commerce up 27%.
• At CAGNY 2026, a clear divide emerged across the CPG industry. AI-nativeoperators like P&G, Coca-Cola, Conagra, and Colgate-Palmolive areaccelerating
• Tariffs are reaching shelves. Import prices are up 6.8%, domestic up 4.8%,and retailers from Walmart to Levi's to Columbia are confirming priceincreases are coming or already in effect.
• NIQ's latest data shows most Americans have not used AI tools for shopping decisions despite significant retailer and brand investment.
• Target delivered a strong quarter under new CEO Michael Fiddelke: Q4 EPSof $2.44 versus the $2.16 consensus, beating estimates in his first earnings report.
• Forrester projects US e-commerce will reach $1.8 trillion by 2030,composing 29% of all retail sales.