Walmart's global advertising business grew 46% to nearly USD 6.4 billion in fiscal 2026, and MercadoLibre's ad revenue grew 51% in the third quarter of 2026.
Why this market is moving now
- Amazon expects advertising growth to pick up to the high teens in the fourth quarter of 2026.
- Walmart's global advertising grew 38% in the quarter to July 2026.
- Retail media is growing fast in Latin America, where MercadoLibre's ad revenue rose 51% in the third quarter of 2026.
- Amazon's advertising revenue rose from USD 46.9 billion in 2023 to USD 68.6 billion in 2025.
Key figures
Global figures for this market, with the year each one describes. Use Cite to copy a reference to this page.
| Figure | Value | Year | Cite |
|---|---|---|---|
| Amazon's worldwide advertising services net sales were USD 68.6 billion in 2025, up from USD 56.2 billion in 2024 and USD 46.9 billion in 2023. | 68.6 USD billion | 2025 | |
| Amazon's advertising services revenue was USD 19.6 billion in the third quarter of 2026, up 12% year on year excluding currency effects. | 19.6 USD billion (quarter) | 2026 | |
| Amazon expects advertising revenue to grow in the high teens year on year in the fourth quarter of 2026, after timing effects linked to Prime Day held third-quarter growth to 12%. | 12 % growth excluding FX (Q3 2026) | 2026 | |
| Walmart's global advertising business grew 46% to nearly USD 6.4 billion in fiscal 2026, ended 31 January 2026, including VIZIO. | 6.4 USD billion (nearly) | 2026 | |
| Walmart's global advertising business grew 38% in the quarter ended 31 July 2026. | 38 % growth | 2026 | |
| MercadoLibre's advertising revenue grew 51% year on year on an FX-neutral basis in the third quarter of 2026, and most of it is retail media on its marketplace. | 51 % growth (FX-neutral) | 2026 | |
| Instacart's advertising and other revenue was USD 1,065 million in 2025, up from USD 958 million in 2024. | 1,065 USD million | 2025 |
Calculated figures (shares, changes and prices per kilogram) are plain arithmetic on the reported values. Read how we work.
Companies to watch
Amazon
Earned USD 68.6 billion of worldwide advertising services revenue in 2025, including video and other non-retail ads.
Walmart (Walmart Connect, VIZIO)
Global advertising business of nearly USD 6.4 billion in fiscal 2026, up 46%.
MercadoLibre
Latin American marketplace whose ad revenue grew 51% FX-neutral in Q3 2026, mostly retail media.
Instacart (Maplebear)
Advertising and other revenue of USD 1,065 million in 2025.
Target (Roundel)
In-house retail media network selling ads mainly to merchandise vendors (
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 global market - 03Global market size, 2021 to 2025
Historical series and growth rates - 04Countries and regions
Demand, supply and trade by country and region - 05Outlook to 2031
Base, low and high scenarios with stated assumptions - 06Rules, policy and deadlines
Regulation and programmes that change demand - 07Drivers and barriers
What accelerates or slows adoption, by customer segment - 08Prices, costs and margins
Unit economics where public data allows - 09Competitive landscape
8 to 12 company profiles with recent moves - 10Opportunities and risks
For new entrants, suppliers and investors - 11Method and assumptions
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Frequently asked questions
How big is the global retail media market?
The largest sellers show its scale. Amazon earned USD 68.6 billion from advertising services worldwide in 2025, and Walmart's global advertising reached nearly USD 6.4 billion in fiscal 2026.
Who are the largest retail media networks?
Amazon leads with USD 68.6 billion of 2025 advertising revenue. Walmart follows with nearly USD 6.4 billion, and Instacart earned USD 1,065 million from advertising and other revenue.
How fast is retail media growing?
Walmart's global advertising grew 38% in the quarter to July 2026. MercadoLibre's ad revenue grew 51% FX-neutral in the third quarter of 2026, and Amazon's grew 12%.
How much does Amazon make from advertising?
Amazon earned USD 68.6 billion from advertising services in 2025 and USD 19.6 billion in the third quarter of 2026. It expects high teens growth in the fourth quarter.
Is retail media growing outside the United States?
Yes. MercadoLibre's advertising revenue in Latin America grew 51% FX-neutral in the third quarter of 2026, and most of it is retail media on its marketplace.
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