Peter MokoenaThis guide ranks the 50 largest businesses in the world by their annual revenue, based on the most recent data compiled from authoritative financial sources including Fortune 500, FinanceCharts, and Capital.com. The shift at the top of this list is historic. For the first time since Fortune began tracking the Global 500, Walmart has been unseated as the world’s largest company by revenue. Amazon now claims the crown after years of relentless growth in both e-commerce and cloud computing.
The table below lists the 50 biggest businesses by revenue, from the largest down. Revenue figures are in US dollars and represent the most recent full fiscal year available.
| Rank | Company | Revenue (USD) | Sector | Country |
|---|---|---|---|---|
| 1 | Amazon | $742.8 billion | Consumer Discretionary | USA |
| 2 | Walmart | $713.2 billion | Consumer Staples | USA |
| 3 | Apple | $451.4 billion | Information Technology | USA |
| 4 | UnitedHealth Group | $449.7 billion | Health Care | USA |
| 5 | Alphabet (Google) | $422.5 billion | Communication Services | USA |
| 6 | PetroChina | $419.5 billion | Energy | China |
| 7 | Sinopec (China Petroleum & Chemical) | $407.7 billion | Energy | China |
| 8 | CVS Health | $402.1 billion | Health Care | USA |
| 9 | McKesson | $398.0 billion | Health Care | USA |
| 10 | Volkswagen Group | $377.5 billion | Consumer Discretionary | Germany |
| 11 | Berkshire Hathaway | $371.4 billion | Financials | USA |
| 12 | Saudi Aramco | $480.2 billion | Energy | Saudi Arabia |
| 13 | Microsoft | $318.3 billion | Information Technology | USA |
| 14 | Cencora | $325.8 billion | Health Care | USA |
| 15 | Exxon Mobil | $323.9 billion | Energy | USA |
| 16 | Toyota Motor | $321.3 billion | Consumer Discretionary | Japan |
| 17 | Shell | $266.9 billion | Energy | UK |
| 18 | Hon Hai Precision (Foxconn) | $256.2 billion | Information Technology | Taiwan |
| 19 | HSBC Holdings | $251.6 billion | Financials | UK |
| 20 | Glencore | $247.5 billion | Materials | Switzerland |
| 21 | Bullish | $244.8 billion | Financials | Cayman Islands |
| 22 | Cardinal Health | $244.7 billion | Health Care | USA |
| 23 | ICBC (Industrial & Commercial Bank of China) | $228.1 billion | Financials | China |
| 24 | Samsung Electronics | $226.5 billion | Information Technology | South Korea |
| 25 | Bank of China | $219.1 billion | Financials | China |
| 26 | NVIDIA | $215.9 billion | Information Technology | USA |
| 27 | Meta Platforms | $215.0 billion | Communication Services | USA |
| 28 | Agricultural Bank of China | $203.3 billion | Financials | China |
| 29 | Elevance Health | $200.4 billion | Health Care | USA |
| 30 | China Construction Bank | $200.3 billion | Financials | China |
| 31 | Centene | $194.8 billion | Health Care | USA |
| 32 | BP | $194.7 billion | Energy | UK |
| 33 | JPMorgan Chase | $285.1 billion | Financials | USA |
| 34 | Costco Wholesale | $286.3 billion | Consumer Staples | USA |
| 35 | TotalEnergies | $200.0 billion | Energy | France |
| 36 | Cigna Group | $274.9 billion | Health Care | USA |
| 37 | Ford Motor | $176.0 billion | Consumer Discretionary | USA |
| 38 | General Motors | $171.8 billion | Consumer Discretionary | USA |
| 39 | China State Construction | $170.0 billion | Industrials | China |
| 40 | China Mobile | $169.0 billion | Telecommunications | China |
| 41 | Verizon Communications | $168.0 billion | Telecommunications | USA |
| 42 | Comcast | $167.0 billion | Telecommunications | USA |
| 43 | AT&T | $166.0 billion | Telecommunications | USA |
| 44 | Huawei | $165.0 billion | Information Technology | China |
| 45 | JD.com | $164.0 billion | Consumer Discretionary | China |
| 46 | Kroger | $163.0 billion | Consumer Staples | USA |
| 47 | Fannie Mae | $162.0 billion | Financials | USA |
| 48 | Pinduoduo | $161.0 billion | Consumer Discretionary | China |
| 49 | Bank of America | $196.5 billion | Financials | USA |
| 50 | Ping An Insurance | $160.0 billion | Financials | China |
Company Descriptions
1. Amazon (Revenue: $742.8 billion)
Amazon broke Walmart’s 13-year streak to claim the top spot in 2026. Its e-commerce dominance is now complemented by Amazon Web Services (AWS), which contributed $128.7 billion in cloud revenue. AWS accounts for over half the company’s operating profit, proving that cloud computing is the engine powering its retail empire.
2. Walmart (Revenue: $713.2 billion)
The world’s largest employer continues to generate staggering sales through over 10,000 stores globally. Walmart trails Amazon by less than $30 billion, a gap that narrowed in recent years. Its investments in e-commerce infrastructure and marketplace expansion have helped it remain highly competitive in the digital age.
3. Apple (Revenue: $451.4 billion)
Apple’s ecosystem of iPhones, Macs, iPads, and services generates over $450 billion annually. The company’s ability to command premium prices and maintain customer loyalty is unmatched. With net income exceeding $122 billion, Apple is also one of the most profitable companies in the world.
4. UnitedHealth Group (Revenue: $449.7 billion)
The largest health insurer in the United States, UnitedHealth also operates Optum, a massive health services arm providing technology, pharmacy, and direct care. Its diversified model has made it a healthcare powerhouse with consistent double-digit growth.
5. Alphabet (Google) (Revenue: $422.5 billion)
Google Search, YouTube, and Android dominate online advertising globally. Google Cloud is a fast-growing third pillar. With net income of $160 billion and margins exceeding 30%, Alphabet is one of the most profitable companies relative to its revenue.
6. PetroChina (Revenue: $419.5 billion)
China’s state-owned oil and gas giant is one of the world’s largest energy companies. It is vertically integrated across exploration, refining, and marketing, serving the massive Chinese domestic market.
7. Sinopec (China Petroleum & Chemical) (Revenue: $407.7 billion)
Sinopec is China’s largest oil refiner and a major chemical producer. It processes vast quantities of crude oil into fuels, lubricants, and petrochemicals for China’s industrial economy.
8. CVS Health (Revenue: $402.1 billion)
CVS operates one of the largest pharmacy chains in the US alongside a massive pharmacy benefit manager. Its acquisition of Aetna transformed it into a vertically integrated healthcare giant.
9. McKesson (Revenue: $398.0 billion)
McKesson is a global leader in pharmaceutical distribution. It delivers billions of doses of medication to pharmacies, hospitals, and clinics annually, operating as a critical link in the healthcare supply chain.
10. Volkswagen Group (Revenue: $377.5 billion)
Volkswagen is one of the world’s largest automakers, owning brands including Audi, Porsche, Škoda, and SEAT. It has invested heavily in electric vehicles, competing directly with Tesla in key markets.
11. Berkshire Hathaway (Revenue: $371.4 billion)
Warren Buffett’s conglomerate owns Geico, BNSF Railway, and numerous utilities and manufacturing companies. It also holds massive stock positions in Apple, Bank of America, and Coca-Cola. Its diverse portfolio makes it a proxy for the entire US economy.
12. Saudi Aramco (Revenue: $480.2 billion)
Saudi Aramco is the world’s most profitable company, with net income exceeding $100 billion annually. It holds the largest proven oil reserves on Earth and extracts oil at the lowest costs in the industry. Even after accounting adjustments, it remains an energy colossus.
13. Microsoft (Revenue: $318.3 billion)
Microsoft dominates enterprise software with Windows, Office, and Azure cloud infrastructure. Its strategic partnership with OpenAI has positioned it at the center of the artificial intelligence revolution. Net income of $125 billion reflects its enviable profit margins.
14. Cencora (Revenue: $325.8 billion)
Formerly AmerisourceBergen, Cencora is a global pharmaceutical sourcing and distribution services company. It connects pharmaceutical manufacturers with healthcare providers, operating on razor-thin margins but massive volume.
15. Exxon Mobil (Revenue: $323.9 billion)
The largest Western oil company by market cap, Exxon Mobil is the descendant of John D. Rockefeller’s Standard Oil. Its global upstream and downstream operations generate substantial revenue, though profits fluctuate with crude prices.
16. Toyota Motor (Revenue: $321.3 billion)
Toyota is the world’s largest automaker by volume. It pioneered lean manufacturing and hybrid technology with the Prius. While slower than some rivals to embrace fully electric vehicles, Toyota’s profitability and reliability remain industry-leading.
17. Shell (Revenue: $266.9 billion)
The British-Dutch energy giant has aggressively invested in low-carbon energy, including hydrogen, solar, and wind power. Shell balances traditional oil and gas production with a transition strategy aimed at net-zero emissions.
18. Hon Hai Precision (Foxconn) (Revenue: $256.2 billion)
Foxconn is the world’s largest electronics manufacturer. It assembles iPhones for Apple, among countless other devices for global tech brands. Its massive scale and efficiency are unparalleled in contract manufacturing.
19. HSBC Holdings (Revenue: $251.6 billion)
HSBC is a global banking giant with a strong focus on Asia. Its revenues reflect its position as a leading trade finance bank and wealth manager, connecting Western capital with Eastern growth.
20. Glencore (Revenue: $247.5 billion)
Glencore is one of the world’s largest commodity trading and mining companies. It deals in everything from copper and cobalt to coal and grain, serving as a middleman for global industrial supply chains.
21. Bullish (Revenue: $244.8 billion)
Bullish is a cryptocurrency and blockchain-focused financial services company. Its inclusion at this revenue level reflects the growing scale of the digital asset industry, though its reported figures are subject to the volatility of crypto markets.
22. Cardinal Health (Revenue: $244.7 billion)
Cardinal Health is a major pharmaceutical distributor and medical products manufacturer. It delivers medications to thousands of hospitals, pharmacies, and clinics across the United States.
23. Industrial and Commercial Bank of China (ICBC) (Revenue: $228.1 billion)
ICBC is the largest bank in the world by assets. It is a state-owned institution that finances China’s infrastructure projects and industrial policies. Its revenues reflect the scale of China’s state-directed economy.
24. Samsung Electronics (Revenue: $226.5 billion)
Samsung is a South Korean technology giant. It is the world’s largest manufacturer of memory chips, smartphones, and consumer electronics. Its semiconductor division is critical to the global supply chain for AI and data center hardware.
25. Bank of China (Revenue: $219.1 billion)
Bank of China is the most international of China’s “Big Four” banks. It has a significant presence in global financial centers and handles much of China’s cross-border trade and investment flows.
26. NVIDIA (Revenue: $215.9 billion)
NVIDIA is the engine of the artificial intelligence revolution. Its graphics processors power the data centers and AI systems reshaping industries worldwide. The company’s revenue has grown at an astonishing triple-digit rate.
27. Meta Platforms (Revenue: $215.0 billion)
Facebook, Instagram, WhatsApp, and Threads are the pillars of Meta’s social media empire. The company generates the vast majority of its revenue from digital advertising, with engagement across its apps remaining high globally.
28. Agricultural Bank of China (Revenue: $203.3 billion)
Agricultural Bank of China serves the nation’s agricultural sector and rural communities. Its vast branch network reaches deep into China’s countryside, making it a key vehicle for rural development financing.
29. Elevance Health (Revenue: $200.4 billion)
Formerly Anthem, Elevance Health is a major US health insurer operating Blue Cross Blue Shield plans in multiple states. It also provides pharmacy and healthcare services through its diversified subsidiaries.
30. China Construction Bank (Revenue: $200.3 billion)
China Construction Bank focuses on funding construction and real estate development across the country. It is one of China’s “Big Four” banks and plays a central role in financing urban expansion.
31. Centene (Revenue: $194.8 billion)
Centene specializes in government-sponsored health insurance, including Medicaid and Affordable Care Act marketplace plans. It serves millions of low-income and underserved Americans.
32. BP (Revenue: $194.7 billion)
BP is a British oil and gas major that has set ambitious targets to reduce its carbon emissions. It is investing heavily in renewable energy, including solar and wind, while maintaining its traditional fossil fuel operations.
33. JPMorgan Chase (Revenue: $285.1 billion)
JPMorgan Chase is the largest bank in the United States. Its revenues come from consumer banking, investment banking, asset management, and trading. It is a diversified financial powerhouse with a global footprint.
34. Costco Wholesale (Revenue: $286.3 billion)
Costco operates membership-only warehouse clubs. Its business model relies on low markups and high volume. Customer loyalty is exceptionally strong, and its employees are well-compensated by retail industry standards.
35. TotalEnergies (Revenue: $200.0 billion)
TotalEnergies is a French energy supermajor. It has been more aggressive than some peers in investing in renewable energy and electricity, while also maintaining significant oil and gas production.
36. Cigna Group (Revenue: $274.9 billion)
Cigna is a global health insurance and health services company. It also operates a large pharmacy benefit manager and provides health coverage to employers and individuals worldwide.
37. Ford Motor (Revenue: $176.0 billion)
Ford is one of the oldest and most iconic American automakers. It has pivoted heavily toward electric vehicles, with the Mustang Mach-E and F-150 Lightning representing its commitment to an electrified future.
38. General Motors (Revenue: $171.8 billion)
GM is another Detroit giant that has invested billions in electric and autonomous vehicles. Its Ultium battery platform underpins a new generation of EVs across its Chevrolet, Cadillac, and GMC brands.
39. China State Construction (Revenue: $170.0 billion)
China State Construction is the country’s largest construction and engineering company. It built many of China’s most iconic skyscrapers and infrastructure projects and is expanding internationally.
40. China Mobile (Revenue: $169.0 billion)
China Mobile is the world’s largest telecommunications provider by subscribers. It operates China’s largest 5G network and is a state-owned enterprise with a near-ubiquitous presence across the country.
41. Verizon Communications (Revenue: $168.0 billion)
Verizon is one of the largest wireless providers in the United States. Its 5G network covers most of the country, and it has invested heavily in fiber infrastructure and media assets.
42. Comcast (Revenue: $167.0 billion)
Comcast is a telecommunications and media conglomerate. It owns the Xfinity cable and internet service, the NBCUniversal media empire (including Universal Studios), and Sky television in Europe.
43. AT&T (Revenue: $166.0 billion)
AT&T is a US telecommunications giant with a legacy dating back to Alexander Graham Bell. It provides wireless, broadband, and pay-TV services to millions of American households and businesses.
44. Huawei (Revenue: $165.0 billion)
Huawei is a Chinese technology giant that is a world leader in telecommunications equipment. Despite US sanctions, the company has maintained strong revenue through its 5G infrastructure and consumer device businesses.
45. JD.com (Revenue: $164.0 billion)
JD.com is China’s largest direct e-commerce retailer. Unlike Alibaba’s marketplace model, JD sells products directly to customers and controls its own logistics network, ensuring fast delivery.
46. Kroger (Revenue: $163.0 billion)
Kroger is the largest supermarket chain in the United States by revenue. It operates thousands of grocery stores under various regional brand names and has invested heavily in e-commerce and delivery.
47. Fannie Mae (Revenue: $162.0 billion)
Fannie Mae is a government-sponsored enterprise that guarantees mortgages in the United States. It does not lend directly but provides liquidity to the housing market by purchasing and securitizing home loans.
48. Pinduoduo (Revenue: $161.0 billion)
Pinduoduo is a fast-growing Chinese e-commerce platform known for its group-buying model and deep discounts. It has successfully penetrated lower-tier cities in China where other platforms have less presence.
49. Bank of America (Revenue: $196.5 billion)
Bank of America is one of the largest banks in the United States. It serves millions of consumer, small business, and corporate clients. Its investment banking and trading divisions are major players on Wall Street.
50. Ping An Insurance (Revenue: $160.0 billion)
Ping An is China’s largest insurance company. It has evolved into a technology-driven financial conglomerate offering banking, asset management, and health services alongside its core insurance products.
Key Trends In The Revenue Rankings
The Amazon-Walmart Rivalry
The most significant shift in this year’s rankings is Amazon overtaking Walmart. Walmart held the top spot for 13 consecutive years, a testament to its unrivaled global retail infrastructure. However, Amazon’s revenue grew at roughly three times Walmart’s average annual rate between 2018 and 2025. The primary driver of this growth is not e-commerce alone. Amazon Web Services (AWS) generated $128.7 billion in revenue and contributed the majority of Amazon’s operating profit. This demonstrates that the “Amazon economy” is now as much about technology as it is about shipping boxes.
The Dominance of Technology
Technology companies populate the top ranks in unprecedented numbers. Apple at number three, Alphabet at number five, Microsoft at number thirteen, NVIDIA at twenty-six, and Meta at twenty-seven all generate hundreds of billions in annual revenue. NVIDIA’s revenue growth has been explosive, driven by demand for AI chips. Microsoft’s cloud and software businesses continue to scale. The shift from industrial to digital dominance is now complete.
The Power of Healthcare
Healthcare is the unsung hero of the revenue rankings. UnitedHealth, CVS Health, McKesson, Cencora, Elevance Health, Centene, and Cigna all rank within the top 40. These companies operate on relatively thin margins but handle enormous volumes of prescriptions, insurance claims, and medical services. The aging populations of developed countries and rising healthcare costs suggest this sector’s revenue dominance will only grow.
The Resilience Of Energy
Despite the global push toward renewable energy, oil and gas majors remain revenue powerhouses. Saudi Aramco, PetroChina, Sinopec, Exxon Mobil, Shell, and BP prove that fossil fuels still drive a substantial portion of the global economy. Their profits, while volatile with oil prices, can be staggering. Saudi Aramco consistently reports net income exceeding $100 billion annually.
The Rise Of China
Chinese companies hold numerous positions in the top 50, including PetroChina, Sinopec, ICBC, Bank of China, Agricultural Bank of China, China Construction Bank, and Ping An Insurance. China’s state-owned banks are among the largest in the world by assets, reflecting the scale of the country’s planned economy. While US companies dominate the very top of the list, China’s corporate giants reflect its status as the world’s second-largest economy.
The Changing Of The Guard
The recent revenue rankings mark a symbolic transition. For decades, the world’s largest companies were automakers (General Motors, Ford), energy companies (Exxon, Shell), or retailers (Walmart). Today, technology and cloud computing have displaced traditional industrial giants. The companies that define the modern era are not the ones that move physical goods but the ones that move data, provide digital services, and build the infrastructure of the information age.
However, the rankings also show remarkable resilience. Walmart, despite losing the top spot, remains a colossus. Saudi Aramco, despite not being the largest by revenue, is still the most profitable company on Earth. The global economy is increasingly complex, with different sectors—technology, healthcare, energy, retail, and finance—all producing giants of their own.
Conclusion
The 50 largest businesses in the world by revenue collectively generate over $15 trillion annually, an amount that exceeds the GDP of every country except the United States and China. These companies shape the global economy in profound ways. Amazon defines how we shop and how we compute in the cloud. Walmart defines how goods move across continents. Apple defines how we communicate. UnitedHealth defines how we access healthcare. Saudi Aramco defines how we fuel our world.
The revenue rankings tell a story of concentration and diversification. There is concentration in the sense that a small number of US technology and healthcare companies dominate the top tiers. There is diversification in the spread across energy, retail, finance, and manufacturing. The presence of Chinese state-owned enterprises alongside American private corporations reflects the competing economic models of the world’s two largest economies.
What is perhaps most striking is how quickly the rankings can change. A decade ago, Nvidia was not on this list. Today, it stands at number twenty-six with over $200 billion in revenue, growing faster than almost any company in history. A decade from now, the list will look different again. New technologies will emerge. New companies will rise. Some giants will fall.
But the essential truth remains. The world’s largest companies are the engines of the global economy. Their revenues reflect not just their own success but the purchasing power, healthcare needs, energy demands, and technological aspirations of billions of people. They are the titans of our time, and their revenues tell the story of how we live, work, and consume.