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Fortune Global 500 2026 (Primary · fortune.com) · Released July 28, 2026 · FY2025 Revenues · 37th Edition
Global Corporate Rankings · FY2025
Ranked: The World’s Biggest
Companies by Revenue
For 12 years, Walmart was the world’s largest company by revenue. In 2025, Amazon took that title with $716.9 billion — separated from Walmart by less than $4 billion. The Fortune Global 500 just had its most profitable year on record. Alphabet became the most profitable company on earth. Here is the complete ranking.
$716.9B
Amazon revenue FY2025 · new #1 · ending Walmart’s 12-year run
$3.39T
Fortune G500 combined profits · most profitable year ever · +14%
$132B
Alphabet net profit · world’s most profitable company · 2025
$43.1T
G500 combined revenues · >1/3 of world GDP · 70.2 million employees
Visualization 01 — Fortune Global 500 2026 · Top 10
The World’s Largest Companies by Revenue
FY2025 revenues. Bars scaled to Amazon’s confirmed $716.9B. Revenue figures shown where confirmed from company primary filings; rank shown only where FY2025 revenue is not publicly confirmed. Source: Fortune Global 500 2026 (primary · fortune.com · directly fetched · July 28, 2026) · individual company investor relations.
New #1 — historic
12-year reign ended
State-owned
Profit under pressure
New top-10 entrant
Most profitable
#1
🇺🇸 AmazonNew #1 · Historic
+12% YoY from $638B · first time at #1 in company history · only the 6th company ever to hold the top spot in 37 years of the Fortune Global 500 · $200B capital commitment (largely AI infrastructure)
$716.9Bconfirmed · IR
#2
🇺🇸 Walmart12-year reign ends
+4.8% YoY · still the world’s largest physical retailer · less than $4 billion separates #1 and #2 — the narrowest gap in decades · grocery dominance keeps Walmart close
$713.2Bconfirmed · IR
#3
🇨🇳 State Grid CorporationChina state utility
China’s national electric utility · one of the world’s largest employers · does not publish revenues in Western formats · revenue held steady at #3 between Walmart and UnitedHealth
#3 rankFY2025
#4
🇺🇸 UnitedHealth GroupProfit pressure
Revenue +12% YoY · but net profit fell to $12.1 billion — lowest since 2018 · medical costs surged · executive turmoil hit the company · revenue growth cannot always offset rising costs
$447.6Bconfirmed · IR
#5
🇸🇦 Saudi AramcoEnergy under pressure
World’s largest oil company · profit fell 11.6% in 2025 due to lower crude oil prices · still #5 by revenue · revenue held between UnitedHealth and Apple in the rankings
#5 rankFY2025
#6
🇺🇸 AppleTech giant
+6% YoY · iPhone, Mac, Services all growing · the only Big Tech company to make it this high on the REVENUE list · services revenue growing faster than hardware
$416Bconfirmed · IR
#7
🇺🇸 McKessonNew top-10 entry
Fortune: “health care colossus — one of 138 companies on the list since 1995” · pharmaceutical distribution at massive scale · most people have never heard of it · that’s the point
#7 rankFY2025
#8
🇺🇸 AlphabetMost profitable
#8 by REVENUE but #1 by PROFIT: $132.17 billion net income — the second-highest profit ever recorded for any Fortune Global 500 company · AI growth driving margins higher
#8 rankprofit: $132B
#9
🇺🇸 CVS HealthRecord revenue
Record FY2025 revenue · +7.8% YoY · pharmacy + insurance + MinuteClinic model · US healthcare’s scale means pharmacies can be this large
$402.1Bconfirmed · IR
#10
🇨🇳 China National PetroleumChina state energy
China’s largest oil and gas company · state-owned · operations in 30+ countries · fell under pressure from lower crude prices in 2025 · still a top-10 revenue giant
#10 rankFY2025
Visualization 02 — The Race to #1
Who Has Held the Top Spot — and How the Gap Closed
Only six companies have ever been #1 in 37 years of the Fortune Global 500. The story of who gets to sit at the top of the global economy. Source: Fortune Global 500 2026 (primary · fortune.com).
1995–2000
Origins
General Motors and Mitsubishi Lead — The Industrial Era
The Fortune Global 500 launched in 1995 with General Motors at #1. Mitsubishi held the title briefly. The world’s biggest companies were automakers and conglomerates. Energy and finance dominated. Tech companies barely featured.
GM at #1 — industrial eraTech: barely on the list
2001–2011
Energy
ExxonMobil and Shell Take Over — The Petrodollar Decade
High oil prices in the 2000s pushed energy companies to the top. Shell and ExxonMobil traded the #1 position. The global economy ran on oil — and so did the revenue rankings. Walmart was rising, but hadn’t yet taken the crown.
ExxonMobil / Shell trade #1Oil price surge
2012–2024
Walmart
Walmart’s 12-Year Reign — The Retail Giant Rules
Walmart took #1 in 2012 and held it for 12 consecutive years — the longest streak in the list’s history. Its grocery-first model, international scale, and sheer physical footprint kept it ahead. Amazon was always the threat. In 2024, the gap was its narrowest ever: $681B vs $638B.
12-year streak — longest ever2024: gap just $43B
2025
Shift
Amazon Overtakes Walmart — $716.9B vs $713.2B · Gap: Under $4 Billion
Amazon’s 12% revenue growth in FY2025 pushed it past Walmart by less than $4 billion. It is the first change at #1 in 12 years. Amazon is now only the 6th company ever to hold the top position. The world’s largest company by revenue is now a cloud computing and e-commerce business — not a supermarket chain.
Amazon: $716.9B (+12%)Walmart: $713.2B (+4.8%)Gap: <$4B
2025
Tech surge
Tech Profits Surge — The Magnificent Seven Earn $608 Billion
While Amazon claimed #1 by revenue, tech’s real story was profits. The Magnificent Seven earned $608 billion combined. Alphabet alone made $132.17 billion — the second-highest profit ever recorded for any Fortune Global 500 company. Tech sector profits rose 36%. The age of technology supremacy is not coming — it is already here.
Magnificent Seven: $608B profitTech profits +36%Alphabet: $132B
The Fortune Global 500 is the definitive scoreboard of the global economy. 500 companies. $43.1 trillion in combined revenues. $3.39 trillion in profits — the most in the list’s 37-year history. What happens at the top of this list tells you everything about where economic power is moving and where it is not.
Fortune Global 500 2026 · Primary
$716.9B
Amazon became the world’s largest company by revenue in 2025 — the first company to take #1 from Walmart in 12 years. The margin: under $4 billion.
Amazon is only the 6th company ever to hold #1 in the Fortune Global 500’s 37-year history. Its 12% revenue growth far outpaced Walmart’s 4.8%. Amazon committed $200 billion in capital — largely to AI infrastructure.
Source: Fortune Global 500 2026 (primary · fortune.com · directly fetched · July 28, 2026) · Amazon Investor Relations (Feb 5, 2026)
“The world’s largest company by revenue is now a cloud computing and e-commerce business — not a supermarket, oil company, or utility. That is a historic shift.”
The Profit Story Is Completely Different From the Revenue Story
Alphabet ranks #8 by revenue. It ranks #1 by profit — with $132.17 billion in net income. That is the second-highest profit figure ever recorded for any company in the Fortune Global 500’s history. The Magnificent Seven (Alphabet, Apple, Amazon, Microsoft, Nvidia, Meta, Tesla) earned $608 billion in combined profit. Tech sector profits rose 36% while revenues rose 20%. The companies making the most money are not always the companies generating the most revenue — and that gap matters enormously.
Why it matters: revenue buys you a ranking — profit buys you a future. The companies with the highest margins have the most to reinvest into the next era.
Fortune Global 500 2026 · Tech Sector
$608B
The Magnificent Seven earned $608 billion in combined profit in FY2025. Tech sector profits rose 36% to ~$835 billion total.
Tech companies now represent 38 of the 500 companies on the list — up 4 from last year. Their combined revenues rose 20% to about $4 trillion. Nvidia jumped 38 spots to #28. TSMC leaped 44 spots to #82. AI is rewriting the rankings at extraordinary speed.
Source: Fortune Global 500 2026 (primary · fortune.com) · PRNewswire official press release (July 28, 2026)
Healthcare Is Quietly Taking Over the Top 10
Five of the top 10 companies by revenue are US-based. Of those five, three operate primarily in healthcare — UnitedHealth (#4), McKesson (#7), and CVS Health (#9). McKesson broke into the top 10 for the first time, becoming one of the most powerful companies most people have never heard of. It distributes pharmaceutical drugs at a scale that dwarfs most national healthcare systems. The healthcare dominance of the US Fortune Global 500 rankings is one of the list’s most underreported stories.
Why it matters: the US healthcare system’s complexity and scale creates revenue behemoths that exist nowhere else in the world — it is a feature of the system, not a sign of efficiency.
Geopolitics in the Rankings
141
US companies on the Fortune Global 500 reached 141 — an 18-year high. Greater China fell to 122. The gap is widening.
The shift reflects both economic momentum and the exit of some Chinese companies from the list. Beijing, Tokyo, New York, London, and Paris are still the top five HQ cities for Global 500 companies. Women CEOs hit a record 34 (6.8%) — up from prior years but still far below their share of the global workforce.
Source: Fortune Global 500 2026 (primary · fortune.com) · PRNewswire official press release (July 28, 2026)
Key Numbers at a Glance
Amazon · New #1
$716.9B
Amazon’s FY2025 revenue — ending Walmart’s 12-year run. Gap to Walmart: under $4 billion. +12% year-on-year.
Fortune G500 2026 (primary) · Amazon IR
G500 · Profits Record
$3.39T
Fortune Global 500 combined profits in FY2025 — the most profitable year in the list’s 37-year history. Up 14% year-on-year.
Fortune G500 2026 (primary · fortune.com)
Alphabet · Most Profitable
$132B
Alphabet’s net profit in FY2025 — making it the world’s most profitable company. Second-highest profit ever in Fortune G500 history.
Fortune G500 2026 (primary)
US vs China · Count
141 / 122
US companies: 141 on the Global 500 — an 18-year high. Greater China: fell to 122. The gap between the two is widening.
Fortune G500 2026 (primary · fortune.com)
Frequently Asked Questions
What is the world’s largest company by revenue?
Amazon — with $716.9 billion in revenue for FY2025, according to the Fortune Global 500 2026 (released July 28, 2026). It ended Walmart’s 12-year run as the world’s largest company. Amazon is only the 6th company ever to hold the #1 position in the Fortune Global 500’s 37-year history. Source: Fortune Global 500 2026 (primary · fortune.com).
Which is the most profitable company in the world?
Alphabet (Google’s parent) — with $132.17 billion in net profit for FY2025, making it the world’s most profitable company. This is the second-highest profit figure ever recorded for any company in Fortune Global 500 history. Alphabet ranks #8 by revenue but #1 by profit. Source: Fortune Global 500 2026 (primary · fortune.com · July 28, 2026).
How much did the Fortune Global 500 earn in total profit?
$3.39 trillion in combined profits — the most profitable year in the list’s 37-year history, up 14% year-on-year. Combined revenues were $43.1 trillion (+3.2%) — representing more than one-third of world GDP. The 500 companies employ 70.2 million people worldwide. Source: Fortune Global 500 2026 (primary · fortune.com).
Which companies rose the most in the Fortune Global 500 2026?
Nvidia rose 38 spots to #28 and TSMC rose 44 spots to #82 — the biggest climbs driven by AI chip demand. McKesson broke into the top 10 at #7. Alibaba rose 7 spots to #56 and Tencent rose 19 spots to #97. ASML (Netherlands) entered the list for the first time at #453. Source: Fortune Global 500 2026 (primary · fortune.com).
How many US vs Chinese companies are on the Fortune Global 500?
US: 141 companies (up 3 from last year — an 18-year high). Greater China: 122 (falling). The US presence is at its strongest since 2008. The top five headquarters cities are Beijing, Tokyo, New York, London, and Paris. Source: Fortune Global 500 2026 (primary · fortune.com · PRNewswire official press release · July 28, 2026).
