The world’s 10 largest companies by revenue
From 2019 to 2024
In a world where corporate giants dominate the economic landscape, the latest rankings from the Fortune Global 500 reveal the ten largest companies by revenue from 2019 to 2024.
Together, these firms generate approximately $4.6 trillion in annual sales, surpassing the GDPs of nations such as Japan and Germany. The rankings on the Voronoi app highlight these corporations’ resilience and adaptability to evolving market conditions.
Over the past five years, corporate balance sheets have flourished, boosted by robust consumer demand, recovering economies, and a strong labour market. This growth has been accompanied by a concentration in stock markets, where the most prominent companies have capitalised on pricing power and economies of scale to enhance their market share.
The 2024 rankings reflect the total revenues from companies’ fiscal years that ended on or before March 31, 2024. The rankings include public and private companies that report financial data.
1 Walmart
At the pinnacle of this list remains Walmart, a retail behemoth with over 10,600 stores worldwide. Walmart has been the world’s largest company in revenue for 12 consecutive years. Despite a slender profit margin of just 2.4%, the retailer is increasingly shifting its focus towards digital advertising revenues, capturing 6.8% of the US retail ad market, which is expected to reach $3.7 billion in 2024. Notably, Walmart’s ad revenue growth has outpaced that of Amazon in recent quarters, driven by a surge in marketplace sellers.
2 Amazon
Following Walmart, Amazon ranks as the second-largest retailer, boasting revenues of $574.8 billion. Since 2019, Amazon’s revenues have more than doubled, thanks to a sprawling customer base of 310 million global users. While the retail side of the business continues to thrive, Amazon Web Services (AWS) fuels the lion’s share of the company’s earnings, owing to its high-profit margins and rapid growth. AWS currently commands a significant 31% of the global cloud services market, underscoring the critical role of cloud computing in today’s digital economy.
3 State Grid
Third place is State Grid, a Chinese utility firm renowned for being the largest employer in the world. Its consistent presence in the top rankings can be attributed to its expansive global reach. The firm invests in projects across various countries, including Australia, Brazil, Portugal, Italy, and the Philippines. Its role in providing essential services positions it as a crucial player in the global economy.
4 Saudi Aramco
Saudi Aramco, the state-owned oil giant from Saudi Arabia, comes in fourth. The company’s revenue is significantly boosted by its vast oil reserves and low production costs, which led to profit margins of around 24% in the latest fiscal year. This positions Aramco as a powerhouse in the energy sector vital to local and global markets.
5 Sinopec and 6 China National Petroleum
Sinopec Group ranks fifth, another major Chinese corporation, followed by China National Petroleum in sixth. These companies reflect the strength of the energy sector, particularly in Asia, where they have leveraged their extensive resources to drive revenues.
7 Apple
Apple, renowned for its innovative technology and consumer products, occupies the seventh spot with a remarkable profit margin of 25%. Its consistent demand for products like iPhones and iPads and services like the App Store underscores its enduring appeal in the consumer market.
8 UnitedHealth Group, 9 Berkshire Hathaway, 10 CVS Health
UnitedHealth Group, Berkshire Hathaway, and CVS Health round out the top ten, each demonstrating the diverse industries represented in this elite group. UnitedHealth Group has maintained its prominence in healthcare, while Berkshire Hathaway’s diversified investments continue to yield substantial returns.
As the world moves forward, these corporations reflect the current economic landscape and set the tone for future growth and innovation. Their ability to adapt to changing market dynamics will be crucial in maintaining their status in the global business hierarchy. The data presented illustrates numbers, the evolving narrative of worldwide commerce, and the companies that shape it.
Hero image: Walmart has been the world’s largest company in revenue for 12 consecutive years. Credit: Walmart
