Fortune Announces 2025 Fortune Global 500 List

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29 Jul, 2025, 10:00 GMT

Walmart is No. 1 for the 12th consecutive year

The U.S. remains in the lead over Greater China with the most companies

33 women CEOs lead Fortune Global 500 companies, setting a new record at 6.6%

The Magnificent Seven posted a record aggregate revenue ($2 trillion) and profits ($484 billion) last year

NEW YORK, July 29, 2025 /PRNewswire/ -- Today, Fortune released the 2025 Fortune Global 500(™), the definitive list of the world's largest corporations ranked by revenue for the 2024 fiscal year.

Walmart earned the top spot on the Fortune Global 500 list for the 12th straight year, followed by Amazon, State Grid, Saudi Aramco, and China National Petroleum. The top 10 Fortune Global 500 companies generated over $370 billion in annual revenue, totaling $4.7 trillion.

Fortune's authoritative ranking of the current corporate world order showed the dominating presence of U.S. companies (138). The U.S. remains in the lead over Greater China (130 companies, down three from last year). Greater China comprises Mainland China, Hong Kong, Macau, and Taiwan. China (1) and U.S. (8) companies account for 9 of the 10 most profitable Fortune Global 500 companies.

The financial sector continues to dominate the list, with 121 companies at the forefront, followed by energy (79), motor vehicles and parts (35), technology (34), and healthcare (33). Together, these sectors represent 60% of the companies on the list and account for 66% of the total revenue generated.

The Magnificent Seven posted a record aggregate revenue ($2 trillion) and profits ($484 billion) last year. Collectively, Amazon (No. 2), Apple (No. 8), Alphabet (No. 13), Microsoft (No. 22), Meta Platforms (No.41), Nvidia (No. 66), Tesla (No. 106) brought in $484 billion in net income.

THE 2025 FORTUNE GLOBAL 500 TOP 10 LIST:

Walmart (U.S.)
Amazon.com (U.S.)
State Grid (China)
Saudi Aramco (Saudi Arabia)
China National Petroleum (China)
Sinopec (China)
UnitedHealth Group (U.S.)
Apple (U.S.)
CVS Health (U.S.)
Berkshire Hathaway (U.S.)

Companies on the 2025 Fortune Global 500 list generated a record-breaking $41.7 trillion in aggregate revenue (up 1.8% from last year) and employed 70.1 million people worldwide. In 2024, these companies also recorded their second-most profitable year ever, earning a combined $2.98 trillion, a 0.4% increase from the previous year. Saudi Aramco (No. 4) led the pack in profitability once again, netting $105 billion and maintaining its position as the most profitable company on the list for the fourth consecutive year.

The number of women CEOs at Fortune Global 500 companies reached a record high of 33 (6.6%), up five from the previous year. Notable leaders include Fortune's 2025 Most Powerful Woman, Mary Barra of GM; Gail K. Boudreaux of Elevance Health; Jane Fraser of Citigroup; Sarah M. London of Centene; and Sandy Ran Xu of JD.com. The U.S. leads with 16 companies headed by women CEOs, followed by China with five, France with four, and Brazil and the U.K. with two each.

Fortune Global 500 companies are based in 243 cities across 36 countries and territories worldwide. The top five cities — Beijing, Tokyo, New York, Shanghai, and London serve as home bases to almost one-quarter of the Fortune Global 500 companies. London jumped back into the top five for the first time since 2022.

Nine companies made their debut on the Fortune Global 500 list, including QNB Group (No. 419), Lithia Motors (No. 434), and ICICI Bank (No. 464).

The complete Global 500 appears in the August/September issue of Fortune and is available today here. The full dataset can be purchased here.

"The Fortune Global 500 each year puts on display in one place the fascinating changes and tectonic shifts happening in the global business landscape," said Fortune CEO Anastasia Nyrkovskaya. "It tells stories about the companies, products, and people that are driving our world forward. We are excited to share this global list, now in its 36th year, with audiences that rely on its authority and credibility."

In her foreword to the August/September 2025 issue, Alyson Shontell, Fortune's Editor in Chief and Chief Content Officer, noted, "We have tracked the Fortune 500 and Fortune Global 500—the world's largest companies by revenue—for decades." To summarize, she added, "Our latest Global 500, reflecting 2024 performance, marks more than just a ranking. It signals the calm before the storm amid a profound geopolitical shift driven by AI, ongoing conflicts, and tariff uncertainties that is reshaping the landscape for the world's largest companies."

Companies are ranked on the Fortune Global 500 by total revenues for their respective fiscal years ending on or before March 31, 2025. All companies on the list must publish financial data and report part or all of their figures to a government agency. The latest figures in the list are as reported by the companies; any comparisons are with the prior year's figures as originally reported. Fortune does not restate the previous year's figures for changes in accounting. The full methodology is available here.

About Fortune:
Fortune is a global multi-platform media company built on a legacy of trusted, award-winning reporting and information for those who want to make business better. Independently owned, Fortune tells the stories of the world's biggest companies and their leaders as well as a new generation of innovators who are moving business forward. Digitally and in print, Fortune measures corporate performance through rigorous benchmarks, and holds companies accountable, in regions around the world. Its iconic rankings include Fortune 500, Fortune Global 500, Most Powerful Women, and World's Most Admired Companies. Fortune builds world-class communities by convening industry thought leaders for exclusive summits and conferences, including the Fortune Global Forum, Brainstorm Tech, and Fortune Most Powerful Women. For more information, visit fortune.com.