Fortune released on Monday (2) the 2025 edition of its traditional Fortune 500 ranking, which lists the largest companies in the United States per revenue. Walmart remains in the lead for the 13th consecutive year, followed by Amazon and UnitedHealth Group.
The top 10 also includes Apple, CVS Health, Berkshire Hathaway, Alphabet, Exxonmobil, McKesson and Cetchin. Together, these companies totaled $ 4.2 trillion in revenue in the 2024 fiscal year. In all, the 500 companies listed generated $ 19.9 trillion in revenues and $ 1.87 trillion in profits, both records, and employ 31 million people globally.
Despite the economic scenario marked by uncertainties and fears on the impact of tariffs imposed by the government, this year’s edition was one of the most stable in the history of the list. Only 22 companies were replaced compared to the previous year, according to Fortune – the second smaller number in 30 years.
“You may be surprised to learn that: Fortune 500 has never been so stable,” wrote Matthew Heimer, editor of the publication. Seven of the ten largest companies have been in this elite group for a decade.
The survey, which reflects the financial results of the previous year, has not yet captured the impacts of recent economic measures, such as the new tariff packages announced by the Trump government. Fortune points out that large companies such as General Motors, UPS and Delta Air Lines have removed their profit forecasts for the year, given the unpredictability of the scenario.
Import rates, especially from China, begin to affect supply chains. Walmart and small sellers on Amazon, for example, would already be passing on higher costs to consumers. “This will mean higher prices that generate more revenue – unless many buyers away,” the magazine ponders.
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Even with this background, female representation has reached a milestone: 55 companies on the list are led by women, the largest number ever registered (11%). Among the highlights are Mary Barra (General Motors), Jane Fraser (Citigroup) and Corie Barry (Best Buy).
Geographic distribution remains concentrated in three states: California (58 companies), Texas (54) and New York (53). New York City continues as the main host municipality, with 43 companies.
Fortune defines its list as “a literal script for the rise and fall of markets” and a reflection of the broader economic dynamics. Even with the current calm, the publication warns: “It’s like in the old movie where someone says, ‘It’s too quiet’. The general feeling is that a new turbulence is on the horizon.”
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Top 20 of Fortune 500 of 2025 (per revenue in 2024)
| Enterprise | Billing (US $, millions) | Variation of Revenue |
|---|---|---|
| 1. Walmart | US$ 680,985 | 5,1% |
| 2. Amazon | US$ 637,959 | 11% |
| 3. UnitedHealth Group | US$ 400,278 | 7,7% |
| 4. Apple | US$ 391,035 | 2% |
| 5. CVS Health | US$ 372,809 | 4,2% |
| 6. Berkshire Hathaway | US$ 371,433 | 1,9% |
| 7. Alphabet | US$ 350,018 | 13,9% |
| 8. Exxon Mobil | US$ 349,585 | 1,5% |
| 9. McKesson | US$ 308,951 | 11,7% |
| 10. Cencora | US$ 293,958,6 | 12,1% |
| 11. JPMorgan Chase | US$ 278,906 | 16,5% |
| 12. Costco Wholesale | US$ 254,453 | 5% |
| 13. Cigna Group | US$ 247,121 | 26,6% |
| 14. Microsoft | US$ 245,122 | 15,7% |
| 15. Cardinal Health | US$ 226,827 | 10,6% |
| 16. Chevron | US$ 202,792 | 0,9% |
| 17, Bank of America | US$ 192,434 | 11,9% |
| 18. General Motors | US$ 187,442 | 9,1% |
| 19. Ford Motor | US$ 184,992 | 5% |
| 20. Elevance Health | US$ 177,011 | 3,3% |
