Home / Insights / Walmart Tops Fortune Global 500 for 10th Year; Saudi Aramco Shines with Record Profits

insights-espresso-icon blog

Walmart Tops Fortune Global 500 for 10th Year; Saudi Aramco Shines with Record Profits

Espresso-live Speakers
by Sakthi Prasad , Director - Content
8 August 2023


In a testament to its enduring global influence, U.S. retail giant Walmart has secured the top spot on the Fortune Global 500 list for the 10th consecutive year. This marks the 18th time since 1995 that the Arkansas-based retailer has claimed the coveted position, reflecting its consistent performance and adaptability in the ever-evolving corporate landscape.

The 2023 Fortune Global 500 list, which ranks the world's largest corporations based on their revenue for the fiscal year 2022, witnessed a significant presence of U.S. companies. With 136 U.S. corporations making the cut, this year saw the highest representation from the country since 2010.

However, the energy sector showcased its might, with Saudi Aramco coming in a close second. The company benefited immensely from the surge in energy prices, a consequence of Russia's invasion of Ukraine. This geopolitical event also boosted other energy giants like Exxon Mobil and Shell, which secured the 7th and 9th positions, respectively. Notably, Saudi Aramco's profits soared to a staggering $159 billion, setting a record for the highest annual total ever by a Fortune Global 500 company.

Tech behemoths also continued their impressive run. Apple, Alphabet, and Microsoft collectively raked in a net income of $233 billion. Apple alone reported profits nearing $100 billion, a historic high for a U.S. company.

The 2023 list welcomed 39 newcomers, with 23 making their debut. Among them were Warner Bros. Discovery, Chinese firms Contemporary Amperex Technology, and Meituan. Additionally, 16 companies made a comeback after a hiatus of at least a year.

Geographically, Chinese companies -- including those in Hong Kong -- dominated in numbers, with 142 firms listed. However, the combined revenue of the 136 U.S. companies surpassed that of their Chinese counterparts, reporting $13 trillion against China's $11.7 trillion.

The top 10 companies on the 2023 Fortune Global 500 list are:

  • Walmart (U.S.)

  • Saudi Aramco (Saudi Arabia)

  • State Grid (China)

  • Amazon.com (U.S.)

  • China National Petroleum (China)

  • Sinopec (China)

  • Exxon Mobil (U.S.)

  • Apple (U.S.)

  • Shell (Britain)

  • UnitedHealth Group (U.S.)

Collectively, the Fortune Global 500 companies reported revenues totaling $41 trillion, accounting for over a third of the global GDP. However, cumulative profits saw a 7% dip from the previous year, standing at $2.9 trillion.

A noteworthy trend this year was the rise in female leadership, with the number of women CEOs in Fortune Global 500 companies increasing from 24 in 2022 to 29 in 2023.


Linkedin Twitter Facebook
Leave a comment

Please enter a valid name

Post your comment

Please select captcha


Get more stories like this

Subscirbe for more news,updates and insights from Beroe

Get Ahead with AI-Enabled Market Insights Schedule a Demo Now

Schedule a Demo Now