The Highest Revenue Generating Companies in the World

Top 10 Largest Companies with the Highest Revenue Globally

There are many ways to rank companies from top to bottom. It includes market cap, profit generated, and revenue made. Every approach is different, and when used, every company might rank differently in each category. However, if we take a common idea, we might think that any technological company might rank in the top category, but here is the twiddle. Due to geopolitical tensions, the oil and petroleum companies have generated the most revenue in 2023, but are they the most profitable? We have made a list of companies with the highest revenue, the drivers behind it, and most importantly, what profit they generated. 

Key Highlights

  • Walmart is the largest company in the world, having the most revenue; however, after taking out the profit, it comes nowhere on the list of the companies with the highest earnings.

  • E-commerce or online retail is the fastest growing segment in the retail industries, and e-commerce has become a major shopping platform worldwide.

  • Saudi Aramco is a petroleum and natural gas company, the world's most profitable in 2023.

  • Apple is the world's most valuable company, surpassing the $3 trillion mark in 2022.

Which companies have the highest revenue in the world?

According to the Fortune Global 500 2023, we have created a list of companies with the world's largest revenues.

1. Walmart- Revenue $611.2 Billion

Walmart is a global US retail group dominating most US markets. It was founded in 1962 and is the world's largest retailer. It operates discount stores, supercenters, and neighbourhood markets and has a robust online platform. It includes clothing, apparel, home goods, books, jewellery, food and beverage, Pharmaceutical supplies, etc. If you look at its market cap, it is the world's 17th most valuable company. If you look at its earnings, it made a profit of $11.6 billion in 2023. Walmart currently offers more than 400 million products and is now planning to derive more profit from services and ad sales by investing in its third-party marketplace on walmart.com

2. Amazon- Revenue $554.02 Billion

Amazon is an American online retailer and market leader in internet trade. It also has the world's largest selection of books, CDs and videos. Besides selling products, it owns subsidiaries like Whole Foods Markets and Home Security Company Ring. The fastest-growing areas of its business are cloud computing services and subscription products like Amazon Prime. In 2023, Amazon was among the top 10 US companies with the highest loss. It had a loss of $2.7 billion. It is still the 5th most valuable company in the world.

3. Saudi Aramco- Revenue $502.35 Billion

Saudi Aramco is a South Arabian National petroleum and natural gas company. Its operations include exploration, production, refining, chemical, distribution, and marketing. It has been the largest Oil-producing company in the world since 2020. It also has the world's second-largest proven crude oil reserves. As of January 2024, it has a market cap of $2.133 trillion, which makes it the world's third most valuable company by market cap. Its latest financial earnings are $247.43 billion. 

4. Sinopec- Revenue $472.53 Billion

Sinopec is the world's largest Oil refining, gas and Petrochemical company. It is a Chinese oil and gas conglomerate in Beijing and is listed on the Hong Kong and Shanghai Stock Exchanges. Its revenue comes from oil and gas exploration, refining, and marketing, as well as the production and sales of petrochemicals, chemical fibres, chemical fertilisers, and other chemical products. It also stores and transports crude oil and natural gas to other countries. Its current revenue is $473.53 billion. It has a market capitalisation of $88.2 billion. It is the world's 170th most valuable company by market cap. In 2023, it made a profit of $15.5 billion.

5. PetroChina- Revenue $435.30 Billion

Petro China is a Chinese oil and gas company and is Asia's largest oil and gas producer. It is engaged in exploration and production, refining and marketing, and chemical and natural gas businesses. In 2023, its revenue was $435.30 billion. As of January 2024, the market cap of Petrochina was $179.15 billion, making it the 63rd most valuable company in the world. In 2023, it made a profit of $35.92 billion.

6. Berkshire Hathaway- Revenue $401.77 Billion

Berkshire Hathaway is an American company founded in 1839 as a textile manufacturer. It has insurance, real transportation, energy generation, distribution manufacturing, and retailing businesses. Its insurance generates the most revenue. However, its manufacturing generates the most earnings before taxes. Its current revenue is $401.77 billion. Its market cap is $788.57 billion, which makes it the 9th most-valued company in the world. Its total earnings for the current year are $100.30 billion. 

7. Apple Inc- Revenue $383.28 Billion

Apple Inc. is an American hardware and software developer and Technology company that manufactures and sells computers, smartphones and consumer electronics. It also sells operating systems and application software. Its revenue for the current year is $383.28 billion. It has a market cap of $2.87 trillion in 2024, making it the world's most valuable company. If you look at its earnings for 2023, they are around $114.30 billion

8. United Health- Revenue $359.98 billion

United Health is an American multinational health insurance and services company. It has two subsidiaries, Optum and United Healthcare. Optum provides data analytics, pharmacy care services, population health, health delivery, and operations. United Health Care is an insurance and managed care company. In the year 2023, its revenue was $359.98 billion. It had a market cap of $498.84 billion in January 2024 and is ranked 13th among the most-valued companies in the world. Its earnings for the year 2023 were $28.56 billion.

9. Exxon Mobil- Revenue $346.17 billion

Exxon Mobil is an American multinational oil and gas corporation. It is the largest non-government-owned company in the energy sector, producing 3% of the world's oil and two per cent of its energy. The current revenue of Exxon Mobil is $346.17 billion. It has a market cap of $409.10 billion, which makes it the world's 18th most-valued company. The current earnings for the year 2023 are $61.00 billion.

10. Shell Revenue- $339.19 billion

The Royal Dutch Shell is one of the world's largest mineral oil and natural gas companies. It is active in every oil and Gas industry area, like exploration production, refining, transport, distribution and marketing, petrochemical, power generation and trading. Its current revenue is $339.19 billion. It has a market cap of $214.92 billion, which makes it the 48th world's most valuable company. Its current earnings are $47.43 billion.

What is the #1 largest company in the world? 

If we take profit earnings to determine the world's largest company, Saudi Aramco, which generated $247.43 billion of profit in 2023. It is the third biggest company in the world with a net worth of $2.08 trillion and is only behind Apple and Microsoft. It has a dominant role in the energy sector, which helps contribute to its financial gains.

If you look at the reasons behind the profit generated by the company, they are expansion and diversification strategy, which includes a foray into a liquified natural gas market. It also planned to enter the South American market through downstream retail acquisition. The company has also emphasised investing across the hydrocarbon chain, using advanced technology to use it in its operations, and developing emerging energy solutions.

What is the world's most valuable company? 

In 2018, Apple became the first company to surpass the capitalisation of one trillion. Also, it is the only company that has spent the most time on the spot and is now the most valuable in the world. Apple became the world's most valuable company on August 9, 2011, just days before Steve Jobs resigned as CEO. It's been a decade, and Apple still holds the top spot and is the first company to hit the market capitalisation of $1 trillion, $2 trillion and $3 trillion.

It successfully sells widely popular products like the iPhone, MacBook and Airpod and is now on the verge of releasing the mixed reality headset, the Apple Vision Pro. Apple first hit its $3 trillion mark in January 2023. Its growth is due to its innovation and the unique product it launched. It has a loyal customer base. The company continuously announce its new technology, which includes cellular services in the latest smartwatch models and wireless charging for its latest smartphones.

Bottom Line

The biggest companies in the world are those worth more than a trillion dollars. These companies are more valuable than the economies of a few countries. If you look at the top 10 companies that dominate in the category of market cap or revenue, they belong to the energy sector or technology; however, due to geopolitical concerns, the rise in energy prices has made few oil and petroleum companies get into the top 10 list of the companies with highest revenues.

Win Harrison 14 Feb, 2024

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