2026 “Fortune” World 500 Announced: Amazon (AMZN.US) Reaches Top to End Walmart (WMT.US)'s 12-year winning streak, 122 Chinese companies are on the list

The Zhitong Finance App learned that on July 28, the 2026 “Fortune” Fortune 500 ranking was released. The total revenue of the Fortune 500 companies this year is about 43.1 trillion US dollars, more than one-third of global GDP, an increase of about 3.2% over last year. This time, the entry threshold (minimum sales revenue) increased from US$32.2 billion to US$33.2 billion. The total net profit of all listed companies increased sharply by about 14% year over year, or about 3.4 trillion US dollars. The total assets and total net assets of the 500 listed companies reached their highest peak since the establishment of the Fortune 500 list, but the total number of employees employed has increased compared to last year.

Amazon reached the top for the first time, ending Walmart's 12-year lead

Amazon (AMZN.US) first reached the top and became the world's largest company, ending Walmart (WMT.US)'s 12-year record of leading the way. Walmart retreated to second place. China's State Grid Co., Ltd. continues to rank third. UnitedHealth Group and Saudi Aramco are in fourth and fifth place, respectively.

In 2025, the overall profit of 500 companies continued to grow, and the combined profit reached an all-time high of around $3.4 trillion. Google's parent company Alphabet took the title of “World's Most Profitable Company” from Saudi Aramco, ending the latter's record of “four consecutive championships.” Alphabet made a profit of US$132.17 billion last year, and profit increased by about 32% year over year. Nvidia (NVDA.US) ranked second in the profit list, and profit increased by about 64.8% year over year. Apple (AAPL.US) ranked third in the profit list, and Saudi Aramco slipped to fifth place in the profit list. Three other US tech companies — Microsoft (MSFT.US), Amazon, and Meta Platforms (META.US) — ranked fourth, sixth, and eighth respectively in the profit list.

Berkshire Hathaway's profit fell by about 24.8% and is still ranked 7th in this year's profit list with a profit of more than 66.9 billion US dollars. Taiwan Semiconductor Manufacturing Company (TSM.US) is the only Chinese company in the top ten profit list. Last year's profit surpassed 54.4 billion US dollars.

China, US, and Japan

This year, in addition to companies from Taiwan Province of China, there are 122 Chinese companies on the list, 8 fewer than last year. Once again, the number of companies on the list is second only to the US. The US has a total of 141 companies on the list this year, an increase of 3 over the previous year. The number of large companies continues to rank first among all countries.

The number of mainland Chinese (including Hong Kong) companies on the list was 116, 8 fewer than last year. Japan ranked third in the number of companies on the list. A total of 40 companies were on the list, 2 more than last year. When the Fortune 500 debuted in 1990, there were as many as 149 Japanese companies on the list. Today, the US, China, and Japan all contribute more companies, revenue, and profits to the list than 60% of the total number of companies on the list.

This year, the total revenue of the 122 listed companies in China in 2025 was about 10.4 trillion US dollars. Compared with the 130 companies listed last year, total revenue decreased by about 2%; the average sales revenue was about US$85.6 billion, lower than the average revenue of the US companies on the list of US$109.95 billion, and slightly lower than the average of the 500 companies on the list. The average profit of US companies is about 11.24 billion US dollars, and the average profit of mainland Chinese (including Hong Kong) companies on the list is 4.5 billion US dollars, which is about 40% of the average profit of US companies on the list. The average profit of the 500 companies on the full list was US$6.78 billion. The total profit of 141 US companies reached US$1,584.9 billion, accounting for 47% of the total profit of the Fortune 500.

It is worth noting that although the average sales revenue and profit of Chinese companies is still below the average of the list, the average profit of listed companies in mainland China (including Hong Kong) increased from US$4.2 billion to US$4.5 billion in 2025, an increase of about 7% over the previous year.

The differentiation of the automotive industry intensifies, and Internet companies continue to grow

This year, a total of 10 Chinese automobile and auto parts companies entered the 2026 Fortune 500. Among them, the highest ranking was BYD, which ranked 91st. The ranking is the same as last year. The ranking of the Ningde era was a sharp increase of 43 places compared to last year, ranking 260. With the exception of BYD, SAIC Motor Group, Geely, Ningde Era, and Chery, the other five companies all declined in their rankings compared to last year. The performance of listed companies in the automotive industry continues to be divided, showing an intensified competitive trend in the NEV industry, which also reflects the pressure faced by traditional car companies in the process of transformation to new energy sources.

This time, out of 116 companies in mainland China (including Hong Kong), with the exception of 1 newly listed company and 4 companies with the same ranking, 45 companies have risen in rank and 66 companies have dropped in rank. Five Chinese internet giants, JD (09618), Alibaba (09988), Tencent (00700), Pinduoduo (PDD.US), and Meituan (03690), continued to grow in the competitive landscape, and all improved their rankings. The JD Group's ranking is up 3 places from last year to 41st place, and is still the highest ranked private company in mainland China. Alibaba's ranking is up 7 places from last year to 56th place. Tencent entered the top 100 for the first time, rising 19 places in the ranking to 97th place. Pinduoduo's ranking rose 11 places to 255. Meituan's ranking rose 16 places to 311th place.

The rise of the intelligent technology industry is driving global economic growth

The Fortune 500 lists all companies according to their field of operation. The 116 mainland Chinese (including Hong Kong) companies on the list are divided into 14 business fields. Of these 14 business fields, only 4 fields have an overall sales return of more than 5%, namely finance, retail, telecommunications, and high technology.

The field of high technology is at the cutting edge of global technological development and the focus of global competition. 2025 is still a year of rapid development for global high-tech companies. A total of 38 high-tech companies entered the 2026 Fortune 500 list this year. Their average revenue was US$104.4 billion and average profit reached US$21.98 billion, up 8% and 21%, respectively. High-tech companies rank among the best in the industry for their operating returns. This year, Hon Hai Precision Industry Co., Ltd. became the leading Chinese company in this field, with revenue exceeding US$260 billion last year.

Of these 38 high-tech enterprises, there are 18 high-tech enterprises in the US, with average revenue of 123.8 billion US dollars and profits of 34.8 billion US dollars. A total of 20 non-US high-tech companies entered the 2026 ranking (including 6 companies in mainland China), with an average operating income of US$86.9 billion and an average profit of about US$10.4 billion. Clearly, America's high-tech giants have an advantage in this highly competitive field. Their profitability is impressive: Apple, Alphabet, Microsoft, Nvidia, and Meta Platforms alone generated net profit of $526.5 billion.

Discoveries in the business field

There are a total of 24 “newly listed and re-listed” companies on the “Fortune” World 500 list. Among them, 2 Chinese companies are: Chery changed the applicant and first filed under the name of the listed company Chery Automobile Co., Ltd., and is the only newly listed company in mainland China; the other is Wenye Technology from Taiwan Province of China. Of the 24 companies, 13 were on the list for the first time, and 11 companies returned to the list after being absent for at least a year. Among the companies that first appeared on the list this year, the highest ranking was the Czech EP Group, which ranked 179th.

In the return on net assets (ROE) list, Air France-KLM Group jumped to the top of the list with a return on net assets of over 513%, and Apple rose to second place in this sub-list, with a return on net assets of about 152%. Home Depot and Cencora ranked third and fourth respectively.

Among the 50 companies with the highest return on net assets, there are three Chinese companies: Chery Automobile Co., Ltd., TSMC, and Guangda Computer. Among them, Chery ranked 30th with a return on net assets of over 36%. The top 10 Chinese companies in this sub-list are: Chery Automobile Co., Ltd., TSMC, Guangda Computer Company, Zijin Mining Group Co., Ltd., Lenovo Group Co., Ltd., Pinduoduo Holdings, Ningde Times New Energy Technology Co., Ltd., Midea Group Co., Ltd., Lixun Precision Industry Co., Ltd., and Tencent Holdings Co., Ltd.

In the profit margin list, SoftBank Group surpassed Nvidia and topped the list with a net profit margin of over 64%. Among the top ten companies with the highest profit margins, four are from the semiconductor and electronic components industries, namely Nvidia, TSMC, SK Hynix, and Broadcom, which rank second, fourth, fifth, and sixth respectively. TSMC is also the only Chinese company in the top ten profit margins.

In terms of ranking changes, the biggest increase this year was the Wistron Group in Taiwan Province of China, which jumped 298 places to 198th place. China General Technology (Group) Holdings Co., Ltd. rose 138 places to 361st place, making it the company with the second largest increase in the ranking. Including the two companies mentioned above, 6 Chinese companies have risen by at least 50 places in the list this year.

A total of 34 companies failed to make a profit this year, including 10 mainland Chinese companies. The European car company Stellantis Group ranked first in the loss list, with losses exceeding US$25.2 billion. Lukoil ranked second, with losses of more than $12.6 billion. Compared to last year, the total losses of loss-making companies on this year's list have declined.