—Walmart once again topped the list, for the 10th year in a row, but Saudi Aramco was a surprisingly close No. 2 and also the most profitable company ever on the list, earning $159 billion last year.Energy profits also propelled Exxon Mobil (No. 7) and Shell (No. 9) back into the top 10.
—The number of U.S. companies on the list rose to 136—the highest since 2010.
—China’s tech champions took a beating, withJD.com(No. 52) falling six spots on the list, Alibaba (No. 68) falling 13 spots, and Tencent (No. 147) falling 26 spots.
—Only 29 of the 500 companies are headed by women—but that is up five from a year ago.
—The combined revenues of the Fortune Global 500 were $41 trillion, equal to more than one-third of global GDP.Together they employ more than 70 million people.
—118 of the companies on the list are owned by governments—two-thirds of them in China.
The top 10 on the 2023 list:
1. Walmart (U.S.)
2. Saudi Aramco (Saudi Arabia)
3. State Grid (China)
4. Amazon (U.S.)
5. China National Petroleum (China)
6. Sinopec (China)
7. Exxon Mobil (U.S.)
8. Apple (U.S.)
9. Shell (U.K.)
10. UnitedHealth Group (U.S.)
You can explore the full list more closely here. And you can read howSaudi Aramco’s profits are driving Saudi Arabia’s demand for global attention here. The country’s daily oil production—produced at a low cost of about $8 a barrel compared with average costs of $53 a barrel in the U.S.—is fueling 10% of the word’s oil consumption.
More news below.
Alan Murray
@alansmurray
alan.murray@fortune.com
TOP NEWS
U.S downgrade
Fitch Ratings downgraded the U.S. on Tuesday to “AA+” status, one grade below the highest possible ranking. The agency cited expanding fiscal deficits and an “erosion of governance” relative to the U.S.’s peers. Fitch is the second ratings agency to downgrade the U.S., following S&P Global Ratings in 2011. Bloomberg
Uber profit
Ride-hailing app Uber Technologies reported $326 million in operating profit on Tuesday, the company’s first ever after nearly $31.5 billion in combined losses since 2014. Uber has slashed costs in recent years, laying off workers, shelving non-core businesses, and reining in discounts. Despite the surprise profit, Uber shares sank by almost 6% on Tuesday after the company warned of price competition from fellow ride-hailing firm Lyft. Financial Times
BlackRock in China
Congress’s Select Committee on the Chinese Communist Party is probing asset manager BlackRock and index provider MSCI on their ties to Chinese companies blacklisted by the U.S. government. In a letter sent to both companies on Monday, the committee accused the two firms of sending “massive flows of American capital” to China, “undermining American values.” The committee has also announced an investigation into U.S. venture capital firms funding A.I. and quantum computing startups in China. The Wall Street Journal
AROUND THE WATERCOOLER
YouTube’s Shorts already rivals TikTok with 2 billion views per month. Now it has ‘collabs,’ stickers for audience participation and other new features by Alexandra Sternlicht
ServiceNow’s CFO Gina Mastantuono on how the company won its first spot on the Fortune 500—and has vowed to avoid any layoffs this year by Sheryl Estrada
Americans could live an extra 19 years—if they pick the right employer by Erin Prater
Commentary: We’re now finding out the damaging results of the mandated return to the office–and it’s worse than we thought by Gleb Tsipursky
Asia’s former richest woman—now property mogul—Yang Huiyan has given 55% of her company to charity, a payout worth $826 million by Orianna Rosa Royle
Bud Light rival Heineken says businesses need to ‘stand for their values’ in the wake of AB InBev’s transgender row by Prarthana Prakash
This edition of CEO Daily was curated by Nicholas Gordon.
This is the web version ofCEO Daily, a newsletter of must-read insights from FortuneCEO Alan Murray. Sign up to get it delivered free to yourinbox.
FAQs
Contributes nearly 70% of the budget revenue for an entire nation, And is the most profitable company in the world, earning $160 billion in 2022 – the highest annual net income of any company in history.
Is Saudi Aramco the most profitable company ever? ›
From fiscal 2016 through 2023, Aramco has posted an astonishing $722 billion in profits, more than any other company in the world over that span. (Apple, famously a profit machine, lags far behind, at $558 billion.) Its $159 billion in profits in 2022 was the single most profitable year ever reported by any company.
Which Saudi Arabia company is the most profitable in the world? ›
1) Saudi Aramco – $247.43 Billion
In 2023, Saudi Aramco, the Saudi Arabian oil giant, raked in the highest net revenue globally, scoring profits of over 247 billion U.S. dollars. Led by its current CEO Amin H. Nasser, this company, which started in 1933, thrives in the oil and gas industry.
How profitable is Saudi Aramco? ›
DUBAI, United Arab Emirates (AP) — Saudi oil giant Aramco on Sunday reported it made $121 billion in profit last year, down from its 2022 record due to lower energy prices.
Why is Saudi Aramco so rich? ›
Saudi Aramco is the world's largest oil producer and the world's most profitable company. The company began drilling for oil in 1938. It is primarily state-owned but raised $29.4 billion in a 2019 IPO and a greenshoe option in 2020. Moody's rated the company an A1 because of its credit links to the Saudi government.
What is the most profitable company in history? ›
Largest corporate annual earnings of all time
| # | Company | Country |
|---|
| 1 | Saudi Aramco | Saudi Arabia |
| 2 | Saudi Aramco | Saudi Arabia |
| 3 | Vodafone | United Kingdom |
| 4 | Fannie Mae | United States |
52 more rowsExxon Mobil was the leading oil and gas producing company worldwide by net income as of data from June 2023. When compared with data for the 2021 fiscal year, many oil supermajors were back amongst the most profitable oil and gas companies after rebounding from losses caused by the COVID-19 pandemic.
Which country is richer, Saudi Arabia or the USA? ›
The Saudi GDP in 2021 was roughly 0.84 trillion dollars. The US GDP in the same year was 23.32 trillion. The Saudis also have a smaller GDP per capita than the US.
What is the cash on hand of Saudi Aramco? ›
Cash on Hand as of December 2023 : $102.67 B
According to Saudi Aramco's latest financial reports the company has $102.67 B in cash and cash equivalents. A company's cash on hand also refered as cash/cash equivalents (CCE) and Short-term investments, is the amount of accessible money a business has.
What is the top 1 company in Saudi Arabia? ›
Making a name for ourselves
In 1973, the Saudi government bought a 25% interest in Aramco, increasing that interest to 60% the following year. In 1980, the Saudi government increased its interest in Aramco to 100%.
Who owns most of Aramco? ›
The Saudi Arabian government and the Public Investment Fund (PIF), its sovereign wealth fund, own more than 98% of Saudi Aramco, making the company, through the dividends and taxes it pays, a major source of the Kingdom's income, wealth, and influence.
How powerful is Saudi Aramco? ›
Saudi Aramco is one of the world's largest integrated oil and gas companies; its upstream operations manages Saudi Arabia's unique hydrocarbon reserve base, optimizing production and maximizing long-term value. It also operates a strategically integrated global downstream business.
Is Saudi Aramco bigger than Amazon? ›
No, Amazon isn't the biggest company in the world. By market cap, it lands at 5th on the list, behind Apple, Microsoft, Saudi Aramco and Alphabet. According to Fortune, however, it is the second biggest company in the world when measured by revenue and employee numbers. Learn more about what Amazon owns.
Is Aramco bigger than Amazon? ›
Tech companies dominate a ranking of the ten biggest companies in 2023 by market cap. Apple tops the ranking, which was commissioned by City Index, with a market cap of $3.03 trillion, followed by Microsoft ($2.51 trillion), Saudi Aramco ($2.08 trillion), Alphabet/Google ($1.52 trillion) and Amazon ($1.34 trillion).
What are the most profitable companies in the world? ›
Saudi Aramco, Apple, and Microsoft emerged as the most profitable, leading the pack with annual profits of $159.1 billion, $99.8 billion, and $72.7 billion, respectively, according to Business Review.
What Fortune 500 companies are most profitable? ›
Leading the pack are Saudi Aramco, Apple, and Microsoft, respectively, as the most profitable. Research conducted by growandconvert.com further uncovers that the top three sectors—Energy (24.56%), Financials (23.07%), and Technology (15.54%)—collectively contribute 63% of the profits of these global 500 companies.
