Unveiling the World's Largest Multinational Companies
Multinational corporations (MNCs) are the behemoths of the global economy, extending their operations across numerous countries and wielding immense influence.
These companies are often ranked by various metrics, including revenue, market capitalization, earnings, and total assets. While these rankings can fluctuate, a consistent group of global giants consistently features at the top, representing diverse industries from retail and technology to energy and finance.
Understanding what defines a "largest" multinational company can vary. Some lists focus purely on revenue, reflecting the sheer volume of goods and services sold. Others emphasize market capitalization, which indicates the total value of a company's outstanding shares and reflects investor confidence and future potential. Still, others consider total assets or net assets, highlighting the financial power and stability of these entities.
Here's a look at some of the most prominent multinational companies in the world, based on recent data from various sources (primarily focusing on revenue and market capitalization, as of mid-2024 to early 2025):
By Revenue: The Sales Powerhouses
When measured by revenue, the world's largest multinational companies are often those that deal in high-volume consumer goods or essential services.
| Rank | Company | Country of Origin | Industry | Latest Reported Revenue (Approx.) |
| 1 | Walmart Inc. | United States | Retail | $665 - $680 billion |
| 2 | Amazon.com Inc. | United States | E-commerce, Cloud Services | $620 - $650 billion |
| 3 | Saudi Aramco | Saudi Arabia | Oil and Gas | $478 - $494 billion |
| 4 | China Petroleum & Chemical (Sinopec) | China | Petroleum, Petrochemicals | $399 - $444 billion |
| 5 | PetroChina Co. Ltd. | China | Oil and Gas | $399 - $417 billion |
| 6 | UnitedHealth Group Inc. | United States | Healthcare, Insurance | $392 - $410 billion |
| 7 | Apple Inc. | United States | Technology | $383 - $400 billion |
| 8 | Berkshire Hathaway Inc. | United States | Conglomerate (Diversified) | $364 - $452 billion |
| 9 | CVS Health | United States | Healthcare, Pharmacy | $357 - $378 billion |
| 10 | Volkswagen Group | Germany | Automotive | $348 - $354 billion |
Note: Revenue figures can vary slightly depending on the reporting period (e.g., TTM - Trailing Twelve Months, or fiscal year) and source.
By Market Capitalization: The Investor Favorites
Market capitalization reflects the perceived value and future growth potential of a company by investors. Technology companies frequently dominate this list.
| Rank | Company | Country of Origin | Industry | Latest Reported Market Cap (Approx.) |
| 1 | Microsoft Corporation | United States | Technology, Software, Cloud | $3.1 - $3.5 trillion |
| 2 | Apple Inc. | United States | Technology | $2.9 - $3.5 trillion |
| 3 | NVIDIA Corporation | United States | Semiconductors, AI | $2.8 - $3.5 trillion |
| 4 | Amazon.com Inc. | United States | E-commerce, Cloud Services | $1.9 - $2.2 trillion |
| 5 | Alphabet (Google) | United States | Technology, Internet Services | $1.8 - $2.1 trillion |
| 6 | Saudi Aramco | Saudi Arabia | Oil and Gas | $1.6 - $1.63 trillion |
| 7 | Meta Platforms, Inc. | United States | Technology, Social Media | $1.5 - $1.7 trillion |
| 8 | Berkshire Hathaway Inc. | United States | Conglomerate (Diversified) | $1.05 - $1.1 trillion |
| 9 | Broadcom Inc. | United States | Semiconductors, Software | $943 - $1.17 trillion |
| 10 | TSMC (Taiwan Semiconductor Manufacturing Company) | Taiwan | Semiconductor Manufacturing | $905 - $1.09 trillion |
Note: Market capitalization is highly dynamic and changes second-to-second during trading hours.
Beyond the Numbers: Influence and Global Reach
The "largest" multinational companies aren't just about their financial figures. Their influence extends to:
- Global Supply Chains: They dictate vast networks of production, distribution, and logistics worldwide.
- Technological Innovation: Many are at the forefront of AI, cloud computing, renewable energy, and other transformative technologies.
- Employment: They employ millions globally, impacting local economies and labor markets.
- Cultural Impact: Their brands and products shape consumer trends and lifestyles across continents.
- Geopolitical Significance: Their operations and investments often have significant implications for international relations and trade policies.
In conclusion, the world's largest multinational companies are a testament to globalized commerce and innovation. Their sheer scale, financial power, and widespread presence continue to reshape industries and influence economies worldwide.
Walmart's Revenue Powerhouse
Walmart Inc. (WMT) stands as the world's largest retailer by revenue, a testament to its vast global presence, extensive store network, and expanding e-commerce capabilities. With its fiscal year ending on January 31st, Walmart consistently generates hundreds of billions of dollars annually, reflecting its critical role in consumer spending across various markets.
The company's revenue streams are diverse, stemming from its supercenters, discount stores, neighborhood markets, and its rapidly growing e-commerce platforms. This multi-faceted approach allows Walmart to cater to a broad customer base and maintain its position at the pinnacle of the retail industry.
Walmart's Annual Revenue Performance
Walmart has demonstrated consistent revenue growth over the past decade, adapting to changing consumer behaviors and market dynamics. The table below outlines Walmart's annual revenue figures for recent fiscal years:
| Fiscal Year End (January 31) | Revenue (in Billions USD) | Year-over-Year Growth |
| 2025 | $680.99 | +5.07% |
| 2024 | $648.13 | +6.03% |
| 2023 | $611.29 | +6.73% |
| 2022 | $572.75 | +2.43% |
| 2021 | $559.15 | +6.72% |
| 2020 | $523.96 | +1.86% |
| 2019 | $514.41 | +2.81% |
| 2018 | $500.34 | +2.98% |
| 2017 | $485.87 | +0.78% |
| 2016 | $482.13 | -0.73% |
Note: Walmart's fiscal year ends on January 31st. Therefore, "Fiscal Year 2025" refers to the year ending January 31, 2025.
Key Revenue Segments
Walmart's revenue is primarily driven by three core segments:
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Walmart U.S.: This is by far Walmart's largest segment, accounting for the vast majority of its total revenue. It encompasses all Walmart stores and the associated e-commerce operations within the United States, including Supercenters, Discount Stores, and Neighborhood Markets. This segment consistently shows strong performance, driven by its extensive reach and competitive pricing. In fiscal year 2025, Walmart U.S. generated approximately $462.42 billion, representing about 68.55% of total revenue.
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Walmart International: This segment includes Walmart's operations outside of the United States. While smaller than the U.S. segment, it represents a significant global footprint with operations in countries like Mexico, Canada, China, and India (through Flipkart). International sales contribute a notable portion to the overall revenue and are subject to varying economic conditions and competitive landscapes in each market. In fiscal year 2025, Walmart International contributed around $121.89 billion, making up about 18.07% of total revenue.
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Sam's Club: This membership-only warehouse club segment offers bulk merchandise and services to its members. Sam's Club consistently adds to Walmart's top line and provides a different retail experience for consumers and small businesses. In fiscal year 2025, Sam's Club generated approximately $90.24 billion, contributing about 13.38% of total revenue.
Driving Growth: E-commerce and Strategic Initiatives
Beyond its traditional brick-and-mortar sales, Walmart has heavily invested in its e-commerce capabilities. Global e-commerce sales have shown robust growth, driven by initiatives like store-fulfilled pickup and delivery, marketplace expansion, and a growing advertising business (Walmart Connect). These digital strategies are crucial for the company to compete in the evolving retail landscape and capture a larger share of online spending.
Walmart's ability to leverage its massive physical store network for online order fulfillment (e.g., "click and collect") has been a significant advantage, differentiating it from purely online competitors. Furthermore, its focus on everyday low prices and a broad assortment of goods continues to resonate with consumers, solidifying its position as a global retail powerhouse.
Amazon's Revenue: The E-commerce and Cloud King
Amazon.com Inc. (AMZN) has transformed from an online bookseller into a global behemoth, dominating e-commerce, cloud computing, digital advertising, and more. Its relentless focus on customer experience, vast product selection, and innovative services have propelled its revenue to staggering heights, consistently placing it among the world's largest corporations.
Amazon's revenue streams are highly diversified, reflecting its expansive business model. Key drivers include its online retail sales, the explosive growth of Amazon Web Services (AWS), its burgeoning advertising business, and its popular subscription services like Amazon Prime.
Amazon's Annual Revenue Performance
Amazon's revenue growth has been a defining characteristic of its financial performance. The company has demonstrated remarkable ability to scale its operations and penetrate new markets, leading to impressive year-over-year increases.
| Fiscal Year End (December 31) | Revenue (in Billions USD) | Year-over-Year Growth |
| 2024 | $637.96 | +10.99% |
| 2023 | $574.78 | +11.83% |
| 2022 | $513.98 | +9.40% |
| 2021 | $469.82 | +21.70% |
| 2022 | $386.06 | +37.62% |
| 2019 | $280.52 | +20.45% |
| 2018 | $232.88 | +30.93% |
| 2017 | $177.86 | +30.80% |
| 2016 | $135.98 | +27.08% |
| 2015 | $107.00 | +20.25% |
Note: Data for fiscal year 2025 is based on the latest available trailing twelve months (TTM) revenue. Amazon's fiscal year ends on December 31st.
Key Revenue Segments
Amazon reports its revenue across several key segments, providing insight into the diverse engines of its growth:
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Online Stores: This segment represents the traditional e-commerce sales of products directly by Amazon. While still the largest component, its share of total revenue has gradually decreased as other segments grow faster. In 2024, Online Stores generated approximately $247.0 billion, accounting for about 38.7% of total revenue.
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Third-Party Seller Services: This includes commissions, fulfillment fees, shipping fees, and other related services provided to independent sellers on Amazon's marketplace. This segment is a high-growth area, as Amazon leverages its platform to facilitate transactions for millions of third-party merchants. In 2024, Third-Party Seller Services contributed approximately $156.1 billion, representing around 24.5% of total revenue.
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Amazon Web Services (AWS): The cloud computing arm of Amazon, AWS provides on-demand cloud platforms and APIs to individuals, companies, and governments. AWS is known for its high-profit margins and has consistently been a major driver of Amazon's overall profitability. In 2024, AWS generated approximately $107.6 billion, making up about 16.9% of total revenue.
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Advertising Services: Amazon's rapidly expanding advertising business includes sponsored ads, display advertising, and video ads. Leveraging its vast customer data and retail platform, this segment has become a significant and highly profitable revenue source. In 2024, Advertising Services contributed approximately $56.2 billion, or about 8.8% of total revenue.
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Subscription Services: This includes revenue from Amazon Prime memberships, Audible, Kindle Unlimited, and other subscription-based services. Prime membership, in particular, offers a bundle of benefits (free shipping, streaming, etc.) that locks in customer loyalty and drives overall engagement. In 2024, Subscription Services generated around $44.4 billion, about 7.0% of total revenue.
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Physical Stores: This segment includes sales from Amazon's physical retail locations, such as Whole Foods Market, Amazon Go, and Amazon Fresh stores. While a smaller portion of the overall revenue, it represents Amazon's strategy to integrate online and offline retail experiences. In 2024, Physical Stores brought in approximately $21.2 billion, or about 3.3% of total revenue.
The Future of Amazon's Revenue
Amazon's future revenue growth is expected to be fueled by continued expansion of AWS, particularly with the surging demand for Artificial Intelligence (AI) infrastructure and services. The advertising business is also poised for significant expansion as more brands seek to reach Amazon's enormous customer base. While the core online retail business faces increasing competition and macroeconomic headwinds, Amazon's continuous innovation in logistics, new product categories, and global expansion efforts will likely ensure its position as a leading revenue generator for years to come.
Saudi Aramco's Revenue: A Pillar of the Global Energy Market
Saudi Arabian Oil Company (Saudi Aramco) is undeniably one of the most financially powerful companies in the world, serving as the backbone of Saudi Arabia's economy and a crucial player in the global energy supply chain. As the world's largest integrated oil and gas company by production volume and holding the second-largest proven crude oil reserves globally, its revenue figures are astronomical, largely driven by fluctuations in crude oil prices and production volumes.
Aramco's business model is primarily centered on the exploration, production, refining, transportation, and marketing of crude oil, natural gas, and petroleum products. While its upstream (exploration and production) operations are the primary revenue generator, the company is increasingly investing in its downstream (refining and chemicals) businesses to diversify its revenue streams and capture more value across the hydrocarbon value chain.
Annual Revenue Performance
Saudi Aramco's revenue is heavily influenced by global oil prices and production quotas, which can lead to significant year-over-year fluctuations. Despite this volatility, the company consistently reports robust revenues.
| Fiscal Year End (December 31) | Revenue (in Billions USD) | Year-over-Year Change |
| 2024 | $480.45 | -2.95% |
| 2023 | $495.03 | -18.09% |
| 2022 | $604.37 | +50.91% |
| 2021 | $400.47 | +74.19% |
| 2020 | $229.89 | -30.64% |
| 2019 | $331.95 | - |
Note: Data for fiscal year 2025 is not yet fully reported as of June 2025. The 2024 figures are based on the latest available annual reports. Currency conversions (e.g., from SAR to USD) may lead to minor variations across sources.
Key Revenue Drivers and Business Segments
Saudi Aramco's revenue is predominantly derived from its Upstream and Downstream operations:
- Upstream Operations: This is the core of Aramco's business, focusing on the exploration, development, and production of crude oil, condensate, natural gas, and natural gas liquids (NGLs). The revenue in this segment is directly tied to the volume of hydrocarbons produced and the prevailing global market prices for these commodities. Aramco's low cost of production and vast reserves provide a significant competitive advantage.
- Downstream Operations: This segment includes the refining of crude oil, the production of petrochemicals, and the marketing and distribution of refined products and chemicals. Aramco has been strategically expanding its downstream footprint both domestically and internationally to capture additional value and diversify its revenue streams beyond crude oil sales. This includes investments in joint ventures and acquisitions of refining and petrochemical assets worldwide.
- Other Income related to sales: This category may include revenue from trading activities of crude oil and products, as well as other miscellaneous sales.
The Impact of Global Energy Dynamics
Saudi Aramco's revenue is particularly sensitive to global energy market dynamics, including:
- Crude Oil Prices: As the largest oil exporter, Aramco's revenue directly correlates with the price of crude oil. Periods of high oil prices (like in 2022) lead to surging revenues, while lower prices (like in parts of 2023 and early 2024) can result in significant declines.
- Production Volumes: Decisions by OPEC+ (Organization of the Petroleum Exporting Countries and its allies) regarding production quotas directly impact the volume of oil Aramco can produce and sell.
- Global Demand: Economic growth, industrial activity, and transportation needs worldwide influence the demand for oil and gas, thereby affecting Aramco's sales.
- Refining and Chemical Margins: The profitability of its downstream operations is influenced by the spread between crude oil prices and the prices of refined products and chemicals.
Despite efforts to diversify the Saudi Arabian economy as part of Vision 2030, Saudi Aramco remains the primary revenue generator for the Kingdom, underscoring its pivotal role in both national and global energy security. The company continues to invest in new technologies, explore new energy solutions, and expand its global presence to maintain its leadership in a rapidly evolving energy landscape.
Navigating the Future of the World's Largest Multinational Companies by Revenue
The landscape of the world's largest multinational companies by revenue is a dynamic testament to global economic shifts, technological innovation, and evolving consumer demands. Companies like Walmart, Amazon, Saudi Aramco, and major Chinese energy corporations consistently top these lists, showcasing the enduring power of retail, e-commerce, and essential resources. Their colossal revenues not only reflect their vast scale of operations but also their profound impact on global trade, employment, and technological advancement.
Key Trends Shaping the Giants:
Several overarching trends continue to shape the trajectory and influence of these revenue powerhouses:
- Digital Transformation and E-commerce Dominance: The sustained growth of companies like Amazon highlights the irreversible shift towards digital retail and cloud-based services. Even traditional retailers like Walmart are heavily investing in their online presence and logistics to stay competitive.
- Energy Sector Resilience (with a caveat): While energy giants like Saudi Aramco and China's national oil companies remain significant revenue generators, their figures are highly susceptible to global oil price volatility and the ongoing transition to cleaner energy sources. Their future strategies increasingly involve diversification into renewables and petrochemicals.
- Technological Innovation as a Core Driver: Beyond pure tech companies, virtually all top-tier MNCs are leveraging advanced technologies like AI, automation, and data analytics to optimize operations, enhance customer experience, and create new revenue streams.
- Healthcare's Expanding Economic Footprint: The consistent presence of large healthcare companies like UnitedHealth Group underscores the growing economic weight and complexity of the healthcare sector, particularly in developed economies.
- Geopolitical and Supply Chain Resilience: The largest MNCs are increasingly navigating complex geopolitical landscapes and focusing on strengthening supply chain resilience to mitigate disruptions and ensure stable operations.
- Sustainability and Social Responsibility: There's growing pressure on these global giants to adopt more sustainable practices, reduce their environmental impact, and demonstrate stronger corporate social responsibility, influencing their long-term strategies and investments.
Conclusion: More Than Just Numbers
The immense revenues generated by the world's largest multinational companies are more than just financial figures; they represent the economic engine of globalization. These companies drive innovation, create vast employment opportunities, and integrate economies across borders. Their ability to adapt to technological shifts, navigate market complexities, and respond to societal expectations will determine their continued dominance. As the global economy continues to evolve, these revenue giants will remain critical actors, shaping industries, influencing policy, and reflecting the ever-changing landscape of global commerce.