Global Fortune 500
by Vici Partners team members Anoushka Barkawitz and Alec Hudnut
We all know the Global Fortune 500—the annual ranking of the world’s largest companies by revenue. It’s a high-stakes scoreboard for CEOs, investors, and analysts everywhere. But while revenue earns you a spot on the list, it doesn’t tell the whole story. If you want to understand which companies will truly thrive over the long haul, you need to look beyond the top line.
The real signal? Profit. How many dollars are left over after everything’s said and done. Because when storms hit—and they always do—cash is what keeps you afloat. It’s also what lets you invest in the future, outmaneuver the competition, and win in the long run.
This time, we’re going global.
In our last analysis, we focused on the 2024 Fortune 500 list of U.S. companies. But this article zooms out to look at the 2024 Global Fortune 500. That means companies headquartered everywhere from Beijing to Berlin, Riyadh to São Paulo. The stakes are higher, the diversity is wider, and the insights are richer. This isn’t just a U.S. story—it’s a snapshot of the entire planet’s business landscape.
Ask yourself this: if you were building a global business from scratch, would you care more about impressing people with revenue or seeing how much you could actually keep at the end of the year? Great companies prioritize profitability. The rest chase headlines.
So let’s refocus. If you want to know which Global Fortune 500 giants are built to last, follow the money—the actual money they keep.
Take a look at the current Global Fortune 500 list (you will need a subscription; for a while, it was only $1 for a trial):
Let’s dig into the profitability data. What happens to the 2024 Global Fortune 500 results when we apply a profitability lens?
Plenty of companies that appear on the Fortune 500 list don’t make the cut for the Global Vici 500—our profitability-focused ranking. The reason is simple: no profits, no place.
All of the companies listed below posted negative net income, automatically disqualifying them from inclusion. While they may have generated billions in revenue, they’re operating at a loss—and that’s a red flag for long-term resilience. Profitability is the price of entry on the Global Vici 500. Companies that dropped off include: ZF Friedrichshafen, Nationwide, Ansteel Group, New Hope, Holding Group, Allstate, JBS, Dongfeng Motor, ELO Group, Korea Gas, SK, Tyson Foods, CPC, Massachusetts Mutual Life Insurance, China Life Insurance, Telefonica, Truist Financial, Greenland Holding Group, TIAA, SoftBank Group, ThyssenKrupp, Boeing, Deutsche, Bahn, Walgreens Boots Alliance, Warner Bros. Discovery, Bayer, Sinochem Holdings, Korea , Electric Power, Siemens Energy, State Farm Insurance, U.S. Postal Service, 3M, Gazprom, and British American Tobacco. Their revenues earned them a spot on the Global Fortune list, but when it comes to profit—the true indicator of financial health—they’re simply not in the game.
The Top 10 2024 Global Fortune 500 companies ranked by revenue size (millions) are:
1. Walmart ($648,125)
2. Amazon ($574,785)
3. State Grid ($545,947)
4. Saudi Aramco ($494,890)
5. Sinopec Group ($429,699)
6. China National Petroleum ($421,713)
7. Apple ($383,285)
8. UnitedHealth Group ($371,622)
9. Berkshire Hathaway ($364,482)
10. CVS Health ($357,776)
But when we shift the lens and rank these companies by the absolute dollars earned in profit in 2024, the leaderboard tells a different story. Five giants—Walmart, Amazon, Apple, Saudi Aramco, and Berkshire Hathaway—hold their ground. They’re not just massive, they’re massively profitable. Joining them are five new powerhouses that climb the ranks on the strength of their bottom line: Alphabet, Microsoft, Industrial & Commercial Bank of China, JPMorgan Chase, and China Construction Bank. Together, these ten companies generated a staggering $801 billion in profit last year. That’s not just impressive—it’s 25.7% of all profits earned by the entire Global Fortune 500. Being at the top of the profitability list isn’t just prestigious—it’s wildly lucrative. Wouldn’t you want to be in that club?
The Top 10 most profitable companies by profit dollars (millions) generated in 2024 are:
1. Saudi Aramco ($120,699)
2. Walmart ($96,995)
3. Apple ($96,995)
4. Amazon ($96,223)
5. Berkshire Hathaway ($96,223)
6. Alphabet ($73,795)
7. Microsoft ($72,361)
8. Industrial & Commercial Bank of China ($51,417)
9. JPMorgan Chase ($49,552)
10. China Construction Bank ($46,990)
Let’s dig into the numbers a bit more. If you look at the Global Fortune 500, Walmart is sitting comfortably at #1. But on the Global Vici 500, which ranks by profitability—not just raw revenue—it drops to #2. Walmart pulled in a massive $648,125 billion in revenue last year, but its net income was $96,995 billion. Still impressive—but not enough to top the list. That honor goes to Saudi Aramco. With $494,890 billion in revenue and a staggering $120,699 billion in profit, Aramco posts a net income percentage of over 24%. On the Fortune list, it’s ranked fifth. But when you measure what really matters—what the company keeps—it’s #1.
For comparison, Walmart’s net income percentage is 14.97%. Strong, but it’s not quite there at Aramco’s margin. And that’s the whole point: if you’re only looking at revenue, you’re only getting half the story. It’s not what a company makes—it’s what it keeps that tells you whether it’s truly winning.
The top ten on the Global Vici 500—Saudi Aramco, Walmart, Apple, Amazon, Berkshire Hathaway, Alphabet, Microsoft, ICBC, JPMorgan Chase, and China Construction Bank—are the best at turning revenue into real, retained cash. That’s what matters when the bills are paid and the dust settles.
Now flip it. At the bottom of the profit pile, you’ve got companies like British American Tobacco (-$17.9B), Gazprom (-$7.4B), 3M (-$7B), U.S. Postal Service (-$6.5B), and State Farm (-$6.3B). All on the Fortune 500. All losing money.
So yeah, being big is impressive. But being profitable? That’s powerful.
There’s another angle we can take on profitability: net income margin. Instead of just asking who made the most money, we’re looking at how well companies turn their revenue into actual profit. It’s a measure of efficiency—and a sharp one at that.
When we sort by this metric, the leaderboard shifts once more. Nine new companies join the mix—names that may not dominate in total dollars, but stand out when it comes to squeezing the most out of every sale.
One constant? Microsoft. It holds its ground as a standout performer, combining huge net income with an impressive profit margin. That’s a rare and powerful combo.
Here’s the list sorted by net income margin:
1. Visa (52.90%)
2. Nvidia (48.85%)
3. Taiwan Semiconductor Manufacturing (39.40%)
4. Broadcom (39.31%)
5. UBS Group (39.09%)
6. Johnson & Johnson (36.93%)
7. Novo Nordisk (36.03%)
8. Microsoft (34.15%)
9. Meta Platforms (28.98%)
10. China Merchants Bank (28.96%)
So, the real question is: Which list would you rather be on—the Global Fortune 500 or the Global Vici 500?
The Fortune list rewards size. It’s all about top-line revenue. But the companies truly winning? They’re the ones showing up on the Global Vici 500—the profitability list.
Because in the end, it’s not about how much you make—it’s about how much you keep. Net income, cash flow, operating income—that’s what fuels growth, resilience, and long-term dominance.
Maybe it’s time we stop measuring success by scale alone… and start looking at what really counts.
If you’re ready to stop leaving money on the table, it’s time to work with Vici Partners. We’ll show you how top companies maximize earnings — and make sure you’re one of them.
Connect with us here: www.vicipartners.com
Alec Hudnut is the Managing Partner at Vici Partners and can be reached at [email protected].
Anoushka Barkawitz is a research associate at Vici Partners, an earnings growth consulting firm.