There are many different ways to measure the size of a company, including its stock market capitalization. Revenue may be the most straightforward metric to understand the relative importance of a business.
Investors can track the Fortune 500 as an annual ranking of the biggest corporations in the United States by their sales of goods and services. The regularly changing list can offer insight into how industry leaders are growing and which high-level themes are shaping the economy.
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The list below highlights the five biggest companies in the U.S. by revenue back in 2019.
| Rank | Company | 2019 Revenue |
|---|---|---|
| 1 | Walmart (NYSE: WMT) | $514 billion |
| 2 | ExxonMobil (NYSE: XOM) | $275 billion |
| 3 | Apple (NASDAQ: AAPL) | $258 billion |
| 4 | Berkshire Hathaway (NYSE: BRK.B) | $256 billion |
| 5 | Amazon.com (NASDAQ: AMZN) | $242 billion |
Data source: Fortune 500
Fast forward, the more current ranking based on 2023 revenue features four of the same five names but also uncovers some important changes.
Walmart is still on top as the largest U.S. company but is quickly being challenged by Amazon which has more than doubled in size since 2019 to climb into the second spot. Energy sector giant Exxon Mobil fell off the list and was replaced by Healthcare leader UnitedHealth.
| RANK | COMPANY NAME | 2023 REVENUE |
|---|---|---|
| 1 | Walmart | $648 billion |
| 2 | Amazon | $575 billion |
| 3 | Berkshire Hathaway | $439 billion |
| 4 | Apple | $383 billion |
| 5 | UnitedHealth Group (NYSE: UNH) | $368 billion |
Data source: Fortune 500
A key takeaway is that technology is playing a bigger role across multiple sectors.
Walmart for example is investing heavily in its e-commerce capabilities to compete precisely against Amazon. UnitedHealth incorporates tech through its mobile app and even offers virtual online care services to improve the patient experience. Even financial conglomerate Berkshire Hathaway is recognized as a leader in areas like insurance and Fintech that are benefiting from ongoing digital transformation.
Overall, expect the list of the biggest companies to continue evolving and further blurring the lines away from traditional sector classifications with tech.
