Data from the Fortune Global 500, on which the classification is based, shows that Amazon will move from ninth place in the world in 2020 to the top company by revenue in 2026, while Walmart has fallen to second place after holding the top spot for 15 years.
This analysis identifies the world’s 10 largest companies by annual revenue from 2020 to 2026, based on the latest available data from the Fortune Global 500 list. Revenue figures cover fiscal years ending on or before March of each year.
2020. Energy dominates the list
In 2020, 5 energy companies were among the 10 largest companies in the world by revenue, led by the Chinese oil refining company Sinopec, whose revenues amounted to 407 billion dollars.
In the list, Walmart is ahead of Sinopec with a revenue of 524 billion dollars, while the Chinese company State Grid is in third place with a revenue of 384 billion dollars, PetroChina is in fourth place with a revenue of 379 billion dollars.
The British company Shell is in fifth place with a revenue of $352 billion, and Saudi Aramco is in sixth place with a revenue of $330 billion.
The German company “Volkswagen” was in the seventh place with a revenue of 283 billion dollars, the British “BP” is in the eighth place with the same revenue, and “Amazon” is in the ninth place with a revenue of 281 billion dollars, and the Japanese “Toyota” is in the tenth place with a revenue of 275 billion dollars.
Chinese state-owned companies took 3 of the first four places, and the two largest international oil companies, Saudi Aramco and BP, also made the list.
But the consequences of the corona pandemic led to a decrease in energy demand, which was reflected in the rating of major companies. By 2021, all non-Chinese energy companies have dropped out of the world’s top 10 companies.
Amazon.. up from ninth place
By 2026, no private energy company will be among the world’s top 10 companies by revenue, while retail companies are at the top of the ranking.
Amazon’s jump is one of the most visible changes in the ranking of large companies in recent years. In 2020, the company ranked ninth with revenue of $281 billion.
Amazon’s sales have seen a significant jump in 2020 and 2021, with consumers staying at home and a growing reliance on online shopping. The company rose to third place in 2021, before taking second place in 2022, 2024 and 2025.
In 2026, Amazon finally managed to take the lead from Walmart, with a margin of only $4 billion.
The Chinese “State Grid” is in the third place with a revenue of 555 billion dollars, and the American “United Health Group” is in the fourth place with a revenue of 448 billion dollars.
“Saudi Aramco” came in fifth place with a revenue of 446 billion dollars, American Apple is in sixth place with a revenue of 416 billion dollars.
American company McKesson is in seventh place with $403 billion in revenue, followed by Alphabet, Google’s parent company, in eighth place with the same revenue.
The American “CVS Health” is in ninth place with a revenue of 402 billion dollars, and the Chinese “PetroChina” is in the tenth place with the same revenue.
Healthcare… a growing force
The healthcare sector has emerged as one of the biggest beneficiaries of this transformation.
Healthcare companies have become one of the largest economic sectors in major markets such as the United States and Europe, driven in part by aging populations and increased demand for healthcare services.
Neither UnitedHealth Group nor CVS Health ranked among the world’s 10 largest companies by revenue in 2020.
But in just six years, UnitedHealth climbed to fourth place globally in 2026 with $448 billion in revenue, while CVS Health dropped to ninth place with $402 billion in revenue.
A new map for large companies
A comparison of 2020 and 2026 reveals a clear change in the map of the world’s largest companies. While oil and energy companies occupied a large area of the summit six years ago, retail, technology and healthcare companies have become more relevant.
Amazon stands out as the clearest example of this transformation after its revenue nearly doubled over the period, moving from ninth to first, while China’s state-owned companies maintained a strong presence, with State Grid remaining in the top three and PetroChina in the top ten.
The shift also reflects broader changes in the global economy, with the rise of e-commerce, the expansion of the technology sector and increased healthcare spending, in contrast to the decline in the relative weight of private energy companies on the list of top-grossing companies.
