The Biggest U.S. Companies by Revenue
For the first time in more than a decade, Walmart is no longer America’s biggest company by revenue. Amazon has claimed the top spot after posting strong growth, marking a major shift in the rankings of the biggest U.S. companies.
Created in partnership with Terzo, this graphic tracks the biggest U.S. companies by revenue from 2024 to 2026. It’s part of our Markets in a Minute series, which delivers quick economic insights.
Ranking the Top Companies
Amazon generated $717 billion in revenue in fiscal 2025, helping it claim the top spot in the 2026 ranking. While online stores remained its largest business segment, the company’s fastest growth came from advertising services and Amazon Web Services (AWS), its cloud computing and AI infrastructure division.
| Rank | 2024 | 2025 | 2026 | Revenue for 2026 Ranking |
|---|---|---|---|---|
| 1 | Walmart | Walmart | Amazon | $717B |
| 2 | Amazon | Amazon | Walmart | $713B |
| 3 | Apple | UnitedHealth | UnitedHealth | $448B |
| 4 | UnitedHealth | Apple | Apple | $416B |
| 5 | Berkshire Hathaway | CVS Health | McKesson | $403B |
| 6 | CVS Health | Berkshire Hathaway | Alphabet | $403B |
| 7 | Exxon Mobil | Alphabet | CVS Health | $402B |
| 8 | Alphabet | Exxon Mobil | Berkshire Hathaway | $371B |
| 9 | McKesson | McKesson | Exxon Mobil | $332B |
| 10 | Cencora | Cencora | Cencora | $321B |
Source: Fortune 500 via 50pros. Rankings reflect the most recently available annual revenue reported in each year.
Just behind Amazon, Walmart ranked second among the biggest U.S. companies with $713 billion in revenue. While the retailer is best known for its vast network of stores, ecommerce is playing an increasingly important role in its business. From fiscal 2024 to 2026, online sales grew from 16% to 21% of total revenue, highlighting Walmart’s continued push into digital commerce.
Shifts in the Biggest U.S. Companies
The biggest mover in the 2026 ranking is McKesson, which jumped four spots over the past year. Together with No. 10-ranked Cencora, the company plays a critical role in America’s drug supply chain, distributing medicines across the country. Rising demand for specialty treatments and GLP-1 weight-loss drugs has helped fuel McKesson’s growth.
On the other hand, Exxon Mobil has continued its downward slide, dropping to ninth place. Since 1955, the company has been America’s top company by revenue 13 times, last holding the title in 2012.
Berkshire Hathaway and CVS Health both dropped two spots in the 2026 ranking of the biggest U.S. companies. Berkshire’s revenue was essentially flat. Lower fuel-related sales at Pilot, its travel center business, offset growth elsewhere. While CVS Health did see revenue growth, it was outpaced by faster-growing companies like McKesson and Alphabet.
Behind the revenue of America’s largest companies are thousands of supplier agreements, vendor contracts, and renewal obligations. As companies grow more complex, having visibility into that information can uncover cost savings and improve decision making.
Learn how Terzo’s NirvanAI can help your company save money by turning contract PDFs into structured, actionable insights.
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