eCommerce: Global Ranking

Top U.S. Companies by Revenue: Key Insights

• 2023's Fortune 500: The latest Fortune 500 shows top U.S. companies hitting US$18 trillion in revenue, a major increase, despite a decline in overall profits.

• Walmart Dominates: For the 11th year, Walmart tops the Fortune 500 list, with Amazon at second. Exxon Mobil rises to third, Apple is fourth but most profitable, and UnitedHealth Group leads in healthcare at fifth.

• Retailer Debuts: The 2023 Fortune 500 list introduced 15 new companies, including three eCommerce players: Coupang at #195, Lululemon at #461, and Skechers at #488, showcasing diverse growth and product ranges.

Published last year, the 69th annual Fortune 500 ranking lists the largest corporations in the United States based on their revenue for the 2022 fiscal year. While there may be debates regarding the most appropriate criteria for ranking these companies (such as profits or market value, which would place Apple at the top), as well as the relevance of ranking U.S. companies in a global corporate landscape, the Fortune 500 remains a prestigious and celebrated benchmark for businesses. 

To qualify for 2023's list, companies needed a minimum revenue of US$7.24 billion, surpassing previous year's requirement of US$6.39 billion by approximately US$850 million. Combined, the Fortune 500 companies account for two thirds of the U.S. GDP, generating US$18 trillion in revenues, which marks a 13% increase compared to the previous year. However, profits experienced a 15% decline, marking the second decrease in the past three years.

Walmart: Number One for the 11th Year

The 2023 list saw some shifts at the top spots, but Walmart retained its position as the leading company for the eleventh consecutive year, with a cumulative revenue of US$5.7 trillion during that period. Amazon.com maintained its steady second place ranking for the fourth year in a row, achieving a 9% growth in revenue and surpassing the US$510 billion milestone.

With a notable 45% revenue increase, Exxon Mobil secured the third spot, displacing Apple to fourth place. Nevertheless, Apple remains the most profitable company on the list for the eighth time in nine years, having earned US$99.8 billion in profits in 2022. UnitedHealth Group claims the highest position among healthcare companies, ranking fifth, followed by CVS Health at sixth place.

Berkshire Hathaway, Alphabet, and McKesson maintained their positions at seventh, eighth, and ninth place, respectively. Chevron returned to the top ten for the first time since 2015, fueled by a substantial 52% surge in annual revenue, securing the tenth spot.

Coupang, Lululemon, Skechers:
Retailer Debuts

2023's Fortune 500 roster welcomed a group of 15 fresh faces, marking their debut on the list. These companies collectively amassed US$146.2 billion in revenue and exhibited an impressive average growth rate of 52.6%.

While a select few managed to secure their spots solely through organic revenue expansion, a portion of these new additions can be attributed to corporate maneuvers like mergers, spinoffs, and changes in corporate addresses that enable firms to qualify for the list based on technicalities rather than substantial growth.

Let’s take a closer look at three eCommerce players that made the list for the first time last year.

1. Coupang

Coupang, dubbed by some as “Amazon of Asia”, is listed as number 195 on the list. In 2018, the company established a presence in Seattle with the objective of accessing the abundant tech talent in the area and leveraging the extensive retail, logistics, and eCommerce expertise fostered by the presence of industry giants like Amazon and Costco in close proximity.

Coupang.com's eCommerce net sales are generated almost entirely (99.5%) in South Korea. With regards to product range, the online store covers different categories: 31% of the store’s net sales come from the Fashion category, followed by Care Products with 22%, Hobby & Leisure with 18%, and Furniture & Homeware at 11%. Electronics, DIY, and Grocery categories all have less than 10% share.

2. Lululemon

Another retailer who debuted in the list is Canada’s Lululemon, ranking at number 461. Launched in 2009, lululemon.com is a multinational online store that generates 79.1% of its eCommerce net sales in the United States, followed by Canada with 19.1%.

With regards to product range, the online store achieves almost all (98%) of its eCommerce net sales in the Fashion category, leaving only 2% for Hobby & Leisure.

Learn More About the ECDB Store Rankings

3. Skechers

Finally, we have Skechers taking the 488th spot on the list. The California-based footwear company achieved its second consecutive year of unprecedented revenue growth, propelled by a strong worldwide performance that contributed to 59% of its overall sales.

Skechers.com is an online store with nationally focused sales, with its eCommerce net sales generated entirely in the United States. With regards to product range, the online store achieves 97% of its eCommerce net sales in the Fashion category, followed by 3% in Electronics.

Sources: Indiatimes, PR Newswire, The Seattle Times, Fortune: 1, 2, 3, 4, 5, 6