Markets

Ranked: The 20 Top Retailers Worldwide, by Revenue

Published

June 19, 2024 5:11 am

Niccolo Conte

Editing

Dorothy Neufeld

Design

Joyce Ma

See this visualization first on the Voronoi app.

The Top Retailers Worldwide, by Revenue

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The global retail landscape is constantly evolving, driven by shifting consumer habits and the growing dominance of online sales.

Despite the rise of e-commerce, many of the top retailers worldwide generate the bulk of their sales in physical stores. However, as customers prioritize convenience and a wider selection of goods, e-commerce giants are capturing an increasing share of the retail market.

This graphic shows the world’s leading retailers by revenue, based on data from the National Retail Federation.

The Methodology

To be included in the rankings, companies must engage in a goods-for-consumer resale business accessible to the public. Additionally, they must and have direct selling operations in a minimum of three companies. The rankings include both public and private companies, based on the most recent 52-week period ending between January and March 2024. All revenue figures were converted to U.S. dollars.

Ranked: The Top 20 Global Retailers

Below, we show the world’s leading retail giants by revenue:

Ranking	Retailer	Total Revenues	Share of Domestic Retail Revenue	Headquarters
1	Walmart	$628.6B	84.7%	🇺🇸 U.S.
2	Amazon.com	$355.1B	70.4%	🇺🇸 U.S.
3	Costco	$234.0B	75.0%	🇺🇸 U.S.
4	Schwarz Group	$176.4B	32.0%	🇩🇪 Germany
5	The Home Depot	$151.6B	93.7%	🇺🇸 U.S.
6	Aldi	$145.4B	25.8%	🇩🇪 Germany
7	Walgreens Boots Alliance	$117.8B	89.3%	🇺🇸 U.S.
8	Ahold Delhaize	$97.0B	21.8%	🇳🇱 Netherlands
9	Alibaba	$94.1B	97.3%	🇨🇳 China
10	Carrefour	$89.7B	34.3%	🇫🇷 France
11	Seven & I	$85.0B	62.1%	🇯🇵 Japan
12	Apple	$81.6B	86.9%	🇺🇸 U.S.
13	Rewe	$73.5B	75.5%	🇩🇪 Germany
14	Aeon	$68.9B	93.3%	🇯🇵 Japan
15	Tesco	$61.9B	85.1%	🇬🇧 UK
16	TJX	$50.4B	78.9%	🇺🇸 U.S.
17	Leclerc	$50.4B	95.0%	🇫🇷 France
18	IKEA	$45.6B	3.4%	🇸🇪 Sweden
19	Best Buy	$44.6B	92.8%	🇺🇸 U.S.
20	Woolworths Limited (Aus)	$43.5B	88.2%	🇦🇺 Australia

As the largest retailer by sales globally, Walmart raked in $628.6 billion dollars in revenue, with 84.7% of its revenue being domestic.

Today, about 90% of Americans are located within 10 miles of a Walmart store, attracting 200 million visitors each month. To gain a greater edge in the market, Walmart is expanding its advertising business, launching a premium product line, and growing its digital sales channels.

Additionally, it is opening 150 stores in the U.S over the next five years, its largest expansion in almost a decade.

With $355.1 billion in sales, e-commerce titan Amazon ranks in second. In 2024, the company is projected to account for 40.4% of U.S. e-commerce sales. Along with this, Amazon operates physical stores through its Whole Foods subsidiary, Amazon Go, and Amazon Fresh storefronts, yet these make up a fraction of its total retail sales.

As Asia’s largest retailer, Alibaba, falls in ninth place, driven by its Taobao and Tmall online marketplace platforms. While domestic sales comprise the majority of its retail revenues, the company is increasingly focusing on its overseas business given sluggish domestic consumption in China. Notably, retail sales jumped 44% year-over-year across its international retail operations as of the quarter ending in December 2023.

Despite regulatory crackdowns in recent years, it is the seventh-largest company by market cap in the country as of March 2024 across publicly-traded firms.

Retailers With the Highest International Revenues

Across the top 20 retailers by revenue, Germany’s Schwarz Group generated the most sales from international revenues, at $119.9 billion.

As Europe’s largest retailer, Schwarz Group operates in 30 countries worldwide, with overseas operations accounting for 68% of all revenues. Overall, the family-owned multinational serves 7.2 billion customers annually across 14,112 stores.

Swedish furniture giant, IKEA, generates 96.6% of its retail revenues from international stores, the highest share overall. Given that Sweden is known for its steep corporate tax rates, the company strategically expanded its operations worldwide, while retaining the core essence of its brand.

In recent years, the company has experimented with creating more compact stores in urban centers, unlike its traditional suburban warehouses. Through this strategy, its aiming to drive revenues from higher traffic volume in malls as opposed to customers who travel to stores less frequently, but buy more products.

Beyond these retail giants, a number of European chains generate more than half of their revenues from international operations, including Germany’s discount grocery company, Aldi, and France’s Carrefour.

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The Global Stock Market Boom, by Country (2011–2025)

Global equities more than tripled in total market capitalization between 2011 and 2025. One country’s stocks powered most of this growth.

Published

September 30, 2026 5:04 am

Gabriel Cohen

Graphic showing the changing shares of global equity markets between 2011 and 2025.

How the Global Stock Market Boom Unfolded

Key Takeaways

Global equity markets rose by more than $100 trillion in value between 2011 and 2025.
The U.S. led this growth, rising from $15.6 trillion in 2011 to $68.9 trillion in 2025.
China surpassed Japan in 2014 and, by 2025, matched the European Union at $15.5 trillion.

Over the past 15 years, the balance of global equity market value has shifted substantially as some markets expanded much faster than others.

This visualization tracks equity market capitalization from 2011 to 2025, using World Federation of Exchanges figures published in SIFMA’s Capital Markets Fact Book.

Market capitalization measures the value of outstanding shares at prevailing prices; all figures are expressed in nominal U.S. dollars and are not adjusted for inflation.

The Changing Leaderboard of Equity Markets

The U.S. has pulled comfortably ahead, expanding from $15.6 trillion in 2011 to $68.9 trillion of market capitalization in 2025. Its share of the global total grew from less than a third to roughly 44%.

Below the leader, the order shifted. China’s equity market surpassed Japan’s in 2014 amid a surge in stock buying, while India overtook Japan in 2021. By 2025, China and the European Union were level at approximately $15.5 trillion each.

The table below lists the world’s largest equity markets in both 2011 and 2025.

Equity Market	Market capitalization ($T)
Equity Market	2011	2025
🇺🇸 U.S.	15.6	68.9
🇨🇳 China	3.4	15.5
🇪🇺 European Union	6.0	15.5
🇮🇳 India	2.0	10.6
🇯🇵 Japan	3.5	7.6
🇭🇰 Hong Kong	2.3	6.1
🇬🇧 United Kingdom	3.3	5.6
🇨🇦 Canada	1.9	4.6
🇦🇺 Australia	1.2	2.0
Other developed markets	4.4	14.4
Other emerging markets	6.0	6.9
Global total	49.6	157.8

The trend of a rising U.S. share of global equity markets reversed in 2025. While U.S. market capitalization continued to grow, its share of the global total fell from roughly 47% in 2024 to 44% in 2025 as markets elsewhere grew faster.

The U.S. nevertheless remains home to the New York Stock Exchange and Nasdaq, the world’s two largest stock exchanges.

How Tech Giants Expanded America’s Lead

The rise of large technology companies helps explain the U.S. market’s growing weight. Businesses built around software, digital advertising, and cloud computing can serve customers worldwide, allowing their revenue to expand far beyond the U.S. economy.

More recently, artificial intelligence has added another source of investor enthusiasm. Advances in AI and subsequent investor interest have boosted valuations for a subset of technology firms. Expectations of future profits can lift share prices well before those profits arrive, with substantial effects on the broader market.

Specifically, the so-called Magnificent Seven stocks have accounted for most of the S&P 500’s total return in both 2024 and 2025. This group consists of Alphabet, Amazon, Apple, Meta, Microsoft, NVIDIA, and Tesla.

The Gap Between Market Size and Economic Size

A stock market measures the value investors place on listed businesses rather than everything an economy produces. Private companies are absent, while listed multinationals can earn substantial revenue abroad.

China’s mid-2010s boom shows how financial conditions can reshape valuations. Heavy buying with borrowed money helped fuel the 2015 rally before prices reversed sharply that summer. Borrowing can amplify purchasing power on the way up and increase pressure to sell when prices fall.

The following table shows how the market capitalization of leading equity markets changed between 2011 and 2025.

Year	Equity Market Cap ($T)
	Australia	Canada	China	EU	India	Japan	UK	U.S.
2011	1.2	1.9	3.4	6.0	2.0	3.5	3.3	15.6
2012	1.4	2.1	3.7	6.9	2.5	3.7	3.4	18.7
2013	1.4	2.1	3.9	8.6	2.3	4.5	4.4	24.0
2014	1.3	2.1	6.0	7.9	3.1	4.4	4.0	26.3
2015	1.2	1.6	8.2	7.6	3.0	4.9	3.9	25.1
2016	1.3	2.0	7.3	7.7	3.1	5.1	3.5	27.4
2017	1.5	2.4	8.7	9.8	4.7	6.2	4.5	32.1
2018	1.3	1.9	6.3	8.1	4.1	5.3	3.6	30.4
2019	1.5	2.4	8.6	9.7	4.3	6.2	4.2	34.1
2020	1.7	2.6	12.3	11.1	5.1	6.7	4.0	41.6
2021	1.9	3.3	14.4	13.8	7.1	6.5	3.8	48.5
2022	1.7	2.8	11.5	11.0	6.8	5.4	3.1	40.3
2023	1.8	3.1	10.9	12.6	8.7	6.1	4.5	49.0
2024	1.7	3.4	11.6	11.1	10.3	6.3	4.4	62.2
2025	2.0	4.6	15.5	15.5	10.6	7.6	5.6	68.9

Learn More on the Voronoi App

To explore the stocks that have powered U.S. market growth, check out The 10 Largest S&P 500 Stocks in 2025 on Voronoi.

Stocks

Ranked: Profit Margins of the World’s Largest Companies

Nvidia keeps nearly $56 of every $100 in revenue as profit. For some of the world’s largest companies, it’s less than $1.

Published

September 28, 2026 7:07 am

Dorothy Neufeld

Voronoi showing profit per $100 in revenue across the world's 30 largest companies in 2026.

How Much Profit Do the World’s Biggest Companies Keep?

Key Takeaways

Nvidia generates $55.60 in profit for every $100 in revenue, the highest margin among the Fortune Global 500’s 30 largest companies.
Big Tech dominates the top of the ranking, with Microsoft, Alphabet, and Meta each keeping more than $30 of every $100 in revenue as profit.
At the other end, several of the world’s largest retailers, health care companies, and energy firms keep less than $5 per $100.

The world’s biggest companies generate enormous revenues, but the share that ultimately becomes profit varies widely.

This graphic ranks the world’s 30 largest companies by how much profit they generate for every $100 in revenue, based on Fortune Global 500 data. Profits are after taxes, extraordinary credits or charges, accounting changes, and noncontrolling interests, but before preferred dividends.

Why Tech Keeps More of Every $100

Revenue measures how much money flows through a company, but not how much ultimately reaches the bottom line. Across the world’s largest companies, Big Tech stands apart in how much of that revenue becomes profit.

Rank	Name	Profit per $100 in Revenue (2026)	Profit
1	Nvidia	$55.60	$120B
2	Microsoft	$36.10	$102B
3	Alphabet	$32.80	$132B
4	Meta	$30.10	$60B
5	Apple	$26.90	$112B
6	Industrial & Commercial Bank of China	$24.30	$51B
7	Saudi Aramco	$20.80	$93B
8	JPMorgan Chase	$20.30	$57B
9	Berkshire Hathaway	$18.00	$67B
10	Samsung Electronics	$13.30	$31B
11	Amazon	$10.80	$78B
12	ExxonMobil Holdings	$8.70	$29B
13	Toyota Motor	$7.60	$26B
14	Shell	$6.50	$18B
15	China National Petroleum	$5.30	$21B
16	Walmart	$3.10	$22B
17	Costco Wholesale	$2.90	$8B
18	UnitedHealth Group	$2.70	$12B
19	Hon Hai Precision Industry	$2.30	$6B
20	Volkswagen	$2.30	$8B
21	Cigna Group	$2.20	$6B
22	State Grid	$2.00	$11B
23	Sinopec Group	$1.40	$5B
24	McKesson	$1.20	$5B
25	Trafigura Group	$1.10	$3B
26	China State Construction Engineering	$1.10	$3B
27	Cardinal Health	$0.70	$2B
28	Cencora	$0.50	$2B
29	CVS Health	$0.40	$2B
30	Glencore	$0.10	$0.4B

Profits rounded to the nearest 10 cents.

The gap is striking even among corporate giants. Microsoft generates $36.10 in profit for every $100 in revenue, compared with roughly $3 for Walmart and Costco. Enormous revenue does not necessarily translate into an equally large profit margin.

Much of the difference comes down to business models. Software and digital platforms can serve additional customers at relatively low incremental cost, while retailers, manufacturers, and energy companies must continually pay for inventory, labor, raw materials, logistics, or production.

AI Is Rewriting Big Tech’s Business Model

The margins shown above reflect today’s business models, but AI is making many of those models more capital-intensive. Microsoft, Alphabet, Meta, and Amazon are pouring hundreds of billions of dollars into AI infrastructure. Hyperscaler capital spending is on track to reach $785 billion in 2026 and rise to nearly $1 trillion in 2027.

Nvidia is a major beneficiary of this investment. As a dominant supplier of AI chips, it sits at the center of the infrastructure buildout, while its CUDA software ecosystem can make switching to rival chips more difficult for developers.

On the flipside, the scale of AI investment is raising capital costs across Big Tech. As infrastructure spending climbs, those costs could begin to reshape the margins that currently put many tech companies near the top of this ranking.