In this article, we will be covering the top 30 largest US companies by 2023 revenue. If you want to skip our detailed analysis, you can go directly to the Top 5 Largest US Companies by 2023 Revenue.
The United States is home to some of the most valuable companies in the world. The US is famously known as the land of opportunity, and thousands of people immigrate to the US every year from different parts of the world in order to access the freedom that fuels innovation and business creation.
Economic Outlook: United States
When it comes to the largest economies in the world in 2023, the US ranks right at the top. With a GDP that exceeds $25 trillion, the US dwarfs most competitors. Even some of the states in the US have a higher GDP than many of the biggest and most successful countries in the world. The US dollar is also the world’s most dominant reserve currency.
One of the main reasons behind the economic dominance of the US is its unwavering commitment to innovation. The constant pursuit of new advancements across various industries has helped the US rank high among the most advanced countries in the world in 2023. Further innovations are expected to help in advancing America’s economy in the coming years.
According to a report by JPMorgan Chase & Co. (NYSE:JPM), the US economy is expected to slow down in 2024, after growing faster than expected this year. After growing by 2.8% in 2023, the GDP is expected to expand by only 0.7% in 2024. The report also mentions that the fiscal deficit, which stood at $950 billion in 2022, almost doubled in fiscal 2023 to reach $1.84 trillion or 7.4% of the country’s GDP. The federal government took in a lot less cash than it sent out this year. The federal deficit is expected to narrow down in 2024 to 5.9% of GDP, which would still be a lot. According to the report, business investment and housing activity slowed down in 2023, but that could pave the way for better performance in 2024. Consumer spending is expected to continue growing in 2024, but at a lower rate than 2023.
A report by the McKinsey Global Institute highlighted that the business and corporate sector accounts for 72% of GDP of the Organisation for Economic Co-operation and Development (OECD) member nations. The larger corporations, those with more than $1 billion in annual revenue, make up the bulk of that percentage. The reported data also shows that in 2017, the business and corporate sector generated around $14 trillion of the United States’ then GDP of $20 trillion.
American Corporate Powerhouses
Over the years, annual revenues of some of the biggest corporations in the US have reached staggering heights, even surpassing the GDPs of smaller countries. Walmart Inc. (NYSE:WMT), Apple Inc. (NASDAQ:AAPL), and Amazon.com Inc. (NASDAQ:AMZN) are some of the biggest corporations in America. Let’s take a look at what these companies are up to.
On September 29, Amazon.com Inc. (NASDAQ:AMZN) published a news report where it claimed that since 2010, the company has contributed over $880 billion to the national GDP. With almost 1 million employees in the country, Amazon.com Inc. (NASDAQ:AMZN) is also one of the largest private employers and job creators in the US. On October 26, Amazon.com Inc. (NASDAQ:AMZN) reported strong earnings for the fiscal third quarter of 2023. The company reported an EPS of $0.94 and beat estimates by $0.35. The company’s revenue for the quarter grew by 12.57% year-over-year and amounted to $143.08 billion, ahead of market consensus by $1.62 billion.
Walmart Inc. (NYSE:WMT) ranks among the world’s largest supermarket and retail companies. It is also one of the largest private employers in the US. The company also owns and operates Sam's Club retail warehouses. With thousands of stores in the US, Walmart Inc. (NYSE:WMT) claims to employ nearly 1.6 million associates in the country. On November 30, Walmart Inc. (NYSE:WMT) announced that Sam’s Club is planning to expand and open two new distribution facilities in early 2024 outside St. Louis and Minneapolis. The two new distribution centers will provide Sam’s Club members with an enhanced shopping experience with increased speed and availability of products both in club and online. The first facility in the greater St. Louis area is scheduled to open in January 2024, and it is expected to create more than 100 jobs in the region. It is worth mentioning that Walmart Inc. (NYSE:WMT) is already a top employer in the state of Illinois with more than 57,000 employees. The second facility outside Minneapolis will open in March 2024, where the company will employ more than 80 associates. Walmart Inc. (NYSE:WMT) has more than 24,000 employees across the US state of Minnesota.
Apple Inc. (NASDAQ:AAPL) is a giant tech corporation that has been contributing to job creation and economic growth in the US for years. Apple Inc. (NASDAQ:AAPL) claims that as one of the biggest job creators in America, it is responsible for 2 million jobs in 50 US states. On November 30, Apple Inc. (NASDAQ:AAPL) announced that it commits to being the first and biggest customer of the new Amkor manufacturing and packaging facility being developed in Peoria, Arizona, where Amkor Technology, Inc. (NASDAQ:AMKR) will package Apple silicon and semiconductor products. Apple Inc. (NASDAQ:AAPL) and Amkor Technology, Inc. (NASDAQ:AMKR) have been working together for over a decade, packaging chips used extensively in all Apple products. These two companies have now developed plans to build the largest outsourced advanced packaging facility in the US. Investments in advanced manufacturing are part of the commitment made by Apple Inc. (NASDAQ:AAPL) in 2021 to invest $430 billion in the US economy over a period of 5 years. Apple Inc. ‘s (NASDAQ:AAPL) chief operating officer, Jeff Williams, said:
“Apple is deeply committed to the future of American manufacturing, and we’ll continue to expand our investment here in the United States.”
Let’s now take a look at the top 30 largest US companies by 2023 revenue.
Top 30 Largest US Companies by 2023 Revenue
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Methodology
In this article, we have listed the top 30 largest US companies by 2023 revenue. To rank the biggest American companies in terms of revenue, we first sifted through the Yahoo Finance and Finviz stock screeners to find the largest US companies by revenue. We then also consulted the Fortune 500 list, which is an annual ranking of the largest corporations in America based on their fiscal year revenues. While the list is published annually, we used data obtained for the latest year in their dataset, which is 2023. We then got the latest trailing twelve-month revenue from YCharts for each company before narrowing down our selection. Finally, we ranked the top 30 largest US companies based on their trailing twelve-month revenues in ascending order.
First up on our list of top 30 largest US companies by 2023 revenue is Comcast Corporation (NASDAQ:CMCSA). The company has a trailing twelve-month revenue of $120.87 billion as of September 30, 2023. Headquartered in Philadelphia, Pennsylvania, Comcast Corporation (NASDAQ:CMCSA) is an American multinational telecommunications and media conglomerate that owns and operates broadcast network channels and cable-only channels such as MSNBC, CNBC, USA Network, and NBC. It also owns the Universal Pictures film studio.
AT&T Inc. (NYSE:T) is an American multinational telecommunications holding company that provides wireless communications, data/broadband and internet services, telecommunications, media, and technology services. It is one of the largest telecommunications companies in the world. AT&T Inc. (NYSE:T) has a trailing twelve-month revenue of $121.75 billion as of September 30, 2023.
Meta Platforms Inc. (NASDAQ:META), previously known as Facebook Inc., is an American multinational technology conglomerate. Headquartered in Menlo Park, California, the company owns and operates Facebook, WhatsApp, Instagram, and Threads among other products and services. As of September 30, 2023, Meta Platforms Inc. (NASDAQ:META) has a trailing twelve-month revenue of $126.96 billion.
Verizon Communications Inc. (NYSE:VZ) is an American multinational telecommunications conglomerate. It offers wireless and wireline communications services as well as voice, data and video services on its network and platforms. As one of the world’s leading providers of technology and communications services, Verizon Communications Inc. (NYSE:VZ) has a trailing twelve-month revenue of $134.1 billion as of September 30, 2023.
Walgreens Boots Alliance Inc. (NASDAQ:WBA) is an American multinational holding company that owns the retail pharmacy chains by the name of “Walgreens” in the United States and “Boots” in the United Kingdom. It also owns a number of pharmaceutical manufacturing and distribution companies. As of August 31, 2023, Walgreens Boots Alliance Inc. (NASDAQ:WBA) has a trailing twelve-month revenue of $139.08 billion.
The Kroger Co. (NYSE:KR) is an American retail company that operates supermarkets and grocery stores in the US. With nearly 2,800 stores in 35 states, it is one of the largest retailers in America. It also operates manufacturing plants, jewelry stores, and pharmacies and medical clinics. The Kroger Co. (NYSE:KR) has a trailing twelve-month revenue of $147.8 billion as of October 31, 2023.
Headquartered in Houston, Texas, Phillips 66 (NYSE:PSX) is an American multinational energy company that processes, transports, stores and markets natural gas and petroleum products. Phillips 66 (NYSE:PSX) has a trailing twelve-month revenue of $149.41 billion as of September 30, 2023.
Headquartered in St. Louis, Missouri, Centene Corporation (NYSE:CNC) is a managed care company and an intermediary for government-sponsored and privately insured healthcare programs. As a leading healthcare enterprise, Centene Corporation (NYSE:CNC) has a trailing twelve-month revenue of $150.1 billion as of September 30, 2023.
Valero Energy Corporation (NYSE:VLO) is an American downstream petroleum company that primarily focuses on manufacturing and marketing transportation fuels, other petrochemical products, and power. Valero Energy Corporation (NYSE:VLO) is one of the largest independent oil and gas companies, and an international distributor and marketer of transportation fuels. With a trailing twelve-month revenue of $151.1 billion as of September 30, 2023, it ranks on the number 22 spot on our list of top 30 largest US companies by 2023 revenue.
Headquartered in New York City and incorporated in Delaware, JPMorgan Chase & Co. (NYSE:JPM) is a multinational financial services firm and the largest bank in the US. It is also the world’s largest bank by market capitalization. As of September 30, 2023, it has a trailing twelve-month revenue of $151.2 billion.
Marathon Petroleum Corporation (NYSE:MPC) has more than 15 refineries in the US. It is one of the biggest integrated, downstream energy companies. As a major petroleum refining, marketing, and transportation company, Marathon Petroleum Corporation (NYSE:MPC) has a trailing twelve-month revenue of $151.94 billion as of September 30, 2023. It ranks among the top 20 largest US companies by 2023 revenue.
The Home Depot Inc. (NYSE:HD) is an American multinational home improvement retail corporation that engages in the sale of building materials, home improvement products, tools, appliances, and services. It is the largest home improvement retailer in the US. The Home Depot Inc. (NYSE:HD) has a trailing twelve-month revenue of $153.71 billion as of October 31, 2023.
Elevance Health Inc. (NYSE:ELV), previously known as Anthem, Inc., is an American health insurance provider that addresses a range of needs with an integrated whole health approach, powered by industry-leading capabilities and a digital platform that connects stakeholders while also improving efficiency and experiences. Elevance Health Inc. (NYSE:ELV) has a trailing twelve-month revenue of $168.62 billion as of September 30, 2023.
General Motors Company (NYSE:GM) is one of America’s biggest automotive manufacturing companies. It owns and operates various brands including Cadillac, Chevrolet, and GMC. As one of the biggest car manufacturers by 2023 revenue, General Motors Company (NYSE:GM) has a trailing twelve-month revenue of $171.97 billion as of September 30, 2023.
Ford Motor Company (NYSE:F) was founded by Henry Ford in 1903, and it is now America’s largest auto manufacturing company by revenue. Ford Motor Company (NYSE:F) manufactures a diverse lineup of cars, SUVs, and trucks. As of September 30, 2023, the company has a trailing twelve-month revenue of $174.23 billion.
Headquartered in Bloomfield, Connecticut, Cigna Corporation (NYSE:CI) is a multinational managed healthcare and insurance company that ranks among the top 15 largest US companies by 2023 revenue. Through its subsidiaries, it provides disability, dental, medical, life and accident insurance and related products and services. Cigna Corporation (NYSE:CI) has a trailing twelve-month revenue of $189.82 billion, as of September 30, 2023.
Chevron Corporation (NYSE:CVX) is an American multinational energy corporation that is primarily focused on oil and gas refining and marketing. It has a trailing twelve-month revenue of $202.5 billion as of September 30, 2023. Chevron Corporation (NYSE:CVX) is one of the largest energy companies in the world, and it is active in more than 170 countries.
Cardinal Health Inc. (NYSE:CAH) is an American healthcare service provider company. It offers many services such as the distribution of medical equipment and pharmaceuticals. Cardinal Health Inc. (NYSE:CAH) has a trailing twelve-month revenue of $210.17 billion as of September 30, 2023.
Founded in 1975 by Bill Gates, Microsoft Corporation (NASDAQ:MSFT) is an American multinational technology corporation. Some of its key products include Internet Explorer, Microsoft 365, and Windows. Microsoft Corporation (NASDAQ:MSFT) has a trailing twelve-month revenue of $218.31 billion as of September 30, 2023. It ranks among the top 12 largest US companies by 2023 revenue.
Costco Wholesale Corporation (NASDAQ:COST) is an American multinational corporation which operates a chain of membership warehouses. Through membership-only big-box warehouse club retail stores, it offers for sale branded merchandise at lower prices than market rate. Costco Wholesale Corporation (NASDAQ:COST) has a trailing twelve-month revenue of $242.29 billion as of August 31, 2023.
Cencora Inc. (NYSE:COR), formerly known as AmerisourceBergen, came into being after the merger of AmeriSource Health Corporation and Bergen Brunswig Corporation in 2001. It is an American drug wholesale company that focuses on distribution of drugs while also consulting medical businesses. As of September 30, 2023, Cencora Inc. (NYSE:COR) has a trailing twelve-month revenue of $262.17 billion, and it ranks among the top 10 largest US companies by 2023 revenue.
McKesson Corporation (NYSE:MCK) is an American medical and pharmaceutical distribution company. It also provides health information technology and care management tools, and the company has a huge presence in North America. McKesson Corporation (NYSE:MCK) has a trailing twelve-month revenue of $291.1 billion as of September 30, 2023.
Headquartered in Mountain View, California, Alphabet Inc. (NASDAQ:GOOGL) is the parent company of Google and many former subsidiaries of Google. It is considered one of the Big Five American information technology companies, and ranks among the most dominant technology companies in the world. Alphabet Inc. (NASDAQ:GOOGL) has a trailing twelve-month revenue of $297.13 billion as of September 30, 2023.
Exxon Mobil Corporation (NYSE:XOM) is the biggest energy company in the US in terms of revenue. It has investments and operations in coal, nuclear fuels, mineral ores, chemicals, petroleum and natural gas. With a trailing twelve-month revenue of $346.17 billion as of September 30, 2023, Exxon Mobil Corporation (NYSE:XOM) ranks among the top 7 largest US companies by 2023 revenue.
CVS Health Corporation (NYSE:CVS) is an American healthcare company that ranks high among the largest US companies by 2023 revenue. It is also a health insurance provider and offers a variety of services through its brands including CVS Pharmacy, CVS Caremark, and Aetna. CVS Health Corporation (NYSE:CVS) has a trailing twelve-month revenue of $347.81 billion as of September 30, 2023.
