Top 10 Most Profitable Companies and Its Revenue Streams in 2024

In the dynamic year 2024, certain businesses have stood out for their significant profit generation, earning them the title of the year’s most profitable companies. In this analysis, we will thoroughly examine the revenue sources that have propelled these companies to exceptional financial success. We will also delve into their market positioning, and revenue trends, and identify the stock exchanges where their financial strength is evident.

The goal of this analysis is to provide a comprehensive understanding of how these top businesses have achieved remarkable success and became the most profitable companies in the 2024 landscape. Let’s get started!

The Current Global Business Environment

The current global business environment presents numerous challenges and opportunities.

Opportunities

1. The Rise of Technology: Novel technologies, such as artificial intelligence, blockchain, and robotics, are emerging and offering fresh prospects. These innovations enable businesses to explore new avenues and reshape their operations.

2. The Growth of the Digital Economy: The rapid expansion of the digital economy offers a crucial business opportunity. Enterprises that embrace this trend can secure a prosperous future by aligning with its dynamic landscape and transformative potential.

3. Increasing Demand for Sustainable Products and Services: With growing consumer awareness, the demand for sustainable products and services is on the rise. This trend provides businesses with a promising opportunity to capitalize on by aligning with eco-friendly preferences.

4. The Growth of Emerging Markets: The swift expansion of emerging markets offers a lucrative opportunity for businesses to foster growth. By strategically accessing these markets, companies can effectively expand their enterprises.

5. Generative AI: The widespread adoption of generative AI tools, which are now integrated into more businesses to automate creative processes and data analysis is a great opportunity to be one of the most profitable companies globally.

Challenges

1. The COVID-19 Pandemic: The global illness caused by the pandemic significantly impacted the world’s financial system, resulting in difficulties in obtaining products, rising prices, and a slowdown in economic growth.

2. Destructive Wars: The Ukraine war, the Palestine-Israel conflict, and other ongoing wars like those in Sudan and Yemen are causing humanitarian crises, disrupting supply chains, and increasing economic uncertainty worldwide.

3. Rising Inflation: Inflation is on the rise in numerous countries, eroding purchasing power and increasing operational costs for businesses. This is a ripple effect stemming from the pandemic that has affected businesses worldwide.

4. Geopolitical Tensions: Tensions between countries are escalating, potentially exacerbating issues for the global economy. For instance, the Russian-Ukrainian conflict has strained relations between countries such as the USA and China.

5. Climate Crisis: The climate crisis represents a significant threat to the global economy, necessitating proactive measures by businesses to mitigate its impact.

Top Trending Industries

These are some of the most popular and profitable industries in 2024.

1. Healthcare Industry: The expected revenue growth rate is 14.77%, amounting to $28.77 billion by 2027.

2. E-commerce Industry: The global e-commerce market is projected to be valued at $6.09 trillion in 2024, with revenue expected to grow to $70.9 trillion by 2028.

3. AI Industry: In 2024, the market value stands at $747.91 billion and is anticipated to increase to$2.74 trillion by 2032. The global AI market is registering a CAGR of 36.8% from 2023 to 2030.

4. VR and AR Industries:  The augmented reality (AR) and virtual reality (VR) market is estimated to be worth $22.12 billion in 2024 and is projected to grow to $96.32 billion by 2029, reflecting a compound annual growth rate (CAGR) of 34.2% over the forecast period.

5. Blockchain Industry: The global blockchain technology market is valued at $26.91 billion in 2024 and is anticipated to reach approximately $1,879.30 billion by 2034, with a robust compound annual growth rate (CAGR) of 52.9% over the forecast period.

6. Data Analytics: The global data analytics market is expected to grow at a compound annual growth rate of 26.7% from 2023 to 2030, reaching $302.01 billion by 2030.

The Most Profitable Companies In The World (By Earnings)

1. Saudi Aramco

• HQ: Dhahran, Saudi Arabia
• Earnings: $228.37 Billion
• Stock Exchange: SAR

Saudi Aramco generates its revenue primarily from two segments: upstream and downstream operations. The upstream segment focuses on exploring and extracting crude oil from its vast reserves, while the downstream segment processes crude oil into refined products and petrochemicals. In 2023, the company’s revenue reached $440 billion, contributing around 40% of Saudi Arabia’s GDP.

Saudi Aramco generated $57.2 billion through refineries and chemicals in 2023. It generated $388.5 billion through oil and gas production in 2023. The company generated $31.8 billion through marketing and distribution in 2023. It generated $10.7 billion through corporate and other activities in 2023. The growth of Saudi Aramco’s revenue in 2023 was driven by the increase in oil prices.

2. Apple Inc.

• HQ: Cupertino, California, US
• Earnings: $121.62 Billion
• Stock Exchange: NASDAQ

In FY 2023, Apple‘s revenue breakdown was as follows: iPhone sales generated $200.583 billion, making up 52.3% of total revenue. Mac sales contributed $29.379 billion, or 7.7%, reflecting a 27% decline from the previous year. iPad products brought in $28.3 billion, a 3% decline, while Wearables, Home, and Accessories accounted for $39.845 billion, or 10.4%, with a 3% decline. The Services group generated $85.2 billion in revenue, representing a significant portion of Apple’s overall earnings. Undoubtedly, Apple is one of the most profitable companies in the world.

5. Alphabet Inc. (GOOGLE)

• HQ: Mountain View, California, US
• Earnings: $121.26 Billion
• Stock Exchange: NASDAQ

Alphabet’s revenue streams include Google Services ($144.3B, ~90% of revenue), Google Cloud ($19.9B, 12%), and Other Bets ($860M). Google Services, primarily from Google Ads and AdSense, generated $57.6B in operating income. Google Cloud turned profitable with $2B in operating income, while Other Bets reported a $2.15B loss in H1 2024. Therefore, Alphabet is third on the list of the most profitable companies in the world.

4. Microsoft Corp

• HQ: Redmond, Washington, US
• Earnings: $110.77 Billion
• Stock Exchange: NASDAQ

In Q3 FY 2024, Microsoft posted $61.9B in revenue , $21.9B in net income, and $27.6B in operating income . The Productivity and Business Processes segment generated $19.6B, driven by Dynamics, with $10.1B in operating income. Intelligent Cloud earned $26.7B , fueled by Azure growth, with $12.5B in operating income. The More Personal Computing segment reported $15.6B, led by Xbox services and search/news ads, with $4.9B in operating income. Therefore, Microsoft has made its way in the listing of the most profitable companies.

5. Berkshire Hathaway

• HQ: Omaha, Nebraska, US
• Earnings: $88.90 Billion
• Stock Exchange: NYSE

Berkshire Hathaway’s revenue in Q3 2023 came from diverse sources: Insurance contributed 26% of total revenue, with BNSF Railway accounting for 6.3%, Berkshire Hathaway Energy at 7.8%, and Manufacturing at 20.6%. Other segments, including McLane and PTC, contributed 14.5% and 14.1% of revenue, respectively. Insurance also drove profitability, generating 49.2% of EBT. The overall revenue for the company reached $93.2 billion, with insurance being the largest contributor, followed by manufacturing and energy. Berkshire Hathaway is undoubtedly one of the most profitable companies.

6. JPMorgan Chase

• HQ: New York, US
• Earnings: $69.03 Billion
• Stock Exchange: NYSE

As of Dec. 31, 2023, JPMorgan Chase had $3.4 trillion in assets, with $2.7 trillion in the U.S., making it the largest U.S. bank. It added 3.6M new Consumer & Community Banking customers, its largest revenue segment (43% in 2023). Corporate & Investment Bank boosted its market share, and Commercial Banking gained 5,000+ new relationships. Asset & Wealth Management saw $490B in net client inflows, a 20% annual increase. The bank serves consumers, businesses, corporations, and governments globally. Moreover, JPMorgan Chase is rightly among most profitable companies globally.

7. Meta Platforms (Facebook)

• HQ: Menlo Park, California, US
• Earnings: $64.51 Billion
• Stock Exchange: NASDAQ

Meta primarily generates revenue by selling advertising space on platforms like Facebook and Instagram, using an ad auction system to determine costs. In 2023, the Meta Apps segment accounted for $133 billion (98% of total revenue), a 16% increase from 2022, with $62.9 billion in operating income (up 61% YoY). Reality Labs contributed $1.9 billion (1.4% of revenue), a 13% decline from the prior year. Meta’s total revenue for 2023 was $134.9 billion, averaging approximately $369 million per day. Meta platforms are racing to be the most profitable companies worldwide.

8. NVIDIA

• HQ: Santa Clara, California, US
• Earnings: $61.37 Billion
• Stock Exchange: NASDAQ

In FY 2024, Nvidia achieved record revenue of $60.9 billion. Q1 FY 2025 revenue reached $26 billion. Net income was $14.8 billion while operating income hit $16.9 billion. Nvidia’s key markets include data centers, gaming, professional visualization, and automotive. Q1 FY 2025 highlights: data center revenue soared to $22.6 billion, gaming revenue was $2.6 billion, and professional visualization reached $427 million. Compute & Networking generated $47.4 billion, while Graphics earned $13.5 billion. This shows that NVIDIA has raced its way to being included in the most profitable companies in the world.

9. ICBC

• HQ: Xicheng District, Beijing, China
• Earnings: $58.33 Billion
• Stock Exchange: OTCMKTS

The Industrial and Commercial Bank of China Limited (ICBC) is the largest bank in the People’s Republic of China and the world in terms of total assets. ICBC operates through four key segments: Corporate Banking, Personal Banking, Treasury Operations, and Others. For the fiscal year 2023/24, ICBC reported a net income of $1.399 billion. With a current TTM revenue of $113.85 billion, ICBC holds a market cap of $277.69 billion as of November 2024, ranking it as the 33rd most valuable company globally by market capitalization.

10. Amazon

• HQ: Seattle, Washington, US
• Earnings: $56.85 Billion
• Stock Exchange: NASDAQ

Amazon’s primary revenue sources are its North America, International, and AWS segments. In Q1 2024, North America led with $86.3 billion in sales (60% of total net sales), a 12% increase from 2023. The International segment brought in $31.9 billion (22% of total sales), with a notable turnaround in operating income. AWS generated $25 billion (18% of total sales) and contributed 61.5% of operating income, with a 17.2% sales growth. This makes Amazon a strong competitor for the most profitable companies worldwide.

Maria Isabel Rodrigues

FAQs

1. What was the most profitable company in the world in 2024?

Answer: As of November 2024, Saudi Aramco is the most profitable company in the world with earnings of $228.37 billion. The company has a market capitalization of $1.804 trillion, making it the 6th most valuable company globally by market cap. Its latest financial reports show a revenue (TTM) of $495.35 billion

2. Which are the most profitable business in the world??

Answer: The most profitable businesses in the world are in sectors such as oil and gas, financial services, banking, real estate, semiconductors, and asset management, with companies like Saudi Aramco, JPMorgan Chase, NVIDIA, and BlackRock leading the way.

3. Which company has the highest revenue in the world?

Answer: Walmart has the highest revenue in the world. In 2024, the company’s trailing twelve-month (TTM) revenue stands at $665.03 billion, with earnings of $24.45 billion and a market cap of $719.42 billion.

Also Read: 10 Best EV Companies you’ll wish You Knew Sooner