Why has the China-US profit gap widened on the Fortune Global 500?

Despite posting strong revenue, China’s multinationals logged US$4.5 billion profit in 2025, just 40 per cent of their US counterparts’ figure

Since 2021, the average profit of Chinese companies has climbed by 27 per cent. While average profits across all 500 firms rose by 105 per cent, those of US companies jumped 110 per cent.

“Falling profits among Chinese firms in recent years are largely an economic structural problem. New growth-driven investment is mainly led by the government, while private investment is on the decline. And soft consumption growth has hampered overall economic momentum and affected profits for traditional industries,” Tang said.

Amazon has become the world’s top firm by revenue, ending Walmart’s 12-year reign and putting the retail giant in second place, while China’s State Grid retained its spot at third. UnitedHealth Group and Saudi Aramco took fourth and fifth place, respectively.