The Largest Companies by Market Cap in December 2025

Nvidia (NVDA -0.50%) currently tops the list of the largest companies in the world. Apple (AAPL -0.13%) and Alphabet (GOOG +1.56%)(GOOGL +1.49%) round out the top three.

Eleven of the largest companies have a market cap of at least $1 trillion. While tech companies dominate the top of the stock market, there are other sectors represented, including oil, insurance, medical companies, and financial services. Read on to see the 20 most valuable companies and where they stand as of December 2025.

• Market cap: $4.37 trillion (as of Dec. 1)
• Revenue (TTM): $187.1 billion
• Gross profit (TTM): $131.1 billion
• Five-year annualized return: 67.92%
• Year founded: 1993

Tech company Nvidia designs and develops graphics processing units (GPUs) originally used for PC graphics and video games. Its GPUs are in high demand because they play a key role in training and operating artificial intelligence (AI) applications. They've also been used for mining cryptocurrency (using computer processing power to validate crypto transactions and earn rewards)

Thanks to the AI boom, Nvidia is currently the most valuable company in the world and was the first to reach a market cap of $4 trillion. In September, Nvidia announced plans to invest $100 billion in OpenAI, the developer of ChatGPT, and $5 billion in Intel (INTC -0.14%).

2. Apple

• Market cap: $4.20 trillion (as of Dec. 1)
• Revenue (TTM): $416.2 billion
• Gross profit (TTM): $195.2 billion
• Five-year annualized return: 19.67%
• Year founded: 1976

Tech giant Apple is proof of how far high-quality products and strong brand loyalty can go. It first became the world's most valuable company on Aug. 9, 2011, 15 days before Steve Jobs resigned as CEO, and has spent quite a bit of time at the top since then. It also holds the distinction of being the first company to hit market caps of $1 trillion, $2 trillion, and $3 trillion.

Apple built its success on sales of its wildly popular products, including the iPhone, MacBook, and AirPods. It has branched out into services, including its Apple TV+ streaming service. It's also developing Apple Intelligence, an AI technology.

On a negative note, the U.S. Department of Justice filed an antitrust lawsuit against Apple in March 2024. It alleges that Apple maintains an illegal monopoly over smartphones through contractual restrictions on developers. The Trump administration's import tariffs have also added to Apple's costs, although it has managed to reduce this burden through a U.S. investment of $100 billion.

3. Alphabet (Google)

• Market cap: $3.81 trillion (as of Dec. 1)
• Revenue (TTM): $385.5 billion
• Gross profit (TTM): $228.1 billion
• Five-year annualized return: 29.22%
• Year founded: 1998 (Google), 2015 (Alphabet)

Alphabet is the holding company created through a restructuring of Google in 2015. Of course, Google is most well-known as a search engine, becoming so famous that the name is synonymous with online searches. That's just one of Alphabet’s many widely used products, which also include:

• Email service Gmail
• Video site YouTube
• Navigation apps Waze and Maps
• Pixel smartphones

Google's dominance over online searches hasn't been without controversy, as Alphabet has been embroiled in antitrust lawsuits. In August 2024, a judge found that Google acted illegally to monopolize online search and advertising. While prosecutors wanted the court to force Google to sell its Chrome browser, a judge rejected that option and instead ruled that Google must share search data with competitors. Alphabet plans to appeal the ruling.

4. Microsoft

• Market cap: $3.62 trillion (as of Dec. 1)
• Revenue (TTM): $293.8 billion
• Gross profit (TTM): $202.0 billion
• Five-year annualized return: 18.94%
• Year founded: 1975

Considering the popularity of the Windows operating system, it’s no surprise that Microsoft has consistently ranked as one of the largest companies in the world. About 70% of computers use Windows, according to Statcounter. While it's most famous for Windows, Microsoft also has a diverse selection of products and services that have helped to build on its success, including:

• Office Suite software
• Azure cloud platform
• Xbox video game consoles
• Surface computer and tablets

Microsoft has been making a big push into AI technology. It launched an AI-powered digital assistant, Microsoft Copilot, and it invested $88 billion in AI-enabled data centers during its 2025 fiscal year (which ended on June 30, 2025). It's also partnered with OpenAI, although there have been recent reports of tension between the two companies.

5. Amazon

• Market cap: $2.50 trillion (as of Dec. 1)
• Revenue (TTM): $691.3 billion
• Gross profit (TTM): $346.0 billion
• Five-year annualized return: 7.85%
• Year founded: 1994

E-commerce leader Amazon began as an online bookstore, which goes to show just how much its reach has expanded. It's now the site where you can buy practically anything, and it’s the largest online retailer in the world.

The company’s Amazon Prime service has more than 200 million users worldwide. It's also the largest cloud provider in the world with Amazon Web Services (AWS). And that's only the tip of the iceberg. Amazon has its Amazon Prime Video streaming service and video game streaming through Twitch, plus it owns the Whole Foods Market grocery chain.

However, Amazon has its fair share of legal issues. It's locked in an antitrust lawsuit with the Federal Trade Commission (FTC) alleging that Amazon's a monopoly using anti-competitive practices to maintain its position. In September, it agreed to a $2.5 billion settlement for a separate lawsuit with the FTC related to its Amazon Prime service. The online retailer also faces a class action lawsuit over fees charged to third-party sellers that were passed onto consumers.

• Market cap: $1.82 trillion (as of Dec. 1)
• Revenue (TTM): $59.9 billion
• Gross profit (TTM): $40.0 billion
• Five-year annualized return: 62.66%
• Year founded: 1961 (HP Associates), 2005 (Avago Technologies), 2016 (Broadcom Limited)

Broadcom started out as HP Associates, the semiconductor division of HP. It's now one of the largest semiconductor companies and develops custom chips for multiple hyperscalers.

In addition to its semiconductor business, Broadcom also has infrastructure software products. It significantly increased the size of its software division with the acquisition of VMware in November 2023.

7. Meta Platforms

• Market cap: $1.62 trillion (as of Dec. 1)
• Revenue (TTM): $189.5 billion
• Gross profit (TTM): $155.4 billion
• Five-year annualized return: 18.58%
• Year founded: 2004

The company formerly known as Facebook rebranded in 2021 and announced a new focus on building the metaverse. More recently, Meta Platforms has been investing heavily in AI. It launched its first Meta AI app, an AI assistant, in April 2025. CEO Mark Zuckerberg also went on a hiring spree for top talent and announced Meta Superintelligence Labs in June. The organization aims to develop AI superintelligence, a theoretical stage of AI that would surpass humans in practically every area.

For now, Meta Platform's biggest products are its social networks, Facebook and Instagram. It also owns WhatsApp and Messenger, and it expanded into virtual reality with its Meta Quest devices and its acquisition of Oculus. Meta makes the vast majority of its money from advertising, which accounts for about 98% of its revenue.

8. Saudi Arabian Oil

• Market cap: $1.57 trillion* (as of Dec. 1)
• Revenue (TTM): $460.9 billion*
• Gross profit (TTM): $219.3 billion*
• Five-year annualized return: -3.92%
• Year founded: 1933

*Converted from Saudi riyals.

Saudi Arabian Oil, also known as Saudi Aramco, is an energy and chemicals company. Owned by the Saudi Arabian government, it has the largest daily oil production and the second-largest proven crude oil reserves of all oil companies.

Since Saudi Aramco is largely dependent on oil prices, it can go through significant ups and downs. Heavy oil demand helped it claim the top spot in terms of market cap early in May of 2022, but when demand fell, it was surpassed again. This year, a decrease in crude oil prices and demand has negatively impacted Saudi Aramco's business, and the oil company has cut its dividend as a result.

To diversify its portfolio, Saudi Aramco invested $500 million in a liquified natural gas (LNG) company, MidOcean Energy, in September 2023. It also signed a joint development agreement with China's BYD Company, the world's largest electric vehicle (EV) manufacturer, in April 2025.

9. Taiwan Semiconductor Manufacturing

• Market cap: $1.49 trillion (as of Dec. 1)
• Revenue (TTM): $115.6 billion*
• Gross profit (TTM): $68.2 billion*
• Five-year annualized return: 26.26%
• Year founded: 1987

*Converted from New Taiwan dollars.

Taiwan Semiconductor Manufacturing, also known as TSMC, is a leader in semiconductor production and is Taiwan's most valuable company. As such, it works with many of the leading global technology companies, including Apple and Nvidia. It's another of the tech companies benefiting from the growth of AI. It's the largest contract chip manufacturer in the world, and demand for AI chips has led to increased sales for TSMC.

TSMC is in the process of expanding its semiconductor manufacturing operations in the U.S. It has announced plans to invest $165 billion in U.S. fabrication plants, advanced packaging facilities, and a research and development team center. However, it has also warned that further import tariffs on Taiwanese semiconductors could reduce demand and damage its U.S. investment plans.

10. Tesla

• Market cap: $1.10 trillion (as of Dec. 1)
• Revenue (TTM): $397.1 billion
• Five-year annualized return: 17.24%
• Year founded: 1839

Berkshire Hathaway is the first U.S. company outside of the tech sector to have a $1 trillion market cap. It started out as a textile company and remained in that business for more than a century, but it's now known for its ties to legendary investor Warren Buffett. He began investing in Berkshire in 1962, took majority control in 1965, and converted it into a holding company in 1970.

After nearly 60 years as Berkshire's CEO, Buffett announced that he'll step down from that role in January 2026. Greg Abel will be his successor. While Berkshire's main business is insurance (it owns one of the largest insurance companies, GEICO), it has also invested in companies across a range of industries.

12. Eli Lilly

• Market cap: $948.35 billion (as of Dec. 1)
• Revenue (TTM): $59.4 billion
• Gross profit (TTM): $49.3 billion
• Five-year annualized return: 50.30%
• Year founded: 1876

Founded by a chemist and Union Army veteran of the same name, Eli Lilly is one of the world's largest pharmaceutical companies. It was the first company to mass-produce insulin and the polio vaccine.

Eli Lilly's main revenue drivers are diabetes drugs and weight loss medication, specifically Mounjaro and Zepbound. In November, it agreed to a deal with the Trump administration to lower the cost of Zepbound and make it more accessible. It also manufactures antidepressants, most notably Prozac, and donanemab, a treatment for Alzheimer's disease.

13. Walmart

• Market cap: $890.06 billion (as of Dec. 1)
• Revenue (TTM): $703.1 billion
• Gross profit (TTM): $175.1 billion
• Five-year annualized return: 18.56%
• Year founded: 1962

Walmart may not have the largest market cap, but it is No. 1 in terms of revenue, and it’s the largest retailer in the world. With over $700 billion in annual revenue, it earns more than most of the other companies on this list by a wide margin.

Long-time CEO Doug McMillon has announced plans to retire in January 2026. John Furner, who's currently head of Walmart's U.S. operations, will succeed McMillon.

14. JPMorgan Chase

• Market cap: $849.45 billion (as of Dec. 1)
• Revenue (TTM): $178.8 billion
• Five-year annualized return: 24.05%
• Year founded: 1799 (Bank of the Manhattan Company), 2000 (merger of JPMorgan and Chase)

While there are several big banks in the U.S., JPMorgan Chase is the biggest. It managed $4.00 trillion in assets at the end of 2024, more than any other U.S. bank and the fifth-highest in the world.

JPMorgan has launched multiple ventures in the growing cryptocurrency market. It partnered with Coinbase, one of the leading crypto exchanges, in July. The partnership makes it easier for the bank's customers to invest in cryptocurrency. JPMorgan also launched a deposit token, JPMD, in June. The bank is also incorporating AI technology into its operations.

15. Tencent

• Market cap: $641.27 billion (as of Dec. 1)
• Revenue (TTM): $40.0 billion
• Gross profit (TTM): $32.1 billion
• Five-year annualized return: 10.44%
• Year founded: 1958

Visa is the most widespread payment network in the world, and it processes transactions for prepaid cards, debit cards, and credit cards. It's accepted in over 130 million merchant locations across more than 200 countries and territories, and it reported $14 trillion in payments volume in its 2025 fiscal year.

The U.S. Department of Justice filed an antitrust lawsuit against Visa in September 2024. It alleges that Visa operates an illegal monopoly over the debit card payments market. Visa is contesting the lawsuit.

17. Oracle

• Market cap: $572.84 billion (as of Dec. 1)
• Revenue (TTM): $59.0 billion
• Gross profit (TTM): $41.1 billion
• Five-year annualized return: 30.21%
• Year founded: 1977

Oracle is an information technology company founded by Larry Ellison, Bob Miner, and Ed Oates. It focuses on business hardware and software products, including cloud infrastructure and applications.

Thanks to the demand for cloud-based AI services, 2024 was Oracle's best year in decades, and it has continued to perform well in 2025. Oracle is one of the initial equity funders for Stargate, a project announced in January 2025 to build U.S. AI infrastructure.

18. ExxonMobil

• Market cap: $497.22 billion (as of Dec. 1)
• Revenue (TTM): $324.9 billion
• Gross profit (TTM): $72.5 billion
• Five-year annualized return: 28.65%
• Year founded: 1882 (Standard Oil of New Jersey), 1999 (merger of Exxon and Mobil)

As recently as 2013, ExxonMobil was the largest company by market cap. However, environmental disasters and a long history of climate change denial led to heavy criticism of the oil company.

Despite its controversial reputation, ExxonMobil remains a leader in terms of revenue and operates in more than 50 countries. It's also the world's second-largest oil company behind only Saudi Aramco.

19. Johnson & Johnson

• Market cap: $494.73 billion (as of Dec. 1)
• Revenue (TTM): $92.1 billion
• Gross profit (TTM): $62.7 billion
• Five-year annualized return: 10.61%
• Year founded: 1997

Johnson & Johnson is the healthcare company behind many of the medical and pharmaceutical products people use on a regular basis. Some of its household names include Tylenol, Band-Aid, Neutrogena, and Johnson's Baby. It also developed a COVID-19 vaccine.

In November 2021, Johnson & Johnson announced that it would split into two publicly traded companies, one for consumer health products and the other for medical technology and pharmaceuticals. The consumer health company, Kenvue (KVUE -0.50%), became a completely independent company in 2023.

20. Mastercard

• Market cap: $491.76 billion (as of Dec. 1)
• Revenue (TTM): $31.5 billion
• Gross profit (TTM): $24.4 billion
• Five-year annualized return: 10.79%
• Year founded: 1966

Mastercard has long been Visa's closest competitor among payment networks. It's accepted in over 210 countries and territories, and in 2024, it processed a gross dollar volume of $9.8 trillion in transactions.

Sources

• JPMorgan Chase & Co. (2025). "Fourth-Quarter 2024 Results."
• Mastercard (2025). "Mastercard Incorporated Reports Fourth Quarter and Full Year 2024 Financial Results."
• Meta (2025). "Meta Reports Fourth Quarter and Full Year 2024 Results."
• Statcounter GlobalStats (2024). "Desktop Operating System Market Share Worldwide."
• Statista (2025). "Amazon Prime - statistics & facts."
• Visa (2025). "Q4 2025 Earnings Call."