Summary of Key Points
The 2026 Fortune Global 500 list reveals a significant decline in the overall performance of energy companies. Saudi Aramco no longer holds the title of “most profitable company in the world” after four consecutive years and has also seen a drop in its ranking. China’s “three major oil companies” (CNPC, Sinopec, and CNOOC) have all experienced declines in both revenue and profit. Technology companies, such as Alphabet (the parent company of Google) and NVIDIA, have become the new leaders in profitability, outperforming energy firms significantly.
Detailed Analysis
1. Energy Companies’ Decline in the Top 20
Of the top 20 companies in terms of revenue on this year’s list, only four are energy companies (Saudi Aramco, CNPC, Sinopec, and ExxonMobil), and all four have dropped in ranking compared to last year:
- Saudi Aramco has moved from 4th to 5th place (down 1 position) and remains the largest energy company, although it was 2nd in 2023.
- CNPC has fallen from 5th to 10th place (down 5 positions).
- Sinopec has dropped from 6th to 12th place (down 6 positions).
- ExxonMobil has moved from 14th to 15th place (down 1 position).
In short, energy companies are losing their prominence among the world’s leading enterprises.
2. Saudi Aramco Loses Its Title as the Most Profitable Company; Technology Companies Take Over
Saudi Aramco was the most profitable company for four years in a row, but this year that title was taken by Alphabet:
- Alphabet’s net profit in 2025 was $132.17 billion, a 32% increase year-on-year; Saudi Aramco’s net profit was $92.79 billion, a 11.6% decrease.
- The top four most profitable companies are all technology firms: Alphabet (1st), NVIDIA (2nd), Apple (3rd), and Microsoft (4th).
- Only Saudi Aramco (5th) and ExxonMobil (20th) are among the top 20 most profitable companies, with their combined profit of $121.6 billion being less than Alphabet’s alone ($132.1 billion).
Technology companies’ profitability has far surpassed that of energy firms.
3. Decline in Performance for China’s Three Major Oil Companies
China’s CNPC, Sinopec, and CNOOC have all seen declines in ranking:
- CNOOC has dropped from 65th last year to 83rd place (down 18 positions), the largest decline among the three companies.
- CNPC’s revenue was 2.86 trillion yuan (a 2.5% decrease), and its net profit was 157.3 billion yuan (a 4.5% decrease).
- Sinopec’s revenue was 2.78 trillion yuan (a 9.46% decrease), and its net profit was 31.8 billion yuan (a 36.78% decrease, the steepest decline).
- CNOOC’s revenue was 398.2 billion yuan (a 5.3% decrease), and its net profit was 122 billion yuan (a 11.5% decrease).
All three companies are facing challenging times this year.
4. The Main Reason for Energy Companies’ Poor Performance: Falling International Oil Prices
The report clearly states that the primary cause of the decline in energy companies is the drop in international oil prices.
When oil prices fall, energy companies earn less from selling oil, resulting in reduced profits. For example, Saudi Aramco’s revenue decreased by 7.2%, and its profit decreased by 11.6%. The same trend is observed for China’s three major oil companies. Oil prices are a critical factor for energy companies’ success; when they drop, so do their financial results and rankings.
Conclusion
This year’s Fortune Global 500 list clearly indicates that the golden age of energy companies is coming to an end, with technology firms becoming the most profitable and influential groups globally. The decline in oil prices is the direct cause of this shift, and the rapid growth of technology companies has further widened the gap between them and traditional energy firms. This trend suggests that the future economic focus is shifting from “oil” to “technology.”