2026 Fortune Global 500 Energy Rankings Slide, Saudi Aramco Profit Surpassed by Alphabet, China Oil Majors

The 2026 Fortune Global 500 list was released on July 28. Energy companies saw a comprehensive decline in the top 20 by revenue, with four companies on the list: Saudi Aramco ranked fifth, down one place from the previous year; China National Petroleum Corporation (CNPC) ranked tenth, down five places; China Petrochemical Corporation (Sinopec) ranked twelfth, down six places; and ExxonMobil ranked fifteenth, down one place. Saudi Aramco reported 2025 revenue of $445.53 billion, down 7.2% year-on-year, and net profit of $92.79 billion, down 11.6% year-on-year. According to historical rankings, Saudi Aramco reached its highest position of second in 2023, when both revenue and net profit hit record highs; it ranked fourth in both 2024 and 2025. With the profit decline, Saudi Aramco's four-year streak as the world's most profitable company has ended. Google parent Alphabet became the most profitable company in the 2025 list with a net profit of $132.17 billion, up about 32% year-on-year. Saudi Aramco's net profit was lower than that of Alphabet, Nvidia, Apple, and Microsoft, which occupied the top four spots in the most profitable list. Among the top 20 most profitable companies, only two energy companies made the list: Saudi Aramco (fifth) and ExxonMobil (twentieth). Their combined net profit of $121.63 billion still fell short of Alphabet alone. Affected by the decline in international oil prices, the rankings of major Chinese energy companies all fell. CNOOC ranked 83rd, down 18 places from the previous year. CNPC achieved 2025 operating revenue of RMB 2.86 trillion, down 2.5% year-on-year; net profit attributable to the parent company was RMB 157.3 billion, down 4.5% year-on-year. Sinopec reported operating revenue of RMB 2.783583 trillion, down 9.46% year-on-year; net profit attributable to the parent was RMB 31.809 billion, down 36.78% year-on-year. CNOOC reported operating revenue of RMB 398.22 billion, down 5.3% year-on-year; net profit attributable to the parent was RMB 122.082 billion, down 11.5% year-on-year.