Ranking the biggest in global business

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by Vivienne Walt

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by Allie Garfinkle

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Too far, too fast: BP’s painful retreat from the renewables it once championed

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Betting on brilliant. How Boeing is setting the stage for a turnaround with Brian Yutko

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Silver future. Ping An wants to turn China’s demographic crisis into an opportunity

UnitedHealth Group (No. 3) appointed Wayne S. DeVeydt to succeed John F. Rex as CFO, effective Sept. 2. Procter & Gamble (No. 51) announced that Shailesh Jejurikar will succeed Jon Moeller as President and CEO, effective Jan. 1, 2026. Lithia Motors (No. 124) announced that Gary Glandon is retiring as Chief People Officer, effective Dec. 31.

And more in this week's Fortune 500 Power Moves.

• JPMorgan Chase (No. 11) is reportedly in talks to acquire Apple’s credit card program, per the Wall Street Journal. The deal would help JPMorgan Chase secure its status as the biggest credit card issuer in the U.S. Goldman Sachs is Apple’s current card partner, holding roughly $20 billion in balances from Apple credit cards.
• StoneX (No. 42) acquired futures brokerage R.J. O’Brien, making StoneX the largest non-bank futures brokerage in the country. R.J. O’Brien brought in $766 million in revenue last year. StoneX describes the deal as the “most significant acquisition” in company history.
• Baker Hughes (No. 155) agreed to acquire Chart Industries for $13.6 billion in cash, adding the industrial equipment manufacturer to Baker Hughes’s liquefied natural gas export business. This deal overrides a previously announced merger between Chart and competitor Flowserve last month.
• Union Pacific (No. 177) agreed to acquire Norfolk Southern (No. 346) for $85 billion, creating the first coast-to-coast railroad operator in the country. The deal is expected to attract significant antitrust attention as the combined company would put intense pressure on the two railroads in the U.S. that would remain. Read more: Union Pacific’s CEO started as a teen track worker—now he’s leading an $130 billion empire and says Gen Z interns need curiosity to be like him
• Antitrust lawmakers in the EU are pausing their investigations into Mars’ proposed $36 billion acquisition of Kellanova (No. 332) while they wait for both companies to provide necessary data. The investigation stems from concerns that merging the two snack companies would allow the combined company to raise prices.

• Salesforce (No. 120) founder and CEO Marc Benioff sat down with Fortune AI Editor Jeremy Kahn last month for a conversation about the prospect of AI displacing white collar and customer service workers. “This is going to help your employees to be more productive and go forward faster. But it is not a wholesale replacement of human beings,” Benioff said. “Or if that opportunity exists, somebody needs to explain it to me, because, as the CEO of a 75,000 person company, I can’t figure it out.”

• Amazon (No. 2) reported quarterly revenue of $167.7 billion, up 13% year-over-year. While the majority of revenue came from the company’s retail business, Amazon Web Services (AWS) continued to be the primary driver of profit, generating $30.9 billion in revenue and $10.2 billion in operating income for the quarter.
• UnitedHealth Group (No. 3) posted net income of $3.41 billion for the quarter, down from $4.22 billion in the same quarter last year. The company restored its full-year revenue outlook—projecting revenues between $445.5 billion and $448 billion—after suspending its prior guidance in May. CEO Stephen Hemsley noted during the earnings call that he doesn’t expect profit to increase this year. Read more: UnitedHealth Group didn’t just miss earnings, it did something far worse
• Apple (No. 4) reported $94.04 billion in revenue for Q3 2025, a 10% year-over-year increase, achieving a new quarterly record. iPhone sales were the main contributor, generating $44.6 billion, representing a 13% annual growth in that business segment.
• Microsoft (No. 14) brought in revenue of $76.4 billion in its fiscal fourth quarter, an 18% year-over-year increase. The company’s strong performance was driven by growth across its suite of cloud services, especially Azure. For the first time, Microsoft disclosed that Azure’s annual revenue surpassed $75 billion, up 34% from the previous year.
• Meta (No. 22) announced $17 billion in capital expenditures during its fiscal second quarter, primarily allocated to AI infrastructure investments. CEO Mark Zuckerberg emphasized the importance of these investments, stating, “We’re making all these investments because we have conviction that superintelligence is going to improve every aspect of what we do.” Meta exceeded expectations with $47.5 billion in revenue, marking a 22% increase year-over-year.
• Boeing (No. 63) had a strong Q2 with $22.7 billion in revenue, up 35% from the same quarter last year. CFO Brian West, who will step down on Aug. 15, noted that the company is making improvements in the quality and efficiency of its plane production. Read more: How Boeing is quietly betting on a ‘brilliant’ 39-year old engineer
• eBay (No. 411) reported revenue and earnings growth, and CEO Jamie Iannone attributed this growth chiefly to collectibles, including trading cards. Still, eBay accounts for less than 4% of the overall e-commerce market in the U.S., Fortune Tech Correspondent Jason Del Rey wrote this week, but it’s also leaning into livestreaming e-commerce with eBay Live. Read more: Is eBay actually sexy again as the e-commerce old-timer’s stock surges to an all-time high?

Other earnings calls that took place this week: CVS Health (No. 5), AbbVie (No. 77), Starbucks (No. 126), Visa (No. 127), PayPal Holdings (No. 137), KKR (No. 145), Paramount Global (No. 147), Colgate-Palmolive (No. 212), Sirius XM Holdings (No. 448), and many more.

Earnings to watch next week include: Vertex Pharmaceuticals (No. 385) on Aug. 4; Advanced Micro Devices (AMD) (No. 167) and Super Micro Computer (No. 292) on Aug. 5; Walt Disney (No. 46), Uber Technologies (No. 101), NRG Energy (No. 153), and Airbnb (No. 382) on Aug. 6; ConocoPhillips (No. 75) and Eli Lilly (No. 100) on Aug. 7; and other Fortune 500 companies.