The Fortune 500 gives an audit report regarding the economic status of various companies every year. The report for the year 2017 was released on June 7th, 2017. The ranking was based on revenues and net profitability. According to the report, 61 companies (that translates to 12%) had lost money in the year 2016. Generally, the Fortune 500 group was able to grow its profits by 6% in 2016 and was able to attain a collective earning that was estimated at $890 billion.
Since the rating was based on revenue collection, some of the companies that attained great positions could not make it near the top spot if the ranking depended on profitability. A good example is a top-ranked company on the Fortune 500, Walmart, that had more than twice revenue over all the other companies that appeared on the list. Walmart does not attain a top 10 rank, however, when it comes to ratings depending on profitability.
The following are the ten most profitable companies of 2017.
Apple Company was ranked at position three regarding revenue for the year 2016. The company was considered to be the top most profitable company of the same year with a record profit of $45.7 billion in 2016. It was able to achieve the position for the third consecutive time.
- J. P. Morgan Chase
This firm was the second most profitable company on Fortune 500. It was ranked at number 21 in the revenue ranking. The bank had profits of $24.7 billion in 2016. The banks are said to have hiked courtesy of its CEO, Jamie Dimon.
- Berkshire Hathaway
The company maintained its position as the third most profitable company and held number 2 on the Fortune 500 revenue ranking. The company had a profit of $24.1 billion.
- Wells Fargo
The bank experienced over 4% profit decline as a result of the money it paid to the government over its fake account scandal. Together with the expenses, the bank was able to attain profits of $21.9 billion in 2016.
Alphabet achieved a profit of $19.5 billion that positioned it at number 5 most profitable company in 2016.
- Bank of America
The Bank of America was ranked at position six most profitable firm with $17.9 billion profit.
The company obtained a profit of $16.8 billion and was ranked 7th among the ten most profitable companies in 2017.
- Johnson & Johnson
The healthcare company attained net earnings of $16.5 billion and was ranked at number 8.
With a net profit of $14.9 billion, Citigroup was ranked 9th most profitable company of the year.
- Altria Group
The tobacco firm recorded a net profit of $14.2 billion and achieved the last spot in the list of the ten most profitable companies of the year.
The information that is discussed in this article depended on the statistics of 2016. The results for other years may be different.