By Marcus Lu
A lot has changed since the 1990s, especially in the business world.
To highlight these changes, we’ve visualized the top 10 U.S. companies by revenue, in both 1994 and 2023. Figures for 1994 were sourced from the American Business History Center, while 2023 figures come from the latest Fortune 500 ranking.
Note that 1994 figures were not adjusted for inflation, but we’ll get to that further below.
| Company (1994) | Revenue ($B) | Company (2023) | Revenue ($B) |
|---|---|---|---|
| General Motors | 155 | Walmart | 611 |
| Ford | 128 | Amazon | 514 |
| Exxon | 102 | Exxon Mobil | 414 |
| Walmart | 83 | Apple | 394 |
| AT&T | 75 | UnitedHealth Group |
324 |
| General Electric | 65 | CVS Health | 322 |
| IBM | 64 | Berkshire Hathaway |
302 |
| Mobil | 60 | Alphabet | 283 |
| Sears | 55 | McKesson | 264 |
| Philip Morris | 54 | Chevron | 246 |
| Total | 841 | Total | 3,674 |
Based on this data, we can see that today’s top 10 list looks very different from what it used to.
Remembering the Nineties
Before Big Tech, the Big Three automakers dominated the American business landscape (Chrysler ranked 11th in 1994, just behind Philip Morris).
Speaking of Philip Morris, the company is now known as Altria following a major 2003 rebranding. The change was made due to the company’s diversification outside of tobacco.
Another big change that has occurred since 1994 is the merger of Exxon and Mobil, currently known as ExxonMobil. It’s interesting to note that ExxonMobil is just one of two companies still in the top 10 today (the other being Walmart).
Inflation-Adjusted Figures
Based on U.S. CPI data, the inflation rate from 1994 to 2023 is approximately 105.6%.
See below for the inflation adjusted revenue figures of 1994’s top 10 companies.
| Company (1994) | Revenue ($B) (Inflation adjusted) |
Company (2023) | Revenue ($B) |
|---|---|---|---|
| General Motors | 319 | Walmart | 611 |
| Ford | 263 | Amazon | 514 |
| Exxon | 210 | Exxon Mobil | 414 |
| Walmart | 171 | Apple | 394 |
| AT&T | 154 | UnitedHealth Group |
324 |
| General Electric | 134 | CVS Health | 322 |
| IBM | 132 | Berkshire Hathaway |
302 |
| Mobil | 123 | Alphabet | 283 |
| Sears | 113 | McKesson | 264 |
| Philip Morris | 111 | Chevron | 246 |
| Total | 1,618 | Total | 3,674 |
Even after accounting for inflation, the biggest companies of 1994 are still far behind when it comes to revenue.
One interesting takeaway is Walmart’s growth over this roughly two-decade period. Not only is Walmart currently the world’s biggest company by revenue, it’s also America’s biggest employer.
