Walmart has once again landed at the top of the Global Fortune 500 list of world’s largest corporations for the 10th consecutive year.

Fortune reported that the company received “$611.3 billion in revenue in its most recent fiscal year,” and saw an increase in its revenues by “6.7% year over year.”

Walmart is redesigning its store because everyone’s ordering online now

Why is Walmart the world’s largest corporation?

The company website said, “From our humble beginnings as a small discount retailer in Rogers, Ark., Walmart has opened thousands of stores in the U.S. and expanded internationally. Through innovation, we’re creating seamless experience to let customers shop anytime and anywhere online and in stores.”

The company was founded in 1962 but reportedly didn’t become the world’s largest company in terms of revenue until 2001, when Walmart overtook Exxon Mobil for the top spot.

Fortune reported some of the significant events for Walmart as the world’s largest corporation:

  • In expanding its health care business, Walmart partnered with UnitedHealth “to offer medical services in an initial 15 stores, along with a co-branded Medicare plan in Georgia.”
  • Walmart agreed to a $3.1 billion settlement in November 2022 to “the role its pharmacies allegedly played in overprescribing painkillers during the opioid epidemic,” despite not admitting to liability.
  • The digital advertising business of the company increased by “30% in 2022 to $2.7 billion; as its e-commerce platform grows, it’s looking to compete with other e-commerce players for advertisers’ digital spend.”
Walmart is converting its parking lots into drive-in movie theaters

How did Walmart become a big brand?

The Deseret News reported in 2002, following the company overtaking Exxon Mobil, that Walmart was set to become the world’s largest company.

Walmart reportedly is known for a “cheap, one-stop shopping experience” and for “aggressively undercutting small-town super markets.”

The company website said, “We are creating opportunities and bringing value to customers and communities around the globe. Walmart operates approximately 10,500 stores and clubs in 20 countries and eCommerce websites. We employ 2.1 million associates around the world — nearly 1.6 million in the U.S. alone.”