With over a third of the market value of all public companies represented by just over half a dozen tech companies, the media is focused on AI dramas, but how about the under-showcased performance stories from the other two-thirds of the market — and most of corporate America?
While the financial markets remained focused on AI developments for 2025, public companies outside the tech sector pressed ahead with growth strategies, launched new products, expanded into new markets, carried out complex turnarounds, acquired competitors, and navigated external challenges, many of them to do with offsetting tariff costs. Some CEOs from these large corporations executed their initiatives exceptionally well, and others did not.
Still, with so much attention remained focused on the AI trade, top performers and other impressive leaders to watch for the new year were often overlooked. To move beyond the critical yet often-hyped AI narrative in myopic markets, we selected 12 top leaders, outside tech, to highlight.
Top Performers of 2025
Citigroup has been transformed from an unwieldy financial services behemoth into a turnaround star under CEO Jane Fraser’s “Project Bora Bora” restructuring. The returns from the masterfully executed multi-year effort became clear in 2025. Full-year revenues are tracking toward $84 billion, the highest since 2010. The latest earnings quarter saw all five business segments hit quarterly records.
The “regulatory discount” has begun to evaporate after the Office of the Comptroller of the Currency, a U.S. Treasury bureau that regulates banks, terminated a key consent order amendment, and the Federal Reserve closed three supervisory notices, both in recognition of Citi’s improved capabilities in risk management and data governance.
The stock’s performance ranking is the best among major U.S. banks, up 67%, and it is trading above tangible book value (1.25x) for the first time in a decade. As an additional sign of confidence in Fraser’s leadership, the bank executive was elected Chair of the Citigroup Board of Directors and named Euromoney “Banker of the Year 2025.”
General Motors faced an unimaginable year of volatility after “Liberation Day” was announced in April. But under CEO Mary Barra’s stewardship, the auto company kept delivering, expected to lead U.S. sales among all manufacturers for 2025.
GM demonstrated strategic discipline by reducing EV investments amid changes in the regulatory environment and shifting consumer preferences, ending a $10 billion robotaxi program that will save $1 billion annually, and refocusing autonomous efforts on personal vehicles and Super Cruise.
The results: All reported quarterly estimates were beaten following the initial tariff hit, even after the company re-raised its earnings before interest and taxes guidance twice. $3.5 billion worth of buybacks were made, with $1.3 billion in debt paid down. The stock, up 60%, was the best-performing major automaker—outpacing Tesla—posting its strongest year since emerging from bankruptcy in 2009.
Eli Lilly’s dominance of the GLP-1 market catapulted it to become the first trillion-dollar pharmaceutical company. CEO David Ricks grew sales of its tirzepatide drugs, Mounjaro and Zepbound, by 131% year-over-year as of September, making them the world’s best-selling medicines and capturing 63% of all branded anti-obesity prescriptions and 71% of new prescriptions.
Lilly achieved significant milestones by securing approvals for its drug pipeline from a capricious U.S. Food and Drug Administration, including an oral therapy for breast cancer patients and another for adults with early-stage Alzheimer’s disease. And in a competitive move to match Novo Nordisk’s oral GLP-1 pill release date, Ricks submitted a request for fast-tracked approval of Lilly’s GLP-1 pill, with an expected launch in the second quarter of 2026.
The drug company also announced a $27 billion investment in four new U.S. manufacturing plants, the largest pharmaceutical commitment in U.S. history. Such exemplary leadership from Ricks drove the stock up 39% for the year, while Novo Nordisk’s stock fell 40%.
Goldman Sachs was recognized as one of our top performers of 2024 and remains too prominent not to mention, with the stock appreciating 50%.
CEO David Solomon’s strategic refocus on the core strengths of the investment bank—namely investment banking, trading, and asset/wealth management—has yielded exceptional financial results, highlighted by an unparalleled position in the global M&A league tables, where the firm has served as an advisor on nearly $1.5 trillion in transactions. Goldman Sachs continues to enhance its world-class service offerings across its entire business model, which generated record net revenues of $15.2 billion in the most recent quarter, a 20% year-over-year increase, and net earnings of $4.1 billion, a 37% increase.
Amphenol has emerged as a discreet but formidable leader of the AI infrastructure build-out under CEO R. Adam Norwitt’s disciplined leadership. The interconnect and sensor manufacturer delivered record sales and earnings in every quarter published of 2025, with revenues surging over 50% year-over-year—driven by organic growth in the IT datacom market and contributions from a systematic acquisition program. Operating margins reached a record 27.5% in the third quarter, reflecting the company’s ability to translate top-line growth into bottom-line performance.
Norwitt’s acquisition strategy has been particularly effective, with more than 50 companies acquired over the past decade, including the $10.5 billion CommScope CCS deal announced in August, which expands its fiber-optic capabilities for AI data centers. The company’s diversified end-market exposure—spanning defense, automotive, mobile devices, and communications—counteracts a slowdown in any single sector. With the stock up 98% on the year, Amphenol has outpaced peers and rewarded shareholders for their devotion with a 52% dividend increase.
Freeport-McMoRan benefited from the copper Supercycle, achieving a 34% increase and outperforming the broader market as the metal’s prices reached $12,000 per ton on the London Metal Exchange. CEO Kathleen Quirk, who became the first female leader of a major mining firm in June 2024, along with Chair Richard Adkerson, positioned the company as “America’s copper champion,” bridging the intersection of electrification, renewable energy, and AI data center demand.
A tragic mudslide at the flagship Grasberg mine in Indonesia in September halted production and claimed seven lives, with operations not expected to fully restart until the second quarter of 2026. Yet Freeport’s diversified portfolio proved resilient: the low-cost Morenci mine in Arizona saw its operating income more than double to $396 million, and Peru’s Cerro Verde increased by 28% to $493 million. With $4.3 billion in cash, a sturdy balance sheet, and production nearing 4 billion pounds annually, once Grasberg resumes operations, Quirk believes Freeport will be well positioned to benefit from margin expansion as copper’s importance in the energy transition increases.
Ralph Lauren has completed its transformation from a discount-dependent retailer to a bona fide luxury house after CEO Patrice Louvet arrived from Procter & Gamble in 2017 and found a brand overexposed at outlet malls and the like. Eight years later, average unit retail prices have doubled after 34 consecutive quarters of gains, and the company’s market capitalization reached an all-time high of $20 billion.
Revenues rose 7% to $7.1 billion across fiscal year 2025 and kept climbing into the close of the calendar year at a year-over-year rate of 14%, with adjusted operating margins expanding 150 basis points to 14%. In a close partnership with renowned founder Mr. Ralph Lauren, Louvet’s strategy of elevating the brand while recruiting younger, more diverse, and higher-value customers has insulated the label from the slowdowns plaguing European luxury peers.
The stock has increased 50% for the year and 385% during the CEO’s tenure—more than double the S&P 500’s gain over the same period—earning Louvet the WWD Edward Nardoza Honor for CEO Creative Leadership. In an industry prone to trend-chasing and subsequent collapse, Ralph Lauren’s steady ascent under Louvet’s stewardship presents a masterclass in brand reconstruction.
Companies to Watch in 2026
Boeing continued to build production momentum throughout the year, delivering 537 aircraft as of November 2025, up from 348 in 2024. With 787 production reaching seven aircraft per month, CEO Kelly Ortberg increased that target to 10 in 2026. Perhaps most importantly, though, the Federal Aviation Administration lifted the production cap on its 737 MAX series from 38 per month to 42.
The aircraft manufacturer also completed its acquisition of Spirit AeroSystems in December, bringing the production of 737 fuselages and major structures for the 767, 777, and 787 Dreamliner back in-house. A closer hand on production will be critical, given that Boeing received over 1,000 gross orders last year—well ahead of Airbus—and has a backlog of $640 billion, equal to over a decade of production visibility.
Quality improvement also remained a priority as 737 MAX defects have fallen by 30% since 2023 and the number of unfinished jobs advancing has decreased by 75% since 2024. While additional progress must be realized, with FAA inspectors still embedded and $3.1 million in fines proposed for oversight lapses during the year, investors correctly recognized the progress, pushing Boeing stock up 27%.
Perhaps a good omen for the year ahead, Alaska Airlines announced a massive purchase agreement with Boeing for more than 100 aircraft, including the 737 Max, at an estimated value of $17 billion. The deal is a notable vote of confidence after the CEO of Alaska Airlines publicly aired his frustration with the supplier’s manufacturing woes in 2024.
Starbucks reached an inflection point at the end of its fiscal year in September, delivering the first positive comparable sales figure in seven quarters. The success has come under CEO Brian Niccol’s thoughtful “Back to Starbucks” strategy, which has been praised by the coffee company’s effective founder, Howard Schultz.
So far, Starbucks has completed an aggressive reorganization, eliminating 2,000 corporate roles, closing around 500 underperforming stores, managing tariff uncertainties and volatile coffee prices, launched a $1 billion restructuring plan, and sold 60% of its China operations to a respected, local private equity partner for $4 billion. Performance in the fiercely competitive Chinese market returned to positive territory for the first time in more than a year.
In addition to early sales gains and progress in reorganization, shifting the focus back to coffee and the customer experience has driven three straight quarters of improving U.S. transaction trends. Central to Niccol’s strategy will be the “Green Apron Service Model” he recently introduced, which many customers welcomed, including targets of $600 million in investment in labor hours, four-minute drink times, and a 30% menu simplification.
While the stock performance was slightly negative over the year, Starbucks has turned a corner in a relatively short period—largely in line with the turnaround schedule that began when Schultz returned to the helm in 2008.
Nike has embarked on its own transformation under the experienced leadership of CEO Elliott Hill, who has prioritized improving performance across each sport and serving the athlete. Notable initiatives have included redesigning popular running shoes, such as the Pegasus Premium and Vomero Premium, and launching a running-only store concept in Austin that generated “significant sales growth.” The renewed emphasis has driven a resurgence in the core running category, delivering over 20% growth in each of the last two quarters.
Nike has gone on the offensive for women’s adoration with the launch of NikeSkims, a collaboration with Kim Kardashian’s SKIMS shapewear brand that has generated significant fanfare. Another priority for Hill has been revitalizing wholesale channels, specifically strengthening a partnership with Dick’s Sporting Goods following the Foot Locker acquisition earlier in the year. Wholesale revenue accelerated by 8% to $7.5 billion in the latest quarter, with North America surging 24%.
While challenges—such as restarting the direct sales channel, offsetting margin pressure from an estimated $1.5 billion in tariff costs, and reestablishing an enthusiastic followership among young people in China—have weakened investor sentiment, it is hard not be excited about the long-term prospects under the skilled Hill.
Target approaches 2026 at a pivotal moment, as incoming CEO Michael Fiddelke prepares to lead a turnaround that early indicators suggest could surprise doubters. When the 20-year company veteran was named Brian Cornell’s successor in August, the stock dropped 8% as Wall Street lamented the lack of an outside hire. But the data tell a different story: CEO successions led by internal promotions generate average annualized returns of 15%, compared with -9% for external hires, a pattern that has held consistently across multiple time horizons.
Fiddelke faces major challenges but has a solid foundation. Cornell’s 10 years transformed Target from a crisis-ridden retailer into a $100 billion omnichannel powerhouse, with an e-commerce business now earning $20 billion a year, nearly $2 billion in digital ads, and private-label brands generating over $30 billion in sales. The challenges remain equally real, including a stock down of over a third year-to-date, market share losses to Walmart and Amazon, and a vulnerable product mix as consumers tighten budgets.
Fiddelke has already acted decisively with an 8% workforce reduction—the largest in a decade—seen by Jefferies as a sign of a CEO willing to make tough decisions. With Target Circle’s untapped 100 million members, an emerging Target+ marketplace, and exclusive partnerships like Taylor Swift’s album release driving traffic, Fiddelke’s soon-to-be-released strategy to invigorate the brand indicates that an experienced hand remains effective in retail environments.
Disney enters 2026 at a pivotal point. Bob Iger’s return has fortified the media company as a streaming powerhouse, with the Direct-to-Consumer segment now counting nearly 200 million subscribers, swinging from $4 billion in annual losses in 2022 to solid profitability today, and setting a 10% margin target for fiscal 2026. The merger of Hulu into Disney+ and the August launch of a revamped ESPN streaming service with NFL Network integration are further indicators of Iger’s strategic prowess that should pay off. Studios once again led in box office sales for 2025—the biggest year for any studio since 2019—driven by hits such as the record-breaking Zootopia 2, Lilo & Stitch, and Avatar: Fire and Ash. Experiences operating income for both Q4 and the fiscal year was Disney’s highest ever, and the long-term outlook appears promising with major capital investments in its parks and cruise divisions well underway.
The year brought challenges, including the Kimmel controversy, linear TV’s continued decline, and the decision to stop reporting subscriber numbers, but Iger and team have proven their capabilities as master navigators. And while all eyes are on the CEO succession that could reshape Hollywood’s most storied empire, Iger has a strong stable of talented lieutenants to choose from, including Parks chief Josh D’Amaro, Entertainment co-chairs Dana Walden and Alan Bergman, and ESPN head Jimmy Pitaro.
The stock finished 2025 basically flat but still down 37% over five years, as the S&P 500 nearly doubled. At roughly 17x forward earnings, Disney offers asymmetric upside if Iger and the new CEO maintain their creative momentum and steer through the next chapter of the streaming wars with diligence.
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