The list, now in its fourth year, ranks the continent’s largest companies by revenue. Despite fiercer global competition, geopolitical instability, and technological disruption over the past year, the companies on the list have proven resilient. Profits returned to growth this year, rising 3% to just over $1 trillion, after a 5% decline in 2025.  

Volkswagen holds the top spot for a third consecutive year. Revenue climbed 3.4%, to more than $363 billion, despite Europe’s carmakers being squeezed by global tariffs and growing competition from China. 

European energy companies have also proved resilient despite a tumultuous twelve months, with Shell, Glencore, BP and TotalEnergies occupying the rest of the top five spots. Second-quarter profits at Shell and BP more than doubled as disruption in the Strait of Hormuz pushed oil prices higher. 

34.6 million

Total employees

Finance remains Europe’s most dominant sector in terms of revenue, profit, and headcount. A total of 105 finance companies feature on the Fortune 500 Europe and together they generated 24% of the list’s total revenue, 40% of its profit, and employ 14% of its workforce. 

Howard Yu, a professor at IMD Business School, credits prominence of Europe’s finance sector to the global reach of its biggest banks and their technical sophistication. “These players have spent decades building footprints across emerging markets and have a depth of presence few global rivals can match. This is a genuine strategic advantage, rather than a legacy accident.” 

HSBC is the most profitable company on the list, with $22bn in profits for 2025. The British lender is one of only 25 companies to generate more than $10 billion in profits.  

Sector revenue breakdown

Despite the combined increases to revenues and profits across the Fortune 500 Europe, margins have narrowed for two years running, falling to 6.5% from a high of 7.1% on the 2024 list.  

This is consistent with the stagflation pressures weighing on much of Europe’s corporate sector, according to Guido Cozzi, professor of macroeconomics at the University of St. Gallen. “The gap between revenue and profit growth suggests that many European companies have been able to pass on only part of the shocks they have faced,” he says. “It’s less a sign that businesses are genuinely booming, and more a sign that prices are rising faster than what companies are actually producing or how efficiently they’re running.”  

The U.K. overtakes Germany 

For the first time in the four-year history of the Fortune 500 Europe, Germany does not have the most companies on the list. The U.K. takes the lead with 76 companies, compared to Germany’s 73. 

Yu attributes this to a more international mindset that has been adopted by U.K. businesses. “After Brexit, they have no choice but to look beyond Europe entirely, with many expanding their presence in the U.S,” he says. “The U.S. is the world’s biggest and most profitable market. It is the toughest gym in the world to train your organization to be lean, mean and competitive.”  

The U.K. also outperforms in terms of innovation. It sits more than 30 percentage points above the EU average on the European Commission’s most recent Innovation Scorecard and is home to more unicorns than any nation except the U.S. and China, according to the Hurun Research Institute. 

Where Europe Fortune 500 companies are based

Together the U.K., France, Germany, and Switzerland are home to more than half of all companies on the list, and accounted for more than 50% of all profits.  

Built to last 

Many of the companies on the Fortune 500 Europe list have long histories. The average company is 109 years old, and more than half have been in business for over a century, surviving global conflicts and adapting through multiple industrial revolutions.  

The oldest company on the list, brewing giant Anheuser-Busch InBev, traces its roots back 660 years to the Den Hoorn brewery in Leuven, Belgium. It ranks No. 65 on the list. At the other end of the spectrum, the youngest company on the list is the German automotive-technology company Aumovio, which was spun off from Continental AG in 2025. 

$15.47 trllion

Combined revenue

Taken together, this year’s Fortune 500 Europe list is a story of endurance. Many of the continent’s oldest institutions are still the ones setting the pace, centuries after they were founded. Yet Yu cautions against reading longevity as a strength in its own right: “Many of these institutions have grown too comfortable,” he argues.  

The number of female CEOs at Fortune 500 Europe companies has also shown a marginal improvement, increasing from 41 last year to 43. Total revenues for women-led firms increased by 24% to $1.2 billion and BP is the only company in the top 10 to have a woman CEO, following the replacement of Murray Auchincloss with Meg O’Neill. 

For the latest coverage and updates from Fortune CEO Forum, as well as insights into the companies on our list, visit this page.