Volkswagen leads at No. 1, Shell at No. 2. List dominated by financial services, energy, and car makers

UK takes the lead from Germany with the most companies on the list

Europe's corporate giants drive $15.5 trillion in revenue, up 4% from last year

Women lead 8.6% of companies on the list, with 43 female CEOs. This is the highest number for the Fortune 500 Europe since its launch in 2023

LONDON, Sept. 16, 2026 /PRNewswire/ -- Today, Fortune unveiled the Fortune 500 Europe ranking for 2026, highlighting the continent's top companies. The launch will be marked at the bell opening of the London Stock Exchange. Volkswagen maintains its lead position, with revenues up 3%, widening the gap with Shell, whose revenues fell 5%.

For the first time in the list's four-year history, Germany no longer contributes the most companies to the list. The UK takes the lead with 76 companies, followed by Germany with 73 and France with 66.

Profit growth returned to the Fortune 500 Europe companies after a 5% decline the previous year, with profits increasing by 3% to just over $1 trillion. Overall, revenues grew by 4% to $15.5 trillion, equivalent to half of the region's GDP and 13% of world GDP. The overall profit margin shrank again, to 6.5%, down from the high of 7.1% for the 2024 list. Cost control is reflected in the combined employment figure for the 500, which shrank by 1% to 34.6 million, pushing up revenue per employee by 5% and profit per employee by 4%.

At the top, Volkswagen reported $363 billion in revenue, while FMS Wertmanagement Group closes the list at #500 with $7.4 billion, pushing the list's lower threshold to over $7 billion for the first time. HSBC again tops profits, with over $22 billion in 2025 – one of only 25 firms over $10 billion.

The number of women CEOs has risen further to 43, the highest for Fortune 500 Europe, and total revenues for women-led firms increased by 24% to $1.2 billion. Some 8.6% of companies are led by women – fewer than one in ten and below the 11% representation in the U.S.-based Fortune 500. BP (#4), led by Meg O'Neill, is the only woman-led company in the top 10, and with Engie (#39), one of two in the top 50.

The Fortune 500 Europe Top 10 List:

1. Volkswagen (Germany)
2. Shell (UK)
3. Glencore (Switzerland)
4. BP (UK)
5. TotalEnergies (France)
6. Stellantis (Netherlands)
7. BMW Group (Germany)
8. Mercedes-Benz Group (Germany)
9. Banco Santander (Spain)
10. BNP Paribas (France)

Search here by country, sector, industry, and more, and for further analysis, see here.

Financial services is the largest sector in the list, responsible for 24% of revenue, 40% of profits, and 14% of employees. Financial services, energy, and motor vehicles & parts together account for over half of all revenues and profits on the list, and dominate the top 10. Shell, Glencore, BP, and TotalEnergies claim four of the top five spots. Germany's industrial strength is reflected via Volkswagen (#1), BMW (#7), and Mercedes-Benz (#8). The UK's strong energy presence secures two of the top five spots, and France leads with the most workers across its 66 companies.

Wael Sawan, Chief Executive Officer at Shell, commented: "We want to become the world's leading integrated energy company, providing the energy our societies need for growth, and economic and human development today, while supporting a balanced energy transition. We continue to drive the transformation of Shell into a more focused and competitive business, with a clear strategy to deliver more value with less emissions and an exciting vision for the future. We are pleased to be recognised by Fortune."

Grethe Schepers, Lists Director Europe at Fortune, said: "The Fortune 500 Europe is more than a numerical ranking; it is the definitive benchmark of European business scale and a live indicator of macroeconomic transformation. When analyzed strategically, this list reflects current corporate success just as much as it maps where Europe is heading next."

Also today, C-suite leaders from across Europe and the Middle East will be gathering in London at the Fortune CEO Forum to discuss the list and growth opportunities across Europe. Leaders from Anthropic, Ferrari, Mastercard, Société Générale, Shell, EDF, Google, Nat West, Open AI, Palantir, Honeywell, Microsoft, Tech Mahindra and many others will take part in a series of discussions moderated by Fortune editors.

For the Fortune 500 Europe list, companies are ranked by total revenues for their latest available respective fiscal years. All companies on the list must publish financial data and report part or all of their figures to a government agency. The latest figures in the list are as reported by the companies; any comparisons are with the prior year's figures as originally reported. Fortune does not restate the prior year's figures for changes in accounting. The full methodology is available here.

About Fortune: 

Fortune is a global multi-platform media company built on a legacy of trusted, award-winning reporting and information for those who want to make business better. Independently owned, Fortune tells the stories of the world's biggest companies and their leaders as well as a new generation of innovators who are moving business forward. Digitally and in print, Fortune measures corporate performance through rigorous benchmarks, and holds companies accountable, in regions around the world. Its iconic rankings include Fortune 500, Fortune Global 500, Most Powerful Women, and World's Most Admired Companies. Fortune builds world-class communities by convening industry thought leaders for exclusive summits and conferences, including the Fortune Global Forum, Brainstorm Tech, and Fortune Most Powerful Women, and for exclusive gatherings at Davos and Cannes. For more information, visit fortune.com.

Media Contacts: 

Patrick Reilly
Fortune
Patrick.Reilly@fortune.com

Naomi Cykiert
Fortune
Naomi.cykiert@fortune.com

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