第63期《財富》美國500強本周三發(fā)布，其中云集了過去一年規(guī)模最大也最成功的美國企業(yè)。但這個榜單是按企業(yè)的營業(yè)收入排名，基本不看盈利能力：實際上今年榜單中有61家公司去年出現(xiàn)虧損，占榜單企業(yè)總數(shù)的12%。不過去年上榜企業(yè)整體利潤增長了6%，合計盈利接近8900億美元。

在《財富》美國500強的佼佼者之中，賺錢最多的公司堪稱富可敵國，其凈利潤超過了坦桑尼亞、冰島等很多國家的GDP。《財富》美國500強盈利最高的一些公司可能會讓人意外，因為一些公司的銷售收入未必很高。要論營業(yè)收入，《財富》美國500強排名第一的沃爾瑪超過任何上榜公司兩倍以上，可要按利潤排名沃爾瑪還進(jìn)不了前十。即使美國政府不推行稅改等有望進(jìn)一步提高企業(yè)盈利的利好政策，以下十家企業(yè)盈利水平在美國也遙遙領(lǐng)先。

1、蘋果公司

《財富》美國500強排名：第三位

2016年利潤：457億美元

占營業(yè)收入百分比（利潤率）：21%

盡管去年利潤大減11%，蘋果公司仍然成功地保住了盈利第一的地位，且連續(xù)第三年榮登《財富》美國500強最高盈利公司榜首。因iPhone和iPad銷售下滑，去年蘋果的營業(yè)收入下跌將近8%，降至2156億美元。即便如此蘋果賬上的現(xiàn)金還是超過2500億美元，多到有很多錢不知道該怎么花。蘋果打算，未來一年以分紅形式回饋股東約130億美元。蘋果也將由此成為全球分紅最多的個股。

2、摩根大通公司

《財富》美國500強排名：第21位

2016年利潤：247億美元

占營業(yè)收入百分比（利潤率）：23%

利率上行環(huán)境下，哪怕只是美聯(lián)儲最近小幅上調(diào)利率，也能明顯提振摩根大通的業(yè)績。無論用哪種指標(biāo)，如今的摩根大通都稱得上美國最大的銀行。去年摩根大通營業(yè)收入增長4%以上，增至1055億美元，利潤增幅也超過1%。首席執(zhí)行官杰米?戴蒙高調(diào)支持監(jiān)管改革，特別是銀行業(yè)改革。只要美國總統(tǒng)特朗普和國會放寬監(jiān)管機構(gòu)對銀行的部分資本要求，還有其他金融危機以后加諸于銀行的限制，摩根大通的盈利還可能進(jìn)一步增長。

3、伯克希爾—哈撒韋公司

《財富》美國500強排名：第二位

2016年利潤：241億美元

占營業(yè)收入百分比（利潤率）：11%

去年“股神”沃倫?巴菲特領(lǐng)導(dǎo)的伯克希爾-哈撒韋營業(yè)收入增長6%。在今年的《財富》美國500強榜單上排名躍升兩位，創(chuàng)造了歷史最高排名。伯克希爾去年的盈利基本持平（去年股市收益略有減少，旗下圣達(dá)菲北柏林頓鐵路公司的盈利又大減16%，不過部分基礎(chǔ)險和能源業(yè)務(wù)小幅增長，抵消了部分負(fù)面影響），但凈收入還是突破了240億美元，牢牢占據(jù)著《財富》美國500強盈利排名第三的寶座。

4、美國富國銀行

《財富》美國500強排名：第25位

2016年利潤：219億美元

占營業(yè)收入百分比（利潤率）：23%

為了結(jié)虛假帳戶丑聞，富國銀行去年向美國政府和消費者賠償超過1.85億美元，導(dǎo)致全年盈利下降4%以上。盡管如此，該行去年盈利仍將近220億美元。富國銀行的零售業(yè)務(wù)在美國名列前茅，所以也因利率走高受益，去年銷售額增長將近5%。

5. Alphabet

《財富》美國500強排名：第27位

2016年利潤：195億美元

占營業(yè)收入百分比（利潤率）：22%

谷歌的母公司Alphabet今年在《財富》美國500強的排名上升了九位，主要因為去年該司銷售額增長超過20%，盈利增速也差不多，超出此前的華爾街預(yù)期。谷歌的核心業(yè)務(wù)搜索與廣告收益穩(wěn)定，為Alphabet的所謂其他投資——生物科技公司Calico和無人駕駛汽車公司W(wǎng)aymo等初創(chuàng)公司提供了充分緩沖。雖然去年其他投資的營業(yè)收入同比增長達(dá)81%，但虧損同樣擴大，增至36億美元。不過這些業(yè)務(wù)還不到Alphabet整體銷售額的1%。

6、美國銀行

《財富》美國500強排名：第26位

2016年利潤：179億美元

占營業(yè)收入百分比（利潤率）：19%

和其他美國同行相比，美國銀行可能是利率回升最大的受益者。去年美國銀行盈利達(dá)到金融危機以來最高，年度利潤額在該行歷史上排第二。（未能超過2006年創(chuàng)造的史上最高記錄210億美元。）美聯(lián)儲只要小幅加息，也會對美國銀行等金融機構(gòu)凈收入帶來巨大影響，因為銀行發(fā)放的貸款會收到更高的利息，支付消費者的存款利息又大為降低。雖然去年美國銀行銷售額基本與前年持平，但利潤大漲將近13%。

7、微軟

《財富》美國500強排名：第28位

2016年利潤：168億美元

占營業(yè)收入百分比（利潤率）：20%

雖然去年銷售額去跌將近9%，今年在《財富》美國500強榜單下降三位，但微軟大幅削減成本（包括2015年宣布的裁員7800人）抵消了一些收入減少的負(fù)面影響。去年微軟盈利增長將近38%，超出華爾街預(yù)期。這不單單靠削減成本，微軟的云服務(wù)業(yè)務(wù)Azure盈利成績也確實亮眼。Azure現(xiàn)在成為亞馬遜云服務(wù)業(yè)務(wù)的競爭對手，其盈利能力遠(yuǎn)超微軟傳統(tǒng)的科技產(chǎn)品。

8、強生

《財富》美國500強排名：第35位

2016年利潤：165億美元

占營業(yè)收入百分比（利潤率）：23%

自《財富》美國500強公布起，業(yè)務(wù)遍布醫(yī)療保健領(lǐng)域的強生就成為54家常駐榜單的巨頭之一。去年強生“吸金”能力進(jìn)一步提升，旗下消費類產(chǎn)品和醫(yī)藥業(yè)務(wù)稅前利潤雙雙增長。而且因會計核算更改，去年強生實際稅率下調(diào)（由前年的19.7%降至2016年的16.5%）。盡管去年銷售額增速不足3%，強生的利潤增速仍超過7%。

9、花旗集團(tuán)

《財富》美國500強排名：第30位

2016年利潤：149億美元

占營業(yè)收入百分比（利潤率）：18%

經(jīng)過逐漸推進(jìn)縮減規(guī)模和精簡業(yè)務(wù)計劃，包括剝離大部分拉美業(yè)務(wù)，花旗宣布2016年已完成重組的大計。如市場預(yù)期，去年該行的營業(yè)收入和盈利均因此下滑，營業(yè)收入去年下降接近7%，降至824億美元，盈利下降近14%，均在預(yù)期之內(nèi)。但花旗首席執(zhí)行官高沛還是在年報中鄭重致歉：“我們的業(yè)績有負(fù)所望”。但投資者看來并未看空。去年花旗股價大漲近16%，而且向股東發(fā)放更多股息，回購股票規(guī)模也增加了。

10、高特利集團(tuán)

《財富》美國500強排名：第148位

2016年利潤：142億美元

占營業(yè)收入百分比（利潤率）：74%

高特利的前身是大名鼎鼎的煙草公司菲利普?莫里斯。去年該司凈利潤激增172%，躋身今年《財富》美國500強十大高盈利公司之列。但別指望高特利能在榜單上穩(wěn)住，因為去年豪賺全靠一次性拋售所持南非米勒29%的股權(quán)。去年秋天，全球啤酒業(yè)龍頭百威英博完成了對第二大啤酒商南非米勒的收購，高特利一舉進(jìn)帳139億美元，稅后獲利90億美元，去年該司稅后利潤絕大部分都來自這一交易。倘若不算這宗超級并購的暴利，高特利去年的營業(yè)利潤只會增長將近5%。（財富中文網(wǎng)）

譯者：Pessy

審稿：夏林

The 63rd edition of the Fortune 500, our annual list featuring the largest and most successful American companies, was published on Wednesday. But as our roster is a ranking of corporations by revenues, there's no requirement for profitability: Indeed, 61 companies on this year's list—or 12%—lost money last year. Still, the Fortune 500 as a group grew profits 6% in 2016, collectively earning nearly $890 billion.

At the high end, the Fortune 500's biggest earners boast bottom lines larger than many world economies, with profits eclipsing the gross domestic product (GDP) of countries such as Tanzania and Iceland. And some of the companies that rank among the most profitable in the 500 may surprise you, as they are nowhere near the top in terms of sales. Meanwhile Walmart (wmt, +0.28%), which at No. 1 on the Fortune 500 has more than twice as much revenue as any other company on the list, doesn't even make the top 10 when it comes to profits. Even without tax reform and other political changes that are expected to boost earnings further, these 10 companies are making the most money in all of corporate America.

1. Apple

Fortune 500 Rank: No. 3

2016 Profits: $45.7 billion

% of Revenues (Margin): 21%

Though its profits sank 14% last year, Apple (aapl, +0.60%) still managed to maintain its status as the Fortune 500's most profitable company for the third year in a row. Indeed, even after declines in iPhone and iPad sales led its revenues to fall nearly 8%, to $215.6 billion, Apple still has more money on hand than it has so far figured out what to do with, to the tune of more than $250 billion in cash. Apple plans to return some $13 billion of that hoard to shareholders in the coming year in the form of dividends, making it the highest dividend-paying stock in the world.

2. J.P. Morgan Chase

Fortune 500 Rank: No. 21

2016 Profits: $24.7 billion

% of Revenues (Margin): 23%

Rising interest rates, even the Federal Reserve's modest recent hikes, have given J.P. Morgan Chase (jpm, +1.15%) a meaningful bump. Now the biggest American bank by any measure, J.P. Morgan grew revenue more than 4% last year to $105.5 billion, while also boosting profits more than 1%. With CEO Jamie Dimon an outspoken proponent of regulatory reform, particularly when it comes to the banking sector, J.P. Morgan's earnings are likely to grow further if President Trump and Congress lift some of the capital requirements and other limitations imposed on banks after the financial crisis.

3. Berkshire Hathaway

Fortune 500 Rank: No. 2

2016 Profits: $24.1 billion

% of Revenues (Margin): 11%

Warren Buffett's conglomerate Berkshire Hathaway (brk.a, +0.13%) jumps up two spots to its highest Fortune 500 rank in history this year, after growing revenues 6% in 2016. Though Berkshire's profits were flat for the year (with modest growth from some of its underlying insurance and energy businesses offset by a 16% earnings decline at its Burlington Northern Santa Fe railroad, and slightly smaller stock market profits), its more than $24 billion bottom line means it holds last year's spot as the Fortune 500's third most profitable company.

4. Wells Fargo

Fortune 500 Rank: No. 25

2016 Profits: $21.9 billion

% of Revenues (Margin): 23%

The bank paid more than $185 million to the government and consumers to resolve its fake accounts scandal, contributing to a more than 4% decline in 2016 profits. But Wells Fargo still netted nearly $22 billion in earnings last year. One of the largest consumer banks in America, Wells Fargo (wfc, +0.54%) is also benefiting from higher interest rates, and its sales grew almost 5% in 2016.

5、Alphabet

Fortune 500 Rank: No. 27

2016 Profits: $19.5 billion

% of Revenues (Margin): 22%

Google's parent company moved up nine spots on the Fortune 500 this year thanks to a banner 2016 in which sales increased more than 20%, and earnings grew nearly as much, blowing past Wall Street's expectations. The core Google (googl, +0.49%) search and advertising business provided a hefty cushion for Alphabet's so-called other bets, which include everything from biotech unit Calico to self-driving car division Waymo. Though such moonshots managed to generate 81% more revenue in 2016 compared to the year before, they also had higher losses, of $3.6 billion—and they still account for less than 1% of Alphabet's overall sales.

6. Bank of America

Fortune 500 Rank: No. 26

2016 Profits: $17.9 billion

% of Revenues (Margin): 19%

Higher interest rates are likely to benefit Bank of America (bac, +1.75%) more than any other U.S. bank, and in 2016, the company recorded its most profitable year since the financial crisis and the second-biggest profit in its history. (Bank of America has yet to surpass its record performance in 2006, when it earned $21 billion.) Illustrating how even small Fed rate hikes can have an outsized impact on the bottom line of a company like Bank of America—which makes money by collecting higher interest payments on loans while paying out a much smaller amount on consumers' savings deposits—the bank boosted profits nearly 13% last year, even though its sales were basically flat.

7. Microsoft

Fortune 500 Rank: No. 28

2016 Profits: $16.8 billion

% of Revenues (Margin): 20%

Though Microsoft falls three spots on the Fortune 500 this year after a nearly 9% sales decline in 2016, its aggressive cost cuts (including 7,800 layoffs announced in 2015) are paying off for the company's bottom line: Microsoft (msft, -0.18%) grew profits almost 38% last year, beating Wall Street expectations. It wasn't just the cutbacks that made the difference. The company also attributed its impressive earnings to its booming cloud services business Azure, which is now competitive with the huge cloud-services division Amazon (amzn, +0.73%) and is much more profitable than Microsoft's legacy technology products.

8. Johnson & Johnson

Fortune 500 Rank: No. 35

2016 Profits: $16.5 billion

% of Revenues (Margin): 23%

The sprawling health care conglomerate is one of just 54 companies that have made it on the Fortune 500 every single year the list has been published. Johnson & Johnson (jnj, -0.06%) also managed to expand its pre-tax profit margins in both its consumer products and pharmaceutical businesses last year. That, plus a reduction in its effective income tax rate (to 16.5% in 2016, down from 19.7% the year before) due to an accounting change, contributed to a more than 7% increase in 2016 profits, while sales grew less than 3%.

9. Citigroup

Fortune 500 Rank: No. 30

2016 Profits: $14.9 billion

% of Revenues (Margin): 18%

After carrying out a deliberate and gradual plan to shrink and simplify the company, including divesting much of its Latin America business, Citigroup (c, +1.43%) declared its restructuring efforts complete in 2016. That left the bank with lower revenues (down nearly 7% to $82.4 billion last year) and profits (down almost 14%), as expected, but Citi CEO Michael Corbat still felt obliged to say in the company's annual report that "our performance last year fell short." Investors didn't seem to agree: Citi stock gained nearly 16% in 2016, as the bank also returned more money to shareholders in the form of an increased dividend and stock buybacks.

10. Altria Group

Fortune 500 Rank: No. 148

2016 Profits: $14.2 billion

% of Revenues (Margin): 74%

Altria, the tobacco company formerly known as Philip Morris, catapulted into the ranks of the Fortune 500's most profitable companies with a massive 172% increase in net income in 2016. But don't expect Altria (mo, +0.45%) to keep its place on this list too long: The bulk of the company's profits last year came from a one-time windfall on Altria's 27% ownership stake in beer maker SABMiller. When Anheuser-Busch InBev completed its takeover of SABMiller in the fall, Altria reaped a $13.9 billion gain, representing $9 billion—and the vast majority—of its 2016 earnings after taxes. Not counting the gains from the mega-merger, Altria grew its operating income almost 5% last year.