Companies with the highest revenue per employee: 30 large US companies ranked from their 10-Ks

This list is for sellers, analysts and founders who use revenue per employee to size accounts, set prices or benchmark their own business. It ranks the 30 large US public companies with the highest revenue per employee, every figure taken from the company's own 10-K, then shows the best-known names, how to calculate the measure properly and what it tells you about how a company buys.

The 30 US companies with the highest revenue per employee

Among US-headquartered companies with at least $10 billion of revenue in their latest 10-K filed by 30 October 2026.

Revenue per employee is our calculation: the top line of the income statement divided by the headcount stated in the same 10-K, rounded. Headquarters are the business addresses on file with the SEC. Where a filing says "more than" or "over", we used the stated number, so the true figure is a little lower.

Why these companies lead:

• Gross trading revenue. Galaxy's 10-K explains that its large volume of digital asset transactions produces "significant Digital assets sales revenue" matched by digital asset sales cost. StoneX and Gold.com also book the full value of the commodities and metals they sell. A small change in trading volume moves revenue per employee by millions.
• Pass-through revenue. Refiners sell fuel at prices set mostly by crude oil, and drug distributors resell medicines. McKesson's $403.4 billion is the largest revenue on the list, but most of it pays manufacturers.
• Capital instead of people. LNG terminals, pipelines and oil fields need billions of dollars of equipment and relatively few staff.
• Staff who sit elsewhere. Plains All American and Enterprise Products are partnerships whose people are employed by their general partner or by EPCO, and Welltower is a real estate investment trust with 712 employees, while $8.45 billion of its revenue is resident fees and services from its properties. The headcount in the 10-K isn't everyone who works on the business.

Revenue per employee at the best-known companies

Software and internet companies sit between $1.5 million and $3 million; retailers and services firms with big hourly or billable workforces sit below $500,000. For more on the tech names, see the largest tech companies.

How to calculate revenue per employee

The formula is revenue divided by employees. For Valero: $122,687 million of revenue / 9,811 employees = $12.5 million per employee. Four choices change the answer:

1. Which revenue. Use the top line as reported, and say whether it's gross (Galaxy, StoneX) or net (banks report revenue after interest expense).
2. Which headcount. Year-end headcount, average headcount and full-time equivalents differ. Apple reports full-time equivalents, Jabil includes temporary and contingent workers, and Exxon counts only regular employees.
3. Which year. Use revenue and headcount from the same fiscal year and the same filing.
4. Contractors and outsourcing. Companies that outsource manufacturing, store operations or field staff look more productive than ones that employ those people directly.

Our guide to how to find a company's employee count covers where each number sits in a 10-K and what to do for private companies.

How we built the list

1. Who counts. US-headquartered companies filing 10-Ks with at least $10 billion of revenue in their latest fiscal year. We screened about 400 SEC filers above that line using the SEC's structured financial data, then read the revenue and headcount in each filing.
2. What's left out. Subsidiaries whose parent is also listed (Apollo is ranked; its Athene subsidiary, which files its own 10-K, isn't), and companies whose 10-K shows headcount only in a chart, such as World Kinect. Fannie Mae ($29.0 billion of net revenues, about 7,000 employees, $4.1 million each) and Freddie Mac fall just below the cut once you use their net revenue rather than gross interest income.
3. Small companies. We set the $10 billion floor because small companies with a handful of staff produce extreme ratios that say nothing about buying power.

What the top results get wrong. TradingView's global screen, one of the most-cited pages for this search, puts POSCO Holdings first at about $91 million per employee alongside holding companies and thinly traded small caps, without showing the revenue or headcount behind each ratio or the year they cover. Several other ranking pages that still appear for this search date from 2017.

What revenue per employee means if you sell B2B

Price on the right driver. A per-seat price scales with headcount, so it fits high-headcount companies and undercharges low-headcount ones. Valero has 9,811 employees on $122.7 billion of revenue; Kroger has more than 403,000 on $147.6 billion. A $50 per user per month tool would be worth $5.9 million a year at Valero and $241.8 million at Kroger if every employee used it, though Valero's revenue is 83% of Kroger's. For low-headcount, high-revenue companies, price on sites, volume or assets instead.

Expect concentrated budgets. At a company with $10 million of revenue per employee, each manager oversees a lot of money, and a single operations or trading leader can own a large budget. The buying group is small, so finding the right person matters more than reaching many people. At volume, that research is the slow part; Bebop does it for each account in a list.

Watch the trend, not just the level. Revenue per employee rising fast can mean a company is automating or outsourcing, which creates demand for software, contractors and managed services.

Worked example

Illustrative example. Gaugeline (gaugeline.example) sells equipment monitoring software. Its standard price is $40 per user per month, which would bring in only $48,000 a year from a refinery team of 100 users. It moves high-revenue-per-employee accounts to site pricing instead:

• PBF Energy: about 3,678 employees on $29.3 billion of revenue, $8.0 million each. At $150,000 per refinery a year, a four-refinery deal is $600,000 a year.
• Per-seat comparison: the same four sites with 100 users each would be 400 x $40 x 12 = $192,000 a year.

Site pricing matches what the customer values (uptime per refinery, not logins) and roughly triples the deal. The first conversation is with the refinery's maintenance or reliability manager, with the corporate operations leader signing a multi-site agreement once one site proves it out.

Next step: see the full revenue ranking in the largest companies in the US.