Apple is the most profitable Global 500 company in the world

Fortune has ranked Apple as the no. 1 most profitable company in the world, with a massive $45.7 billion in 2016 profit on revenue of $215 billion.

By comparison, Walmart brought in $485 billion in revenue — but took “only” $13.6 billion in revenue.

“After more than a decade of solid growth fueled first by the iPod music player and then by the even more popular iPhone, Apple finally appeared to hit a wall, with lackluster sales ‘relatively speaking’ for other products such as the iPad and Apple Watch and a heavy reliance on upgraded phone models,” Fortune writes. “But the most profitable publicly-traded company in the world is investing heavily in software and its efforts in new areas of opportunity, including automobiles, remain in development (and under wraps).”

Overall, Fortune ranked Apple number ninth on its Fortune Global 500 list, the same position it held last year. This is despite revenue falling 7.7 percent, and profitability falling 14.4 percent. In a previous list of only Fortune 500 companies in the U.S., Apple came in third place. Apple has long been considered Fortune‘s “most admired” company.

A good year for Apple

Despite an overall flattening of sales, Apple nonetheless has hit a number of milestones recently. Last year, which Fortune‘s list is entirely based on, Apple sold its billionth iPhone. Earlier this year, it then went on to become the first $800 billion company in history; having broken records as the world’s first $700 billion company two years before that. Some investors are arguing that Apple is currently on track to gain a record-breaking valuation of a trillion dollars in the foreseeable future.

With this year’s iPhone 8 looking to become a giant hit for Apple, and its biggest supercycle since 2014, we don’t see Apple’s fortunes changing for the worse any time soon.