Germany’s largest corporations experienced a contraction in overall revenue during 2024, with aggregate turnover shrinking by 2.4% to reach €3.8 trillion. Despite this decline, the top companies managed to achieve a slight increase in aggregate profits, totaling €118.8 billion, according to research compiled annually by the FAZ-Archiv.
The findings, based on an analysis of the 200 largest providers and manufacturers across industry, trade and services (excluding banks and insurance companies), highlight a complex economic landscape shaped by ongoing challenges and evolving trends. The automotive sector’s struggles, the lingering impact of the energy crisis and a surge in the defense industry are key factors influencing corporate performance.
Volkswagen, typically the largest company on the list, maintained stable revenue figures; however, profits decreased by 30%. Similar significant profit drops were reported by Mercedes and BMW, while the leading automotive supplier, Bosch, saw a marked decline of 49%.
Conversely, defense contractors like Rheinmetall and Diehl have reported strong revenue growth. Rheinmetall’s turnover increased by nearly 36% to €9.7 billion, propelling the company up the ranking by approximately 30 positions to number 81. Only the shipping company Oldendorff Carriers and the aircraft turbine manufacturer MTU Aero Engines – which produces engines for both civilian and military aircraft – achieved higher growth rates.
Deutsche Bahn, the national railway company, recorded the most substantial revenue decline amongst the top 200 companies, with a decrease of 42%. This is attributed to the sale of its former subsidiary, DB Schenker. While Deutsche Bahn reports a stable turnover figure for 2024 by adjusting for the previous year’s figures due to the Schenker divestiture, the underlying impact remains significant.
Although the acute energy supply shortages triggered by the war in Ukraine and the conflict with Russia have largely subsided, the repercussions of the energy crisis continue to affect corporate balance sheets. Numerous energy suppliers and municipal utilities listed by the FAZ-Archiv experienced double-digit revenue losses, primarily due to a normalization of energy prices compared to the exceptional levels seen in previous years.