Which US Companies Make the Most Money in China?
Revenue from China as each large US company reports it in its latest annual filing: who earns the most there in dollars, who depends on it most, how that changed in a year, and why it matters when tariffs and export controls move.
Key takeaways
- By dollars, Apple (AAPL) reports the most revenue from China among large US companies: $64.5 billion, 15.5% of its sales in fiscal 2025, ahead of Tesla (TSLA) ($21.0 billion) and NVIDIA (NVDA) ($19.7 billion) (company filings, Exent data as of Oct 20, 2026).
- By share of sales, Monolithic Power Systems (MPWR) depends on China the most: 55.3% of revenue in fiscal 2025. 17 of the 30 most China‑exposed large US companies are in the technology sector.
- Only 46 of the 377 large US companies that split revenue by region in their latest annual report name China (or Greater China or Hong Kong) as a region of its own; others fold it into Asia Pacific, which hides it.
- 11 large US companies get 20% or more of their revenue from China, the sales most exposed when tariffs, export controls or retaliation change (as of Oct 20, 2026).
- Revenue abroad differs by sector: the median technology company earns 48.5% of its revenue outside the US, against 20.6% in real estate.
Which US companies make the most money in China?
Apple (AAPL) does: $64.5 billion, 15.5% of its sales in fiscal 2025, by its own annual filing. The table ranks large US companies by the revenue they report from China in dollars, from annual reports for fiscal 2025–2026. Data as of Oct 20, 2026.
| Company | Revenue from China | Share of revenue | Fiscal year |
|---|---|---|---|
| Apple (AAPL) | $64.5 billion | 15.5% | 2025 |
| Tesla (TSLA) | $21.0 billion | 22.1% | 2025 |
| NVIDIA (NVDA) | $19.7 billion | 9.1% | 2026 |
| Boeing (BA) | $16.4 billion | 12.7% | 2025 |
| Micron Technology (MU) | $14.7 billion | 11.0% | 2026 |
| Cisco Systems (CSCO) | $8.9 billion | 14.1% | 2026 |
| Applied Materials (AMAT) | $8.5 billion | 30.1% | 2025 |
| Lam Research (LRCX) | $7.9 billion | 33.8% | 2026 |
| Advanced Micro Devices (AMD) | $7.8 billion | 22.4% | 2025 |
| NIKE (NKE) | $5.8 billion | 12.9% | 2026 |
| Flex (FLEX) | $4.5 billion | 22.9% | 2026 |
| MGM Resorts International (MGM) | $4.5 billion | 34.6% | 2025 |
| Jabil (JBL) | $4.2 billion | 14.1% | 2025 |
| KLA (KLAC) | $4.0 billion | 29.8% | 2026 |
| Texas Instruments (TXN) | $3.8 billion | 21.4% | 2025 |
Size and dependence are different questions. Apple’s China revenue is the largest in dollars, yet it is 15.5% of its sales; Monolithic Power Systems earns far less there in dollars but 55.3% of everything it sells. For a portfolio, the share is usually what decides how much a change in China moves the stock.
Which US companies depend most on China?
Monolithic Power Systems (MPWR) is the most China‑dependent large US company in the data, with 55.3% of revenue from China in fiscal 2025. One company gets half or more of its revenue there, and 11 get at least a fifth. 17 of the 30 companies below are in the technology sector, many of them chip and chipmaking‑equipment makers. Only companies with at least $1 billion of revenue are ranked.
| Company | China, share of revenue | A year earlier | Revenue from China | Fiscal year |
|---|---|---|---|---|
| Monolithic Power Systems (MPWR) | 55.3% | 53.4% | $1.5 billion | 2025 |
| Marvell Technology (MRVL) | 36.2% | 43.5% | $3.0 billion | 2026 |
| MGM Resorts International (MGM) | 34.6% | — | $4.5 billion | 2025 |
| Lam Research (LRCX) | 33.8% | 33.7% | $7.9 billion | 2026 |
| Applied Materials (AMAT) | 30.1% | 37.2% | $8.5 billion | 2025 |
| KLA (KLAC) | 29.8% | 33.3% | $4.0 billion | 2026 |
| Yum! Brands (YUM) | 26.3% | — | $1.6 billion | 2025 |
| Flex (FLEX) | 22.9% | — | $4.5 billion | 2026 |
| Advanced Micro Devices (AMD) | 22.4% | 24.2% | $7.8 billion | 2025 |
| Tesla (TSLA) | 22.1% | 21.4% | $21.0 billion | 2025 |
| Texas Instruments (TXN) | 21.4% | 19.3% | $3.8 billion | 2025 |
| Danaher (DHR) | 18.0% | 11.7% | $2.6 billion | 2025 |
| Tapestry (TPR) | 17.5% | 15.1% | $1.4 billion | 2026 |
| Viatris (VTRS) | 16.3% | 14.7% | $2.3 billion | 2025 |
| Apple (AAPL) | 15.5% | 17.1% | $64.5 billion | 2025 |
| Analog Devices (ADI) | 15.2% | 22.6% | $2.9 billion | 2025 |
| Cisco Systems (CSCO) | 14.1% | 14.4% | $8.9 billion | 2026 |
| Teradyne (TER) | 14.1% | 13.3% | $450 million | 2025 |
| Jabil (JBL) | 14.1% | 16.7% | $4.2 billion | 2025 |
| Lumentum (LITE) | 13.7% | 12.7% | $802 million | 2026 |
- Monolithic Power Systems (MPWR)
- China, share of revenue
- 55.3%
- A year earlier
- 53.4%
- Revenue from China
- $1.5 billion
- Fiscal year
- 2025
- Marvell Technology (MRVL)
- China, share of revenue
- 36.2%
- A year earlier
- 43.5%
- Revenue from China
- $3.0 billion
- Fiscal year
- 2026
- MGM Resorts International (MGM)
- China, share of revenue
- 34.6%
- A year earlier
- —
- Revenue from China
- $4.5 billion
- Fiscal year
- 2025
- Lam Research (LRCX)
- China, share of revenue
- 33.8%
- A year earlier
- 33.7%
- Revenue from China
- $7.9 billion
- Fiscal year
- 2026
- Applied Materials (AMAT)
- China, share of revenue
- 30.1%
- A year earlier
- 37.2%
- Revenue from China
- $8.5 billion
- Fiscal year
- 2025
- KLA (KLAC)
- China, share of revenue
- 29.8%
- A year earlier
- 33.3%
- Revenue from China
- $4.0 billion
- Fiscal year
- 2026
- Yum! Brands (YUM)
- China, share of revenue
- 26.3%
- A year earlier
- —
- Revenue from China
- $1.6 billion
- Fiscal year
- 2025
- Flex (FLEX)
- China, share of revenue
- 22.9%
- A year earlier
- —
- Revenue from China
- $4.5 billion
- Fiscal year
- 2026
- Advanced Micro Devices (AMD)
- China, share of revenue
- 22.4%
- A year earlier
- 24.2%
- Revenue from China
- $7.8 billion
- Fiscal year
- 2025
- Tesla (TSLA)
- China, share of revenue
- 22.1%
- A year earlier
- 21.4%
- Revenue from China
- $21.0 billion
- Fiscal year
- 2025
- Texas Instruments (TXN)
- China, share of revenue
- 21.4%
- A year earlier
- 19.3%
- Revenue from China
- $3.8 billion
- Fiscal year
- 2025
- Danaher (DHR)
- China, share of revenue
- 18.0%
- A year earlier
- 11.7%
- Revenue from China
- $2.6 billion
- Fiscal year
- 2025
- Tapestry (TPR)
- China, share of revenue
- 17.5%
- A year earlier
- 15.1%
- Revenue from China
- $1.4 billion
- Fiscal year
- 2026
- Viatris (VTRS)
- China, share of revenue
- 16.3%
- A year earlier
- 14.7%
- Revenue from China
- $2.3 billion
- Fiscal year
- 2025
- Apple (AAPL)
- China, share of revenue
- 15.5%
- A year earlier
- 17.1%
- Revenue from China
- $64.5 billion
- Fiscal year
- 2025
- Analog Devices (ADI)
- China, share of revenue
- 15.2%
- A year earlier
- 22.6%
- Revenue from China
- $2.9 billion
- Fiscal year
- 2025
- Cisco Systems (CSCO)
- China, share of revenue
- 14.1%
- A year earlier
- 14.4%
- Revenue from China
- $8.9 billion
- Fiscal year
- 2026
- Teradyne (TER)
- China, share of revenue
- 14.1%
- A year earlier
- 13.3%
- Revenue from China
- $450 million
- Fiscal year
- 2025
- Jabil (JBL)
- China, share of revenue
- 14.1%
- A year earlier
- 16.7%
- Revenue from China
- $4.2 billion
- Fiscal year
- 2025
- Lumentum (LITE)
- China, share of revenue
- 13.7%
- A year earlier
- 12.7%
- Revenue from China
- $802 million
- Fiscal year
- 2026
Of the 26 with a figure for the year before, 10 got a larger share of revenue from China and 16 a smaller one. The biggest rise was at Danaher (DHR) (+6.3 pts). The biggest drop was at Analog Devices (ADI) (−7.4 pts). A change can reflect demand, export rules or a change in how the company draws its regions, so check the filing before reading much into one year.
Why does China revenue matter for tariffs and trade tensions?
Revenue earned in China is the part of a business that trade policy reaches first, and 11 large US companies get a fifth or more of their sales there. It is exposed through three channels:
- Retaliation. When the US raises tariffs, China can answer with tariffs on US goods, regulatory reviews or limits on specific US companies.
- Export controls. US rules limit sales of advanced chips and chipmaking tools to China, and technology companies make up 17 of the 30 most China‑exposed companies in the table above.
- Demand. Consumer brands depend on how Chinese buyers feel about US products and on China’s own economy.
Import tariffs are a separate risk. A company can sell little in China and still make most of its products there, and revenue by region does not show that. How trade shocks moved markets: the 2025 tariff selloff, the 2018 trade war and a portfolio in a tariff shock.
Which sectors earn the most outside the US?
The median technology company earns 48.5% of its revenue outside the US, the most of any sector; the median real estate company earns 20.6%. Foreign revenue is a wider measure than China alone: it includes Europe, Japan and the rest of Asia, and it brings currency exposure too. Only companies that report a separate United States region are counted.
| Sector | Median revenue from outside the US | Companies |
|---|---|---|
| Technology | 48.5% | 42 |
| Basic Materials | 43.4% | 6 |
| Healthcare | 40.8% | 31 |
| Industrials | 38.4% | 36 |
| Communication Services | 37.4% | 6 |
| Consumer Cyclical | 30.8% | 18 |
| Financial Services | 28.6% | 22 |
| Consumer Defensive | 23.0% | 16 |
| Energy | 21.2% | 7 |
| Real Estate | 20.6% | 10 |
How do companies report China revenue?
Each company draws its own regions. Some report China, others Greater China (often with Hong Kong and Taiwan), and many only Asia Pacific, which hides China inside a larger number. Of the 377 large US companies that split revenue by region, 46 name China as a region of its own. Companies also differ in what they count: the customer’s location, the billing address or where the goods are shipped. Chip companies often book revenue where their customers’ factories and contract manufacturers are, so a sale “to China” can end up in a phone sold in the US.
Fiscal years differ as well: a company whose year ends in January reports its fiscal 2026 before one whose year ends in December reports fiscal 2025. The table shows each company’s year.
Method and caveats
- Source: revenue by geographic region from each company’s latest annual report (company filings), fiscal 2025–2026; data as of Oct 20, 2026.
- Universe: the largest US‑listed companies Exent tracks. China = regions named China, Greater China, Hong Kong, PRC or mainland China; regions named Taiwan are excluded. Asia Pacific totals are not counted.
- Share of revenue = China regions ÷ the sum of all reported regions. “A year earlier” uses the previous annual report. The share ranking includes companies with at least $1 billion of revenue.
- Revenue outside the US = 100% minus the region reported as the United States, median per sector (sectors with at least five companies).
- Past performance does not guarantee future results. Historical figures are calculated by Exent from market data and are for education only; they are not investment advice or a recommendation to buy or sell any security.
How to check your own China and trade exposure with Exent
- Upload a screenshot of your holdings (or a CSV, Excel, PDF or Google Sheet); no brokerage login.
- Exent shows your look‑through exposure by stock and sector, funds included, so a chipmaker you own directly and through an ETF adds up to one number.
- Crash replays run your current portfolio through the 2018 trade war and the 2025 tariff selloff and show which holdings drove the loss.
Frequently asked questions
Apple (AAPL), with $64.5 billion, 15.5% of its sales in fiscal 2025, as reported in its annual filing. Next: Tesla (TSLA) ($21.0 billion) and NVIDIA (NVDA) ($19.7 billion). Exent data as of Oct 20, 2026.
Among large US companies with at least $1 billion of revenue, Monolithic Power Systems (MPWR) got 55.3% of its revenue from China in fiscal 2025, followed by Marvell Technology (MRVL) (36.2%) and MGM Resorts International (MGM) (34.6%). Exent data as of Oct 20, 2026.
Apple: 15.5% of revenue ($64.5 billion, fiscal 2025); Tesla: 22.1% of revenue ($21.0 billion, fiscal 2025); NVIDIA: 9.1% of revenue ($19.7 billion, fiscal 2026). Figures are as each company reports its China or Greater China region; Apple’s Greater China region includes Hong Kong and Taiwan. Exent data as of Oct 20, 2026.
In this study, regions named China, Greater China, Hong Kong or mainland China count as China; regions named Taiwan never do. Some companies’ Greater China region still includes Taiwan, and companies that report only Asia Pacific are not counted at all.
17 of the 30 large US companies with the highest China share are technology companies, many of them chip and chipmaking‑equipment makers. China is where much of the world’s electronics is assembled and where chip factories are being built, and companies often book revenue where the buyer’s factory is, not where the final product is sold.
To some risks, yes: retaliatory tariffs, export controls, regulatory action in China and consumer boycotts all hit revenue earned there. Tariffs on imports are a different exposure, which depends on where a company makes its products, not where it sells them.
How exposed is your portfolio to a trade shock?
Exent replays your holdings through the 2018 and 2025 tariff selloffs and shows your look‑through exposure by stock and sector. Upload a screenshot; results in about a minute.
Educational content, not investment advice. Examples are illustrative; past performance does not guarantee future results.