The profits of Germany’s largest companies saw a significant decline in 2025. This downturn, coupled with intensified global competition, led to negative figures appearing in corporate balance sheets.
According to the “Frankfurter Allgemeine Zeitung’s” annual list of the 200 largest companies across industry, trade, and services, these firms managed to maintain a total revenue of approximately €3.8 trillion in 2025, nearly identical to the previous year. In contrast, profits fell sharply by 9.8%, causing the total annual surpluses to drop by €11.7 billion to €107.1 billion. This list includes companies headquartered in Germany, even if they have international subsidiaries, but it excludes financial businesses like banks and insurance firms, whose size is typically measured by total balance sheets and contributions rather than revenue.
Volkswagen, the largest German company, managed to achieve almost unchanged revenue of nearly €322 billion in 2025. However, its annual profit nearly halved, falling to €6.9 billion, a figure impacted by geopolitical tensions, automobile tariffs, and fierce competition.
The chemical sector experienced particularly poor performance in 2025. Covestro, a plastic manufacturer acquired by the investment arm of the Arabian oil group Adnoc, reported a loss of €643 million, more than double the loss recorded in the previous year. Weak demand and aggressive international rivalry continued to depress prices in the industry.
Conversely, the defense sector saw strong increases. Rheinmetall reported a significant 30% jump in its military business. However, its listed revenue on the FAZ list remained almost unchanged because the prior year’s value had not yet been adjusted for the planned sale of its civilian division to the industrial holding Aequita. Furthermore, other defense-related companies, including MTU Aero Engines, Diehl, and Rolls-Royce Power Systems, also reported substantial revenue growth.
