So we wondered: which corporations have the most exposure to China, that they might feel a revenue squeeze if the country continues along its current economic malaise? 

After spending a few minutes in our Segments, Rollforwards, and Breakouts page, we had an answer. Table 1, below, shows the 10 firms with the largest percentage of China-based revenues, based on their most recent annual reports. 

In news that should surprise nobody, all 10 firms are engaged in the manufacture or design of microchips, industrial equipment, or other technology items with huge demand in China. Qualcomm ($QCOM) in particular has had a majority of its revenue come from China for years. 

Further down the list were lots of other names you’d expect to see here, including Tesla, Apple, Texas Instruments, Analog Devices, DuPont, Otis Worldwide, NVidia, and more. 

We next looked at how China revenues changed for those top 10 firms from 2022 to 2023. Except for Lam Research Corp. ($LRCX) and KLA Corp. ($KLAC), the answers ranged from “eh” to “yuck.” See Table 2, below.

In total we found 75 firms in the S&P 500 that report China revenues as geographic segments. You can conduct your own research on revenue from China (or any other geographic region, for that matter) using our Segments page. 

Simply select Geographic Segment from our drop-down menu of choices, and then start typing “China” in the filter that appears. You’ll see something like Figure 1, below.

(Sharp-eyed observers might notice that 3M Corp. and Advanced Micro Devices both have $3 billion-plus in China revenues, but aren’t on our Top 10 list above. Why not? Because that table ranks companies by percentage of revenue from China; 3M, ADM, and others do make gobs of money from China, but not as a percentage of total revenue.) 

Be warned that some firms have lots of China revenue, but don’t necessarily track China itself as a geographic segment. For example, they’ll roll those revenues into an “Asia” or “Pacific Rim” segment, along with other countries. Sometimes you simply won’t be able to calculate precise China revenues unless you call up the investor relations department and pester them.

Where companies do report China revenue, however — yeah, Calcbench has that. Now the question is what those numbers will be for Q3 results that start arriving in October.