Now that the United States is sailing into a trade war with, well, everyone, Calcbench decided to commemorate Trade War Day (forever to be celebrated on July 6, you know) with a look at which U.S. filers get the most revenue from international sources.

The research is fairly easy. Just visit our Multi-Company page and search for “Domestic Revenue” in the Standardized Metrics field; or venture to our Segments, Rollforwards, and Breakouts page to search for geographic segment reporting there.

We identified 257 companies among the S&P 500 that reported both total and domestic revenues; and we then assumed the difference between the two must equal international revenue. (After all, revenue can only come from the U.S. or somewhere else, and by definition “somewhere else” must be international.)

Then we divided international revenues into total revenue, to see which companies received a large portion of total revenue from overseas business.

For all 257 companies together, international revenue accounted for 59.3 percent of all revenue: $5.17 trillion overseas revenue, out of $8.72 trillion in total.

That’s not surprising; companies that break out domestic revenue are doing so for a reason, and usually the reason is that they also do a lot of international business. So naturally we should expect a lot of international revenue from this group.

Which ones counted on international revenue the most? Here are the top 50.

Any of these companies therefore could feel a squeeze from the Trump Administration’s trade war. That said, they could also benefit from a weaker dollar — and let’s not forget, the U.S. dollar was rather weak for the first half of 2018.

Weaker dollar means more U.S. goods are more affordable to overseas customers. (Yay!) Retaliatory tariffs imposed by other countries, however, make U.S. goods more expensive. (Boo!)

Which force will prevail by the end of 2018? We can only speculate, although the Fed raising interest rates this year makes the dollar stronger, not weaker.

All That Said…

We should remember that the majority of U.S. corporate revenue happens within our borders (more than 70 percent of U.S. GDP stems from domestic economic activity, according to the World Bank), where the weaker dollar and retaliatory tariffs won’t have any effect.

The Trump Administration’s import tariffs can have an effect, since they are a tax hike that drives up the cost of materials, even for goods only sold in the United States. Calcbench has been following that issue, too.

Meanwhile — happy Trade War Day! If you’re a company with lots of international revenue, be sure to duck as the acrimonious tweets fly.