How much US large-cap revenue is foreign — and how few companies actually say

Of the 375 companies in this universe, 132 publish a FY2025 geographic split that resolves into United States and not-United States. 147 publish one that does not — their segments are called "Americas" or "North America", which contain the US plus an undisclosed amount of Canada and Latin America — and 96 publish no geographic split at all. Every widely quoted figure for foreign revenue share is computed over some subset of this mess, almost always without saying which.

Over the companies that do resolve, 16.3% of revenue in FY2025 was earned outside the United States on a revenue-weighted basis, against a median company at 21.0%. Those two are far apart and both are correct: the biggest companies sell much more abroad than the typical one, so the weighted figure describes the index and the median describes a company.

The trend is the part to read most carefully. Between FY2015 and FY2025 the weighted share moved from 19.0% to 17.0%, a change of 2.0 points over 10 years — a drift, not the retreat from globalisation the commentary would suggest. Read the company count in each row before reading the line: disclosure changes from year to year, and a change in the sample looks exactly like a change in the world.

What this does not measure: where anything is made. A company that books every dollar of revenue in the United States can still buy every input abroad, and a tariff hits the second thing. This is a map of where customers are, which is the first question and not the whole one.