2025年《财富》全球未来50强

Businesses worldwide have weathered a chaotic year so far in 2025. Shifting global trade and tariff dynamics and the AI race have made the pace of change even more relentless than usual. Costs have risen, and bankruptcies are up. Still, across sectors, some companies are not just staying afloat, but thriving—and in many markets, buoyant share prices show that investors retain their optimism.

So how can we tell which businesses are primed for the kind of long-term growth that delivers meaningful rewards to stakeholders? Since 2017, BCG and Fortune have teamed up to screen the world’s biggest companies for their innate fitness to grow—a measurable, manageable trait we call “corporate vitality.” Each year, the top vitality scorers are enshrined in the Fortune Future 50.

Our screen sweeps in more than 3,000 companies, including more than 150 privately held, venture-backed startups. This year, we analyzed more than 10 million data points to identify 25 metrics that offer unprecedented insight into each company’s strategy, technology, workforce, organizational setup, and culture. Each metric is correlated with above-average business performance, and together they produce BCG’s Net Vitality Score.

Historically, the shares of our vitality winners have outperformed their peers’ over time. Since the list’s inception, Future 50 companies have averaged annual total returns of 12%, outperforming the MSCI World stock index by 1.4 percentage points. (Last year’s picks are off to an even stronger start: A portfolio of the public companies in the 2024 Future 50 has outperformed the MSCI World benchmark by 2.6 percentage points.)

The Highlights

1 Snowflake

Montana-headquartered Snowflake first attracted attention with a blistering hot lPO in the fall of 2020. Under Sridhar Ramaswamy, a Google veteran and Al startup founder who became CEO in February2024, it has gone all in on artificial intelligence. Snowflake supports a range of analysis functions and Al applications on its Al Data Cloud. The company has been an aggressive acquirer under Ramaswamy, buying startups including database-software maker Crunchy Data; TruEra, an Al observability tool; and Datavolo, a data pipeline management firm. In June it announced partnerships with USA Today and the Associated Press that will allow Snowflake customers to build applications around those organizations‘ content.

The company is on track to reach $4.6 billion in revenue for the current fiscal year, which ends in January 2026; that would mean more than doubling its sales in three years.

9 Wayve Technologies

London-based Wayve pioneered an autonomous driving system based on “end-to-end deep learning," which feeds data from a vehicle's sensors into a neural network that oversees the vehicle's navigation, rather than relying on a preprogrammed set of rules.Wayve's approach has become more common among self-driving competitors as Al capabilities have improved. The startup has raised more than $1 billion from investors including Nvidia and Microsoft. Next year it will launch self-driving taxi trials in London in partnership with Uber, and Nissan plans to incorporate Wayve's software into its cars beginning in 2027.

The sole Chinese company to make this year's Future 50, WeRide has established an early lead over many autonomous driving rivals,rolling out robotaxis and robobuses in Chinese cities as well as in the UAE, Singapore, and a handful of markets in Europe and the U.S.The Guangzhou-headquartered company builds vehicles as well as sensors and software, and has partnered with several other automakers.

WeRide raised about $450 million in its October 2024 lPO. lts share price has since sputtered, but its business is growing: A partnership with Grab, announced in August, could put thousands of WeRide taxis on the road across Southeast Asia.

26 Reddit

This largely user-moderated, self-described "community of communities"-where internet users can congregate to (among many other things) share bad-boss stories, debate the merits of hot stocks, and ask whether they are, in fact, the a--hole-has evolved into a fast-growing business.In the second quarter of 2025, the company reported$500 million in revenue, up 78% year over year-and its fourth straight quarter of profitability.The keys to Reddit's financial progress include fast-improving advertising technology and a range of licensing agreements that make its data available to Al companies for fine-tuning their large language models. The social network now boasts 110 million daily unique users, 60 million of whom are outside the U.S. Reddit's share price, meanwhile, has risen more than fivefold since its March 2024IPO.

29 Anthropic

Anthropic occupies a distinctive lane in the Al race: lt builds for-profit Al platforms while devoting more resources than many rivals to studying the ethical and political implications of Al adoption. Such scruples haven't kept Anthropic from raising money or generating revenue. The Amazon- and Google-backed company is currently valued at $61.5 billion, and it's reportedly on track to bring in $5 billion this year, up from $1 billion in 2024, thanks in part to the popularity of its Opus code-generating Al.

Sydney-based Canva was launched by CEO Melanie Perkins and two partners as a user-friendly alternative to Photoshop. lt has since expanded its business and technological aims, offering an Al-driven coding tool and productivity software to compete with the likes of Google Docs and Microsoft Office. Canva claims 230 million users.With an estimated valuation of at least $32 billion, it's the world's most valuable female-founded and -led startup.

The Full The Future 50 List

Software wins

U.S. tech companies, particularly in software, have dominated the Future 50—a fact that reflects their scalability and their unstinting focus on talent acquisition and R&D. This year is no exception: Snowflake, a cloud-based data-storage company, tops the list, with data, analytics, and AI provider Databricks a close second. Both companies are driven by the AI moment in business—their platforms help firms unlock and activate their own data as the foundation for AI.

In all, this year’s list includes 38 software and AI companies, with others in digital media, tech hardware, e-commerce, fintech, and health tech. The U.S. is home to 76% of the top 50, with Australia, Canada, China, Europe, and India also represented.

Private firms hold 25 of the top 50 spots despite accounting for only 5% of the companies in our dataset. Companies such as German software-as-a-service firm Celonis (No. 3) and fast-growing U.S. AI providers OpenAI (No. 12) and Anthropic (No. 29) are investing heavily in product development and talent to bring their big growth ambitions to life—and attracting eager venture capital to help them do so.

One category is conspicuously missing: This year, for the first time, there are no companies on the Future 50 that are also on the Fortune 500 list of the largest U.S. companies by revenue. Smaller companies enjoy the natural agility advantage of a leaner organization. But it’s not uncommon for Future 50 companies to “graduate” to the 500 as they scale up (one example: Workday, our No. 1 company in 2018). Several of the 25 public companies on this year’s list—among them Reddit (No. 26) and Palantir (No. 31)—have that potential. Meanwhile, OpenAI, which doesn’t formally report revenue but has reportedly exceeded annualized sales of $12 billion, is already at Fortune 500 scale.

Bigger, but still ‘Vital’

Large public firms have the cards stacked against them when it comes to sustained growth. They have legacy businesses to protect, often scarce capital to allocate, hefty organizations to maneuver, and activist investors at their heels. Still, there are 120 public companies with $10 billion or more in annual revenue that rank in our top quartile for vitality—outside the top 50, but in the top 750 or so.

These include tech giants like Apple, Amazon, and Alphabet, and international super apps like Meituan, Coupang, and MercadoLibre. But it’s not just digital-centric giants that stand out. Here’s what large players in three non-software industries can teach us.

Automotive

Companies like the Porsche unit of Volkswagen Group and Volvo Cars (of China’s Geely) scored well based on their investments in R&D, particularly in autonomous driving and sustainable mobility. Valeo, a French automotive supplier, operates more than 60 R&D centers globally. And Seres—through its Aito brand collaboration with Huawei—has relied on technical innovation to reach the top of the luxury EV segment in China.

Health care

Switzerland’s Roche and American giant Eli Lilly are among the top-scoring large pharma companies. Both embrace collaboration with smaller biotech players and academia on drug discovery. They also invest heavily in AI applications, clinical trial optimization, and automated document workflows for regulatory management.

Consumer goods

H&M earns a top-quartile spot thanks to a competitive talent strategy. Healthy internal mobility and recruitment keep knowledge fresh, and a commitment to diversity in leadership helps H&M serve its global customer base. Zalando, Europe’s leading fashion and lifestyle e-commerce marketplace, recently strengthened its regional presence through a merger with rival About You, while continuing to invest in its core engineering and product teams.

Smarter, faster, more resilient

The good news for CEOs looking to boost their business’s growth and longevity is that any company, of any size, can become more vital. More than 300 large public companies significantly increased their vitality in the past year alone.

Based on BCG’s research, the biggest movers have three things in common. They started by clearly articulating their growth ambition—to investors, external innovation partners, and employees. This, in turn, allowed them to hire real business builders—people who have seen and felt what it takes to move businesses from zero to one. All of this was embedded in a culture of true executive-level sponsorship, with senior leaders—up to and including CEOs—rolling up their sleeves, coaching, challenging and empowering their teams, and making disciplined growth investments. Crucially, this often played out alongside an accelerated adoption of AI.

Vitality is not a privilege but a choice. Companies across industries and geographies are finding ways to grow smarter, faster, and to become more resilient. A more vital economy creates value for everyone: rewarding investors, empowering employees, and driving progress for society at large. The future belongs to those who build it.

Methodology for The Future 50

To identify the 2025 Future 50, Boston Consulting Group examined more than 2,800 publicly traded companies with at least $5 billion in market value, more than 150 privately held firms with at least $1 billion in funding since inception, and more than 50 additional private firms with over 20,000 employees. Private firms have been included in the analysis since 2024.

The ranking is based on a vitality score for each company. The 2025 vitality score comprises 25 factors, selected for their ability to predict long-term sales growth. The factors are grouped into four main dimensions: Strategy, Technology, Talent, and Culture.

Strategy

We use an AI algorithm to evaluate the clarity of a company’s strategy, competitive edge, and innovation commitment from earnings calls. We also assess each company’s ability to access capital markets, and its ability to create and share value with its top employees. To account for external innovation, a company’s portfolio of startup investments and acquisitions is compared with the best-performing global venture capital funds. We additionally consider a company’s level of strategic focus, based on how resources are distributed across business entities.

Technology

We assess a company’s capital expenditure (as a percentage of sales) as a measure of internal investment in the future. We also look at technology advantage by analyzing the momentum growth in a company’s patent portfolio, the scalability of its technology stack, and by analyzing AI adoption and other digital skills in the broader workforce.

Talent

We use a detailed job title taxonomy to assess the relative size of R&D and product teams, as well as the tenure and internal job mobility of innovators at the company. We also evaluate the AI skills and international diversity of these innovators, analyzing job descriptions and employee locations over time. Additionally, we consider a company’s level of external partnership on innovation by analyzing analyst call transcriptions with Natural Language Processing algorithms.

Culture

We assess the level of organizational complexity of a firm by looking at the share of employees in middle management and the share of employees in internally facing job roles. As an additional indicator of agility, we evaluate employee job reviews for markers of bureaucracy. We also assess the level of healthy employee turnover as well as a firm's ability to attract talent from other high-growth firms. Large-language model analysis also provides insight into how greatly a company incentivizes leadership to deliver long-term growth.