So how are those trade tensions affecting the China revenues of major public filers? It’s still early in the reporting season, but we decided to crack open our Segments, Rollforward, and Breakouts page to see what analysts can already glean.

We first selected the S&P 500 and then searched for all firms that reported a China geographic segment in 2025. Thirty-six companies have both (a) already reported their full-year 2025 numbers; and (b) reported revenue for a China operating segment. 

We then compared those China revenues to the firms’ total revenues, and compiled a top 10 list of U.S. filers with the highest percentage of China revenue. See Figure 1, below.

Perhaps to no surprise, the list is dominated by chip companies, some tech giants (Apple, Tesla), and MGM Resorts, presumably thanks to its casinos in Macau. 

Then we wondered: how do these China revenue numbers compare to, say, 2023 numbers? With a few more clicks, we pulled up the China revenue for these same 10 firms in 2023. See Figure 2, below.

Well look at that. Qualcomm ($QCOM) tops the list in both years, but its China revenue declined by $2 billion even as total revenue grew, so the chipmaker is now less dependent on China as a major market than it was two years ago. 

In contrast, Broadcom ($AVGO) held its China revenue essentially flat, but overall revenue went from $35.8 billion to $63.9 billion, so its China concentration fell nearly in half. And MGM International Resorts ($MGM) didn’t even report a China segment in 2023.

But why are we even making everyone look back and forth between figures 1 and 2? Consider Figure 3, below, which just compares 2023 and 2025 China revenue for each company.

Interesting: six of the ten firms in our sample saw China revenue decline over the last two years. Clearly decoupling is underway.

As always, segment-level disclosures are a bit of a dark art, since each company can define geographic segments in its own way. For example, some filers report an “Asia-Pacific” segment that does include China; others report Asia-Pacific and China as separate segments; and still more don’t even report any geographic segment data at all, although they do have China sales.

So our numbers above can only provide a partial snapshot of how U.S. and China trade patterns are evolving over time — but clearly, evolving they are.