Top 20 Companies in Italy by revenue in 2025

Italy's biggest companies once again reflect the pillars of the national economy: energy, insurance, and banking. Eni, Enel, Generali, and the country's leading banks continue to anchor the top of the ranking, while automotive giants, telecom operators, and iconic luxury names round out the list. From Stellantis's global manufacturing scale to Ferrari's exclusive craftsmanship, these 20 companies show the breadth of Italian industry — spanning state-linked energy majors, century-old insurers, and export-driven manufacturers competing on the world stage.

1. Stellantis N.V.

Stellantis is the automotive group born from the merger of Fiat Chrysler and PSA, bringing together brands like Fiat, Alfa Romeo, Jeep, Peugeot, and Citroën. It's often considered the largest "Italian" group by scale and industrial heritage, even though its legal headquarters is in the Netherlands. 2025 was a rough year: the company announced a major strategic reset, posting a net loss of over €22 billion tied to asset write-downs and a shift in EV strategy. Still, revenue growth returned in the second half of the year, up 10%, a sign the turnaround plan is starting to work. The company suspended its 2026 dividend to preserve balance sheet strength while it works through the reset, and authorized up to €5 billion in hybrid bond issuance. New leadership has pushed a "freedom of choice" strategy, offering customers a broader mix of electric, hybrid, and combustion powertrains rather than forcing an aggressive EV-only transition. A wave of new products — including the Jeep Cherokee, Dodge Charger SIXPACK, and Ram Dakota — is expected to broaden Stellantis's market coverage across North America, Europe, and South America in 2026.
Revenue (2025): €153.5 billion

2. Assicurazioni Generali S.p.A.

Generali, headquartered in Trieste, is one of the world's largest insurers, with nearly two centuries of history. 2025 was the group's best year ever: operating result hit a record high, and assets under management reached €900 billion. The company continues investing in digital insurance platforms and expanding its wealth management arm. The proposed dividend rose almost 15% year over year. Generali's combined ratio — a key measure of insurance underwriting profitability — improved significantly in 2025, reflecting disciplined pricing and claims management across its property and casualty business. The group's life insurance segment also delivered strong net inflows, driven by demand for protection, health, and unit-linked products. Generali operates in more than 50 countries and continues to position itself as a "lifetime partner" brand, blending traditional insurance with wellness, care, and asset management services under one roof.
Revenue (2025): €98.1 billion (gross written premiums)

3. Eni S.p.A.

Eni remains Italy's largest energy group, operating in more than 60 countries. In 2025 it kept cutting debt, reaching a historic low gearing level, while hydrocarbon production grew 4%. Its renewables arm, Plenitude, expanded through the Acea Energia acquisition, and Enilive is pushing ahead with plans to triple biofuel capacity by 2030. Revenue still declined versus 2024, weighed down by softer energy prices. Eni started up six major upstream projects during the year across Norway, Indonesia, Angola, and Congo, helping production finish above its own full-year guidance. The company also made progress toward a final investment decision on the Argentina LNG project alongside partner YPF, aiming to tap into growing global gas demand. Despite the softer pricing environment, Eni maintained one of the highest reserve replacement ratios in the industry and kept returning cash to shareholders through dividends and share buybacks. Revenue (2025): €83.6 billion

4. Enel S.p.A.

Enel is one of the world's largest utility companies, operating in over 30 countries. In 2025, revenue growth was driven by international operations (especially Spain and Latin America), which offset softer domestic demand in Italy. The company kept investing in smart grids and renewables under its 2025-2027 strategic plan, and carried out share buybacks alongside a rising dividend policy. Enel continued exiting non-core markets during the year, following earlier divestments of assets in Peru and parts of its Italian distribution network, in order to concentrate capital on regulated, lower-risk businesses. Through Enel Green Power, the company remains one of the world's largest private operators of renewable capacity, spanning solar, wind, hydro, and geothermal generation. Enel also continued phasing out coal-fired plants and expanding electric mobility infrastructure as part of its broader push to fully decarbonize its energy mix. Revenue (2025): €80.4 billion

5. Intesa Sanpaolo S.p.A.

Intesa Sanpaolo, headquartered in Turin, is Italy's largest bank. 2025 was the bank's best year in its history, with net profit of €9.3 billion, driven by record commissions and insurance income. Non-performing loans dropped to near zero, and lending to Italian households and businesses rose sharply. For 2026, the bank is targeting net income of around €10 billion. Intesa Sanpaolo achieved a best-in-class cost-to-income ratio among major European banks in 2025, underlining the efficiency of its diversified, commission-driven business model. Its wealth management arm, built around advisory services like "Valore Insieme," attracted tens of billions of euros in new customer inflows during the year. The bank also helped around 2,850 struggling Italian companies return to performing status in 2025 alone, part of a broader decade-long effort that has safeguarded hundreds of thousands of jobs since 2014.
Revenue (2025): €27.27 billion (net operating income)

6. UniCredit S.p.A.

UniCredit, led by CEO Andrea Orcel, reported record net profit of €10.6 billion in 2025, up 14% year over year. Total revenues dipped slightly as lower interest rates weighed on income, but the bank offset this with growth in fees and insurance income. UniCredit remains active in banking consolidation discussions across Italy and Europe, with a strong presence in Germany and Central and Eastern Europe. The bank marked its 20th consecutive profitable quarter in late 2025, a streak CEO Andrea Orcel has pointed to as evidence of the durability of its turnaround strategy. UniCredit also increased its stakes in Germany's Commerzbank and Greece's Alpha Bank during the year, moves seen as steps toward deeper cross-border consolidation in European banking. Looking ahead, the bank has set an ambitious target of roughly €13 billion in net profit by 2028, alongside an 80% payout ratio split between dividends and share buybacks. Revenue (2025): €24.54 billion

7. Prysmian Group S.p.A.

Prysmian, the world's largest cable manufacturer for energy and telecommunications, had its best year ever in 2025. Growth was driven by the Encore Wire and Channell acquisitions, along with strong demand for transmission cables tied to the energy transition and data center expansion. Net profit nearly doubled versus 2024, helped by the sale of its stake in China's YOFC. Prysmian's Transmission division was a standout performer, hitting best-in-class margins in the fourth quarter and reaching its 2028 profitability targets three years ahead of schedule. The company's order backlog swelled to roughly €17 billion, reflecting long-term contracts tied to submarine power cables and grid interconnection projects across Europe and North America. Prysmian also continued reshaping its portfolio through bolt-on acquisitions, including Xtera and ACSM, while divesting non-core automotive cable factories to sharpen its focus on energy and digital infrastructure.
Revenue (2025): €19.65 billion

8. Edison S.p.A.

Edison, one of Italy's oldest energy companies, posted strong revenue growth in 2025, supported by higher electricity output (+9.3%) and higher energy prices. Profitability (EBITDA) actually declined, though, a sign margins came under pressure even as volumes grew. The company continues its shift toward renewables and Mediterranean expansion. Edison sold off several non-strategic assets during the year, including its underground gas storage business and a stake in Greek energy company Elpedison, generating roughly €850 million to strengthen its balance sheet. As a result, the company actually ended 2025 in a net cash position, a notable turnaround from a net debt position a year earlier. Looking further ahead, Edison has updated its guidance through 2030, targeting EBITDA in the range of €1.7 to €1.9 billion as it continues expanding its renewable generation and gas trading businesses.
Revenue (2025): €17.74 billion

9. Unipol Assicurazioni S.p.A.

Unipol, headquartered in Bologna, had an excellent 2025, with net profit up nearly 37%, already exceeding its 2025-2027 strategic plan targets. Total premium collection grew over 11%, with a meaningful contribution from its banking stakes (BPER, BPSO). The group remains one of Italy's leaders in life and non-life insurance. Unipol's return on equity jumped from 11.5% to 15% over the year, reflecting both stronger underwriting performance and the growing profitability of its banking-related investments. The group's stake in banking group BPER, along with its involvement in BPER's takeover offer for Banca Popolare di Sondrio, contributed a much larger pre-tax profit than in the previous year. Unipol proposed a fully cash dividend of €1.12 per share for 2025, up nearly 32% year over year, underlining the strength of its diversified insurance-and-banking model.
Revenue (2025): €17.36 billion (total direct premium collection)

10. Saipem S.p.A.

Saipem, specializing in engineering and construction for the energy sector, had a solid 2025, with revenue up 6.5% and EBITDA up 29%. The company continues diversifying into renewable energy, hydrogen, and carbon capture projects alongside traditional oil and gas contracts. Its order backlog remains above €31 billion. Saipem's order intake accelerated sharply in the final quarter of 2025, helping keep its backlog at a robust multi-year high even as new contract wins fluctuated earlier in the year. Free cash flow rose nearly 57% year over year, giving the company room to propose a per-share dividend alongside continued investment in its offshore and drilling fleet. Saipem's expertise in complex subsea and deepwater projects continues to position it as a key contractor for both traditional energy infrastructure and emerging offshore wind developments.
Revenue (2025): €15.5 billion

11. A2A S.p.A.

A2A, a Milan-based multi-utility, reported revenue up 9% in 2025, driven by the consolidation of grid company Duereti and higher electricity volumes sold. Organic investment grew 11%, focused on electricity networks, renewables, and the circular economy. The company also announced an expanded strategic plan worth €23 billion, with a new focus on data centers. A2A launched an employee stock ownership plan in 2025, with more than 11,000 employees becoming shareholders as part of the initiative. The company also issued Europe's first-ever green bond under new EU regulations, reinforcing its position as a leader in sustainable corporate finance. A2A's dual municipal ownership structure — split between the cities of Milan and Brescia — continues to funnel a meaningful share of its dividends directly back into local public services and infrastructure.
Revenue (2025): €14.01 billion

12. Telecom Italia S.p.A. (TIM)

TIM had its first full year after the Sparkle divestiture, with revenue up 2.7%, helped by the Enterprise segment and its Brazilian operations. The year was also marked by Poste Italiane becoming its largest strategic shareholder (24.8% stake), paving the way for closer industrial cooperation. The board approved a share buyback of up to €400 million. TIM's domestic business benefited from continued growth in cloud and ICT services, alongside disciplined cost management that helped reduce net debt to below €6.9 billion. CEO Pietro Labriola described 2025 as the completion of a multi-year transformation effort that began in 2022, leaving the company with a stronger balance sheet and more predictable cash generation. Looking ahead, TIM plans a Capital Markets Day to unveil a new industrial plan reflecting deeper integration and synergies with Poste Italiane.
Revenue (2025): €13.73 billion

13. Iveco Group N.V.

Iveco, a commercial vehicle manufacturer, saw revenue decline 7% in 2025, reflecting the sale of its defense division (Iveco Defence) to Leonardo for €1.7 billion, as well as an ongoing takeover offer from Tata Motors. The company remains focused on alternative-fuel vehicles and electrification amid this portfolio transition. The Defence sale to Leonardo is expected to close by March 2026, while Tata Motors' broader tender offer for Iveco Group is set to complete in the second quarter of 2026 — meaning the group's structure will look quite different by the time results are next reported. Despite a challenging year for European commercial vehicle demand, Iveco continued investing in its efficiency program to protect margins. The company's remaining truck and bus businesses continue to emphasize natural-gas and electric powertrains across a footprint spanning more than 160 countries.
Revenue (2025): €13.4 billion (continuing operations)

14. Leonardo S.p.A.

Leonardo, a leader in aerospace, defense, and security, had a year of strong growth, with new orders rising sharply. It sold its underwater armaments division to Fincantieri but agreed to acquire Iveco's defense division for €1.7 billion, expanding into land defense vehicles. It also formed a joint venture with Rheinmetall to pursue major European defense contracts. That joint venture, Leonardo Rheinmetall Military Vehicles, is competing for a roughly €23 billion, 15-year contract to renew the Italian Army's ground vehicle fleet, including hundreds of battle tanks and infantry fighting vehicles. Leonardo also increased its stake in German defense electronics company Hensoldt to 25.1%, matching the German government's own holding. Elevated European defense spending, driven by heightened security concerns, has continued to fuel strong demand across Leonardo's aeronautics, electronics, and space businesses.
Revenue (2025): over €13.4 billion (partial figure — 9-month revenue was already €13.4 billion, up more than 11%; the exact full-year total wasn't explicitly confirmed)

15. Poste Italiane S.p.A.

Poste Italiane had an exceptional year, with record revenue and net profit up more than 10%. Every segment contributed — mail and parcels, financial services, insurance, and the Postepay payments ecosystem — and the company also became TIM's largest strategic shareholder, with a 24.8% stake. Its SuperApp passed 16 million downloads. Poste Italiane's energy retail business, a relatively new addition to its diversified model, grew rapidly during the year as the group pushed toward its target of one million clients. The company also launched a broader reorganization integrating its payments and financial services businesses into a single "Financial Hub" aimed at improving efficiency and cross-selling. For 2026, Poste Italiane is guiding toward even higher revenue and profit, while continuing to work with TIM to unlock long-term synergies between the two groups.
Revenue (2025): €13.1 billion

16. Hera Group S.p.A.

Hera, a Bologna-based multi-utility, closed 2025 with revenue essentially flat versus the prior year. Net profit still rose, however, supported by strong performance in water services and environmental businesses. The company invested over €1 billion, the highest level in its history, and acquired the Sostelia group, strengthening its position in wastewater treatment. Hera noted that comparisons with 2024 were affected by one-off favorable market conditions that boosted results the previous year, making the 2025 performance look more stable on a like-for-like basis. The company also introduced government-mandated bill relief measures for lower-income households during the year, part of broader energy affordability policies in Italy. Hera's leadership highlighted that the past three years marked its highest-ever level of cumulative investment, roughly 43% above the prior three-year period.
Revenue (2025): €12.81 billion

17. Fincantieri S.p.A.

Fincantieri, one of the world's largest shipbuilders, had a standout year, posting the highest net profit in company history. Growth was helped by the integration of the underwater armaments division acquired from Leonardo, and the new "Underwater" segment is expected to double its share of revenue by 2027. The company also continued its international expansion, including a new innovation hub in South Korea. Fincantieri's new Underwater business segment targets a global reference market estimated at around €50 billion a year, with an accessible portion worth roughly €22 billion — positioning the shipbuilder in a fast-growing niche spanning civil, defense, and dual-use applications. The company continued deleveraging throughout the year, improving its net debt-to-EBITDA ratio well ahead of its own guidance. Fincantieri also strengthened its naval defense position through its Orizzonte Sistemi Navali joint venture with Leonardo, which signed a major in-service support contract for Italian Navy frigates during the year.
Revenue (2025): approximately €9 billion (company estimate)

18. Ferrari N.V.

Ferrari had another excellent year, with revenue up 7%, driven by a richer product mix and higher personalization revenue. Operating profit rose 12%, and 2025 also marked the launch of six new models, including the first steps toward the Ferrari Luce, the brand's first fully electric model. The company announced a new multi-year share buyback program. Ferrari's order book now extends toward the end of 2027, underscoring sustained demand despite a slight dip in total vehicle shipments as the company managed a significant model changeover. Sponsorship, commercial, and brand-related revenues jumped 22% during the year, boosted by Formula 1 sponsorships and lifestyle activities. For 2026, Ferrari has guided toward roughly €7.5 billion in revenue and a 39% EBITDA margin, signaling continued confidence in its exclusivity-driven growth strategy.
Revenue (2025): €7.146 billion

19. Pirelli & C. S.p.A.

Pirelli closed 2025 with revenue essentially flat, at the top end of its own guidance range, in a challenging environment marked by geopolitical tensions, trade tariffs, and currency volatility. Net profit still rose nearly 6%, thanks to a more profitable product mix, with emphasis on the High Value (premium) tire segment. Pirelli's High Value tires — generally 18 inches and above — now account for around 79% of total sales, up from 76% a year earlier, reflecting a deliberate strategy to shift away from lower-margin standard tires. The company noted that its direct exposure to Middle East tensions remains limited, at roughly 1% of group revenue, though it continued monitoring the broader impact of regional volatility on energy and raw material costs. Pirelli ended the year with a stronger balance sheet than targeted, with net financial debt notably better than its own guidance for 2025.
Revenue (2025): €6.78 billion

20. Nexi S.p.A.

Nexi, Italy's leading digital payments company, reported modest revenue growth in 2025, amid broader pressure across Europe's payments sector. The company did record a major non-cash goodwill impairment of around €3.7 billion, reflecting a revaluation of assets amid lower sector valuations. Its proposed 2026 dividend still rose 20%. Underlying revenue growth, which strips out the effect of certain banking contract changes, actually came in stronger at 6% for the year, suggesting the core business remains healthier than the headline number implies. Nexi used its 2025 results announcement to also unveil a new strategic plan and medium-term financial targets, emphasizing its combination of European scale and deep roots in local payment markets. The company kept investing in efficiency and cost discipline during the year, helping offset margin pressure from the broader payments industry slowdown.
Revenue (2025): €3.585 billion