Three consecutive years of falling revenue
430 companies with revenue above $1bn have reported lower revenue in each of the last three years.
Three years is long enough to rule out a single bad quarter and short enough that the business is usually still recognisable. It is the length at which decline stops being noise.
Energy and commodity companies dominate, and for them this is a price chart rather than a business problem: revenue is volume times a price they do not set, and a screen like this reads a falling oil price as a failing company. Checking gross margin alongside revenue usually separates the two -- a commodity producer keeps its margin while its revenue falls.
The companies worth a second look are the ones where revenue and margin fall together, in industries with no commodity price to blame. That combination is demand leaving.
What this is usually called
Persistent revenue decline is variously called a secular decline, a shrinking top line or negative revenue growth, and where the cause is an industry rather than a company, a cyclical downturn. Revenue growth measured year over year is the standard framing; three consecutive negative readings is what this screen requires, which excludes the single bad year that a year-over-year figure alone would catch.
The question, as a query
This is the whole of the question. Nothing is filtered by hand afterwards, and the same text typed into the screener reproduces the table below exactly.
DECLINED(revenue,3) AND revenue > 1b| Company | Revenue | Net income | Gross margin | Free cash flow |
|---|---|---|---|---|
| XOMExxonMobil Holdings Corp | $332.24B | $28.84B | Unavailable | $23.61B |
| CVXCHEVRON CORP | $189.03B | $12.30B | 42.8% | Unavailable |
| KRKROGER CO | $147.64B | $1.02B | Unavailable | Unavailable |
| MPCMarathon Petroleum Corp | $132.70B | $4.05B | 10.0% | $4.77B |
| PSXPhillips 66 | $132.38B | $4.40B | 12.3% | Unavailable |
| VLOVALERO ENERGY CORP/TX | $122.69B | $2.35B | 4.4% | Unavailable |
| TGTTARGET CORP | $104.78B | $3.70B | 27.9% | $2.84B |
| UPSUNITED PARCEL SERVICE INC | $88.66B | $5.57B | Unavailable | $4.76B |
| LOWLOWES COMPANIES INC | $86.29B | $6.65B | 33.5% | $7.65B |
| ETEnergy Transfer LP | $85.54B | $4.43B | 25.8% | Unavailable |
| ADMArcher-Daniels-Midland Co | $80.27B | $1.08B | 6.3% | $4.20B |
| PFEPFIZER INC | $62.58B | $7.77B | 74.3% | $9.08B |
| COPCONOCOPHILLIPS | $58.94B | $7.99B | 62.1% | Unavailable |
| HPQHP INC | $55.30B | $2.53B | 20.6% | Unavailable |
| INTCINTEL CORP | $52.85B | -$267.00M | 34.8% | -$4.95B |
| EPDENTERPRISE PRODUCTS PARTNERS L.P. | $52.60B | $5.81B | 26.7% | Unavailable |
| IMOIMPERIAL OIL LTD | $47.08B | $3.27B | Unavailable | Unavailable |
| NKENIKE, Inc. | $46.40B | $3.11B | 42.9% | $2.18B |
| DEDEERE & CO | $45.68B | $5.03B | Unavailable | $6.10B |
| TMOTHERMO FISHER SCIENTIFIC INC. | $44.56B | $6.70B | Unavailable | $6.29B |
| PAAPLAINS ALL AMERICAN PIPELINE LP | $44.26B | $1.44B | 8.7% | $2.29B |
| PAGPPLAINS GP HOLDINGS LP | $44.26B | $260.00M | 8.7% | $2.29B |
| BBYBEST BUY CO INC | $41.69B | $1.07B | 22.5% | $1.26B |
| DOWDOW INC. | $39.97B | Unavailable | 6.3% | Unavailable |
| WKCWORLD KINECT CORP | $36.92B | -$614.40M | 2.6% | $227.30M |
| CHSCPCHS INC | $35.46B | $597.92M | 3.2% | -$92.79M |
| NUENUCOR CORP | $32.49B | $1.74B | 11.9% | -$188.00M |
| ARWARROW ELECTRONICS, INC. | $30.85B | $571.27M | 11.2% | -$37.20M |
| NRGNRG ENERGY, INC. | $30.71B | $864.00M | Unavailable | $766.00M |
| LYBLyondellBasell Industries N.V. | $30.15B | Unavailable | 8.5% | $384.00M |
| JBLJABIL INC | $29.80B | $657.00M | 8.9% | $1.17B |
| PBFPBF Energy Inc. | $29.33B | -$158.50M | -1.9% | -$783.20M |
| FNMA BankFEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE | $28.96B | $14.36B | Unavailable | Unavailable |
| PCARPACCAR INC | $28.44B | $2.38B | 20.1% | $3.67B |
| FLEXFLEX LTD. | $27.91B | $880.00M | 9.2% | $1.05B |
| DINOHF Sinclair Corp | $26.87B | $579.00M | Unavailable | $866.00M |
| AIG InsurerAMERICAN INTERNATIONAL GROUP, INC. | $26.78B | $3.10B | Unavailable | Unavailable |
| KMXCARMAX INC | $25.88B | $247.29M | 10.8% | $1.24B |
| SUNSunoco LP | $25.20B | $527.00M | 11.1% | Unavailable |
| MMM3M CO | $24.95B | $3.25B | 39.9% | $1.40B |
Showing the 40 largest by revenue of 430. Open the full list in the screener.
What this does not show
Divestitures reduce revenue without any decline in the retained business. A company that sold a division appears identical here to one losing customers.
The measures behind this
Revenue Revenue YoY growth Gross margin
Citing this
SequelSEC, “Three consecutive years of falling revenue”, 5 October 2026. https://sequelsec.com/findings/three-years-of-shrinking-revenue
Figures are recomputed on every view from SEC filings, so a number quoted from this page should carry the date it was read.