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Apple jumps to No. 3 spot on Fortune 500

Apple rises two spots on the magazine's 62nd ranking of US companies, based on annual revenue.

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You can be forgiven for thinking Apple holds the top spot on the list of Fortune 500 companies. It is, after all, the world's most valuable company by market cap (about $541.4 billion on Monday), and Fortune Magazine rates the iPhone maker as the world's most admired company.

But when it comes to actual revenue, Apple is No. 3 in Fortune Magazine's 62nd ranking of US companies, after Walmart and Exxon Mobil, based on sales they reported in their respective fiscal years. In Apple's case, that's $233.72 billion, as of September 30, 2015. For comparison, Walmart reported $482.13 billion and Exxon Mobil had $246.2 billion.

Under CEO Tim Cook, Apple's revenue jumped nearly 28 percent from the year before, no easy feat when numbers get this large. Apple previously was No. 5 spot on the Fortune 500.

The company has been on the Fortune 500 for 22 years.