Relationships Who works with whom Who S&P 500 companies buy from, sell to, partner with and compete against, as their disclosures describe it. When one company names another, the link appears on both pages.
Most-referenced companies Named by other companies as a customer, supplier, partner or competitor.
BRK.B Insurance Australia Group Limited (IAG): Ceding insurer under a 20% quota-share reinsurance agreement with the NICO Group Insurance Australia Group L… Unnamed new intermodal customer: Rail shipper at BNSF contributing to intermodal volume growth Unnamed new intermodal cust… Electronic data storage customers (unnamed): Retail electric customers in MidAmerican Energy's service territory Electronic data storage cus… Renewable diesel fuel suppliers (unnamed): Fuel supply supporting BNSF emissions goals Renewable diesel fuel suppl… Approximately 200 shortline railroads (unnamed): Interchange partners that extend BNSF's reach into smaller markets Approximately 200 shortli… Lloyd's of London (Syndicate 435): Market through which General Re's Faraday unit writes brokered international business Lloyd's of London (Syndic… The Kraft Heinz Company: Equity-method investee The Kraft Heinz Company State Farm: Private passenger auto insurance competitor to GEICO State Farm Progressive: Private passenger auto insurance competitor to GEICO Progressive Allstate: Private passenger auto insurance competitor to GEICO Allstate
CI Centene Corporation: Major Evernorth pharmacy benefit client under a multiyear agreement begun January 1, 2024. Centene Prime Therapeutics LLC: Major Evernorth client; agreements cover retail networks, Accredo and Express Scripts Pharmacy access, and manufacturer value. Prime Therapeutics Department of War (TRICARE): Major Evernorth client serving the military health care program. Department of War (TRICARE) U.S. Federal Government agencies: Customer across multiple contracts in both segments. U.S. Federal Government age… Unnamed single pharmacy benefit client: Largest single client; identity not disclosed in the provided documents. Unnamed single pharmacy ben… Unnamed pharmaceutical wholesaler: Primary wholesaler for Evernorth drug purchases; counterparty not named. Unnamed pharmaceutical whol… Pharmaceutical manufacturers (not individually named): Provide purchase discounts, rebates, administrative fees and limited-distribution drug access; contracts nonexclusive and short-notice terminable. Pharmaceutical manufacturer… Retail pharmacy chains (not individually named): Network pharmacies dispensing most prescriptions under nonexclusive contracts. Retail pharmacy chains (not… Unaffiliated reinsurers (not named): Reinsurance on corporate-owned life insurance to limit large individual losses. Unaffiliated reinsurers (no… Health Care Service Corporation (HCSC): Acquirer of the Medicare Advantage, Part D, supplemental and CareAllies businesses. Health Care Service Corpo… Shields Health Solutions: Investment to extend Evernorth specialty pharmacy support across health system settings. Shields Health Solutions VillageMD: Equity investment; impairment of securities and accrued dividends recorded in 2024. VillageMD Pharmacy benefit managers and pharmacies (category; no companies named): Compete with Evernorth on network contracting, home delivery, specialty and manufacturer negotiations. Pharmacy benefit managers… National insurers and local health plans (category; no companies named): Compete with Cigna Healthcare on networks, care management and total cost. National insurers and loc… Brokers and benefit consultants (category): Distribution partners that may also take on services the company provides. Brokers and benefit consu…
COR Walgreens (Walgreens Boots Alliance): Largest customer; U.S. pharmaceutical distribution agreement running to 2029 Walgreens (Walgreens Boots … Boots: International supply of brand-name and generic pharmaceuticals in the U.K. Boots Evernorth Health Services: Second-largest customer Evernorth Health Services Group purchasing organizations and governmental agencies: Contracting channels included in top-ten customer concentration Group purchasing organizati… Unnamed oncology customer: Former customer whose sales contract ended Unnamed oncology customer Walgreens Boots Alliance Development GmbH (WBAD): Generics purchasing services provider negotiating pricing with generic manufacturers on the company's behalf Walgreens Boots Alliance De… Pharmaceutical manufacturers (unnamed): Product suppliers; none individually 10% or more of purchases Pharmaceutical manufacturer… Pharmaceutical manufacturers in antitrust settlements (unnamed): Counterparties to antitrust litigation settlements that reduced cost of goods sold Pharmaceutical manufacturer… OneOncology: Oncology practice network; former 34.9% joint venture interest, acquired February 2026 OneOncology TPG Inc.: Former majority joint venture partner in OneOncology TPG Retina Consultants of America: 85%-owned retina MSO; physicians and management retain 15% Retina Consultants of Ame… McKesson Corporation: Largest U.S. pharmaceutical distribution competitor McKesson Cardinal Health, Inc.: U.S. pharmaceutical distribution competitor Cardinal Health UPS Logistics: Competitor, relevant to specialty logistics UPS Logistics
COST Paid members (Gold Star, Business and Executive members): End customers paying annual fees; no single named customer is disclosed. Inferred grouping, so disclosed=false. Paid members (Gold Star Bus… Food service, convenience store and office businesses: Business-center customer segment; served generically, no counterparty named, so disclosed=false. Food service convenience st… Brand-name merchandise producers (not named): Direct merchandise suppliers; diversified with no significant single supplier. Not named, so disclosed=false. Brand-name merchandise prod… Third-party payment processors (not named): Process credit, debit and shop-card transactions; disruption or fee increases are a stated risk. Third-party payment process… External logistics providers (not named): Support e-commerce delivery alongside depots and supplier drop-ship arrangements. External logistics provider… Cloud and IT service providers (not named): Host or access company systems and data; a stated cybersecurity dependency. Cloud and IT service provid… Co-branded credit card issuer (not named): Co-brand card program whose reward costs affect core merchandise margin; issuer not named in the documents. Co-branded credit card issu… Third-party warranty providers (not named): Provide additional warranty coverage offered on electronics and major appliances. Third-party warranty provid… Walmart: Significant U.S. general merchandise retail competitor. Walmart Sam's Club (Walmart): Competing U.S. warehouse club. Sam's Club (Walmart) BJ's Wholesale Club: Competing U.S. warehouse club. BJ's Wholesale Club
MSFT Windows OEMs (unnamed): Device makers that license Windows and also compete with Microsoft's own devices. Windows OEMs (unnamed) Companies where Microsoft directors are executives (unnamed): Ordinary-course buyers of software licenses; none required related-party approval. Companies where Microsoft d… Datacenter component suppliers (unnamed): Suppliers of hardware components for datacenter buildout; scale implied by investing cash flows. Datacenter component suppli… OpenAI: Investee whose results affect Microsoft's GAAP net income; excluded from non-GAAP figures. OpenAI Search monetization partners (unnamed): Companies through which Microsoft provides and monetizes search offerings. Search monetization partn… Third-party gaming device manufacturers (unnamed): Makers of new devices that run XBOX content outside Microsoft consoles. Third-party gaming device… Computer, tablet and hardware manufacturers (unnamed): Compete with Microsoft devices; many are also Windows partners and customers. Computer tablet and hardw… Online gaming ecosystems, game streaming services and console platforms (unnamed): Compete with XBOX and cloud gaming. Online gaming ecosystems … Search engines, social platforms and portals (unnamed): Compete with Bing and search advertising. Search engines social pla…
NVDA Unnamed direct customer (22% of revenue): Top direct customer in fiscal 2026, primarily Compute & Networking. Unnamed direct customer (22… Unnamed direct customer (14% of revenue): Second-ranked direct customer in fiscal 2026, primarily Compute & Networking. Unnamed direct customer (14… Unnamed AI research and deployment company: Meaningful indirect customer buying cloud services from the company's customers. Inferred, not confirmed, that this may be OpenAI given the Portsmouth tenancy and pending investment agreement. Unnamed AI research and dep… OpenAI: Tenant that will deploy the company's full-stack DSX AI factory platform on about 4.25 GW at the Portsmouth Site. OpenAI Groq, Inc.: Technology licensor under a non-exclusive IP license, with $13.0 billion paid in fiscal 2026. Groq SB Energy Corp.: Lessor and developer of the Portsmouth Site, providing land, power and shell capacity for the company's AI compute infrastructure. SB Energy Unnamed foundries: Manufacture all of its semiconductor wafers; the company has no fabs of its own. Unnamed foundries Unnamed assembly, test, packaging subcontractors and memory manufacturers: Assemble, test and package its products and procure components; memory is a purchased input. Unnamed assembly test packa… OpenAI: Investment and partnership agreement being finalized, but not assured. The company guarantees lease value for OpenAI's Portsmouth leases, and OpenAI indemnifies the company for any payments. OpenAI Hugging Face, Inc.: Pending acquisition for about $11.9 billion plus up to $1.0 billion in retention equity; closing expected first half 2027. Hugging Face Intel: Equity investment in Intel common stock that produced unrealized gains in fiscal 2026; any commercial relationship is not described in the provided documents. Intel Unnamed chipmakers with their own fabs: Competitors the filing describes as having fabs, larger IP portfolios and greater resources; they may compete for foundry capacity. Unnamed chipmakers with t… Customers with in-house silicon or AI cloud offerings: Customers that can build their own replacements or offer cloud services competing with the company's AI cloud offerings. Customers with in-house s… Other silicon vendors serving open-source models: Platforms where open models may be deployed instead; Hugging Face will keep supporting them after the acquisition. Other silicon vendors ser…
Customers Suppliers AAPL Third-party cellular network carriers and resellers (not named): Indirect distribution channel for products and some services; counterparties not named, so listed as inferred. Third-party cellular networ… Outsourcing partners in China mainland, India, Japan, South Korea, Taiwan and Vietnam (not named): Manufacturing and final assembly of substantially all hardware; individual partners are not named. Outsourcing partners in Chi… Single- and limited-source component suppliers (not named): Supply of advanced semiconductors, memory, storage and custom components; suppliers not named. Single- and limited-source … Third-party cloud service providers (not named): Compute and storage capacity supplementing Apple's own data centers, including for AI; providers not named. Third-party cloud service p… Outsourced transportation and logistics providers (not named): Transportation and logistics management; providers not named. Outsourced transportation a… Low-priced hardware makers with large installed bases (not named): Compete on price and by imitating features; Apple holds minority share in its main device markets. Competitors not named. Low-priced hardware makers … Artificial intelligence developers (not named): Compete in developing and deploying AI capabilities; competitors not named. Artificial intelligence dev…
AMZN Anthropic: AWS customer with multi-year, multi-gigawatt Trainium commitment Anthropic OpenAI: AWS customer with Trainium commitment; also signed new AWS agreement OpenAI Meta: AWS customer (new agreement) Meta NVIDIA: AWS customer (new agreement) NVIDIA Salesforce: AWS customer (new agreement) Salesforce Blue Origin: Satellite launch and related services for the satellite broadband network (related party) Blue Origin Unnamed third-party launch provider: Satellite launch services alongside Blue Origin Unnamed third-party launch … China-based suppliers: Significant source of components and finished goods China-based suppliers Memory chip suppliers (not named): Inputs for infrastructure and devices; supply volatility flagged Memory chip suppliers (not … The Washington Post entities: Advertising, digital content and data licensing (related party) The Washington Post entities Anthropic: Investee (convertible notes, nonvoting stake) and Bedrock model provider Anthropic OpenAI: Bedrock model provider and engine behind Bedrock Managed Agents OpenAI SpaceXAI: Bedrock model provider (Grok models) SpaceXAI Physical, e-commerce and omnichannel retailers: Retail competition on selection, price and convenience Physical e-commerce and o… Cloud and AI infrastructure providers: Competition for AWS Cloud and AI infrastructu… Search engines, social networks and AI assistants: Compete for product discovery and traffic Search engines social net…
CVS U.S. federal government (CMS): Largest customer: Medicare Advantage, Part D and federal employee benefit contracts U.S. federal government (CM… State Medicaid and CHIP agencies: Multi-year managed care contracts subject to annual appropriations State Medicaid and CHIP age… Federal Employees Health Benefits Program: HMO and consumer-directed plans for federal employees Federal Employees Health Be… Employers and plan sponsors: Commercial Insured and ASC health plans; PBM clients Employers and plan sponsors 340B Covered Entities: Pharmacy and administrative services clients 340B Covered Entities Pharmaceutical manufacturers (unnamed): Drug purchasing, rebates and discounts; GPO negotiations Pharmaceutical manufacturer… Retail pharmacy network: About 63,000 network pharmacies dispensing for Caremark members Retail pharmacy network Physicians, hospitals and other providers: Aetna provider network under negotiated and risk-sharing contracts Physicians hospitals and ot… Non-affiliated reinsurers (unnamed): Reinsurance to limit catastrophic losses Non-affiliated reinsurers (… Independent brokers, agents and consultants: Distribution of Health Care Benefits products Independent brokers agents … CMS Medicare GLP-1 Bridge program: CVS Pharmacy participates; eligible beneficiaries pay $50 per month CMS Medicare GLP-1 Bridge… Biosimilar manufacturers (unnamed): Cordavis commercializes and co-produces biosimilars Biosimilar manufacturers … Omnicare Entities (deconsolidated former subsidiary): Former long-term care pharmacy unit; deconsolidated September 2025 Omnicare Entities (decons… Original Medicare: Largest competitor for Medicare products Original Medicare Blue Cross and Blue Shield licensees: Compete in Insured and ASC health plans Blue Cross and Blue Shiel… Large commercial health insurers (unnamed): Compete across commercial and government plans Large commercial health i…
GOOGL Fortune 100 companies (not individually named): Enterprise users of Gemini Enterprise Fortune 100 companies (not … TPU systems customers (not named): Buyers of TPU systems, a meaningful contributor to Q3 2026 Cloud growth TPU systems customers (not … Advertisers and agencies (not named): Primary revenue source; contracts terminable at any time Advertisers and agencies (n… Financial services, healthcare and public sector Cloud customers (not named): Regulated Cloud customer groups subject to audits and cost reviews Financial services healthca… Contract manufacturers (not named): Manufacture or assemble devices, servers and networking equipment Contract manufacturers (not… Specialized AI chip and server suppliers (not named): Small number of qualified suppliers for AI infrastructure hardware Specialized AI chip and ser… Third-party data center operators (not named): Lessors of data center capacity for AI and cloud compute Third-party data center ope… Power purchase agreement counterparty (not named): Power supply under a $9.9 billion PPA, 2027-2047 Power purchase agreement co… Content providers (not named; YouTube licensors): Licensed video and other content, a rising cost of revenues Content providers (not name… Search distribution partners (browser providers, mobile carriers, OEMs; not named): Paid traffic acquisition costs to place Google search access points Search distribution partn… Google Network partners (not named): Publishers displaying Google ads via AdMob, AdSense and Ad Manager Google Network partners (… Wiz: Pending acquisition of a cloud security platform for $32.0 billion Wiz General purpose and vertical search engines (not named): Competition for queries and users General purpose and verti… AI model developers and AI product providers (not named): Competition for users, developers and enterprise AI spending AI model developers and A… Enterprise cloud service providers (not named): Competition for cloud infrastructure and capacity Enterprise cloud service …
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