In its 28th year, this list is the definitive ranking of the women driving the present and future of global business, with 100 executives from around the world. While the list has always been data-driven, we have a new methodology this year, assigning each candidate numeric scores (for our eyes only!) on six factors: the size of their business, the health of that business, the executive’s influence, innovation, career trajectory, and efforts to make business better. The business metrics incorporate both 12-month and three-year results.

For the second year in a row and fifth time overall GM chief Mary Barra is our No. 1. Her ability to steer GM through unprecedented challenges—from strikes and accidents to tariffs and Trump 2.0—keep her atop this ranking. She’s followed by Accenture CEO Julie Sweet, Citi chief Jane Fraser, and AMD CEO Lisa Su. The top woman in Europe comes in at No. 5—Santander’s Ana Botín. She’s followed by the top woman in Asia, Tan Su Shan, who was promoted last year to lead the Singapore banking giant DBS.

Overall this list includes 52 women in the U.S. and 48 in other parts of the world—including 21 in Europe and 19 in Asia. After the U.S., China has the most women leading the business world, with 8, followed by seven each in France and the U.K.

Only 20—out of more than 50—female Fortune 500 CEOs make the list. That speaks to how competitive it has become to be named one of the Most Powerful Women in Business. More than 30 Fortune 500 CEOs didn’t make the cut!

Some who are vying to become CEOs did—like Marianne Lake, in the running to succeed Jamie Dimon at JPMorgan, and Dana Walden, a candidate to take over Disney from Bob Iger.

The newcomers represent a mix of executives whose impact is becoming clearer—like Costco’s chief merchant Claudine Adamo, who for decades has decided what Americans buy—and ByteDance CFO Julie Gao, who is steering the TikTok owner’s finances through geopolitical tensions.

At a complex moment for the global business world, this list tells us who is leading through the chaos—and poised to come out on the other side.

Emma Hinchliffe
emma.hinchliffe@fortune.com

The Most Powerful Women Daily newsletter is Fortune’s daily briefing for and about the women leading the business world. Today’s edition was curated by Nina Ajemian. Subscribe here.

ALSO IN THE HEADLINES

- Pushed out. President of CBS News and Stations Wendy McMahon was ousted from her position after months of tension between her and Paramount, CBS’ parent company, amid a $20 billion lawsuit from President Donald Trump. McMahon told her staff that “it’s become clear the company and I do not agree on the path forward.” New York Times

- Investor day. JPMorgan’s yet-to-be-announced succession plan was on shareholders’ minds at the bank’s annual investor day. Marianne Lake, the bank’s CEO of consumer and community banking, is currently the leading contender, after COO Jennifer Piepszak said she didn’t want the top job in January. Wall Street Journal

- Can you tell me how to get? How to get to… Sesame Street has inked a streaming deal with Netflix after Max decided not to renew its deal with the children’s show. Episodes will air on PBS Kids the same day they are made available on Netflix, as opposed to before, when they ran on PBS months after they were on Max. PBS CEO Paula Kerger and Sesame Workshop CEO Sherrie Westin emphasized the importance of supporting children’s education and development. NPR

- Bankruptcy buyer. After filing for bankruptcy in March, 23andMe has a buyer—Regeneron Pharmaceuticals is acquiring the DNA-testing company, cofounded and formerly led by Anne Wojcicki, for $256 million. Regeneron has promised to protect the data of 23andMe’s more than 15 million customers. Washington Post

MOVERS AND SHAKERS

Gina Boswell has stepped down as CEO of Bath & Body Works (no. 481). She joined the company in December 2022 and recently took a leave of absence to undergo surgery. Boswell is replaced by Nike exec Daniel Heaf.

Responsible Gold, a blockchain-powered platform for ethically sourcing and tracing gold, named Sakhila Mirza president. Previously, she was deputy CEO and general counsel at the London Bullion Market Association.

Private equity firm TSG Consumer Partner named Jessica Duran COO. She will continue to serve as the firm’s CFO.

Second Front Systems, which helps governments access software, appointed Kathy Arcano as CFO. Most recently, Arcano served as VP of finance at Flock Safety.

Boulder Care, an addiction treatment provider, appointed Marianna Zaslavsky as VP of growth partnerships. Most recently, she was VP, value-based payer contracting and partnerships at Groups Recover Together.

ON MY RADAR

Here’s how the singer Jewel and the Kroger supermarket giant got entangled in a legal battle over a wellness festival gone wrong Fortune

The strange fascination with Jordon Hudson and Bill Belichick, explained Vox

For tech whistleblowers, there’s safety in numbers Wired

PARTING WORDS

“I want to see seafoam on everybody, just like you see orange and blue for the Knicks or blue and white for the Yankees.”

— Shana Stephenson, chief brand officer for the New York Liberty, on her goals for the team