McKinsey studied 61 growth companies that outperformed their peers through COVID, inflation, and labor shocks. Here’s what they all had in common

Fortune

by Geoff Colvin

February 26, 2026

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McKinsey’s latest study highlights the common traits of 61 companies that outperformed their peers during the COVID pandemic, inflation, and labor shortages. These top performers achieved an impressive five-point edge in revenue growth and a seven-point lead in annual profitability compared to their competitors. The study identifies three key characteristics that set these companies apart: consistent investment in growth despite challenges, diversification of growth engines beyond core businesses, and strategic use of technology to accelerate success. The first trait—funding growth through both good and bad times—is particularly notable. While many companies struggle to maintain investments during crises, the top performers prioritized growth even when resources were tight. This approach allowed them to build diversified portfolios of growth engines, such as Walmart’s advertising business or Progressive’s insurance innovations. By leveraging existing assets and data, these companies created new revenue streams that complemented their core operations. The second trait involves building a diversified set of growth engines. Rather than relying on a single strategy, the top performers explored opportunities outside their primary businesses while still excelling in their main areas. For example, ASML’s focus on chip manufacturing machines and Builder FirstSource’s construction products and services demonstrate how these companies expanded their offerings to drive growth. The third key characteristic is the use of technology to accelerate success. Companies like JPMorgan Chase utilized AI and other advanced tools to gain a competitive edge in speed and efficiency. This technological focus not only streamlined operations but also positioned these businesses for long-term success, even during periods of uncertainty. McKinsey’s findings underscore the importance of balancing core business priorities with growth initiatives. As Greg Kelly, a McKinsey senior partner, explains, failing to grow in one’s home market or core category can lead to underperformance. However, simply maintaining core operations is not enough—it requires multiple growth engines working together to achieve sustained success. The study also reveals that only a third of companies managed to maintain prudent investments during the pandemic, highlighting the need for disciplined growth strategies. The top performers distinguished themselves by building capabilities rather than chasing short-term gains or relying on hope. Their ability to invest consistently and strategically, even in the face of high uncertainty, proved to be a critical factor in their success. For businesses looking to outperform their peers, McKinsey’s insights provide valuable lessons. By focusing on consistent investment, diversification, and technology-driven growth, companies can position themselves for sustained success—even during challenging times. These strategies not only drive profitability but also enhance long-term resilience, making them essential for any business aiming to thrive in today’s fast-paced, competitive landscape.

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Originally published on Fortune on 2/26/2026