Globalization, the integration of international markets, is still a critical driver for large U.S. companies.

That's according to a recent study from FactSet Geographic Revenue Exposure, which showed that S&P 500 companies with more than 50% overseas sales outperformed those with less than 50% sales presence.

"The blended [combines actual results for companies that have reported and estimated results for companies that have yet to report] earnings growth rate for the S&P 500 for Q1 2022 is 6.6%," said John Butters, vice president and senior earnings analyst at FactSet. "For companies that generate more than 50% of sales inside the U.S., the blended earnings growth rate is 1.8%. For companies that generate more than 50% of sales outside the U.S., the blended earnings growth rate is 13.5%."

The comparison between the two groups of companies yields similar results for revenue growth.

"The blended revenue growth rate for the S&P 500 for Q1 2022 is 11.1%," said Butters. "For companies that generate more than 50% of sales inside the U.S., the blended revenue growth rate is 8.9%. For companies that generate more than 50% of sales outside the U.S., the blended revenue growth rate is 16.7%."

Globalization benefits corporations in a couple of ways.

One of them is opening up new business opportunities, allowing companies to expand the scale and scope of their operations.

Then there are the efficiencies associated with lower transaction costs and better sourcing, which help companies cut costs.

Global supply disruptions due to the COVID-19 pandemic didn't significantly impact the performance of the U.S. corporate giants.

But the situation could change as the Russia-Ukraine war and the U.S.-led sanctions against Russia have halted globalization, at least in some areas. Several U.S. companies have cited the war as harming their businesses and some are considering bringing operations back home.

Will this "deglobalization" movement hurt corporate profits?

Tasneem Manjra, CEO and co-founder of Caravan Group, isn't concerned.

"In the short run, companies bringing their suppliers, manufacturing and corporate footprint home will experience an increase in costs and a reduction of gross margin," Manjra told International Business Times. "However, this may have zero impact on EBITDA and perhaps even an increase in earnings. This is because of three key reasons. A shorter supply chain will boost efficiencies and reduce the costs associated with delays. Second, smart companies continuously innovate and will figure out an optimal business model and set of offerings in their new environment.

"Finally, as end customers, consumers and enterprises have become increasingly sensitive to the environmental and social impact of the items and services they source-consume. Companies with a domestic footprint will experience an increase in demand that offsets the initial increased costs of bringing operations local-domestic."