The paper aims to identify the distinguishing features of transnationalization of international companies in the context of globalization. It discusses the specifics of companies operating in international markets, that carry out foreign direct investments, have representative offices, branches, subsidiaries and joint ventures abroad, as well as conduct international commercial operations. The authors interpret, clarify and verify the development trends and peculiarities of international companies in foreign markets. The methodological platform includes conceptual approaches to the study of the transnationalization of companies’ activities and theoretical provisions of international management. The research is based on UNCTAD and Orbis databases. Analysis of the largest companies reveals that there is an increase in the indicators characterizing their foreign activity. We study structural change in the largest corporations and, above all, a rise in the share of digital companies and their growing importance. Having assessed the transnationalization level of international companies’ activities and FDI lightness, we conclude that transnationalization in the current environment is not associated with companies’ investments in high-value assets. The research results show there are significant changes in the structure of cross-border transactions, such as exchange of goods, services and factors of production. There is a shift from FDI-based cross-border transactions to non-capital outflows.