So what put Depp ahead of Gaga?
"Depp's career has been a long, strange trip — and ending up the most powerful actor in Hollywood is the weirdest twist of all. He's rarely followed the standard playbook, choosing roles as misfits (Edward Scissorhands, Gilbert Grape) and oddballs (Ed Wood, Ichabod Crane) over the usual romantic leads and action heroes," the magazine explains before listing some of the actor's stats, including a career box-office total of $5.9 billion.
Gaga, meanwhile, has managed to amass a pretty impressive résumé in a short time, having sold an impressive 5.1 million albums in the U.S., 26.4 million tracks in the U.S. and garnering 1.1 billion YouTube views. With her next album, Born This Way, set for release next month, Gaga seems primed for a long career.
"I'd love to [work with her] in the future," Elton John says in the issue. "She and I come from exactly the same place. She's kind of like the bastard daughter of Elton John. I love her, and I love her ability to write. There's a chance I might do one track with her, but she's so busy and I'm so busy, we can never get together! But her record — it's f---ing amazing. 'Born This Way,' which is the title song, will completely get rid of Gloria Gaynor's 'I Will Survive.' This is the new 'I Will Survive.' That was the gay anthem. This is the new gay anthem. Actually, it's not a gay anthem — it can apply to anybody."
Oprah Winfrey comes in at #3 on the EW list, former "American Idol" judge Simon Cowell gets the #4 spot, while Will Smith, Robert Downey Jr. and Sandra Bullock are #5, #6 and #7, respectively. Ellen DeGeneres, Leonardo DiCaprio and Eminem round out the top 10 at #8, #9 and #10.
The magazine also pays tribute to the top 40 Hollywood celebs under 40. "Avatar" star Sam Worthington, Daniel "Harry Potter" Radcliffe, "Twilight" heartbreakers Robert Pattinson and Taylor Lautner, Jaden Smith, Orlando Bloom, Shia LaBeouf, Tobey Maguire, Zoe Saldana and Hayden Christensen all make the list.
Are you surprised Lady Gaga took the #2 spot on the magazine's Power List? Should she have been #1? Sound off in the comments!