Fortune 500

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Fortune Editors

Ever wonder how many Fortune 500 companies are in your state? (Or how often those companies made the cut over the last 20 years?) Our director of infographics, Nicolas Rapp, offers a look at where they're located—and how far some have come (or fallen).

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The Fortune 500, in its 69th year, ranks the biggest U.S. companies by revenue. The top 10 alone posted $3.7 trillion in revenue, and they were omnipresent in American life from the grocery aisle to the doctor’s office to the gas pump.

With $611.3 billion in revenue in its most recent fiscal year, Walmart tops the Fortune 500 for the 11th year in a row. The big-box retailer and growing e-commerce giant saw revenues rise 6.7% year over year, an increase of $38.5 billion. 
<ul> 
 	<li>In an effort to expand its health care business, Walmart inked a 10-year deal with insurance provider UnitedHealth to offer medical services in an initial 15 stores, along with a co-branded Medicare plan in Georgia.</li> 
 	<li>In November 2022 Walmart agreed to a $3.1 billion settlement related to the role its pharmacies allegedly played in overprescribing painkillers during the opioid epidemic. The company did not admit to any liability.</li> 
 	<li>Walmart’s digital advertising business grew 30% last year to $2.7 billion; as its e-commerce platform grows, it’s looking to compete with other e-commerce players for advertisers’ digital spend.</li> 
</ul>

Walmart

The e-commerce giant occupies the No. 2 spot on our list for the fourth consecutive year, though revenue growth, at 9% year over year, was the slowest in Amazon’s history as a public company to date. 
<ul> 
 	<li>Amazon swung from a hefty profit in 2021 to a $2.7 billion loss in 2022. Slowing growth in e-commerce and in the Amazon Web Services (AWS) cloud division contributed to the slump. CEO Andy Jassy said in April 2023 that he anticipated a “pending deluge” in spending on A.I. and machine learning that would revive growth at AWS.</li> 
 	<li>The company announced layoffs of about 27,000 employees in 2023, with cuts concentrated in cloud computing and human resources. -</li> 
 	<li>Amazon lost half of its market value between April 2022 and the end of the year, though its stock has since partly rebounded. The company was hit by a tech-stock rout that also affected many of its rivals.</li> 
 	<li>The company closed its physical bookstores and other retail shops in March 2022 to focus on other store formats.</li> 
 	<li>In July 2022 Amazon announced that it would pay $3.5 billion to acquire primary care provider One Medical, adding the company to its growing health care services portfolio.</li> 
</ul>

Amazon

America’s largest publicly traded oil and gas company rose three spots on the Fortune 500. Riding a global windfall for the gas industry—in part the result of trade disruptions between Russia and Europe because of the war in Ukraine—Exxon Mobil saw a 45% increase in revenue in 2022 and earned $56 billion in profits. 
<ul> 
 	<li>The company’s share price hit an intraday peak of $119 in February 2023, a record high since the two oil powerhouses, Exxon and Mobil, merged in 1999.</li> 
 	<li>After activist investors successfully won three seats on the oil company's board in 2021, the energy giant eventually committed $17 billion to low-carbon initiatives from 2022 to 2027.  The company has continued to invest in fossil fuel production, increasing its output of crude oil, natural gas liquids, bitumen, and synthetic oil by 3% in 2022 compared with 2021.</li> 
</ul>

ExxonMobil Holdings

The maker of personal computers, tablets, and other devices saw particularly strong gains with its smartphones and entertainment products this year. Apple brought in a Fortune 500 record $99.8 billion in profit last year, and is the most profitable company on the list for the eighth time in nine years. 
<ul> 
 	<li>The iPhone 14 lineup drew consumers after its September 2022 release, contributing to Apple’s 1.5% year-on-year growth in iPhone sales.</li> 
 	<li>Streaming offerings including Apple Music and Apple TV+ also drove revenue growth, as services sales hit a record of $20.9 billion in the first three months of 2023.</li> 
 	<li>Apple has been eyeing India, where it opened its first store in April 2023, as a market to propel iPhone sales and provide a manufacturing boost.</li> 
</ul>

Apple

The health insurance and health care services provider sits at No. 5 for a third consecutive year. The company’s $324.2 billion in revenue in 2022 made it the largest Fortune 500 company in the health care sector. 
<ul> 
 	<li>As of the end of Q1 2023, UnitedHealthcare, the company’s insurance arm, served nearly 2 million more people than a year earlier, for a total of 52.9 million.</li> 
 	<li>Revenue per consumer served in UnitedHealth’s Optum health services division increased 34% in Q1 2023 over the same quarter a year earlier.</li> 
 	<li>In March 2023, the U.S. Justice Department dropped an appeal that challenged UnitedHealth Group’s $8 billion acquisition of data analytics company Change Healthcare.</li> 
</ul>

UnitedHealth Group

The health retail, pharmacy, and insurance conglomerate led by Karen Lynch is one of the nation’s two biggest health care companies. It’s also the biggest company ever to be led by a female CEO. 
<ul> 
 	<li>CVS exceeded Wall Street’s revenue expectations in 2022 with $322 billion, but profits fell nearly 50% compared to 2021.</li> 
 	<li>The company made progress in expanding into the primary care space with two big acquisitions: primary care network Oak Street Health, purchased for approximately $10.6 billion; and health services company Signify Health, for approximately $8 billion. The deals were completed earlier than expected, prompting the company to pull back on earnings expectations for 2023.</li> 
 	<li>CVS joined other health care companies in settling lawsuits that claimed they should have known they were filling too many opioid prescriptions. Under a settlement announced in December, CVS will pay state and local governments up to $4.9 billion over 10 years. (The company did not admit wrongdoing.)</li> 
</ul>

CVS Health

The sprawling holding company led by iconic investor Warren Buffett spent its 12th consecutive year in the top 10 of the Fortune 500, as revenue rose 9% from the year prior. Its holdings include insurance companies, a railroad, utility and energy companies, and a huge portfolio of stocks. 
<ul> 
 	<li>Berkshire registered a loss of $22.8 billion in 2022, the biggest of any Fortune 500 company. However, that figure represented unrealized investment losses in Berkshire’s huge investment portfolio; the company posted operating income of $30.8 billion.</li> 
 	<li>The company’s stocks outpaced the S&amp;P 500 in 2022, rising 4% while the index declined 18%.</li> 
 	<li>Berkshire increased its stake in Occidental Petroleum in late 2022, part of the company’s growing range of bets on oil and gas companies.</li> 
</ul>

Berkshire Hathaway

Google’s parent company hit important milestones this year as it turned its attention to advances in artificial intelligence. Like other tech companies, it saw growth slow in 2022 and 2023. In January, Alphabet announced it would costs by laying off 12,000 employees—the largest layoff in company history. 
<ul> 
 	<li>YouTube veteran Neal Mohan succeeded Susan Wojcicki as CEO of the video platform after she stepped down in February 2023. Mohan has pushed improvements to YouTube Shorts to address the platform’s falling ad revenue, which in the first quarter of 2023 registered its third straight quarterly drop.</li> 
 	<li>In early 2023, Google set its eyes on rivaling ChatGPT with its own chatbot, known as Google Bard. But Bard’s first live demo produced a botched answer. Alphabet’s market value fell $100 billion that day, though the company’s shares subsequently recovered.</li> 
 	<li>Google announced a slate of A.I. products in May 2023, including A.I.-powered answers on search, designed to fend off a growing challenge from Microsoft’s Bing.</li> 
</ul>

Alphabet

The drug distributor reported an 11% increase in revenue, driven by strong growth in its U.S. pharmaceutical segment. 
<ul> 
 	<li>McKesson shareholders reaped a 52% return, including dividends, in 2022. That gain was owed in part to shareholders’ growing confidence in the company’s outlook in the wake of a February 2022 legal settlement that resolved several lawsuits against McKesson for its alleged role in facilitating the overprescription of opioids. The company said it continued to dispute those allegations.</li> 
 	<li>In March 2023, McKesson announced a five-year medical equipment and supply contract with the U.S. Department of Veterans Affairs.</li> 
</ul>

McKesson

The oil giant climbed six spots on this year’s Fortune 500. Fueled by a 52% jump in annual revenue, Chevron moved back into the top 10 for the first time since 2015. 
<ul> 
 	<li>Chevron brought in $35.5 billion in profit, making it the sixth most profitable company on this year’s list.</li> 
 	<li>In November 2022, Chevron won permission from the U.S. Treasury Department to begin pumping oil in Venezuela again, resuming operations that had been interrupted by U.S. sanctions against that country.</li> 
</ul>

Chevron

The Top 10

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

Fortune 500 – The largest companies in the U.S. by revenue | Fortune

Companies are <a target="_blank" rel="noopener noreferrer" href="https://fortune.com/ranking/fortune500/2023/">ranked</a> by total revenues for their respective fiscal years. Included in the survey are companies that are incorporated in the U.S., operate in the U.S., and file financial statements with a government agency. This includes private companies and cooperatives that file a 10-K or a comparable financial statement with a government agency, and mutual insurance companies that file with state regulators. It also includes companies that file with a government agency but are owned by private companies, domestic or foreign, that do not file such financial statements. Excluded are private companies not filing with a government agency; companies incorporated outside the U.S.; and U.S. companies consolidated by other companies, domestic or foreign, that file with a government agency. Also excluded are companies that failed to report full financial statements for at least three-quarters of the current fiscal year. Percent change calculations for revenue, net income, and earnings per share are based on data as originally reported. They are not restated for mergers, acquisitions, or accounting changes. The only changes to the prior years’ data are for significant restatement owing to reporting errors that require a company to file an amended 10-K.

Overview

Revenues are as reported, including revenues from discontinued operations when published. If a spin-off is on the list, it has not been included in discontinued operations. Revenues for commercial banks includes interest and noninterest revenues. Revenues for insurance companies include premium and annuity income, investment income, and capital gains or losses, but exclude deposits. Revenue figures for all companies include consolidated subsidiaries and exclude excise taxes. Data shown are for the fiscal year ended on or before Jan. 31, 2023. Unless otherwise noted, all figures are for the year ended Dec. 31, 2022.

Revenues

Profits are shown after taxes, extraordinary credits or charges, cumulative effects of accounting changes, and noncontrolling interests (including subsidiary preferred dividends), but before preferred dividends of the company. Figures in parentheses indicate a loss. Profit declines of more than 100% reflect swings from 2021 profits to 2022 losses. Profits for real estate investment trusts, partnerships, and cooperatives are reported but are not comparable with those of the other companies on the list because they are not taxed on a comparable basis. Profits for mutual insurance companies are based on statutory accounting.

Profits

Assets are the company’s year-end total. Total stockholders’ equity is the sum of all capital stock, paid-in capital, and retained earnings at the company’s year-end. Excluded is equity attributable to noncontrolling interests. Also excluded is redeemable preferred stock whose redemption is either mandatory or outside the company’s control. Dividends paid on such stock have been subtracted from the profit figures used in calculating return on equity.

Balance sheet

The figure shown is a fiscal year-end number as published by the company in its annual report. Where the breakdown between full- and part-time employees is supplied, a part-time employee is counted as one-half of a full-time employee.

Employees

The figure shown for each company is the diluted earnings-per-share figure that appears on the income statement. Per-share earnings are adjusted for stock splits and stock dividends. Though earnings-per-share numbers are not marked by footnotes, if a company’s profits are footnoted it can be assumed that earnings per share is affected as well. The five-year and 10-year earnings-growth rates are the annual rates, compounded.

Earnings per share

Total return to investors includes both price appreciation and dividend yield to an investor in the company’s stock. The figures shown assume sales at the end of 2022 of stock owned at the end of 2012, 2017, and 2021. It has been assumed that any proceeds from cash dividends and stock received in spin-offs were reinvested when they were paid. Returns are adjusted for stock splits, stock dividends, recapitalizations, and corporate reorganizations as they occurred; however, no effort has been made to reflect the cost of brokerage commissions or of taxes. Total-return percentages shown are the returns received by the hypothetical investor described above. The five-year and 10-year returns are the annual rates, compounded.

Total return to investors

No attempt has been made to calculate median figures in the tables for groups of fewer than four companies. The medians for profit changes from 2021 to 2022 do not include companies that lost money in 2021 or lost money in both 2021 and 2022, because no meaningful percentage changes can be calculated in such cases.

Medians

This Fortune 500 Directory was prepared under the direction of list editor Scott DeCarlo. Income statement and balance sheet data provided by the companies were reviewed and verified against published earnings releases, 10-K filings, and annual reports by accounting specialist Rhona Altschuler. Markets editor Kathleen Smyth used those same sources to check the data for earnings per share. In addition, we used data provided by Refinitiv (an LSEG business) and S&amp;P Global Market Intelligence to calculate total return and market capitalization. The data verification process was aided substantially by information provided by S&amp;P Global Market Intelligence.

Credits

legacy

Cencora

Costco Wholesale

Microsoft

Cardinal Health

Cigna Group

Marathon Petroleum

Phillips 66

Valero Energy

Ford Motor

Home Depot

General Motors

Elevance Health

JPMorgan Chase

Kroger

Centene

Verizon Communications

Walgreens Boots Alliance

Fannie Mae

Comcast

AT&T

Meta Platforms

Bank of America

Target

Dell Technologies

Archer Daniels Midland

Citigroup

Pfizer

Lowe's

Johnson & Johnson

FedEx

Humana

Energy Transfer

State Farm Insurance

Freddie Mac

PepsiCo

Wells Fargo

Walt Disney

ConocoPhillips

Tesla

Procter & Gamble

GE Aerospace

Albertsons

MetLife

Goldman Sachs Group

Sysco

Boeing

StoneX Group

Lockheed Martin

Morgan Stanley

Intel

TD Synnex

HCA Healthcare

Prudential Financial

Caterpillar

Merck

World Kinect

New York Life Insurance

Enterprise Products Partners

AbbVie

Plains GP Holdings

American Express

Publix Super Markets

Charter Communications

Tyson Foods

Deere

Cisco Systems

Nationwide

Allstate

Delta Air Lines

Liberty Mutual Insurance Group

Progressive

American Airlines Group

Performance Food Group

PBF Energy

Nike

Best Buy

Bristol-Myers Squibb

United Airlines Holdings

Thermo Fisher Scientific

Qualcomm

Abbott Laboratories

Coca-Cola

Sector

Industry

Headquarters City

Headquarters State

Gained in Rank

Dropped in Rank

Newcomer to the Fortune 500

Profitable

Founder is CEO

Female CEO

Growth in Jobs

Global 500

Best Companies

Rank

Revenues ($M)

Revenue Percent Change

Profits ($M)

Profits Percent Change

Assets ($M)

Market Value ($M)

Change in Rank (Full 1000)

Change in Rank (500 only)

Fortune 500 | Fortune

Fortune 500

Fortune 500 Ranking (2023)