The Fortune 500 is an annual list compiled and published by Fortune magazine that ranks 500 of the largest United States corporations by total revenue for their respective fiscal years.[1] The list includes publicly held companies, along with privately held companies for which revenues are publicly available. The concept of the Fortune 500 was created by Edgar P. Smith, a Fortune editor, and the first list was published in 1955.[2][3] The Fortune 500 is more commonly used than its subset Fortune 100 or superset Fortune 1000.[4]
History
editThe Fortune 500, created by Edgar P. Smith, was first published in 1955.[2] The original top ten companies were General Motors, Jersey Standard, U.S. Steel, General Electric, Esmark, Chrysler, Armour, Gulf Oil, Mobil, and DuPont.[5]
Methodology
editThe original Fortune 500 was limited to companies whose revenues were derived from manufacturing, mining, and energy exploration.[6] At the same time, Fortune published companion "Fortune 50" lists of the 50 largest commercial banks (ranked by assets), utilities (ranked by assets), life insurance companies (ranked by assets), retailers (ranked by gross revenues) and transportation companies (ranked by revenues). Fortune magazine changed its methodology in 1994 to include service companies. With the change came 291 new entrants to the famous list including three in the Top 10.[7]
Influence
editAs of 2020, the Fortune 500 companies represent approximately two-thirds of the United States' gross domestic product with approximately $14.2 trillion in revenue, $1.2 trillion in profits, and $20.4 trillion in total market value. These revenue figures also account for approximately 18% of the gross world product. The companies collectively employ a total of 29.2 million people worldwide, or nearly 0.4% of the world's total population.[8]
Overview
editThe following is the list of top 20 companies.[9]
| Rank | Company | State | Industry | Revenue in USD |
|---|---|---|---|---|
| 1 | Walmart |  Arkansas
|
General Merchandisers | $648.1 billion |
| 2 | Amazon |  Washington
|
Internet Services and Retailing | $574.8 billion |
| 3 | Apple |  California
|
Computers, Office Equipment | $383.3 billion |
| 4 | UnitedHealth Group |  Minnesota
|
Health Care: Insurance and Managed Care | $371.6 billion |
| 5 | Berkshire Hathaway |  Nebraska
|
Insurance: Property and Casualty (stock) | $364.5 billion |
| 6 | CVS Health |  Rhode Island
|
Health Care: Pharmacy and Other Services | $357.8 billion |
| 7 | ExxonMobil |  Texas
|
Petroleum Refining | $344.6 billion |
| 8 | Alphabet Inc. | California
|
Internet Services and Retailing | $307.4 billion |
| 9 | McKesson Corporation | Texas
|
Wholesalers: Health Care | $276.7 billion |
| 10 | Cencora |  Pennsylvania
|
Wholesalers: Health Care | $262.2 billion |
| 11 | Costco | Washington
|
General Merchandisers | $242.3 billion |
| 12 | JPMorgan Chase |  New York
|
Commercial Banks | $239.4 billion |
| 13 | Microsoft | Washington
|
Computer Software | $211.9 billion |
| 14 | Cardinal Health |  Ohio
|
Wholesalers: Health Care | $205.0 billion |
| 15 | Chevron Corporation | California
|
Petroleum Refining | $200.9 billion |
| 16 | Cigna |  Connecticut
|
Health Care: Pharmacy and Other Services | $195.3 billion |
| 17 | Ford Motor Company |  Michigan
|
Motor Vehicles & Parts | $176.2 billion |
| 18 | Bank of America |  North Carolina
|
Commercial Banks | $171.9 billion |
| 19 | General Motors | Michigan
|
Motor Vehicles & Parts | $171.8 billion |
| 20 | Elevance Health |  Indiana
|
Health Care: Insurance and Managed Care | $171.3 billion |
Breakdown by state
editThis is the list of the top 18 states with the most companies within the Fortune 500 as of 2024.[10]
| Rank | State | Companies |
|---|---|---|
| 1 | California
|
57 |
| 2 | New York
|
52 |
| Texas
|
52 | |
| 4 |  Illinois
|
32 |
| 5 | Ohio
|
27 |
| 6 |  Virginia
|
24 |
| 7 |  Florida
|
22 |
| 8 | Pennsylvania
|
20 |
| 9 |  Georgia
|
18 |
| 10 | Minnesota
|
17 |
| 11 |  Massachusetts
|
16 |
| Michigan
|
16 | |
| 13 | Connecticut
|
15 |
| 14 |  New Jersey
|
14 |
| 15 | North Carolina
|
12 |
| Washington
|
12 | |
| 17 |  Arizona
|
10 |
 Tennessee
|
10 |
See also
edit
- 40 Under 40
- Fortune Global 500
- Fortune India 500
- Fortune 1000
- List of largest companies in the United States by revenue
- List of largest companies by revenue
- List of Fortune 500 computer software and information companies
- List of women CEOs of Fortune 500 companies
- Forbes Global 2000
- Total Fortune 1000 companies by urban area list
References
edit- ^ "Fortune 500". Fortune. Retrieved 2024-06-05.
- ^ a b "Edgar Smith, 69, Dies; Retired Time Executive". The New York Times. October 12, 1989. Retrieved March 1, 2016.
- ^ "1955 Full list". Fortune. Retrieved March 1, 2016.
- ^ Williams, Sean (June 4, 2015). "Fortune 100: Everything You've Ever Wanted to Know About This Popular Annual Ranking". The Motley Fool. Retrieved March 1, 2016.
- ^ "What happened to the first Fortune 500?". Fortune. Retrieved March 24, 2017.
- ^ Semczuk, Nina (2024-03-13). "What Are Fortune 500 Companies?". Bankrate. Retrieved 2024-05-22.
- ^ Groves, Martha (April 26, 1995). "Service Now Counts with Fortune 500". Los Angeles Times. Retrieved October 12, 2017.
- ^ Klooster, Alison (May 18, 2020). "FORTUNE Announces 2020 FORTUNE 500 List, Launches First Ever "History Of The FORTUNE 500" Data Analytics Visualization Site With Partner Qli". Fortune. Retrieved October 1, 2020 – via Cision PR Newswire.
- ^ "Fortune 500 List of Companies 2022". Fortune. Retrieved July 1, 2022.
- ^ "Map: The Number of Fortune 500 Companies in Each U.S. State". Visual Capitalist. Retrieved November 9, 2024.