Fortune 500 Companies List (2023)
Last Updated: August, 2023
The Fortune 500 companies list is an annual ranking of the 500 largest US corporations based on total sales for the previous fiscal year. Fortune magazine gathered and published the list. Being included on the Fortune 500 is seen as respectable, as companies on the list are thought to be of high quality. Since 1955, the Fortune 500 has published a ranking of the most successful businesses. Private firms that do not file financial statements with government agencies, overseas corporations, American companies that other companies consolidate, and companies that fail to report comprehensive financial statements for at least three quarters of the current fiscal year are all omitted.
Fortune 500 companies 2023
The Fortune 500 is an annual list prepared and published by Fortune magazine that ranks 500 of the top firms in the United States by total revenue for their fiscal years. The list covers both publicly traded firms and privately held enterprises with publicly disclosed revenue. Edgar P. Smith, a Fortune editor, came up with the idea for the Fortune 500, which was originally published in 1955. The Fortune 500 is more widely used than its subsets and supersets, the Fortune 100 and Fortune 1000.
What is the Fortune 500?
The Fortune 500 is a list of the 500 largest corporations in the United States issued annually by Fortune magazine. Companies are rated according to their yearly revenues during the fiscal years in question. Using publicly accessible revenue statistics, this list covers both public and private enterprises. Being a Fortune 500 firm is usually seen as a badge of honor.
Understand Fortune 500 companies and history
Henry Robinson Luce created Fortune magazine in 1929.1 The inaugural edition was released the following year, and it has since grown to become one of the most influential business newspapers in the world. Originally published monthly, the journal now publishes 16 issues per year and has a strong online presence. In 1955, the magazine published its first ranking of the most successful public and private enterprises in the United States. It was designed by editor Edgar P. Smith to gauge the size and influence of American corporations at a period when the country’s economic might was “the envy of the world”. The list was originally known as the Fortune Industrial 500, but it was later abbreviated to Fortune 500.
Growth of Fortune 500 companies
Companies that are established and operate in the United States and file financial statements with government authorities are included in the Fortune 500 survey. This comprises both publicly traded and privately held businesses. Private firms that do not file financial statements with government agencies, overseas corporations, American companies that other companies consolidate, and companies that fail to report comprehensive financial statements for at least three quarters of the current fiscal year are all omitted. Companies will be rated in 2020 based on total sales disclosed in their 10-K filings or similar financial statements for their respective fiscal years.
How does the methodology of Fortune 500 work?
Total revenues for fiscal years ending on or before March 31 are used to rank companies. All firms on the list are required to publish financial statistics and report some or all of their financial information to the government. Numbers are as reported, and comparisons are made with figures from the previous year as initially reported. For accounting adjustments, Fortune does not restate the previous year’s data. The Fortune Global 500 is a rating of the top 500 companies in the world by total revenue, whereas the Fortune 500 is a list of just U.S. companies.
- Balance sheet – A balance sheet is a summary of an individual’s or organization’s financial balances in financial accounting, whether it’s a sole proprietorship, a business partnership, a corporation, a private limited company, or another organization like the government or a not-for-profit organization.
- Employees – An employee is a person hired by a firm to do a certain activity. After an application and interview process decides that the person is qualified for the role, the company hires him or her. When the firm judges that the candidate is the best qualified among their candidates to undertake the position for which they are hiring, they make this choice.
- Profit – Profit is earned when money generated from a commercial activity exceeds the expenses, costs, and taxes involved in maintaining the activity in question. Profits are returned to business owners, who can choose to take the money or put it back into the company. Entire revenue is subtracted from total costs to arrive at a profit.
- Earning per share – To determine profits per share, a company’s net profit is divided by the number of common shares it has outstanding (EPS). Because it reflects how much money a company makes for each share of its stock, EPS is an often-used measure for determining corporate value. In business and accounting, net income is defined as an entity’s revenue fewer costs, depreciation and amortization, interest, and taxes for a certain accounting period.
- Revenue – The average sales price multiplied by the number of units sold equals revenue, which is computed as the average sales price multiplied by the number of units sold. It is the top line (or gross revenue) statistic from which net income is calculated by subtracting costs. On the income statement, revenue is also known as sales.
- Medians – The median is the middle number in a list of numbers that have been sorted ascending or descending, and it might be more descriptive of the data set than the average. When there are outliers in the series that might affect the average of the numbers, the median is frequently utilized instead of the mean.
- Total return to investors – When evaluating performance, total return refers to the actual rate of return of an investment or a group of assets over a certain time period. Over the course of a term, total return comprises interest, capital gains, dividends, and distributions. Income, which includes interest paid by fixed-income assets, distributions, or dividends, and capital appreciation, which represents a rise in the market price of an asset, are both included in total return.
Important stats to know for Fortune 500
The following are some noteworthy facts about the Fortune 500 firms in 2023:
- Fortune 500 companies collectively earned $18.2 trillion in 2023, a 15.5% increase from $15.8 trillion in 2022.
- The median revenue for a Fortune 500 company stood at $42.1 billion.
- Fortune 500 companies’ total profits surged to $2.1 trillion in 2023, up 52.1% from $1.4 trillion in 2022.
- Fortune 500 companies employed 30.4 million people globally in 2023.
- Top industries in the Fortune 500: wholesale trade ($3.2 trillion), retail trade ($2.9 trillion), healthcare ($2.8 trillion), finance and insurance ($2.6 trillion), and energy ($2.5 trillion).
- The technology sector, now 10% of the Fortune 500, has experienced recent growth.
- 10.4% of Fortune 500 firms, 52 in total, are led by women, reaching this milestone in early 2023.
Top Fortune 500 companies by their ranking in 2023
Today, Fortune Magazine is a globally recognized business media brand with a transnational monthly magazine, a website, and a number of conference series featuring the world’s most powerful people. The following are the top 100 Fortune 500 firms:
| Rank | Company Name | Revenue ($millions) | Market Value (As of 31/03/2023) ($m) | Number of Emoloyees |
|---|---|---|---|---|
| 1 | Walmart | $6,11,289 | $3,97,475 | 21,00,000 |
| 2 | Amazon | $5,13,983 | $10,58,440 | 15,41,000 |
| 3 | Exxon Mobil | $4,13,680 | $4,46,424 | 62,000 |
| 4 | Apple | $3,94,328 | $26,09,039 | 1,64,000 |
| 5 | UnitedHealth Group | $3,24,162 | $4,40,854 | 4,00,000 |
| 6 | CVS Health | $3,22,467 | $95,422 | 2,59,500 |
| 7 | Berkshire Hathaway | $3,02,089 | $6,75,657 | 3,83,000 |
| 8 | Alphabet | $2,82,836 | $13,30,201 | 1,90,234 |
| 9 | McKesson | $2,63,966 | $48,757 | 66,500 |
| 10 | Chevron | $2,46,252 | $3,11,093 | 43,846 |
| 11 | AmerisourceBergen | $2,38,587 | $32,384 | 41,500 |
| 12 | Costco Wholesale | $2,26,954 | $2,20,354 | 3,04,000 |
| 13 | Microsoft | $1,98,270 | $21,46,049 | 2,21,000 |
| 14 | Cardinal Health | $1,81,364 | $19,452 | 46,035 |
| 15 | Cigna | $1,80,516 | $75,901 | 70,231 |
| 16 | Marathon Petroleum | $1,80,012 | $59,544 | 17,800 |
| 17 | Phillips 66 | $1,75,702 | $46,727 | 13,000 |
| 18 | Valero Energy | $1,71,189 | $51,351 | 9,743 |
| 19 | Ford Motor | $1,58,057 | $50,400 | 1,73,000 |
| 20 | Home Depot | $1,57,403 | $2,99,534 | 4,71,600 |
| 21 | General Motors | $1,56,735 | $51,155 | 1,67,000 |
| 22 | Elevance Health | $1,56,595 | $1,09,098 | 1,02,300 |
| 23 | JPMorgan Chase | $1,54,792 | $3,83,549 | 2,93,723 |
| 24 | Kroger | $1,48,258 | $35,421 | 4,30,000 |
| 25 | Centene | $1,44,547 | $34,810 | 74,300 |
| 26 | Verizon Communications | $1,36,835 | $1,63,333 | 1,17,100 |
| 27 | Walgreens Boots Alliance | $1,32,703 | $29,836 | 2,62,500 |
| 28 | Fannie Mae | $1,21,596 | $475 | 8,000 |
| 29 | Comcast | $1,21,427 | $1,59,831 | 1,86,000 |
| 30 | AT&T | $1,20,741 | $1,37,250 | 1,60,700 |
| 31 | Meta Platforms | $1,16,609 | $5,49,484 | 86,482 |
| 32 | Bank of America | $1,15,053 | $2,28,780 | 2,16,823 |
| 33 | Target | $1,09,120 | $76,250 | 4,40,000 |
| 34 | Dell Technologies | $1,02,301 | $29,402 | 1,33,000 |
| 35 | Archer Daniels Midland | $1,01,556 | $43,530 | 41,181 |
| 36 | Citigroup | $1,01,078 | $91,270 | 2,38,104 |
| 37 | UPS | $1,00,338 | $1,66,189 | 4,04,700 |
| 38 | Pfizer | $1,00,330 | $2,30,292 | 83,000 |
| 39 | Lowe's | $97,059 | $1,19,253 | 2,44,500 |
| 40 | Johnson & Johnson | $94,943 | $4,83,576 | 1,52,700 |
| 41 | FedEx | $93,512 | $57,431 | 4,64,400 |
| 42 | Humana | $92,870 | $60,719 | 67,100 |
| 43 | Energy Transfer | $89,876 | $38,590 | 12,565 |
| 44 | State Farm Insurance | $89,328 | - | 60,519 |
| 45 | Freddie Mac | $86,717 | $266 | 7,819 |
| 46 | PepsiCo | $86,392 | $2,51,085 | 3,15,000 |
| 47 | Wells Fargo | $82,859 | $1,41,188 | 2,38,000 |
| 48 | Walt Disney | $82,722 | $1,82,920 | 1,95,800 |
| 49 | ConocoPhillips | $82,156 | $1,20,777 | 9,500 |
| 50 | Tesla | $81,462 | $6,56,425 | 1,27,855 |
| 51 | Procter & Gamble | $80,187 | $3,50,781 | 1,06,000 |
| 52 | General Electric | $76,555 | $1,04,231 | 1,72,000 |
| 53 | Albertsons | $71,887 | $11,132 | 1,95,750 |
| 54 | MetLife | $69,898 | $44,867 | 45,000 |
| 55 | Goldman Sachs Group | $68,711 | $1,13,964 | 48,500 |
| 56 | Sysco | $68,636 | $39,202 | 70,510 |
| 57 | Raytheon Technologies | $67,074 | $1,43,292 | 1,82,000 |
| 58 | Boeing | $66,608 | $1,27,283 | 1,56,000 |
| 59 | StoneX Group | $66,036 | $2,138 | 3,615 |
| 60 | Lockheed Martin | $65,984 | $1,20,319 | 1,16,000 |
| 61 | Morgan Stanley | $65,936 | $1,47,674 | 82,427 |
| 62 | Intel | $63,054 | $1,36,268 | 1,31,900 |
| 63 | HP | $62,983 | $28,919 | 58,000 |
| 64 | TD Synnex | $62,344 | $9,061 | 28,500 |
| 65 | IBM | $60,530 | $1,18,913 | 3,03,100 |
| 66 | HCA Healthcare | $60,233 | $73,107 | 2,50,500 |
| 67 | Prudential Financial | $60,050 | $30,363 | 39,583 |
| 68 | Caterpillar | $59,427 | $1,18,161 | 1,09,100 |
| 69 | Merck | $59,283 | $2,70,081 | 68,000 |
| 70 | World Kinect | $59,043 | $1,585 | 5,214 |
| 71 | New York Life Insurance | $58,445 | - | 15,050 |
| 72 | Enterprise Products Partners | $58,186 | $56,224 | 7,300 |
| 73 | AbbVie | $58,054 | $2,81,151 | 50,000 |
| 74 | Plains GP Holdings | $57,342 | $2,551 | 4,100 |
| 75 | Dow | $56,902 | $38,812 | 37,800 |
| 76 | AIG | $56,437 | $36,948 | 26,200 |
| 77 | American Express | $55,625 | $1,22,734 | 77,300 |
| 78 | Publix Super Markets | $54,942 | - | 2,42,000 |
| 79 | Charter Communications | $54,022 | $60,477 | 1,01,700 |
| 80 | Tyson Foods | $53,282 | $21,096 | 1,42,000 |
| 81 | Deere | $52,577 | $1,22,346 | 82,239 |
| 82 | Cisco Systems | $51,557 | $2,14,109 | 83,300 |
| 83 | Nationwide | $51,450 | - | 24,791 |
| 84 | Allstate | $51,412 | $29,180 | 54,250 |
| 85 | Delta Air Lines | $50,582 | $22,392 | 95,000 |
| 86 | Liberty Mutual Insurance Group | $49,956 | - | 50,000 |
| 87 | TJX | $49,936 | $90,315 | 3,29,000 |
| 88 | Progressive | $49,611 | $83,743 | 55,063 |
| 89 | American Airlines Group | $48,971 | $9,629 | 1,29,700 |
| 90 | CHS | $47,792 | - | 10,014 |
| 91 | Performance Food Group | $47,194 | $9,422 | 34,825 |
| 92 | PBF Energy | $46,830 | $5,589 | 3,616 |
| 93 | Nike | $46,710 | $1,90,161 | 79,100 |
| 94 | Best Buy | $46,298 | $17,066 | 71,100 |
| 95 | Bristol-Myers Squibb | $46,159 | $1,45,780 | 34,300 |
| 96 | United Airlines Holdings | $44,955 | $14,474 | 92,795 |
| 97 | Thermo Fisher Scientific | $44,915 | $2,22,150 | 1,30,000 |
| 98 | Qualcomm | $44,200 | $1,42,252 | 51,000 |
| 99 | Abbott Laboratories | $43,653 | $1,75,984 | 1,15,000 |
| 100 | Coca-Cola | $43,004 | $2,68,361 | 82,500 |
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