Fortune 500 Companies: What You Need to Know

The Fortune 500 list, an annual ranking of the 500 largest U.S. companies by revenue, has become a definitive measure of corporate size and performance since its inception in 1955, with General Motors leading the inaugural list[1]. This list not only reflects the financial stature but also serves as a barometer for the country’s economic health, showcasing companies that have significantly contributed to the gross domestic product. With eligibility criteria requiring companies to be incorporated and operate within the U.S., file financial statements with a government agency, and meet a revenue threshold, the Fortune 500 captures a diverse array of businesses from sectors like manufacturing, technology, and retail, including giants like Walmart, Amazon, and Apple[1.

As we delve into the intricacies of Fortune 500 companies, the forthcoming exploration will not only highlight the top 10 entities by revenue but also dissect the methodology behind their rankings, illustrating how metrics like revenue and fiscal years play a crucial role[1][2]. Additionally, this article will explore the impact of technology on these rankings, geographical distribution, global influence, the role of women in leadership, companies’ contributions to the green economy, and how mergers and acquisitions reshape the landscape. Through this examination, readers gain deeper insights into what defines the largest companies in the world, from Costco to Chevron, and from traditional industries in states like Texas and California to dynamic sectors like advertising in New York[1][2].

Top 10 Fortune 500 Companies in 2024

In 2024, the Fortune 500 list showcased a lineup of companies that not only lead in revenue but also reflect the dynamic shifts in global and domestic markets. The top 10 companies for this year, as per their revenue standings, are:

  1. Walmart – Continuing its dominance in the retail sector, Walmart retains its position at the top, underscoring its vast network and consumer base across the United States and beyond[5].
  2. Amazon – A close second, Amazon’s expansive e-commerce platform and diversification into cloud computing and digital streaming illustrate the growing influence of technology on consumer habits and business operations[5].
  3. Exxon Mobil – Representing the traditional energy sector, Exxon Mobil’s ranking highlights the enduring demand for oil and gas amidst the global energy transition[5].
  4. Apple – With its innovative consumer electronics and services, Apple remains a key player in the tech industry, reflecting the high consumer demand for technology solutions[5].
  5. UnitedHealth Group – As a leader in healthcare, UnitedHealth Group’s presence in the top 10 underscores the critical role of health services and insurance in the American economy[5].
  6. CVS Health – Another healthcare giant, CVS Health’s ranking emphasizes the sector’s significance and its expanding role in providing care through retail locations[5].
  7. Berkshire Hathaway – Warren Buffet’s conglomerate, Berkshire Hathaway, showcases the value of diversified investments across multiple sectors, from insurance to energy[5].
  8. Alphabet – The parent company of Google, Alphabet, highlights the paramount importance of digital advertising, search, and cloud services in the current economic landscape[5].
  9. McKesson – As a leading pharmaceutical distributor, McKesson’s position reflects the critical nature of healthcare logistics and supply chain management[5].
  10. Chevron – Another stalwart from the energy sector, Chevron’s ranking indicates the ongoing reliance on fossil fuels while also hinting at the sector’s evolution towards more sustainable energy sources[5].

The presence of these companies at the top of the Fortune 500 list for 2024 not only illustrates the diversity of the American economy, ranging from retail and technology to healthcare and energy, but also signals the significant shifts in consumer preferences, technological advancements, and global economic trends. Each company’s ranking provides insight into the sectors that are currently driving economic growth and shaping the future of business and society.

Methodology Behind the Rankings

The methodology behind the rankings of Fortune 500 companies for 2024 incorporates a comprehensive and collaborative approach, ensuring a meticulous evaluation of each candidate. This process is outlined as follows:

  • Collaboration and Criteria:
  • The ranking process is a joint effort between Fortune magazine and Korn Ferry, a global organizational consulting firm[6].
  • Companies are evaluated based on nine key criteria, which include investment value, quality of management and products, social responsibility, and the ability to attract talent[6].
  • Eligibility and Evaluation:
  • To be considered for the Fortune 500 list, a company’s score must rank in the top half of its industry survey[6].
  • The initial pool of candidates consists of the 1,000 largest U.S. companies by revenue and non-U.S. companies from Fortuneā€™s Global 500 database with revenues of $10 billion or more[6].
  • This pool is then narrowed down to the highest-revenue companies in each industry, totaling 660 companies across 29 countries[6].
  • Financial Criteria and Specifics:
  • Eligible companies must meet several financial criteria, including being incorporated in the U.S., operating in the U.S., filing financial statements with a government agency, and having at least three-quarters of the current fiscal year’s financial data reported[7].
  • The rankings are based on total revenues for the respective fiscal years. Revenue figures are taken from company filings and include consolidated subsidiaries as well as revenues from discontinued operations[8].
  • Profits are calculated after taxes, extraordinary credits or charges, cumulative effects of accounting changes, and noncontrolling interests, but before preferred dividends[7].

This methodical approach ensures that the Fortune 500 list accurately reflects the financial performance and corporate stature of the largest and most influential companies operating within the U.S. and globally.

The Impact of Technology on Fortune 500 Rankings

Fortune 500 Map
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The integration of advanced technologies has significantly impacted the rankings and operations of Fortune 500 companies, heralding a new era of business transformation. This section explores the pivotal role of technology in reshaping the business landscape:

  • Adoption and Integration of Emerging Technologies:
  • Data Analytics and Generative AI: These technologies are revolutionizing the Mergers & Acquisitions (M&A) lifecycle, from identification to divestiture, by providing deeper insights and enhancing decision-making processes[10].
  • Cloud-Based Services: Companies leveraging cloud-based solutions have reported an average of 6% lower infrastructure costs, underscoring the cost-efficiency of technological adoption[18].
  • Sustainability Initiatives: A notable 35% increase in Fortune 500 companies implementing technology-driven sustainability initiatives, like reducing carbon emissions, highlights the evolving corporate responsibility towards environmental stewardship[18].
  • Impact on Business Strategies and Growth:
  • Revenue Growth: Companies heavily investing in AI and machine learning algorithms have seen an average revenue increase of 12%, illustrating the direct impact of technology on financial performance[18].
  • Big Data Analytics: 30% of the top 100 companies attribute their growth to the successful integration of big data analytics, emphasizing the strategic advantage of harnessing data for business insights[18].
  • Digital Transformation: With 90% of Fortune 500 companies expected to become digital providers by 2025, the shift towards a digital economy is evident. This transformation is driven by the need to stay competitive in an increasingly digital world[17].
  • Workforce and Operational Efficiency:
  • Upskilling and Training: To bridge the skill gap in emerging technologies like AI, advanced statistical analysis, and data visualization, companies are significantly investing in employee training[15].
  • Automation and Productivity: The use of generative AI and tools that automate manual tasks has not only improved operational efficiency but also increased job satisfaction among employees. For instance, 56% of CEOs reported using generative AI to enhance company efficiency[21].
  • Remote Work and Recruitment: Organizations that have embraced remote working report higher productivity levels and find it easier to recruit talent, demonstrating the operational benefits of flexible work arrangements[20].

This technological evolution within Fortune 500 companies signifies a paradigm shift towards more efficient, sustainable, and digitally-driven business models. The strategic integration of technology not only propels companies to the forefront of innovation but also reshapes the competitive landscape, influencing rankings and highlighting the importance of digital agility in sustaining corporate growth and relevance.

Geographical Breakdown

The geographical distribution of Fortune 500 companies reveals significant insights into the economic landscapes of various regions and countries. This section provides a breakdown of the geographical locations of these corporations, highlighting the dominance of certain areas in hosting the world’s largest companies by revenue.

  • United States and China: Dominant Players on the Global Stage
  • The United States leads with the highest number of companies in the Fortune Global 500 list of 2021, boasting 122 companies [5].
  • Following closely, China has 110 companies listed, underscoring its growing influence in the global economy [5].
  • In a landmark shift, China surpassed the U.S. in 2020 for the first time in terms of the number of Fortune Global 500 headquarters, hosting 124 companies compared to the U.S.’s 24% share of the FG500 headquarters [22].
  • State and Regional Leaders within the Fortune 500
  • Texas emerges as a powerhouse within the United States, housing the most Fortune 500 companies of any state in 2023, with 57 companies. This represents a significant 26% of the list’s revenue, totaling $2.6 trillion [1].
  • New York stands out for having the most FG500 headquarters in the U.S., with 19 headquarters, highlighting its role as a central hub for major corporations [22].
  • Global Diversity and Representation
  • The Greater China region secures 27% of the top 200 spots in the Fortune 500 list for 2024, demonstrating its central role in the global economy [13].
  • The United States is home to 33% of the 200 most vital firms worldwide according to the 2024 Fortune 500 list, reflecting its continued economic dominance [13].
  • Other countries also make their mark, with Italy hosting six, Brazil four, and South Korea six of the top 200 companies in the 2024 Fortune 500 list, showcasing the diverse geographical spread of global economic powerhouses [13].

This geographical breakdown not only highlights the leading roles of the United States and China in the global economy but also showcases the significant contributions of other regions and countries. The distribution of Fortune 500 companies across different locations reflects the global nature of today’s economy, where major corporations operate and influence markets worldwide.

Geographical Distribution of Fortune 500 Companies

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The geographical distribution of Fortune 500 companies in 2024 offers a comprehensive view of the global business landscape, highlighting the concentration of economic power and the varying degrees of international presence among the world’s largest corporations.

  • Global Representation:
  • The United States and China dominate the global stage, housing 33% and 27% of the 200 most vital firms, respectively, showcasing their significant roles in the international economy [13].
  • Europe, with Italy and Spain leading within the region, hosts 17% of the top 200 firms, indicating a robust but slightly lagging presence compared to the U.S. and China [13].
  • Emerging markets such as Israel, Brazil, and South Korea are also making notable contributions by hosting multiple high-vitality firms, pointing towards a diversification of economic centers globally [13].
  • Sectoral Dominance and Regional Specializations:
  • In the U.S. and Canada, the technology sector emerges as the most dominant, reflecting the innovative drive of North American economies [13].
  • Asia-Pacific regions, particularly China, show a strong inclination towards industrials and consumer staples, underscoring the region’s manufacturing and consumer goods prowess [13].
  • Europe distinguishes itself with a high representation in the financial sector and utilities, despite being relatively lighter on IT and communication services [13].
  • International Presence and Challenges:
  • A significant portion of Fortune 500 companies, 35%, operates without any international presence, highlighting a focus on domestic markets. In contrast, only 5% have more than 500 international locations, with McDonald’s and Western Union being prime examples of extensive global operations [25].
  • The geographical spread of companies outside East Asia, North America, and Europe accounts for only 6% of the Fortune Global 500, indicating the concentrated nature of global economic power [5].
  • Each region’s ability to turn growth potential into reality is contingent upon overcoming unique short- and long-term challenges, emphasizing the importance of adaptive strategies in maintaining and enhancing global economic standings [13].

This analysis underscores the dynamic interplay between geographical location, sectoral dominance, and international presence, painting a detailed picture of the complexities and diversities within the global economic landscape.

Global Influence and Economic Impact

The Fortune 500 companies have a profound impact on the global economy and society, as evidenced by their financial and operational metrics, as well as their strategic moves towards international expansion and sustainability.

  • Economic Footprint and Employment:
  • In 2023, the combined revenue of Fortune 500 companies reached an unprecedented $18.1 trillion, illustrating their colossal economic footprint. This revenue is sourced from comprehensive annual 10-K reports, ensuring accuracy and transparency in financial reporting[2].
  • These companies collectively employed 30.4 million people, highlighting their significant role as major employers on a global scale[2].
  • International Expansion and Challenges:
  • There is a marked increase in corporate and private equity interest in international targeting, with 90% of respondents looking across borders for deals. This reflects a strategic pivot towards global markets to harness growth opportunities[10].
  • However, international expansion is fraught with challenges, including navigating cultural differences, regulatory hurdles, and currency risks. These complexities underscore the need for meticulous strategic planning and local market understanding[11].
  • Sustainability and Regulatory Developments:
  • The renewable energy market is poised for growth, with significant investments projected for solar energy, battery energy storage, and electrolysis. This shift towards sustainable energy sources is indicative of the Fortune 500 companies’ commitment to environmental stewardship[27].
  • Upcoming regulatory changes, such as the SEC’s final corporate climate disclosures expected in spring 2024, could mandate reporting of Scope 3 emissions. This move would not only impact large corporations but also compel millions of small and medium-sized enterprises (SMEs) to reduce CO2 emissions, fostering a more sustainable business ecosystem[28].

These insights into the economic impact, international expansion efforts, and sustainability initiatives of Fortune 500 companies reveal their crucial role in shaping the global economic landscape, driving employment, and steering toward a more sustainable future.

Women Leadership in Fortune 500 Companies

In 2023, the landscape of leadership within Fortune 500 companies showcased a pivotal yet challenging journey for women CEOs. The representation and dynamics of female leadership in these top-tier companies reveal both progress and persistent gaps:

  • Representation and Tenure:
  • Women constituted over 10% of CEOs among Fortune 500 companies, with 52 companies led by women [1].
  • The average tenure of women CEOs stood at 4.5 years, trailing behind their male counterparts, who averaged 7.2 years [33].
  • A significant factor contributing to this disparity includes the underrepresentation of women in roles directly leading to CEO positions, such as CFO and COO [33].
  • Challenges and Opportunities:
  • Despite facing disproportionate targeting by activist investors, women CEOs have demonstrated exceptional leadership qualities, including greater humility, equal risk-taking, assertiveness, and persistence [33][34].
  • Companies helmed by women, like CVS Health under Karen Lynch and General Motors led by Mary Barra, not only rank high on the list but also underscore the economic power wielded by female-led enterprises [34].
  • The introduction of women CEOs often comes with varying degrees of publicity, with those receiving less initial fanfare experiencing longer tenures [33].
  • Sectoral Representation and Performance:
  • Women’s leadership is notably effective, with companies featuring female executives 30% more likely to outperform their counterparts [30].
  • Despite women representing a significant portion of the workforce and students in fields like law and medicine, their leadership roles in sectors like finance, energy, and technology remain less than optimal [30][36].
  • The report highlights the slow and uneven progress in closing the gender gap in leadership, with women accounting for less than 30% of elected representatives, despite making up half of the voting population [36].

This analysis not only sheds light on the current state of women’s leadership within Fortune 500 companies but also highlights the critical need for strategies that support the advancement and retention of women in executive roles. The data underscores the potential for significant economic and organizational benefits from increased female leadership, pointing towards an imperative for more inclusive and supportive corporate cultures and policies.

Fortune 500 Companies in the Green Economy

Fortune 500 Companies In The Green Economy
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In 2024, the commitment of Fortune 500 companies to the green economy is evident through their substantial investment in green power usage and the adoption of sustainable practices. The Environmental Protection Agency (EPA) reports that the combined annual green power use of its Top Fortune 500 Partners reaches nearly 70 billion kilowatt-hours, equivalent to the annual electricity use of about 6.5 million average American homes, underscoring the significant strides these corporations are making towards environmental sustainability [37].

The leading Fortune 500 companies in green power usage are:

  1. Microsoft Corporation: 10,684,212,203 kWh (100%)
  2. Google LLC (Alphabet): 10,108,533,000 kWh (107%)
  3. T-Mobile: 8,379,445,000 kWh (100%)
  4. Walmart Inc.: 5,322,549,000 kWh (29%)
  5. AT&T: 2,753,313,045 kWh (22%)
  6. The Procter & Gamble Company: 2,606,456,242 kWh (100%)
  7. Equinix, Inc.: 2,599,446,110 kWh (100%)
  8. PepsiCo: 1,873,340,758 kWh (98%)
  9. Target Corporation: 1,686,812,869 kWh (42%)
  10. Bank of America: 1,591,430,306 kWh (101%) [37].

These companies not only lead the way in green power consumption but also represent a diverse range of industries, from technology and telecom to retail and banking, indicating a broad-based commitment to sustainability across the corporate sector [37]. The types of green power resources utilized by these companies include low-impact hydro, solar, wind, biomass, geothermal, and various other sources, with wind energy being the most popular among 21 companies, followed by solar energy adopted by 18 companies. This diversity in green power sources highlights the multifaceted approach Fortune 500 companies are taking to reduce their carbon footprint and support renewable energy [37].

Furthermore, initiatives such as Climate Impact Partners’ Save A Species program and projects focusing on carbon capture and the impact of climate action on women and girls showcase the broader environmental and social implications of the corporate move towards sustainability. These initiatives not only contribute to biodiversity conservation and carbon reduction but also emphasize the role of corporate responsibility in addressing global environmental challenges [32].

The Role of Mergers and Acquisitions

Mergers and acquisitions (M&A) have become a pivotal strategy for Fortune 500 companies aiming to enhance their market position, diversify their portfolio, and achieve operational efficiencies. The landscape of M&A is characterized by several key trends and strategic considerations:

  • Trends in M&A Activity:
  • 2024 is expected to witness a rebound in M&A activity, with an increase in the value of deals, indicating a resurgence of corporate confidence in strategic expansions [10].
  • A notable shift towards strategic alignment and meticulous pre-deal preparation underscores the importance of thorough due diligence and compatibility assessments [10].
  • The McKinsey report highlights a 41% increase in M&A activity in Q4 of 2023 compared to Q3, and a 37% increase from the same period in the previous year, showcasing a significant momentum in the M&A landscape [12].
  • Strategic Considerations for Successful M&As:
  • Compatibility and cultural integration are critical for the success of mergers, with companies investing in cultural assessments to ensure a harmonious transition and preserve the innovative culture of acquired firms [11].
  • Operational efficiencies, cost savings, and access to new markets are primary drivers for M&As, but they come with challenges such as leadership alignment and effective communication [11].
  • Strategic sales emerge as a primary exit avenue for private equity firms, highlighting the importance of clear exit strategies and the potential for high returns [10].
  • Challenges and Strategic Responses:
  • M&A processes are not without their challenges, with about 30% of the 50 largest global acquisitions experiencing delays beyond their control, up from 15% in 2020 [12].
  • The ‘4Rs’ strategyā€”Reflect, Revise, Reframe, and Reinvigorateā€”provides a framework for managing M&A delays and ensuring the continued momentum of strategic initiatives [12].
  • Strategic alliances and joint ventures offer alternative pathways for collaboration and growth, allowing companies to leverage synergies without the full commitment of a merger [11].

The evolving dynamics of mergers and acquisitions underscore the need for Fortune 500 companies to adopt flexible, strategic approaches to navigate the complexities of the M&A landscape. By focusing on strategic alignment, operational efficiencies, and cultural integration, these corporations can effectively leverage M&As as a powerful tool for growth and competitive advantage.


What criteria must a company meet to be on the Fortune 500 list?
To be considered for the Fortune 500 list, a company must be a for-profit organization, either publicly traded or privately owned, and must be headquartered within the United States. Additionally, it must submit financial statements to a U.S. government agency and have revenues high enough to rank among the top 500 companies in the country.

How is the ranking of Fortune 500 companies established?
The Fortune 500 is an annual ranking compiled by Fortune magazine, which lists the 500 largest U.S. companies according to their annual revenues for their respective fiscal years. The ranking includes both publicly traded and private companies, with revenue data obtained from public records.

What shared values are found among Fortune 500 companies?
Fortune 500 companies typically embrace a core set of values, which include a strong commitment to customer service, respect for individuals, a pursuit of excellence, and a dedication to acting with integrity.Is employment with a Fortune 500 company considered prestigious?
Working for a Fortune 500 company is often seen as prestigious because these companies are among the largest and most successful in terms of sales. While they may not always be the biggest employers, their well-known brands have a broad reach, potentially enhancing your career prospects due to the visibility and reputation associated with these major corporations


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