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 71st year, ranks the biggest U.S. companies by revenue. In total, Fortune 500 companies represent two-thirds of U.S. GDP with $19.9 trillion in revenues, and they employ 31 million people worldwide. Last year, they combined to earn $1.87 trillion in profits, up 10% from last year—and a record in dollar terms. Read more about the 2025 list at the links below.

Walmart ranked No.&nbsp;1 for the 13th straight year—a stretch during which it has generated some $7&nbsp;trillion in revenue. Still, just $43&nbsp;billion separated it from No.&nbsp;2 Amazon.com this year, the narrowest gap ever between the retail giants.

Walmart

UnitedHealth Group became the first health care company to top $400&nbsp;billion in revenue. Nearly 75% of that came from its insurance division, whose practices came under scrutiny after its CEO was murdered late last year.

UnitedHealth Group

Alphabet became the first Fortune&nbsp;500 company ever to post $100&nbsp;billion in annual profit. Ads on YouTube and Google Search were Alphabet’s cash cows, but Google Cloud—which includes its AI efforts—is its fastest-growing division.

Alphabet

Meta Platforms leaped eight spots to No.&nbsp;22 as its revenue rose 22% year over year, powered by advertising on Facebook and Instagram. Profits topped $62&nbsp;billion, even as Meta spent prodigiously on AI development.

Meta Platforms

The AI gold rush keeps filling the coffers of the company led by CEO Jensen Huang; its GPU chips fuel the data centers where AI models are trained and deployed. Its revenue more than doubled in 2024, to $130.5&nbsp;billion, boosted by its new Blackwell chip architecture, and Nvidia’s market valuation has flirted with the $3&nbsp;trillion mark.

Nvidia

Based in Moline, Ill., this maker of tractors, combines, and other agricultural gear endured a tough 2024, as weather disruptions and trade tensions fueled a global downturn in farming. The slump in U.S. homebuilding, meanwhile, hurt its construction equipment division. Overall, Deere’s revenue dropped 16% year over year, to $51.7&nbsp;billion.

Deere

This energy-equipment maker, which debuts on the 500 this year, is one of three companies into which General Electric recently split: GE Aerospace (No.&nbsp;118) and GE HealthCare (No.&nbsp;219) are the other two. GE Vernova is a clean-energy play, specializing in wind and gas turbines; it reported $35&nbsp;billion in revenue in 2024.

GE Vernova

Colorado-based Newmont was already the world’s largest gold-mining company before it acquired Australian miner Newcrest in 2023. The acquisition helped revenue grow by 58% in 2024, to $18.7&nbsp;billion. An equally important factor: The average price per ounce at which Newmont sold the gold it mined rose 23% year over year.

Newmont

This steel and aluminum maker gets 49% of its sales from construction-related industries. New building has been hobbled by high interest rates, and revenue fell 7% in 2024, to $17.5&nbsp;billion. But the imposition of higher tariffs on imported steel could boost Steel Dynamics, whose shares had risen 16% for the year as of mid-May.

Steel Dynamics

For decades, Johnson &amp; Johnson made and sold drugstore brand-name goods like Band-Aids, Listerine, and Tylenol. But in 2023, J&amp;J spun off Kenvue to oversee those products, freeing the parent company to concentrate on prescription drugs. Kenvue’s brands remain a big business: It joins the 500 this year with $15.5&nbsp;billion in revenue.

Kenvue

Amazon

Apple

CVS Health

Berkshire Hathaway

Exxon Mobil

McKesson

Cencora

The Top 10

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

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

Companies are ranked 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, 2025. Unless otherwise noted, all figures are for the year ended Dec. 31, 2024.

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 2023 profits to 2024 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 2024 of stock owned at the end of 2014, 2019, and 2023. 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 2023 to 2024 do not include companies that lost money in 2023 or lost money in both 2023 and 2024, 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 and research analyst Aris Stavropoulos. We used data provided by LSEG 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

JPMorgan Chase

Costco Wholesale

Cigna Group

Microsoft

Cardinal Health

Chevron

Bank of America

General Motors

Ford Motor

Elevance Health

Citigroup

Centene

Home Depot

Fannie Mae

Walgreens Boots Alliance

Kroger

Phillips 66

Marathon Petroleum

Verizon Communications

Goldman Sachs Group

Wells Fargo

Valero Energy

Comcast

State Farm Insurance

AT&T

Freddie Mac

Humana

Morgan Stanley

Target

StoneX Group

Tesla

Dell Technologies

PepsiCo

Walt Disney

Johnson & Johnson

FedEx

Archer Daniels Midland

Procter & Gamble

Lowe's

Energy Transfer

Albertsons

Sysco

Progressive

American Express

Lockheed Martin

MetLife

HCA Healthcare

Prudential Financial

Boeing

Caterpillar

Merck

Allstate

Pfizer

New York Life Insurance

Delta Air Lines

Publix Super Markets

Nationwide

TD Synnex

United Airlines Holdings

ConocoPhillips

AbbVie

Enterprise Products Partners

Charter Communications

Performance Food Group

American Airlines Group

Capital One Financial

Cisco

Tyson Foods

Intel

Oracle

Broadcom

Nike

Liberty Mutual Insurance Group

Plains GP Holdings

USAA

Bristol-Myers Squibb

Ingram Micro Holding

General Dynamics

Coca-Cola

TIAA

Travelers

Eli Lilly

Sector

Industry

Headquarters City

Newcomer to the Fortune 500

Profitable

Founder is CEO

Female CEO

Growth in Jobs

Global 500

Best Companies

State

World's Most Admired Companies

Change the World

Fastest Growing Companies

Future 50

Gained in Rank

Gained in Rank (Full 1000)

Dropped in Rank

Dropped in Rank (Full 1000)

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 500 Ranking (2025)