Fortune 500 listing: The highest 10 firms rating

In the present day, a brand new forged of characters are dominating. In 2023, Chevron secured the tenth spot on the listing, bumping off drugmaker Cencora, after the oil firm recorded $36.5 billion in income final yr.

Listed here are the highest 10 firms from the Fortune 500 list in 2023. Our 2024 listing will launch in June. 

1. Walmart

Walmart raked in over $611 billion in income final yr to safe the primary spot for 11 straight years. The corporate not too long ago accomplished a $2.3 billion acquisition of TV maker Vizio, a transfer that consultants say will assist the corporate promote to clients. 

The corporate, headquartered in Arkansas, is run by CEO Doug McMillon and employs over 1.6 million folks.   

The corporate additionally bought entrepreneur Marc Lore’s startup, Jet.com, for $3.3 billion in 2016 and is working a pilot of Lore’s newest firm, a restaurant idea known as Wonder, in one in all their supercenters. Walmart plans to open two to 3 extra of Lore’s eating places of their retail chains this yr.

As one in all a number of retailers, like Target and Home Depot, to report sales losses resulting from “shrink,” or stock loss that features theft, Walmart has not too long ago posted limitations on self-checkout strains to alleviate shoplifting, which accounted for over $112 billion in business losses in 2022, in response to the Nationwide Retail Federation. 

2. Amazon

Amazon, with a yearly income of almost $514 billion, holds the quantity two spot on the listing for the fourth yr. 

Run by CEO Andy Jassy, the ecommerce large additionally gives cloud providers and digital promoting together with streaming platforms like Hearth TV and Amazon Prime Video. It employs about 1.5 million folks. The corporate has two headquarters in Seattle and Arlington.

Amazon has not too long ago introduced an investment of greater than $10 billion to construct knowledge facilities in Saudi Arabia to assist the nation diversify its oil-dependent economic system. Alphabet Inc.’s Google and Microsoft Corp have additionally invested. Amazon plans to spend $5.3 billion to create new infrastructure within the area to coach native builders in 2026.  

3. Exxon Mobil

Exxon Mobil introduced in a income of over $413 billion to take the third spot on the listing away from Apple this yr. The corporate moved by the rankings from it’s sixth place spot final yr, and will owe its success to a year of record-breaking profits for oil and fuel firms in 2022.  

With CEO Darren Woods on the helm, the corporate made $55 billion in profits final yr and employs over 62,000 folks globally. Headquarters are in Houston, Texas. 

This yr, it’s been concerned in a whirlwind of acquisitions from fracking giants to lithium drilling operations, which the corporate is investing in to stay an business chief as customers shift to electrical vehicles. On the finish of final yr, Exxon Mobil announced plans to drill for lithium in southern Arkansas and expects to supply the fabric, which is vital for electrical automobiles, by 2027. 

4. Apple

In 2023, Apple dropped to fourth place on this listing, but it surely nonetheless holds the title for many worthwhile firm on the Fortune 500—a title it’s held for eight years.

The corporate, with Apple Park as its headquarters in Cupertino, California, is run by CEO Tim Prepare dinner and employs about 161,000 folks and generates income from key products just like the iPhone, Mac, iPad, and software program platforms like iOS.

Apple recorded greater than $394 billion in revenues in 2023. It’s had a rocky year with regulators–it was fined $2 billion by the European Union’s antitrust fee over a complaint introduced by Spotify stating that the corporate refuses to let streaming providers inform iOS customers of cheaper off-platform subscriptions, which in flip creates a barrier to competitors within the digital music market. 

In a statement, Apple has stated the Fee failed “to uncover any credible evidence of consumer harm,” and accused Spotify of “coordination with the European Commission.”

5. UnitedHealth Group 

With a income of over $324 billion, UnitedHealth Group is the highest-ranking healthcare firm on the Fortune 500 listing. It maintained the fifth spot on the rating for a 3rd straight yr. 

The corporate, headquartered in Minnetonka, Minnesota, is run by CEO Andrew Witty and employs about 400,000 folks to develop well being expertise, monetary providers and pharmacy providers. 

In February, the U.S Justice Division launched an antitrust investigation into the corporate as a part of the Biden administration’s antitrust efforts towards a number of the biggest American firms, together with Apple, Amazon, and Google’s mum or dad firm, Alphabet. 

6. CVS Well being

CVS has introduced in over $322 billion in income this yr and fell from quantity 4 to quantity six on the listing final yr. The group’s CEO Karen Lynch tops Fortune’s Most Powerful Women in Business listing for the third yr in a row. Her aspirations for the corporate, she told Fortune, are expansive. 

With a headquarters in Rhode Island, the corporate employs about 300,000 folks and generates most of its revenue from healthcare advantages and pharmacy providers. 

Within the subsequent few years, she stated, there will likely be “unprecedented change, more change than probably the last 50 years.” A few of these modifications embody the corporate’s overhaul of its prescription drug pricing mannequin, which it introduced  in December, and will assist clients lower your expenses on medicine. The corporate introduced it’s going to roll out a brand new reimbursement mannequin that goals to make drug prices extra predictable and supply money low cost playing cards within the coming years.

7. Berkshire Hathaway 

CEO Warren Buffet’s multinational holding firm holds spot quantity seven on the listing for the second yr in a row with a reported income of over $302 billion {dollars}. 

Berkshire Hathaway, headquartered in Omaha, Nebraska, employs about 396,000 folks and owns companies in insurance coverage, rail transportation, power era and distribution, and manufacturing and retail sectors. It’s additionally a big stakeholder in American firms like American Express and Coca-Cola. 

In February, the corporate’s inventory hit a brief record high with a valuation of $1 trillion.

8. Alphabet 

Alphabet, the mum or dad firm of Google and Microsoft Corp, generated over $282 billion in income final yr to safe its quantity eight rating on the listing. The 2 firms have been on the forefront of AI growth, and currently, have been cracking all the way down to average the software program, too.

Headquartered in Mountain View, California and run by CEO Sundar Pichai, the corporate employs about 182,500 folks and leverages its search, internet looking, promoting and cloud computing to generate cash. Its revenues from Google Cloud have additionally been rising rapidly. 

In March, Google introduced in a blog post that it plans to cut back spam, low-quality and unoriginal content material in search outcomes by 40%, after complaints surfaced that Google’s search engine outcomes are filled with spam.

9. McKesson

This medical provides firm earned almost $264 billion in income final yr to safe spot quantity 9 on the listing, the identical spot it held final yr. It’s one of many lesser identified firms on the highest 10 of the Fortune 500 listing, however its CEO Brian Tyler spoke to Fortune on a number of the hallmarks of his four-year tenure. 

Headquartered in Irving, Texas, employs over 80,000 folks and generates income by pharmaceutical distribution, wholesale medical provides, and pharmacy expertise providers. 

10. Chevron

With about $246 billion in income, Chevron closes out the listing at spot quantity 10. The corporate’s income climbed about 52% final yr resulting from rising oil costs, and has been investing in various initiatives this yr, from inexperienced hydrogen vegetation to purchasing South American acreages for petroleum. 

With a headquarters in San Ramos, California, and CEO Mike Wirth main the corporate, it employs about 45,600 folks and sells crude oil and pure fuel. 

In March, Chevron bought a stake in acreage offshore Uruguay and joined a number of different business firms with curiosity in South America’s potential for oil discoveries. This month the group additionally shuttered its operations in biodiesel vegetation in Iowa and Wisconsin. 

The group not too long ago announced formidable plans to assemble a inexperienced hydrogen facility in southern California, which is scheduled to start operations in 2026, and can harness power from an present 29-megawatt photo voltaic power array to generate hydrogen. Chevron intends to make use of “non-potable” water, a non-drinkable by-product of its oilfield operations, for its inexperienced hydrogen facility.