June 9th, 2023 7:00am PDT
(PenniesToSave.com) – Fortune magazine recently unveiled the latest edition of its Fortune 500 ranking, showcasing the top 500 biggest US companies based on their revenue for the fiscal year 2022. To earn a coveted spot on this esteemed list, companies needed to generate a minimum of $7.2 billion in revenue, signifying an impressive 13% growth compared to the previous year.
The Fortune 500 companies collectively generate an astonishing $18 trillion in revenue, making up about two-thirds of the entire U.S. Gross Domestic Product. This represents a significant increase of 13% compared to the previous year. However, profits suffered a decline of 15%, marking the second time in three years that they have experienced a downturn.
It is heartening to see a positive trend in the number of women CEOs among Fortune 500 companies. In 2023, a new record has been achieved, with 52 companies being led by women CEOs. This represents an improvement from the previous year’s count of 44 companies.
Here is a list of the top ten companies on the 2023 Fortune 500 list:
- Walmart
- Amazon.com
- Exxon Mobil
- Apple
- UnitedHealth Group
- CVS Health
- Berkshire Hathaway
- Alphabet
- McKesson
- Chevron
In 2023, there have been some shifts in the rankings of the top companies, but Walmart has managed to maintain its position at the top for an impressive eleventh consecutive year. Throughout this period, Walmart has accumulated a staggering $5.7 trillion in revenue. Amazon.com secures the second spot once again for the fourth consecutive year, with a significant 9% increase in revenue, surpassing the $510 billion mark. Exxon Mobil experiences a remarkable 45% surge in revenue and claims the third position, displacing Apple to fourth place. However, Apple remains the most profitable company on the list for the eighth time out of nine years, with $99.8 billion in profits in 2022.
UnitedHealth Group claimed the fifth position on the list, making it the top-ranked healthcare company. CVS Health followed closely behind in sixth place. It’s worth mentioning that Karen Lynch, CEO of CVS Health, achieved an impressive milestone as the highest-ranked female CEO on the Fortune 500 list, leading her company with exceptional leadership.
Berkshire Hathaway, Alphabet, and McKesson held their respective positions at seventh, eighth, and ninth place. Chevron made a notable resurgence by entering the top ten for the first time since 2015. This achievement was fueled by an impressive 52% increase in annual revenue, securing the tenth spot.
This year’s list includes companies from 224 different cities across 38 states. For the second year in a row, Texas is home to the most Fortune 500 companies, with a total of 55. California now holds the second spot with 53 companies, while New York has slipped to third place with 50. In terms of individual municipalities, New York City takes the lead with 40 headquarters located there. Houston follows closely behind with 22, followed by Atlanta with 15, Chicago with 13, and Dallas with 11.